Ownership Structure EQT 239.7 million EQGP Common Units EQGP Non-economic GP EQT Retained Midstream EQT Non-economic General 90% Limited Operations Production Partner Interest Partner Interest Projected 2015 EBITDA of 100mm…
Investment Highlights Premier Strong Assets in the Balance Sheet Marcellus & Targeting Less than 2.0 Dry Utica 20% Annual Debt/EBITDA Distribution Growth at Drop-down EQM Inventory held by Sponsor (EQT) 1.75x Coverage Ratio…
Asset Overview Transmission and Storage Assets Overlay Prolific Nat Gas Plays Equitrans Transmission & Storage 3.1 Bcf/d current capacity 700 mile FERC-regulated interstate pipeline 32 Bcf of gas storage capacity Sunrise…
Asset Overview Strategically Located Pipeline Network Operational Flexibility System Optionality Moves gas from Marcellus gathering to 5 interstate pipelines Serves wet & dry Marcellus development areas Connects to 4 LDCs 14…
Asset Overview Marcellus Gathering Jupiter SW Pennsylvania Northern West Virginia Acquired from EQT May 2014 Acquired from EQT March 2015 10-year demand based fixed-fee 10-year demand based fixed-fee contract contract Supports EQT…
Asset Overview Utica Potential Utica Growth Opportunity EQT Utica Position Early well results continue to impress EQTs Scotts Run well was highest reported 24 hour initial production of any Utica well to date* Scotts Run well…
Growth Strategies Organic Growth Asset Acquisitions Expand existing assets Drop-downs from EQT Transmission capacity of 3.1 Corporation, our sponsor Bcf/d is a 5-fold increase from Acquired Sunrise Pipeline from 2009 EQT in 2013…
Growth Strategy Asset Location in Heart of Marcellus Play Supply source creates expand and extend opportunities 12 Map depicts gas in place estimates
Growth Strategy Expand Existing Assets Organic Growth Highlights Third-party Projects Expanded Equitrans Range transmission capacity from Gathering 600 MMcf/d to 3.1 Bcf/d and Header Expansion projects for EQT Project production,…
Growth Strategy Extend Pipeline Network Ohio Valley Connector Overview Asset Map Provides Marcellus producers access to Midwest markets Access to Texas Eastern and Rockies Express pipelines Provides Utica producers access to…
Growth Strategy Extend Pipeline Network Mountain Valley Pipeline Overview Project Map Pipeline to growing natural gas demand market in southeast US 300-mile FERC-regulated pipeline 42 pipe diameter 3.0B-3.5B total project cost…
Growth Strategy - Drop-downs from EQT EQT is Strong Corporate Sponsor EQT Core Marcellus Areas EQT interest aligned with EQM / EQGP 90% ownership of EQGP EQT a prominent Marcellus and Dry Utica producer 26% sales volume growth…
Growth Strategy - Drop-downs from EQT EQT Production Growth Requires Significant Infrastructure Marcellus Driving Growth MMcfe/d 1,800 Marcellus 2015E Annual Production 1,600 Huron Growth of 25% Other 1,400 1,200 1,000…
Growth Strategy Drop-downs from EQT Inventory of Midstream Assets at Sponsor Midstream infrastructure growing to support production 21% 3-year EQT Corp. Adjusted Midstream EBITDA growth EQT Corporation Adjusted Midstream EBITDA*…
Growth Strategy - Drop-downs from EQT Gathering and Transmission Assets Asset Overview Asset Location Marcellus gathering EQT investing 75MM - 100MM Tioga in 2015 65 MMcf/d Allegheny Valley Connector Longhorn 130 MMcf/d 200 mile…
EQM Distribution Growth EQM EQGP 1.06 1.75x coverage trailing 12- 0.30 1.0x coverage target months 40% annual distribution 1.00 20% annual distribution 0.27 growth through 2017 0.94 growth through 2017 0.24 0.88 0.21…
Stable Cash Flow Profile Revenues driven by fixed fee, long-term contracts Minimal direct commodity exposure Stable cash flow supports visible distribution growth 16-year weighted average transmission contract life** Revenue Mix…
EQM Capitalized for Growth Targeting 3.5x Debt to EBITDA Current ratings BBB- (Stable) BBB- (Stable) Ba1 (Stable) Strong liquidity position 400MM available on 750MM revolving credit facility* 500MM long-term debt…
Investment Highlights EQM EQGP Strategically located assets Expected to be one of the in the rapidly growing fastest growing MLPs Marcellus & Dry Utica plays Strong sponsor in EQT Executing on growth Growth driven by EQM…
Appendix
EQM 2015 Guidance Adjusted EBITDA: 440 - 445 million Distributable cash flow: 395 - 400 million Expansion capital*: 450 - 480 million Ongoing maintenance CAPEX**: 20 million 25 *Includes growth CAPEX and capital contributions…
Appendix EQM Non-GAAP Reconciliation Non-GAAP Reconciliation ( thousands) 2014 2014 Net income 266,500 Add: Net cash provided by operating activities 300,546 Interest expense 30,856 Adjustments: Depreciation and amortization…
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