Click to edit Master title style EQT Midstream Partners, LP Investor Presentation June 2014
EQT Midstream Partners, LPtoNon-GAAP Click Measures edit Master title style The Partnership defines adjusted EBITDA as net income plus net interest expense, depreciation and amortization expense, income tax expense (if applicable),…
EQT Corporation Non-GAAP Click toMeasures edit Master title style The Partnership uses EQT Corporation Adjusted Midstream EBITDA as a financial measure in this presentation. EQT Corporation Adjusted Midstream EBITDA is defined as…
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 Transmission Asset Overview Assets Assets Overlay Marcellus Fairway Equitrans Transmission & Storage 2.25 TBtu/d current capacity 1,146 BBtu/d throughput in…
Strategically Located Marcellus Click to editAssets Master title style Marcellus Gathering Asset Overview Jupiter gathering system Jupiter Gathering System Acquired May 2014 35 miles of pipe Two compressor stations 21,300…
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 34% 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 1,600 Marcellus 2014E Annual Production 1,400 Huron horizontal Growth of…
Drop-down Growth Opportunities Click to edit Master title style Inventory of Midstream Assets at Sponsor Midstream infrastructure growing to support production 22% 3-year EQT Corp. Adjusted Midstream EBITDA growth EQT…
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 throughput capacity 15…
Organic Growth Projects 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…
Mountain Valley Pipeline Project Click to edit Master title style Organic Project or Addition to Drop-down Inventory Overview Project Map Pipeline to serve growing natural gas demand in southeast United States Initiated…
Third-Party Producer Opportunities Click to edit Master title style Changing Market Dynamics - Infrastructure Opportunity Production Growth Since Inception Marcellus Pushing Back 12.0 Marcellus 10.0 Oversupplied 8.0 Bcf/d…
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 Expected in-service by year-end 2014 East Side…
Third-Party Producer Opportunities Click to edit Master title style Range Resources Highlights Asset Map Gathering, compression, and transmission services Washington County, PA Transmission Expansion 100 BBtu/d incremental…
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 51% revenue* Investment grade credit ratings 15-year weighted average…
Distribution Growth Click to edit Master title style Superior long-term distribution growth Raised per unit distribution by 40% since IPO Forecasting 29% per unit distribution growth in 2014* Forecasting 22% per unit distribution…
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 34% indirect limited (Our General Partner)…
Appendix Click to edit Master title style Non-GAAP Reconciliation Non-GAAP Reconciliation ( thousands) 2013 2013 Net income 109,767 Net cash provided by operating activities 121,335 Add: Adjustments: Interest expense, net 1,672…
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