Asset and Organic Growth Investments
Accelerated Total Transformation
Four Actions Reshaped E-Train - Announced February 27, 2020
Agreements with
EQT
15-year gas gathering
contract with 3 Bcf/d
MVC and step-up to 4
Bcf/d MVC(1)
Over 100,000 core
West Virginia acres
dedicated
Purchased and Retired
25.3 MM ETRN Shares (2)
Unique opportunity
to buy back ETRN
shares from EQT
Represented nearly
10% of shares
outstanding
Consideration
structured to
minimize upfront cash
payment
ETRN Acquired
EQM
Transaction closed on
June 17, 2020
100% stock-for-unit
exchange
Simplified structure
offers enhanced
governance and
broadens investor
base
€
Dividend and Capital
Allocation Policy
$0.60 per ETRN
common share annual
dividend
• Dividend policy
targets(3):
•
Long-term leverage
ratio <4.0x
.
Ability to generate
positive retained
free cash flow
(1) See slide 26 for additional information regarding the MVC profile.
(2) Closed in early March 2020.
(3) Leverage Ratio is ETRN consolidated debt/ (adjusted EBITDA + deferred revenue). See slide 28 for important disclosures 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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