Equitrans Midstream : ETRN Q1 Earnings Call

Key Investment Highlights

• • Premier gathering, transmission and water infrastructure positioned to benefit from core development in the

  Leading footprint in the Appalachian

  Basin

  Marcellus / Utica Shales

• • One of the largest natural gas gatherers in the United States

• • Commercial alignment with EQT enables optimized drilling plans and significant midstream capital efficiencies

• • Greater than 70% of revenue forecasted from firm contracts following MVP in-service(1)

Stable cash flows backed by long-term contracts

• • 14-year weighted average firm gathering contracts(2)

• • 13-year weighted average transmission and storage contracts(2)

Significant organic growth projects • MVP project, together with the Hammerhead pipeline and Equitrans Expansion project, expected to add

support long-term growth

approximately $315 MM of annual incremental adjusted EBITDA in conjunction with MVP in-service(3)

• • Intend to utilize excess retained free cash flow to reduce debt; targeting a long-term leverage ratio of <4.0x(4)

  Disciplined capital structure

• • $2.16 B revolver provides liquidity and flexibility(6)

• • Established climate policy which outlines several targets including a 50% reduction in Scope 1 and 2 methane emissions by 2030(5)

Commitment to sustainability

• • Published second annual Corporate Sustainability Report in accordance with GRI and SASB

• • Continuing effort to reduce annualized pneumatic methane emissions

• (1) Revenue projections do not include revenue contributions from MVP or MVP Southgate, which are accounted for as equity investments. See slide 25 for important information regarding forward-looking statements.

• (2) Statistics as of March 31, 2022.

• (3) See slide 25 for important information regarding forward-looking statements. See slide 26 for important information regarding the non-GAAP financial measure adjusted EBITDA.

• (4) Leverage ratio is ETRN consolidated debt / (adjusted EBITDA + deferred revenue). See slide 26 for important information regarding the non-GAAP financial measures adjusted EBITDA and retained free cash flow. See slide 25 for important information regarding forward-looking statements.

• (5) See slide 25 for important information regarding forward looking statements.

• (6) Revolver capacity becomes $1.55 B beginning November 1, 2023 and until April 30, 2025.

Gathering Assets

Integrated asset footprint across core Marcellus & Utica development areas

Eureka & Hornet Midstream Gathering

• • ~280 miles of high pressure pipeline

• • ~54,000 HP of compression

• • MVCs of ~1 Bcf/d

• • Supports core dry gas development in Ohio Utica and core wet gas development in West Virginia Marcellus

• • Significant acres dedicated across OH Utica and WV

  Marcellus(1)

OH Utica Gathering

• • ~210 miles of high pressure pipeline

• • ~93,000 HP of compression

• • Minimum Volume Commitment (MVC) from Gulfport

• • Dry gas gathering in core acreage in Belmont and

  Monroe counties

• • Significant acres dedicated

Statistics as of December 31, 2021 unless otherwise stated.

• (1) Reflects 100% of acreage dedications for the Eureka system.

• (2) See slide 25 for important information regarding forward looking statements.

PA and WV Gathering

• • ~680 miles of high pressure pipeline

• • ~344,000 HP of compression

• • Contract with EQT covers core development in PA and WV

  • • 3.0 Bcf/d MVC with EQT steps up to 4.0 Bcf/d following MVP in-service(2)

  • • Significant Pennsylvania and West Virginia acres dedicated from EQT and certain other third parties

• • Additional 0.6 Bcf/d high pressure header pipeline for Range Resources

Capital Efficiencies from EQT Gathering Agreement

Combo development / return to pad drilling leads to step-change in CAPEX

Significant CAPEX Reductions Drive Long-Term Free Cash Flow(1)(2)Combo Development / Return to Pad Example

Systematic buildout of gas gathering system yields midstream capital efficiencies

• • Concentrated footprint reduces overall build miles relative to scattered pad development

EQT choke management program results in predictable operations and enhanced midstream planning

• • Avoid sizing midstream facilities for short-lived peak initial production rates

• • Minimize back-off of nearby wells when new production comes on-line

• (1) See slide 26 for important information regarding the non-GAAP financial measure free cash flow.

• (2) See slide 25 for important information regarding forward-looking statements.