Equitrans Midstream Corporation announced the early results of the previously announced tender offers (each, an Offer and, collectively, the Offers) by its wholly owned subsidiary, EQM Midstream Partners, LP (the Partnership), to purchase for cash its outstanding notes. In connection with the early tender results, ETRN hereby announces that the Partnership has amended the terms of the Offers to increase the maximum aggregate principal amount of the Notes it is offering to purchase in the Offers from $200 million to $500 million (as increased and amended, the Aggregate Maximum Principal Amount) with a cap on the 2025 Notes of $300 million in aggregate principal amount (the 2025 Cap). As of 5:00 p.m., New York City time, on June 13, 2022 (such time and date, the Early Tender Deadline), according to information provided by D.F. King & Co.

Inc., the tender and information agent for the Offers, an aggregate principal amount of $474,507,000 of 6.000% notes due 2025 (the 2025 Notes) and $320,419,000 of 4.000% notes due 2024 (the 2024 Notes) had been validly tendered and not validly withdrawn in the Offers for such Notes. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on June 13, 2022. Notes validly tendered and not validly withdrawn prior to the Early Tender Deadline will be accepted in accordance with the “Acceptance Priority Level” listed in the table above, subject to the Aggregate Maximum Principal Amount, the 2025 Cap and proration as further described in the Offer to Purchase.

The Partnership expects to accept for purchase in the Offers an aggregate principal amount of $300 million of 2025 Notes and $200 million of 2024 Notes using a proration rate of approximately 63.3% for the 2025 Notes and approximately 62.6% for the 2024 Notes. Because the Aggregate Maximum Principal Amount and 2025 Cap have been fully subscribed as of the Early Tender Deadline, the Partnership does not anticipate accepting for purchase any Notes validly tendered after the Early Tender Deadline. The applicable Total Consideration (as defined in the Offer to Purchase) for each $1,000 of principal amount of the Notes validly tendered and not validly withdrawn and accepted for purchase is set forth in the table above.

Holders of the Notes who validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Deadline are eligible to receive the applicable Total Consideration, which includes the Early Tender Premium for the Notes of $30 per $1,000 principal amount of Notes tendered. In addition, such Holders will also be entitled to receive accrued and unpaid interest, if any, from the last interest payment date for the Notes up to, but not including the Early Settlement Date. It is anticipated that the settlement date for the Notes validly tendered and accepted for purchase will be June 14, 2022 (the Early Settlement Date).