Click to edit Master title style EQT Midstream Partners, LP 10,000,000 Common Unit Offering July 2013 July 2013
Offering Overview Click to edit Master title style Issuer: EQT Midstream Partners, LP (NYSE: EQM) (EQM) Security: Common Units Offering Type: Follow-on (100% Primary) Offering Size: 10,000,000 Units Over-allotment Option:…
Management Representatives Click to edit Master title style Name EQM Title EQT Title David Porges Chairman, President & CEO Chairman, President & CEO SVP and President of Midstream, Randall Crawford EVP, Director Commercial…
Click to edit Master title style Sunrise Pipeline, L.L.C. Merger
Transaction Summary Click to edit Master title style EQT Midstream Partners has agreed to acquire EQTs Sunrise Pipeline LLC Expected closing date of July 17, 2013 Transaction Consideration of 540 million, consisting of: Overview…
Sunrise Merger Highlights Click to edit Master title style Significant & highly predictable free cash flow generation Operational & Newly constructed, commercial synergies high quality assets with Equitrans Strategically…
Sunrise Overview Click to edit Master title style Sunrise Pipeline, LLC Sunrise Pipeline, LLC 400 BBtu per day current capacity 41.5 miles, 24-inch diameter pipeline Jefferson compressor station In-service July 2012 Strategic…
Sunrise Expansion Underway Click to edit Master title style Jefferson compressor station expansion Incremental 550 BBtu per day of capacity 30 million investment by Partnership Total Sunrise capacity of 950 BBtu per day when…
Financial Overview Click to edit Master title style Stable Cash Flow Profile Sunrise revenue ramping up with capacity expansion Investment grade sponsor represents 76% of 2015 revenues Revenues driven by fixed-fee, long-term…
EQT Corporation Marcellus Play Click to editOverview Master title style Thriving Corporate Sponsor 560,000 EQT acres* EQT Core Marcellus Areas 15.7 Tcfe 3P** 100 years R/P 157 wells in 2013 70% YOY Marcellus production growth…
Click to edit Master title style EQT Midstream Partners Overview
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…
Pro Forma Ownership Structure Click to edit Master title style After Offering and Sunrise Transaction EQT Corporation NYSE: EQT 3,454,112 Common Units 17,339,718 Subordinated Units 100% indirect ownership interest EQT…
Strategically Located Marcellus Click to editAssets Master title style EQT Midstream Partners Asset Overview Assets Assets Overlay Marcellus Fairway Equitrans Transmission & Storage 1.7 TBtu/d current capacity 2.65 TBtu/d…
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* 45% 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 30%…
Drop-down Growth Opportunities Click to edit Master title style Inventory of Midstream Assets Growing at Sponsor Midstream infrastructure growing to support production Expanding inventory of drop-down assets at EQT 20% 3-year EQT…
Organic Growth Opportunities Click to edit Master title style Completed in 2012 Projects Relieve Bottlenecks Blacksville Compression Expansion 200 BBtu/d incremental capacity Total cost 30 million 2013 Expansion Projects Low…
Third-Party Opportunities Click to edit Master title style Infrastructure Opportunity Marcellus Growth Prospects Marcellus Production Forecast* Marcellus the premier natural Bcf/d gas shale play 14 Marcellus production projected…
Third-Party Opportunities Click to edit Master title style Grow Third-Party Producer Volumes Marcellus Acreage Profile Acreage by Producer Fragmented acreage profile requires integrated solution Systems to serve EQT &…
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 Expect Q4 13 distribution at least 20% higher than Q4 12 distribution Q2 13 distribution of…
Investment Highlights Click to edit Master title style Strategically located Marcellus assets Executing on growth strategy Sunrise Merger Additional drop-downs from sponsor Organic opportunities Third-party opportunities producer…
Click to edit Master title style Appendix
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…
Loading...
