Equitrans Midstream : ETRN Q1 2024 Investor Presentation

Investor Presentation

April 2024

Key Investment Highlights

	• On March 11, 2024, announced the proposed acquisition of ETRN by EQT Corporation (EQT) in an all-stock transaction
Proposed Acquisition by EQT	• ETRN shareholders will receive 0.3504 shares of EQT common stock in exchange for each share of ETRN common stock
	• ETRN shareholders are expected to own ~26% of the combined company
	• 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, anchored by ~5 Bcf per day of MVCs(1)
	• Commercial alignment with EQT enables optimized drilling plans and significant midstream capital efficiencies
Long-term firm contracts intended to	• ~67% of total operating revenue from firm reservation fees in the first quarter 2024(1)
• ~13-year weighted average firm gathering contracts remaining term(1)
provide support for cash flow profile
• ~11-year weighted average firm transmission and storage contracts remaining term(1)
Significant organic growth projects	• MVP project, together with the Hammerhead pipeline and Equitrans Expansion project, expected to add ~$305 MM of
expected to support long-term growth	annual incremental adjusted EBITDA following MVP in-service(2)
Disciplined capital plan	• Intend to utilize excess retained free cash flow to reduce debt(3)
• Targeting a long-term leverage ratio of <4.0x(3)
	• Employing new application of technologies designed to reduce operational methane emissions
Commitment to sustainability	• Launching a multi-year plan in pursuit of the Company's emissions targets outlined in our climate policy
• Completed our initial TCFD-based scenario analysis in late 2023 and continuing to explore the challenges and
	opportunities related to energy transition

See slide 23 for important information regarding forward-looking statements.

(1) Statistics as of March 31, 2024. Weighted average firm contract remaining term based on total projected contractual revenues, including projected contractual revenues from future capacity expected from expansion projects that are not yet fully constructed or not yet fully in service for which the company has executed firm contracts.

(2) See slide 18 for additional information. See slide 25 for important information regarding the non-GAAP financial measure adjusted EBITDA.2

(3) See slide 25 for important information regarding the non-GAAP financial measures adjusted EBITDA, long-term leverage ratio and retained free cash flow.

Assets and Organic Growth Projects

3

Mountain Valley Pipeline

Long-haul pipeline designed to be main takeaway artery out of A-basin

Forward construction resumed following passage of the Fiscal Responsibility	Strategic 50+ Year Pipeline Asset
Act of 2023

MVP is expected to deliver reliable, low-cost Marcellus and Utica natural gas to the growing natural gas demand markets in southeast U.S.

• 303-mile,42" diameter FERC-regulated pipeline
• Expected construction completion on or about May 31, 2024
• Total estimated project cost of ~$7.85 B(1)
• ETRN expected ownership ~49.2% and ETRN will operate the pipeline(1)
• 2.0 Bcf per day capacity, fully subscribed under 20-year firm contracts
• Expansion opportunity of ~500 MMcf per day with additional compression
• In April 2024, the MVP Joint Venture filed its in-service authorization request for the MVP project with the FERC

JV Partners:

See slide 23 for important information regarding forward-looking statements.

1. ETRN expects to complete construction and final pipeline commissioning on or about May 31, 2024. MVP and MVP-relatedlong-term firm capacity will begin on the first day of the month immediately following the date MVP receives FERC authorization to commence service and is able to provide the applicable service level (with certain MVC step ups and more significant gathering MVC fee declines under the EQT Global GGA commencing effective the first day of the calendar quarter in which the MVP long-term firm capacity obligations commence). Should MVP be authorized and able to provide service, however its long-term firm capacity obligations are not yet effective due to timing, MVP would be available for interruptible or short-term firm service until long-term firm capacity obligations

commence. The majority of the remaining restoration is to occur following MVP in-service. Given ETRN's expectation to complete MVP project construction and final

commissioning on or about May 31, 2024, and its estimated total project cost of approximately $7.85 billion (including contingency and excluding AFUDC), ETRN4 anticipates its equity ownership in the MVP project would progressively increase from approximately 48.9% to approximately 49.2%.

Gathering Assets

Integrated asset footprint across core Marcellus & Utica development areas

	OH Utica Gathering	PA and WV Gathering
	• ~220 miles of high-pressure pipeline	• ~710 miles of high-pressure pipeline
	• ~98,000 HP of compression	• ~342,000 HP of compression
	• Dry gas gathering in core acreage in Belmont and	• Contract with EQT covers core development in PA and
	Monroe counties	WV
	• Significant acres dedicated	• 3.0 Bcf/d MVC under EQT Global GGA steps up to
		3.5 Bcf/d upon MVP in-service(1)(2)
		• Significant Pennsylvania and West Virginia acres
		dedicated from EQT and certain other third parties
	Eureka & Hornet Midstream Gathering(3)	• Additional 0.6 Bcf/d high-pressure header pipeline for
	• ~290 miles of high-pressure pipeline	Range Resources
	• Additional 32,000 HP of booster compression placed
	• ~51,000 HP of compression
	into service in late February 2024
	• MVCs of ~1 Bcf/d
	• Backed by long-term firm commitment

• 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

Statistics as of December 31, 2023 unless otherwise stated.
(1)	See slide 23 for important information regarding forward looking statements.
(2)	MVC subsequently steps up to 3.75 Bcf/d in the second year following MVP in-service and then up to 4.0 Bcf/d in the third year following MVP in-service and through 2031.	5
(3)	ETRN owns 60% of Eureka Midstream and 100% of Hornet Midstream assets.

