Equitrans Midstream : ETRN Q3 Earnings Call

Investor Presentation

November 2022

Key Investment Highlights

		• Premier gathering, transmission and water infrastructure positioned to benefit from core development in the
Leading footprint in the Appalachian		Marcellus / Utica Shales
	Basin	•	One of the largest natural gas gatherers in the United States
		• Commercial alignment with EQT enables optimized drilling plans and significant midstream capital efficiencies
Stable cash flows backed by long-	• Greater than 70% of revenue forecasted from firm contracts following MVP in-service(1)
•	14-year weighted average firm gathering contracts(2)
	term contracts
	•	12-year weighted average firm 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)
	Disciplined capital structure	• Intend to utilize excess retained free cash flow to reduce debt; targeting a long-term leverage ratio of <4.0x(4)
	•	$2.16 B revolver provides liquidity and flexibility(5)(6)
		• Established climate policy which outlines several targets and aspirations, including a 50% reduction in Scope 1 and
	Commitment to sustainability		2 methane emissions by 2030(6)
	•	Published annual Corporate Sustainability Report in accordance with GRI and SASB in July 2022

1. • Continued effort to reduce methane emissions
2. 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.
3. Statistics as of September 30, 2022.
4. See slide 25 for important information regarding forward-looking statements. See slide 26 for important information regarding the non-GAAP financial measure adjusted EBITDA.
5. 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.
6. Revolver capacity becomes $1.55 B beginning October 31, 2023 and until April 30, 2025.

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

2

Assets and Organic Growth Projects

3

Gathering Assets

Integrated asset footprint across core Marcellus & Utica development areas

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

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)

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
• In 2Q'22 entered into an agreement with a producer customer to install 32,000 HP of booster compression at existing facilities
• • Targeted in-service in mid-2024(2)
  • ~$70 MM capital investment primarily in 2023 & 2024(2)
  • Backed by long-term firm commitment

4

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)

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

1. • Avoid sizing midstream facilities for short-lived peak initial production rates
   • Minimize back-off of nearby wells when new production comes on-line
2. See slide 26 for important information regarding the non-GAAP financial measure free cash flow.
3. See slide 25 for important information regarding forward-looking statements.

Combo Development / Return to Pad Example

Existing gathering

Step one - initial drilling planlines and compression

Step two - return to pad

drilling utilizes

infrastructure built for

step one

5