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Q3 2018 RESULTS ANNOUNCED FOR
EQM MIDSTREAM PARTNERS AND EQGP HOLDINGS

Pittsburgh, PA (October 25, 2018) – EQM Midstream Partners, LP (NYSE: EQM) today announced third quarter 2018 results, including net income of $209.9 million, adjusted EBITDA of $280.1 million, net cash provided by operating activities of $242.6 million, and distributable cash flow of $218.6 million. EQM operating income was $233.5 million, which was 60% higher than last year. The Non-GAAP Disclosures section of this news release provides reconciliations of non-GAAP financial measures to their most comparable GAAP financial measure as well as important disclosures regarding projected adjusted EBITDA and projected distributable cash flow.

EQGP Holdings, LP (NYSE: EQGP) today announced net income attributable to EQGP of $97.5 million for the third quarter 2018.

HIGHLIGHTS:
Increased EQM per unit distribution by 14% and EQGP by 38% compared to Q3 2017
Generated 93% of transmission and storage operating revenue from firm reservation fees
Generated 45% of gathering operating revenue from firm reservation fees
Adjusted EBITDA increases more than 50% over next three years
Equitrans Midstream Corporation expected to begin Regular Way trading on November 13, 2018

On July 23, 2018 EQM closed the acquisition of Rice Midstream Partners LP (RMP), with each RMP unitholder receiving 0.3319 units of EQM. On May 1, 2018 EQM acquired the Olympus gathering system and a 75% interest in the Strike Force gathering system (May 2018 Acquisition) from EQT Corporation (EQT). EQM also purchased the remaining 25% interest in the Strike Force gathering system from Gulfport Energy on May 1, 2018. As a result of the RMP acquisition and the May 2018 Acquisition, EQM's financial statements have been retrospectively recast to include the pre-acquisition results of each acquisition from the time common control began on November 13, 2017, which is when EQT closed its acquisition of Rice Energy.

EQM's third quarter operating revenue increased $158.3 million, a 77% increase compared to the same quarter last year. The RMP acquisition and the May 2018 Acquisition accounted for $147.8 million of the increase, with the remaining increase from higher contracted firm transmission and gathering capacity. Operating expenses increased $70.5 million versus the third quarter of 2017, with approximately $67.0 million resulting from the RMP acquisition and the May 2018 Acquisition. The remaining increase was primarily related to $2.2 million in transaction costs related to the RMP acquisition, and higher system throughput and additional assets placed in service, consistent with the growth in the business.

QUARTERLY DISTRIBUTION
EQM
For the third quarter of 2018, EQM will pay a quarterly cash distribution of $1.115 per unit, which will be paid on November 14, 2018 to EQM unitholders of record at the close of business on November 2, 2018. The quarterly cash distribution is 2% higher than the second quarter of 2018 and is 14% higher than the third quarter of 2017.

EQGP
For the third quarter of 2018, EQGP will pay a quarterly cash distribution of $0.315 per unit, which will be paid on November 23, 2018 to EQGP unitholders of record at the close of business on November 2,


The following information was filed by Eqgp Holdings, Lp (EQGP) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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