Click to edit Master title style EQT Midstream Partners, LP Investor Presentation July 2013
Introduction Click to edit Master title style EQT Midstream Partners, LP (NYSE: EQM) IPO June 2012 Parent sponsored MLP Premier Marcellus midstream assets Growth strategy Drop-downs from EQT Corporation, our sponsor Organic…
Strategically Located Marcellus Click to editAssets Master title style EQT Midstream Partners Asset Overview Assets Assets Overlay Marcellus Fairway Equitrans Transmission & Storage 2.1 TBtu/d current capacity 606 BBtu/d…
Strategically Located Marcellus Click to editAssets Master title style Sunrise Pipeline Sunrise Acquisition Asset Location Closed July 22, 2013 41.5 mile FERC-regulated interstate pipeline 400 BBtu per day capacity Integrated…
Strategically Located Marcellus Click to editAssets Master title style EQT Midstream Partners Asset Overview Operational Flexibility System Optionality Moves gas from Marcellus gathering to 5 interstate pipelines Serves wet &…
Drop-down Growth Opportunities Click to edit Master title style EQT is Strong Corporate Sponsor EQT Asset Map EQT interest aligned with EQM 2% General Partner Interest 42.6% Limited Partner Interest EQT a prominent Marcellus…
Drop-down Growth Opportunities Click to edit Master title style EQT Production Growth Requires Significant Infrastructure Marcellus Driving Growth MMcfe/d 1,400 Marcellus 2013E Annual Production Huron horizontal Growth of 40%…
Drop-down Growth Opportunities Click to edit Master title style Inventory of Midstream Assets Growing at Sponsor Midstream infrastructure growing to support production 20% 3-year EQT Midstream Adjusted EBITDA growth Sponsor…
Organic Growth Opportunities Click to edit Master title style Expansion Projects Projects Relieve Bottlenecks Low Pressure East Expansion 150 BBtu/d incremental capacity Total cost 30 million In-service Q4 2013 New delivery…
Third-Party Producer Opportunities Click to edit Master title style Infrastructure Opportunity Marcellus Growth Prospects Marcellus Production Forecast* Marcellus the premier natural Bcf/d gas shale play 16 Marcellus production…
Third-Party Producer Opportunities Click to edit Master title style Marcellus Acreage Profile Acreage by Producer Fragmented acreage profile requires integrated solution Systems to serve EQT & third-parties Project scaling…
Stable Cash Flow Profile Click to edit Master title style Revenues driven by fixed fee, long-term contracts Minimal direct commodity exposure EQT represented 78% of 2012 revenue Investment grade credit ratings 10-year weighted…
Distribution Growth Click to edit Master title style Grow per unit cash distributions at double digit annual rates over next several years Q4 13 distribution 31% higher than Q4 12 distribution* Q4 14 distribution 26% higher than Q4…
Capitalized for Growth Click to edit Master title style Ample liquidity to execute growth strategies No outstanding debt 350 million available on revolving credit facility 46 million cash after July 2013 equity offering and…
2013 Guidance Click to edit Master title style Adjusted EBITDA: 113 - 118 million Distributable cash flow: 95 - 100 million Expansion CAPEX: 43 million Ongoing maintenance CAPEX: 17 million 19
Investment Highlights Click to edit Master title style Strategically located Marcellus assets Executing on growth strategy Drop-downs from sponsor Organic opportunities Third-party opportunities producer volumes & acquisitions…
Click to edit Master title style Appendix
Appendix Click to edit Master title style Ownership Structure EQT Corporation NYSE: EQT Common Units Subordinated Units 100% indirect ownership interest EQT Midstream Services, LLC 42.6% indirect limited (Our General…
Appendix Click to edit Master title style EQT Corporation Non-GAAP Reconciliation Non-GAAP Reconciliation ( million) EQT Corporation Adjusted Midstream EBITDA (millions) 2008 2009 2010 2011 2012 Midstream operating income 120…
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