Key Investment Highlights

Leading footprint in lowest cost natural gas basin in the U.S.

  • Premier asset footprint in the Appalachian Basin
  • Pro-forma EQM gathering dedications include 265K acres in core PA Marcellus, 176K acres in core OH Utica, and 200K core WV Marcellus and OH Utica acres across the Eureka and Hornet systems*
  • Lowest natural gas breakeven in the Marcellus / Utica

Stable cash flow backed by long-term contracts

  • Greater than 50% of revenue generated from firm reservation charges**
  • 15-year weighted average transmission & storage contract life and 12-year weighted average gathering contract life for pro-forma EQM***
  • 84% of revenue from investment grade counterparties**

Significant organic growth projects support long-term growth

  • $3.5 B of organic growth projects backed by firm commitments
  • 30% increase to current run rate annual adjusted EBITDA from firm projects****
  • 8% annual dividend growth target for ETRN

Unique combination of scale and growth

  • One of the largest natural gas gatherers in the United States
  • Enhanced ability to achieve scale and scope
  • 2021E adjusted EBITDA approximately 50% higher than current run rate annual adjusted EBITD****

Strong credit profile

  • Investment grade credit metrics at EQM
  • Target EQM leverage of 3.5x – 4.0x beginning in 2020
  • Current project backlog expected to be funded with retained cash flow and debt capacity

* Statistics as of December 31, 2018 and include the acquisition of a 60% interest in Eureka Midstream and 100% interest in Hornet Midstream. Statistics also reflect 100% of the acreage dedications for the Eureka system
** Statistics for the three months ended March 31, 2019.
*** Statistics as of December 31, 2018 and include the acquisition of a 60% interest in Eureka Midstream and 100% interest in Hornet Midstream.
**** See slide 27 in the most recent investor presentation for important disclosures regarding the non-GAAP financial measures adjusted EBITDA and run rate annual adjusted EBITDA.