Asset and Organic Growth Investments
2021E Guidance
Capital Guidance
€
Net income
Adjusted EBITDA
Financial Guidance
Deferred revenue (1)
Free cash flow
2021E ($MM)
$270 - $340
$1,050 - $1,120
$296
MVP
2021E ($MM)
Gathering (2)
$265 - $315
$265 - $295
Transmission (3)
$40 - $60
Retained free cash flow
$265 - $335
$5 - $75
Water
$20
Total
$590 - $690
See slide 28 for important information regarding the non-GAAP financial measures adjusted EBITDA, free cash flow and retained free cash flow. See slide 27 for important information regarding forward-looking statements.
(1) On February 26, 2020, ETRN and EQT entered into a new gas gathering agreement. As a result of the new agreement, revenue under the EQT contract will be recognized based on an average gathering rate applied to
each period's MVC over the 15-year contract life. The actual cash received under the contract is expected to be higher than the revenue recognized in the early years of the contract, resulting in the deferral of revenue
into future periods and a corresponding contract liability. The deferred revenue amounts are subject to the ultimate in-service date of MVP. The current deferred revenue estimate assumes an MVP in-service date during
summer 2022.
(2) Excludes approximately $20 million of capital expenditures related to the noncontrolling interests in Eureka Midstream Holdings, LLC (Eureka). Includes $1 million of headquarters capital expenditures.
(3) Includes capital contributions to MVP JV for the MVP Southgate project.
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