EQM Midstream Partners, LP and EQT Corporation have executed a gas gathering agreement that includes an increase in MVC, the addition of over 100,000 undeveloped core West Virginia acres, a contract extension, enhanced capital investment protections, and gathering fee relief limited to the three years following the MVP in-service date. The gas gathering agreement is effective immediately and covers existing volumes and future development across EQT's core acreage positions in Pennsylvania and West Virginia. Gathering fee relief is estimated to impact cash flow by approximately $125 million, $140 million, and $35 million, in the three years following MVP's in-service, respectively.

Pennsylvania Water MVC: EQM and EQT have agreed to a 5-year water services MVC covering Pennsylvania that is projected to generate $60 million of annual firm water revenue. The water MVC will commence upon MVP's in-service. The annual Pennsylvania water MVC revenue is approximately $20 million per year higher than the previously projected annual Pennsylvania water revenue.

Henry Hub Upside: EQM and EQT have agreed to a structure in which EQM will receive cash flow when NYMEX Henry Hub natural gas prices exceed certain thresholds. For the three years following MVP's in-service, but in no case extending beyond December 2024, EQM is entitled to receive from EQT an amount, in cash, equal to the product of the MVC and 15% of every $0.01 /MMBtu that the average quarterly NYMEX Henry Hub settlement price is above $2.50 /MMBtu and, if applicable, above $2.70 /MMBtu during 2024. The annual cash payment is capped at $60 million per year.

Additional information on the commercial agreements with EQT includes:Gathering MVC increased from 2.0 Bcf per day to 3.0 Bcf per day. Gathering MVC profile effective upon MVP's in-service: Year 1 = 3.5 Bcf per day; Year 2 = 3.75 Bcf per day; Years 3 – 11 = 4.0 Bcf per day; Years 12 – 15 = 3.0 Bcf per day. $4.9 billion PV10 of revenue generated by new MVC, assuming MVP in-service December 31, 2020, versus $2.8 billion PV10 of revenue generated by prior MVCs with EQT.

Over 100,000 acres of new dedication in undeveloped northern West Virginia core. Investment to support the development of the new West Virginia dedicated acreage is estimated to generate approximately $500 million of net present value (based on 10% discount rate). Capital investment protections through mileage limitations on obligation to build.

Incremental compression investments will generate a separate compression fee. Incentive for volume growth is provided through $0.30/Dth gathering rate on all volume in excess of the MVC. Current contracts covering Ohio volumes and future development are unchanged.