Company Profile

Our Company

Equitrans Midstream Corporation (Equitrans) is a publicly traded midstream services company with a premier asset footprint across the Appalachian Basin in Pennsylvania, Ohio, and West Virginia. Our asset locations within the Basin, and our growth projects, including our Mountain Valley Pipeline (MVP) and MVP Southgate projects, provide a key link between supply sources and major demand markets in the United States. Our customers are natural gas producers, commercial and industrial users, marketers, and local distribution companies (LDCs). As a company, we seek to leverage both our existing assets and planned and in-process growth projects while also executing on strategically aligned acquisition and joint venture opportunities.

In June 2020, a wholly owned subsidiary of Equitrans merged with EQM Midstream Partners, LP (EQM), with EQM surviving the merger. As a result, Equitrans acquired all of the outstanding common units representing limited partner interests in EQM that Equitrans and our subsidiaries did not already own and EQM became a wholly owned subsidiary of Equitrans. EQM owns, operates, acquires, and develops midstream assets in the Appalachian Basin. Additionally, EQM holds a 60 percent class A interest in Eureka Midstream Holdings, LLC (Eureka Midstream), a 45.7 percent interest in the Mountain Valley Pipeline (MVP) project, and a 47.2 percent interest in the MVP Southgate project. This report represents the activities of Equitrans, with EQM as our subsidiary, and includes specific MVP information as noted. Equitrans’ business centers on three primary assets:

Gathering

As of December 31, 2019, our gathering system, inclusive of Eureka Midstream Holdings, LLC’s (Eureka Midstream) gathering system, included approximately 990 miles of high-pressure gathering lines and 130 compressor units with compression of approximately 445,000 horsepower and multiple interconnect points with our transmission and storage system and other interstate pipelines. In 2019, our gathering operations gathered 7,844 BBtu of natural gas per day, on average.

Transmission

As of December 31, 2019, our transmission and storage system included approximately 950 miles of FERC-regulated interstate pipelines that have interconnect points to seven interstate pipelines and multiple LDCs. As of December 31, 2019, the transmission and storage system was supported by 39 compressor units, with total throughput capacity of approximately 4.4 Bcf per day and compression of approximately 135,000 horsepower; and 18 associated natural gas storage reservoirs, which had a peak withdrawal capacity of approximately 900 MMcf per day and a working gas capacity of approximately 43 Bcf. In 2019, our transmission operations transmitted 2,913 BBtu of natural gas per day, on average.

Water

As of December 31, 2019, our water system included approximately 180 miles of pipeline that deliver fresh water from the Monongahela River, the Ohio River, local reservoirs, and several regional waterways. In addition, the water system assets included 28 freshwater impoundment facilities. In 2019, our water operations distributed 1,808 million gallons of water.

We are well-positioned to continue to gather natural gas in North America’s most productive natural gas basin, the Marcellus; increase natural gas access and availability to local, regional, and national markets; and provide water services to natural gas producers across our two operating basins. Further, we expect that the MVP project, together with our Equitrans Expansion Project—which includes the Redhook compressor station, Mobley interconnect, and Hammerhead pipeline, for which firm capacity commitments will commence with MVP in-service—will primarily drive our organic growth and that our future growth also will be supported by the MVP Southgate project.

Employee Profile

At year-end 2019, Equitrans employed 801 people across our operations. None of our employees are covered by collective bargaining agreements. All Equitrans employee data is compiled utilizing our human resources information system (HRIS) and all contractor information is compiled utilizing the Coupa Contingent Workforce contract worker management system.

A significant portion of our work activities are performed by workers who are not employees. These workers are contractors and serve in the following capacities:

• Inspectors: Ensure that construction-related activities are performed according to all appropriate guidelines and drawing specifications across various concentrations including environmental, coating and corrosion, and welding.
• Landmen: Research courthouse records and obtain access agreements and rights-of-way, locate surface and gas estate ownership, and analyze, interpret, prepare, negotiate, and acquire fee properties and other related contracts.
• Abstractors: Review copies of records, documents, estates, and other filings from various county, state, and federal records.
• Systems Analysts: Analyze specific business areas and participate in the development and implementation of business and technology projects to meet Equitrans’ current long-term goals.

Business Strategy

Equitrans’ principal strategy is to achieve the scale and scope of a top-tier midstream company by leveraging our existing assets, executing on our growth projects and, where appropriate, seeking and executing on strategically aligned acquisition and joint venture opportunities and other strategic transactions. Equitrans also maintains a focus on strengthening our balance sheet through (i) highly predictable cash flows backed by firm reservation fees, (ii) actions to de-lever our balance sheet, (iii) disciplined capital spending, (iv) operating cost control, and (v) an appropriate dividend policy. As part of our approach to organic growth, Equitrans is focused on building and completing our key transmission and gathering growth projects, many of which are supported by contracts with firm capacity commitments. In alignment with this strategy, our core commitment to safety and the enrichment of our communities is unwavering as we work to meet the United States’ growing demand for natural gas. We work with a diverse group of suppliers from across the United States and seek to engage with suppliers that share our values and commitment to safety and community.

The API Environmental Partnership is a voluntary industry trade group that focuses on a systematic approach to reducing emissions of methane and VOCs by using more efficient and effective technologies—specifically pneumatic controllers and Leak Detection and Repair (LDAR) programs.

INGAA’s Methane Commitment is a transmission-specific initiative that focuses on methane reduction efforts to minimize emissions from pipelines, compressor stations, pneumatic controllers, and storage wells.

ONE Future is a group of natural gas companies working together to voluntarily reduce methane emissions across the natural gas supply chain. Together with its member companies, ONE Future is focused on demonstrating an innovative, performance-based approach to the management of methane emissions, with a goal of limiting methane emissions across the natural gas value chain to one percent or less of total (gross) natural gas production by 2025.

Vision, Mission, Values

Our Vision, Mission, and Values are foundational to our business. As an organization, these components set the tone for who we are and who we want to be.

Our Vision: What we aspire to be

To be the premier midstream services company in North America—providing safe, reliable, and innovative infrastructure solutions for the natural gas industry.

Our Mission: What we do and how we do it

We move the energy that keeps America moving—providing innovative solutions and reliable energy infrastructure services in a safe, efficient, and responsible manner. We operate with integrity, accountability, and transparency to:

• Deliver sustained value for our customers and shareholders
• Provide an engaging workplace for our employees
• Preserve and protect the environment
• Support the communities where we live and work

 Our Core Values: The principles that guide our behaviors and decisions