Gathering Assets Positioned to Benefit from MVP

System prepared to gather and send volumes to source 2.0 Bcf per day of MVP capacity(1)

• Multiple interconnects with MVP provide optionality to feed MVP with gas from Southwestern PA, Northern WV, and Ohio

Long-term gathering contract with EQT

• 15-yeargathering agreement commenced in 2020
• Single MVC covering PA and WV allows for optimized drilling plan and midstream capital efficiency
• Potential to earn up to $60 MM in 2024 from Henry Hub upside(1)(2)

1. See slide 23 for important information regarding forward looking statements.
2. Applies to the period beginning on the first day of the calendar quarter in which MVP long-term firm capacity obligations become effective but in no case extending beyond December 2024. Cash to be paid from customer in an amount equal to (a) product of (x) applicable MVC volume for the relevant quarter and (y) the number of days in the quarter, multiplied by (b) 15% of every $0.01/MMBtu that the average NYMEX Henry Hub first of the month closing index price is above $2.70/MMBtu during the quarter.

ETRN Systems Provide Primary

Supply Path to MVP

OVC & OVCX
bi-directional	EEP
~1.35 Bcf/d capacity	~600 MMcf/d
	capacity

	Hammerhead
Residue gas from	bi-directional

Mobley processing	~1.6 Bcf/d capacity
facility
~0.9 Bcf/d capacity
	6

Capital Efficiencies from EQT Gathering Agreement

Reducing sustaining CAPEX from combo development, return to pad drilling and system integration

CAPEX Reductions Support 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
• Sustaining gathering CAPEX estimated to be between ~$200 MM and $250 MM for 2024 with expected return to pad drilling and system integrations(2)(3)

EQT choke management program enhances predictable operations and midstream planning(2)

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

Existing gathering

Step one - initial drilling planlines and compression

Step two - return to pad

drilling utilizes

infrastructure built for

step one

(1)	See slide 25 for important information regarding the non-GAAP financial measure free cash flow.
(2)	See slide 23 for important information regarding forward-looking statements.	7
(3)	Sustaining gathering CAPEX is an estimate of capital expenditures required to maintain flat gathered volumes in a given year.

Hammerhead Gathering Pipeline

Outlet for southwestern PA development to access southeast

U.S. demand market via MVP

Natural gas gathering header pipeline

• ~63-milepipeline
• Aggregate gas from several gathering systems
• Construction completed in Q3 2020

1.6 Bcf per day maximum capacity

• 1.2 Bcf per day firm commitment from EQT with a 20-year term, commencing in conjunction with MVP in-service and expected to generate ~$65 MM of annual incremental adjusted EBITDA(1)

Provides optionality to non-MVP delivery points

• In Q1 2024, ~$6 MM of revenue was generated from firm and interruptible services provided on Hammerhead to non-MVP delivery points

~$540 MM of capital

(1) See slide 18 for additional detail; see slide 23 for important information regarding forward-looking statements; and see slide 25 for important information regarding the non-GAAP financial measure adjusted	8
EBITDA.

Transmission and Storage Assets

System aggregates regional A-Basin supply and exports to the interstate pipeline system

~4.4 Bcf per day capacity

~940-miles of FERC-regulated interstate pipelines ~135,000 HP Compression

18 storage pools with ~43 Bcf of working gas storage capacity

Ohio Valley Connector (OVC) provides access to Midwest markets

Assets traverse core Marcellus acreage

~97% of firm capacity commitments under negotiated rate agreements

Statistics as of December 31, 2023.

Strategically Located Assets

9

Connecting A-Basin Supply to Markets

Equitrans Transmission System offers optionality to diverse set of markets

Gathering ~7.4 Bcf per day(1)

Pipeline position cannot be replicated

• Multiple large diameter pipelines aggregate gas and provide access to every major region

Producers have optionality to reach many markets and enhance net-back price

• Interconnects with 7 interstate pipelines and provides access to local demand

Demand customers have access to low cost gas supply close to wellhead

Storage provides balancing and park & loan services

Market	Pipeline Interconnects
Northeast	TETCO, TCO, EGTS, TGP, NFG
Midwest	REX, ET Rover
Gulf	TETCO, TCO, TGP
Southeast	Transco (Upon MVP in-service)
Local Demand	Columbia Gas of PA / PNG

Local

Demand

Northeast

10

(1) Average daily gathered volumes for the three months ended March 31, 2024 which includes 100% of Eureka.