Key Investment Highlights

Leading footprint in the Appalachian Basin

  • Premier gathering, transmission and water infrastructure positioned to benefit from core development in the Marcellus / Utica Shales
  • One of the largest natural gas gatherers in the United States, anchored by over 5 Bcf per day of MVCs1
  • Commercial alignment with EQT enables optimized drilling plans and significant midstream capital efficiencies

Long-term firm contracts intended to provide support for cash flow profile

  • 70% of total operating revenue from firm reservation fees in 2023(1)
  • 13-year weighted average firm gathering contracts remaining term(1)
  • 12-year weighted average firm transmission and storage contracts remaining term(1)

Significant organic growth projects support long-term growth

  • MVP project, together with the Hammerhead pipeline and Equitrans Expansion project, expected to add approximately $305 MM of annual incremental adjusted EBITDA following MVP in-service(2)

Disciplined capital plan

  • Intend to utilize excess retained free cash flow(3) to reduce debt
  • Targeting a long-term leverage ratio of <4.0x(3)

Commitment to sustainability

  • Employing new application of technologies designed to reduce operational methane emissions
  • Launching a multi-year plan in pursuit of the Company’s emissions targets outlined in our climate policy
  • Completed our initial TCFD-based scenario analysis in late 2023 and continuing to explore the challenges and opportunities related to energy transition

See slide 24 for important information regarding forward-looking statements.
(1) Statistics as of December 31, 2023. Weighted average firm contract remaining term based on total projected contractual revenues, including projected contractual revenues from future capacity expected from expansion projects that are not yet fully constructed or not yet fully in service for which the company has executed firm contracts.
(2)See slide 19 for additional information. See slide 25 for important information regarding the non-GAAP financial measure adjusted EBITDA.
(3)See slide 24 for important information regarding forward-looking statements. See slide 25 for important information regarding the non-GAAP financial measures adjusted EBITDA, long-term leverage ratio and retained free cash flow.