Click to edit Master title style EQT Midstream Partners, LP Investor Presentation December 2013
EQT Corporation Non-GAAP Click toMeasures edit Master title style The Company uses EQT Corporation Adjusted Midstream EBITDA as a financial measure in this presentation. EQT Corporation Adjusted Midstream EBITDA is defined as EQT…
Introduction Click to edit Master title style EQT Midstream Partners, LP (NYSE: EQM) IPO June 2012 Parent sponsored MLP Premier Marcellus midstream assets Growth strategy Drop-downs from EQT Corporation, our sponsor Organic…
Strategically Located Marcellus Click to editAssets Master title style EQT Midstream Partners Asset Overview Assets Assets Overlay Marcellus Fairway Equitrans Transmission & Storage 2.25 TBtu/d current capacity 606 BBtu/d…
Strategically Located Marcellus Click to editAssets Master title style Sunrise Pipeline Sunrise Acquisition Asset Location Closed July 22, 2013 41.5 mile FERC-regulated interstate pipeline 400 BBtu per day capacity Integrated…
Strategically Located Marcellus Click to editAssets Master title style EQT Midstream Partners Asset Overview Operational Flexibility System Optionality Moves gas from Marcellus gathering to 5 interstate pipelines Serves wet &…
Drop-down Growth Opportunities Click to edit Master title style EQT is Strong Corporate Sponsor EQT Core Marcellus Areas EQT interest aligned with EQM 2% General Partner Interest 42.6% Limited Partner Interest EQT a prominent…
Drop-down Growth Opportunities Click to edit Master title style EQT Production Growth Requires Significant Infrastructure Marcellus Driving Growth MMcfe/d 1,400 Marcellus 2013E Annual Production Huron horizontal Growth of 40%…
Drop-down Growth Opportunities Click to edit Master title style Inventory of Midstream Assets Growing at Sponsor Midstream infrastructure growing to support production 20% 3-year EQT Midstream Adjusted EBITDA growth Sponsor…
Drop-down Growth Opportunities Click to edit Master title style Transmission Allegheny Valley Connector Asset Location EQT acquired December 2013 200 mile FERC-regulated transmission pipeline 450 Bbtu/d capacity 15 Bcf…
Organic Growth Opportunities Click to edit Master title style Expansion Projects Projects Relieve Bottlenecks Low Pressure East Expansion 150 BBtu/d incremental capacity Total cost 30 million Completed Q4 2013 New delivery…
Third-Party Producer Opportunities Click to edit Master title style Production Growth Provides Infrastructure Opportunity Production Growth Since Plays Northeast Supply/Demand Balance * Inception * 30 12.0 Marcellus (09) 25…
Third-Party Producer Opportunities Click to edit Master title style Antero Resources Highlights Asset Map West Side Expansion 100 BBtu/d incremental capacity Total cost 26 million In-service by year-end 2014 East Side Expansion…
Third-Party Producer Opportunities Click to edit Master title style Marcellus Acreage Profile Acreage by Producer Fragmented acreage profile requires integrated solution Systems to serve EQT & third-parties Project scaling…
Stable Cash Flow Profile Click to edit Master title style Revenues driven by fixed fee, long-term contracts Minimal direct commodity exposure EQT represents 78% revenue* Investment grade credit ratings 9-year weighted average…
Distribution Growth Click to edit Master title style Grow per unit cash distributions at double digit annual rates over next several years 29% growth in 2014* 0.61 Per Unit Distribution Growth 0.58 0.58 0.55 0.52 0.52…
Capitalized for Growth Click to edit Master title style Ample liquidity to execute growth strategies No outstanding debt 350 million available on revolving credit facility 31 million cash as of September 30, 2013 1.1x coverage…
2014 Guidance Click to edit Master title style Adjusted EBITDA: 170 - 175 million Distributable cash flow: 148 - 153 million Expansion CAPEX: 50 - 55 million Ongoing maintenance CAPEX*: 17 - 18 million * Includes portion of…
Investment Highlights Click to edit Master title style Strategically located Marcellus assets Executing on growth strategy Drop-downs from sponsor Organic opportunities Third-party opportunities producer volumes & acquisitions…
Click to edit Master title style Appendix
Appendix Click to edit Master title style Ownership Structure EQT Corporation NYSE: EQT Common Units Subordinated Units 100% indirect ownership interest EQT Midstream Services, LLC 42.6% indirect limited (Our General…
Appendix Click to edit Master title style EQT Corporation Non-GAAP Reconciliation Non-GAAP Reconciliation ( million) EQT Corporation Adjusted Midstream EBITDA (millions) 2008 2009 2010 2011 2012 Midstream operating income 120…
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