Equitrans Announces 'Allegheny Valley Connector' Open Season

  Equitrans Announces 'Allegheny Valley Connector' Open Season

Business Wire

PITTSBURGH -- February 27, 2013

EQT Midstream Partners, LP (NYSE: EQM), an EQT Corporation company, and its
subsidiary Equitrans, LP, today announced the commencement of a non-binding
open season to gauge customer interest in securing firm transmission and
storage capacity on what will be known as the "Allegheny Valley Connector."

The Allegheny Valley Connector consists of transmission and storage assets
that are expected to transfer to EQT Corporation as part of a proposed
transaction with Peoples Natural Gas Company LLC (Peoples). This proposed
transaction is currently pending regulatory approvals, which are anticipated
by year-end 2013. Upon closing of the transaction, the Allegheny Valley
Connector is expected to be operated by Equitrans and owned by EQT
Corporation, and is not projected to have a positive or negative affect on EQT
Midstream Partners' distributable cash flow.

The Allegheny Valley Connector is located in the Marcellus Shale region and
its primary function is to store and transport natural gas to numerous
Peoples' interconnects, including use by Peoples and other gas suppliers to
provide local distribution service to Peoples' customers. Results from the
open season will determine any additional capacity and/or specific system
modifications that may be required. The final design and scope of such
modifications is expected to be at Equitrans' discretion and subject to
negotiations with interested shippers.

Parties interested in: a) storage; b) Peoples' interconnects; and/or, c) new
downstream interconnects to markets via the Texas Eastern Transmission, LP,
and Dominion Transmission, Inc. systems must submit a Service Request Form.
The open season request forms, a map of Equitrans' current pipeline assets,
and additional information on the Allegheny Valley Connector project are
available at www.eqtmidstreampartners.com. Equitrans' open season runs
February 27, 2013 through 12:00pm (ET) March 13, 2013.

About EQT Midstream Partners:

EQT Midstream Partners, LP is a growth-oriented limited partnership formed by
EQT Corporation to own, operate, acquire and develop midstream assets in the
Appalachian basin. The Partnership provides midstream services to EQT
Corporation and third-party companies through two primary assets: the
Equitrans Transmission and Storage System and the Equitrans Gathering System.
The Partnership has a 700-mile, FERC-regulated, interstate pipeline system and
more than 2,000 miles of FERC-regulated, low-pressure gathering lines.

Visit EQT Midstream Partners, LP at www.eqtmidstreampartners.com

Cautionary Statements

Disclosures in this news release contain certain forward-looking statements.
Statements that do not relate strictly to historical or current facts are
forward-looking. Without limiting the generality of the foregoing,
forward-looking statements contained in this news release specifically include
the expectations of plans, strategies, objectives and growth, and anticipated
financial and operational performance of EQT Midstream Partners, LP and its
subsidiaries (the Partnership); including guidance regarding the Partnership's
announced “Allegheny Valley Connector” open season, such as the length of the
open season; the consummation of the transfer of the Allegheny Valley
Connector transmission and storage assets from Peoples Natural Gas Company LLC
to EQT Corporation or its subsidiaries, including the timing of receipt of
regulatory approvals; the expected operator of the Allegheny Valley Connector
transmission and storage assets; the impact of the Allegheny Valley Connector
on the Partnership’s distributable cash flow; and the Partnership’s discretion
with respect to the design and scope of project modifications. The
forward-looking statements included in this news release are subject to risks
and uncertainties that could cause actual results to differ materially from
projected results. Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The Partnership
has based these forward-looking statements on current expectations and
assumptions about future events. While the Partnership considers these
expectations and assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory, and other risks and
uncertainties, most of which are difficult to predict and are beyond the
Partnership’s control. With respect to the proposed transfer of Peoples
Natural Gas Company LLC assets, these risks and uncertainties include, among
others, the ability of EQT Corporation to obtain regulatory approvals for the
transaction on the proposed terms and schedule and that the conditions to
closing may not be satisfied. The risks and uncertainties that may affect the
operations, performance, and results of the Partnership’s business and
forward-looking statements include, but are not limited to, those set forth
under Item 1A, "Risk Factors" of the Partnership’s Form 10-K for the year
ended December 31, 2012, as updated by any subsequent Form 10-Qs.

Any forward-looking statement speaks only as of the date on which such
statement is made and the Partnership does not intend to correct or update any
forward-looking statement, whether as a result of new information, future
events or otherwise.

Contact:

EQT Midstream Partners
Analyst inquiries please contact:
Nate Tetlow – Investor Relations Manager, 412-553-5834
ntetlow@eqtmidstreampartners.com
or
Patrick Kane – Chief Investor Relations Officer, 412-553-7833
pkane@eqtmidstreampartners.com
or
Media inquiries please contact:
Natalie Cox – Corporate Director, Communications, 412-395-3941
ncox@eqtmidstreampartners.com
 
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