Asset and Organic Growth Investments
Key Investment Highlights
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Leading footprint in the
Appalachian Basin
Stable cash flows backed by long-
term contracts
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Premier gathering, transmission and water infrastructure positioned to benefit from core development in the
Marcellus / Utica Shales
One of the largest natural gas gatherers in the United States
Greater than 70% of revenue forecasted from firm / MVC contracts once MVP is placed in-service(1)
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15-year MVC gathering contract with EQT
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14-year weighted average firm transmission and storage contract life (2)
Significant organic growth projects
support long-term growth
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Disciplined capital structure
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Total transformation reshaped ETRN
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MVP project, together with the Hammerhead pipeline and Equitrans Expansion project, expected to add
approximately $315 MM of annual incremental adjusted EBITDA (3)
Intend to utilize excess retained free cash flow to reduce debt; targeting a long-term leverage ratio of <4.0x (4)
$2.25 B revolver provides liquidity and flexibility
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Single public C-Corp
Commercial alignment with EQT enables optimized drilling plans and creates significant midstream capital
efficiencies
Dividend and capital allocation policy designed to advance strategic objectives and return value to shareholders in
any environment
(1) Revenue projections do not include revenue contributions from MVP or MVP Southgate, which are accounted for as equity investments. See slide 27 for important information regarding forward-looking statements.
(2) Statistics as of March 31, 2021.
(3) ETRN believes Hammerhead was placed in-service effective August 1, 2020. EQT has asserted that it will have the ability to terminate its Hammerhead commitment (which represents approximately $64 MM of
annual incremental adjusted EBITDA) and take title to the Hammerhead assets in exchange for a reimbursement payment; ETRN disputes that assertion and the dispute is in arbitration. Firm service for the Equitrans
Expansion project and MVP to commence upon MVP's in-service date. See slide 28 for important information regarding the non-GAAP financial measure adjusted EBITDA. See slide 27 for important information
regarding forward-looking statements.
(4) Leverage ratio is ETRN consolidated debt/(adjusted EBITDA + deferred revenue). See slide 28 for important information regarding the non-GAAP financial measures adjusted EBITDA and retained free cash flow. See
slide 27 for important information regarding forward-looking statements.
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