Key Investment Highlights Premier gathering, transmission and water infrastructure positioned to benefit from core Leading footprint in the development in the Marcellus / Utica Shales Appalachian Basin One of the largest natural gas…
Accelerated Total Transformation Overview 3
Accelerated Total Transformation Four Actions to Reshape ETRN Announced February 27, 2020 Agreements with Purchased and Retired ETRN to Acquire Dividend and Capital EQT 25.3 MM ETRN Shares(2) EQM Allocation Policy 15-year gas…
Accomplishing Key Objectives Final step to simplified single C-Corp security with enhanced corporate governance Asymmetric risk profile through highly predictable cash flow Commercial alignment with EQT allows optimized drilling…
Phase One Blend, Broaden and Extend Became effective with execution of new gas gathering agreement MVC of 3.0 Bcf/d Flexibility to execute combo development 15-year contract Single MVC eliminates legacy deficiencies Over 100,000…
Phase Two Blend, Broaden and Extend Effective with MVP in-service MVC step-up Rate relief limited to 3 years Peaking at 4.0 Bcf/d 125 MM, 140 MM and 35 MM 5-year PA water MVC(1) Will generate 60 MM per year of firm revenue…
Gas Gathering Agreement Significant step-up and extension of gathering MVC drives predictable cash flows Phase 2 MVC New EQT MVC covers Pennsylvania and West Phase 1 MVC Virginia volumes Assumes early 2021 MVP in-service.…
Gas Gathering Agreement Securing growth opportunity and enhancing capital efficiency Estimated 500 MM net present value Acreage Map from investment supporting development of newly dedicated West Virginia acreage Over 100,000 acres…
Gas Gathering Agreement Combo development / return to pad drilling leads to step-change in CAPEX Significant CAPEX Reductions Drive Long-Term Free Cash Flow(1) Combo Development / Return to Pad Example Systematic buildout of gas…
25.3 MM Shares of ETRN Purchased from EQT Unique opportunity to buy back significant block of ETRN stock Shares acquired & retired in March 2020 Upfront cash of 52 MM 52 MM upfront cash Rate relief over 2-years with MVP in-service…
ETRN to Acquire EQM Roll-up transaction simplifies structure and provides multiple benefits Acquisition Terms Strategic Rationale ETRN will acquire EQM in a 100% share-for- Single C-Corp security eliminates complexity unit exchange…
Assets and Organic Growth Projects 13
Gathering Assets Integrated asset footprint across core Marcellus & Utica development areas OH Utica Gathering PA and WV Gathering 195 miles of high pressure pipeline 540 miles of high pressure pipeline 90,000 HP compression 305,000…
Transmission and Storage Assets System aggregates supply and exports to the Strategically Located Assets 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 Gathering 8.3 Bcf per day(1) Midwest Gulf REX, ET Rover…
Water Assets Complementary service with concentrated footprint Provides full service sourcing and hauling for drilling and completion activities Approximately 180 miles of fresh water pipelines Fresh water access via major rivers…
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…
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 Approximately 75-mile extension into North Carolina Project backed by 300 MMcf per day firm capacity commitment from PSNC Energy Pipe has expansion capabilities up to…
Growth Driven by MVP & Related Projects Investing 3.6 B in firm projects which will transport gas to key demand markets Estimated Annual Firm Targeted EQM Estimated Project Project EBITDA Once Fully In-Service Date Capital (MM)(1)…
Potential Firm Project Upsides 1 MVP Expansion 500 MMcf/d incremental capacity through compression expansion 2 Hammerhead 200 MMcf/d available capacity 3 MVP Southgate 400 MMcf/d incremental capacity through compression…
Financial Overview 23
Financial Summary Dividend and capital allocation policy designed to advance strategic objectives and return value to shareholders in any environment De-levering plan in place to strengthen balance sheet Ample liquidity…
Financing Plan Path to de-lever and ample liquidity to execute plan Capital Allocation and Liquidity Funding Plan ETRN annual dividend of 0.60 per share Current project backlog expected to be funded with designed to achieve key…
2020E Guidance Financial Guidance Capital Guidance 2020E (MM) 2020E (MM) (1) MVP 580 - 630 Net income attributable to ETRN 390 - 425 (4) Adjusted EBITDA 1,150 - 1,200 Gathering 350 - 370 (5) Deferred revenue (2) 227…
Key Investment Highlights Premier gathering, transmission and water infrastructure positioned to benefit from core Leading footprint in the development in the Marcellus / Utica Shales Appalachian Basin One of the largest natural gas…
Appendix 28
ESG Standards & Practices E-Train is Committed to Ethical, Responsible and Sustainable Business Practices Safety Governance Significant safety education and ETRNs board is comprised of 89% training program in place independent…
Organizational Chart Pro Forma Structure ETRN Public 94.0% Interest 6.0% Interest 100.0% LP Interest Convertible Non-economic GP Interest Preferred 600 MM Preferred (Private) 30
Gas Gathering Agreement with EQT Deal creates meaningful value for ETRN Increase in MVCs to drive Increase from 2.0 Bcf/d to 3.0 Bcf/d predictable revenues Incremental step-up in MVC upon MVP in-service(1) Long-term contract…
Water Agreement with EQT MVC for water services in PA enhances predictable cash flow profile New water services agreement for Pennsylvania development 5-year MVC Commences with MVP in-service Will generate 60 MM per year of firm…
Henry Hub Upside Structure allows EQM to participate in higher commodity price environment Potential for up to 60 MM per year of incremental cash flow Applies to the 3-year period beginning with MVPs in-service but in no case…
No Offer or Solicitation; Participants in the Solicitation This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe…
Where You Can Find More Information In connection with their proposed transactions, ETRN and EQM filed a registration statement on Form S-4, containing a joint proxy statement/prospectus (the Form S-4) with the SEC. This communication is…
Non-GAAP Measures Continued Projected firm project EBITDA means the projected earnings before interest, taxes, depreciation and amortization of EQMs firm capacity gathering and transmission projects, including the Hammerhead, Equitrans…
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