Equitrans Announces 'Allegheny Valley Connector' Open Season

Equitrans Announces 'Allegheny Valley Connector' Open Season

PITTSBURGH--(BUSINESS WIRE)-- EQT Midstream Partners, LP (NYS: 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.

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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