ETRN Closes EQM Incentive Distribution Rights Transaction

PITTSBURGH–(BUSINESS WIRE)–lt;a href=”” target=”_blank”gt;#EQMlt;/agt;–Equitrans Midstream Corporation (NYSE: ETRN), EQM Midstream Partners, LP
(NYSE: EQM), and certain of their affiliates have closed the previously
announced transaction to exchange and eliminate the EQM Incentive
Distribution Rights (IDRs) and restructure the economic general partner
interest in EQM. As part of the transaction, the IDRs and economic
general partner interest in EQM were canceled in exchange for 80 million
newly issued EQM common units and 7 million newly issued EQM Class B
units, both of which represent limited partner interests in EQM, and
ETRN retained a non-economic general partner interest in EQM.

ETRN now owns approximately 60% of the limited partner interest in EQM,
which includes 117.2 million EQM common units and 7 million EQM Class B

The EQM Class B units are not entitled to receive cash distributions
from EQM until they become convertible into EQM common units. At the
holder’s option, the Class B units will be convertible into EQM common
units in three tranches: 2.5 million units convertible on April 1, 2021;
2.5 million units convertible on April 1, 2022; and 2 million units
convertible on April 1, 2023.

About Equitrans Midstream Corporation

Equitrans Midstream Corporation (ETRN) has a premier asset footprint in
the Appalachian Basin and is one of the largest natural gas gatherers in
the United States. With a rich 135-year history in the energy industry,
ETRN was launched as a standalone company in 2018 and, through its
subsidiaries, has an operational focus on gas gathering systems,
transmission and storage systems, and water services assets that support
natural gas producers across the Basin. ETRN is helping to meet
America’s growing need for clean-burning energy, while also providing a
rewarding workplace and enriching the communities where its employees
live and work. ETRN owns the non-economic general partner interest and
an approximate 60% limited partner interest in EQM.

For more information on Equitrans Midstream Corporation, visit

About EQM Midstream Partners

EQM Midstream Partners, LP (EQM) is a growth-oriented limited
partnership formed to own, operate, acquire, and develop midstream
assets in the Appalachian Basin. As one of the largest gatherers of
natural gas in the United States, EQM provides midstream services to
producers, utilities, and other customers through its strategically
located natural gas transmission, storage, and gathering systems, and
water services to support energy development and production in the
Marcellus and Utica regions. EQM owns approximately 950 miles of
FERC-regulated interstate pipelines and approximately 2,200 miles of
high- and low-pressure gathering lines.

For more information on EQM Midstream Partners, LP, visit

Source: Equitrans Midstream Corporation


Analyst/Investor inquiries:
Nate Tetlow — Vice
President, Corporate Development and Investor Relations

Media inquiries:
Natalie A. Cox — Director,
Corporate Communications

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