Key Investment Highlights Premier asset footprint in the Appalachian Basin Leading footprint in lowest cost natural Gathering dedication includes 265K acres in core PA Marcellus and 176K acres in core OH Utica* gas basin in the…
Simplification Transactions ETRN closed EQGP buy-in on January 10, 2019 Announced IDR elimination on February 14, 2019 ETRN to exchange the IDRs and economic GP interest for 80 million newly issued EQM common units, 7 million newly…
Corporate Structure Current Post IDR Closing 30.6% LP ownership 117.2 MM common units Public 1.2% GP ownership 7 MM Class B units 100% IDR 60% LP ownership Non-economic GP Public 83.2 MM common units 40% LP ownership…
Equitrans Midstream Corporation E-Train Basics E-Train cash flows generated solely from ownership of EQM Operating assets held at EQM E-Train is a corporation NYSE: ETRN Investors will receive a 1099 Near zero cash taxes anticipated…
2019 Action Items First Stop for E-Train Simplify midstream IDR structure (definitive agreement announced February 14, 2019) Project execution MVP, Hammerhead and MVP Southgate Solidify MVP expansion and additional MVP Southgate…
Near Term Growth Driven by Firm Projects Backlog includes 3.5 B of investments in projects backed by firm commitments Expected EQM Estimated Estimated Annual Firm Project In-Service Date Capital (MM) Project EBITDA (MM)*** MM…
Gathering Assets Integrated asset footprint across core Marcellus & Utica development areas OH Utica Gathering 180 miles of high pressure pipeline 65,000 HP compression 5-year Minimum Volume PA Marcellus Gathering Commitment from…
Transmission and Storage Assets System aggregates supply and exports to Strategically Located Assets the interstate pipeline system 4.4 Bcf per day current capacity 950-mile FERC-regulated interstate pipeline 18 storage pools with…
Connecting A-Basin Supply to Markets Equitrans Transmission System offers optionality to diverse set of markets Market Takeaway Pipelines Northeast TETCO, TCO, DTI, TGP, NFG Midwest REX, ET Rover Gathering 7.0 Bcf per day* Gulf…
Water Assets Complementary service with significant growth potential Provides full service sourcing and hauling for drilling and completion activities Approximately 160 miles of fresh water pipelines* Fresh water access via major…
Mountain Valley Pipeline Long-haul pipeline will be main takeaway artery out of A-basin Delivering supply to the growing natural gas demand Strategic 50+ year pipeline asset market in southeast U.S. 300-mile, 42 diameter FERC-regulated…
Hammerhead Gathering Pipeline Outlet for southwestern PA development to access southeast U.S. demand market (via MVP) Natural gas gathering header pipeline 64-mile pipeline Aggregate gas from several gathering systems 1.6 Bcf per…
MVP Southgate Project driven by demand pull from the tailgate of MVP 70-mile extension into North Carolina Project backed by 300 MMcf per day firm capacity commitment from PSNC Energy Pipe has expansion capabilities which could provide…
Gathering System Optimization and Integration Near-term project to improve long-term capital efficiency EQM acquired Rice Midstream Partners (RMP) in July 2018 Geographic fit between EQM / RMP assets provides opportunity to integrate…
Financial Overview Strong balance sheet EQM Financial Policy 6% annual distribution growth target Ample liquidity Current project backlog expected to be funded with retained cash flow and debt capacity Stable cash flow Largest…
Stable Cash Flow Profile Underpinning sustainable EBITDA growth 54% of revenue from firm reservation charges (take or pay) 2.4 Bcf per day firm gathering reservation commitments Minimum volume commitment (MVC) in Utica shale play…
Operating Metrics 45% reduction in gathering O&M expense unit rate Significant track record of operating in Gathering O&M Expense Unit Rate the Appalachian Basin 0.10 0.09 Gathering O&M expense unit rate 0.08 reduction driven by…
EQM Projections Meaningful adjusted EBITDA and firm revenue growth EQM Adjusted EBITDA Forecast (B)* Revenue from Firm Reservation Fees (%)*** 100% 2.5 Significant percentage of revenue driven by firm reservation fees 80% 2.0…
Funding Growth at EQM 3.0 B EQM revolving credit facility Agency EQM Rating Outlook 3.4x current EQM Net Debt/Run Rate Adjusted EBITDA* S&P BBB- Stable 3.5x 4.0x long-term Debt/EBITDA target at EQM Moodys Ba1 Stable Fitch BBB-…
Key Investment Highlights Premier asset footprint in the Appalachian Basin Leading footprint in lowest cost natural Gathering dedication includes 265K acres in core PA Marcellus and 176K acres in core OH Utica* gas basin in the…
Appendix 28
ESG Standards & Practices E-Train is Committed to Ethical, Responsible and Sustainable Business Practices Governance Community Outreach 71% independent BOD Support and engage with the communities Committees ensure best practices and…
Natural Gas Benefits the Economy and Environment Economy Environment The U.S. is the worlds top natural gas producing country, Natural gas is the cleanest burning hydrocarbon surpassing Russia Has become a backbone of electric…
EQM Adjusted EBITDA EQM Adjusted EBITDA * ( in thousands) Year Ended December 31, 2018 Net income attributable to EQM 668,002 Add: Net interest expense 122,094 Depreciation 171,914 Amortization of intangible assets 41,547…
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