Investor Relations Presentation EQT Midstream Partners - EQT GP Holdings May 2018 1
Investment Highlights Premier Strong Balance Assets in the Sheet Marcellus / 1.6x Utica 15%-20% Debt/EBITDA Annual Distribution Significant Growth (EQM) Revenue from Capacity Reservation 1.33x EQM Charges Coverage Ratio…
Transmission and Storage Assets Assets Overlay Prolific Nat Gas Plays Equitrans Transmission & Storage 4.4 Bcf/d current capacity 950 mile FERC-regulated interstate pipeline 43 Bcf of gas storage capacity Ohio Valley Connector…
Marcellus Gathering Assets Pennsylvania Asset Map Prolific Greene County, PA dry gas 1,025 MMcf per day firm capacity Terra 600 MMcf per day high pressure header pipeline for Range Resources Header Pipeline Placed into service…
Ohio Utica Gathering Assets Ohio Gathering Assets Olympus Gathering Dry gas gathering in Core Ohio Utica primarily in Belmont County 68,000 total acreage dedication Q1 2018 throughput of 1.0 Bcf/day Strike Force Gathering…
EQM to Acquire Rice Midstream Partners LP Expected to close Q3 2018 Dry Gas Gathering System in PA RMP Asset Footprint 178 miles of pipeline 85,000 horsepower of compression Q1 2018 throughput of 1.7 Bcf/day 246,000 total acres…
Growth Strategies Expand Supply Hub Connect Supply and Demand Leverage existing asset footprint to Extend network to connect supply expand Marcellus/Utica supply hub hub to growing demand markets Gathering 6.2 Bcf/d (EQM & RMP)…
Executing Strategy through Organic Growth Backlog 4.8 B Capex Backlog Pro Forma for RMP Acquisition 2018 2019-2022 Gathering NWV Gathering NWV Gathering PA Gathering 2.1 B PA Gathering OH Gathering OH Gathering Water…
Growth Strategy Supply Hub Marcellus / Utica basin becoming the leading supply source in U.S. Marcellus/Utica Supply Growth* Assets Overlay Heart of Marcellus 50 45 40 35 30 Bcf/d 25 20 15 10 5 - 2011 2014…
Growth Strategy Supply Hub Hammerhead Pipeline Project Project Scope Hammerhead Map Gathering header pipeline 55-mile pipeline from Southwestern PA to Mobley WV Aggregate supply from several existing PA gathering systems and…
Growth Strategy Extend Pipeline Network Supply / Demand dynamics creating new opportunities Regional Supply/Demand Balance* Access to Multiple Markets Shifting market dynamics requires new infrastructure solutions EQM assets…
Growth Strategy Extend Pipeline Network Mountain Valley Pipeline Overview Project Map Pipeline to growing natural gas demand market in southeast U.S. 300-mile FERC-regulated pipeline 42 pipe diameter 3.5B total project cost FERC…
Growth Strategy Extend Pipeline Network MVP Southgate Overview MVP Southgate Map Demand pull pipeline project from MVP 70-mile extension to North Carolina 350 - 500 MM total estimated capital PSNC Energy is anchor shipper Q4 2020…
Distribution Growth Pro forma for streamlining transactions announced on April 26, 2018 EQM EQGP 1.75 1.33x coverage trailing 12-months 0.60 1.0x target coverage 15% - 20% targeted annual growth Annual distribution growth** 0.55…
Strong Cash Flow Profile and Balance Sheet Predictable and growing cash flows driven by strong project returns Highlights Return on Capital Employed** Long-term fixed-fee firm contracts 20% 90% revenue from firm 18% reservation…
Corporate Structure Midstream Separation Targeting end of Q3 2018 for separation Current Structure and Post-Separation and Midstream Streamlining Transactions Midstream Streamlining EQT EQT NewCo Corp. EQT Production LP Units…
Investment Highlights Premier Strong Balance Assets in the Sheet Marcellus / 1.6x Utica 15%-20% Debt/EBITDA Annual Distribution Significant Growth (EQM) Revenue from Capacity Reservation 1.33x EQM Charges Coverage Ratio…
APPENDIX 22
Guidance Pro forma for streamlining transactions announced on April 26, 2018 EQM Pro Forma Highlights No additional equity issuance forecast at least through 2020 4.8B organic project backlog 15% - 20% annual distribution growth…
EQM Capitalized for Growth Targeting 3.5x Debt to EBITDA 1.6x current Debt to EBITDA Current ratings BBB- (S&P) BBB- (Fitch) Ba1 (Moodys) 1.33x distribution coverage ratio over trailing 12-months 24
Growth Strategy Extend Pipeline Network Ohio Valley Connector Overview Asset Map Provides Marcellus producers access to Midwest markets Provides Utica producers access to Equitrans transmission system Placed in-service Q4 2016…
Return on Capital Employed Definition EQM 2017 Calculation* Return on Capital Earnings Before Interest and Taxes (EBIT) MM 2017 = Employed Average Capital Employed Net Income 572 Interest 36 Taxes - Capital Employed = Total…
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