Key Investment Highlights Premier asset footprint in the Appalachian Basin Leading footprint in lowest cost natural EQM gathering dedications include 265K acres in core PA Marcellus, 176K acres in core OH Utica, and gas basin in the…
Equitrans Midstream Corporation E-Train Basics E-Train cash flows generated solely by distributions from EQM Operating assets held at EQM E-Train is a corporation NYSE: ETRN Investors receive a 1099 Near zero cash taxes…
Strategic Focus Continued progress towards building a top-tier midstream company E-Train Initiatives Simplified midstream IDR structure (completed February 2019) Project execution Mountain Valley Pipeline (MVP), Hammerhead, and MVP…
Near Term Growth Driven by Firm Projects Backlog includes 3.7 B of investments in projects backed by firm commitments Targeted 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 PA Marcellus Gathering 180 miles of high pressure pipeline 370 miles of high pressure pipeline 65,000 HP compression…
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 6.8 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 markets 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 up to 900 MMcf/d of…
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 18
Financial Summary 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 Greater than 50% of revenue generated from firm reservation charges (take or pay) 2.4 Bcf per day firm gathering reservation commitments 4.4 Bcf per day firm transmission reservation commitments* Limited…
Operating Metrics 45% reduction in gathering O&M expense unit rate Significant track record of operating in Gathering O&M Expense Unit Rate 0.10 the Appalachian Basin 0.09 0.08 Gathering O&M expense unit rate 0.07 0.062 reduction…
Funding Growth at EQM 3.0 B EQM revolving credit facility Agency EQM Rating Outlook 3.4x current EQM net debt/current run rate annual adjusted EBITDA* S&P BBB- Negative 3.5x 4.0x long-term net debt/adjusted EBITDA target at EQM* Moodys…
Key Investment Highlights Premier asset footprint in the Appalachian Basin Leading footprint in lowest cost natural EQM gathering dedications include 265K acres in core PA Marcellus, 176K acres in core OH Utica, and gas basin in the…
Appendix 27
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…
Organizational Structure 117.2 MM common units 7 MM Class B units 60% LP ownership* Non-economic GP Convertible Public Preferred 83.2 MM common units 24.6 MM Series A Convertible 40% LP ownership* Preferred Units *LP…
EQM Adjusted EBITDA EQM Adjusted EBITDA * ( in thousands) Three Months Ended March 31, 2019 Net income attributable to EQM 251,931 Add: Net interest expense 49,356 Depreciation 47,065 Amortization of intangible assets 10,387…
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