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EQT’s midstream business welcomes new President

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World Pipelines,

EQT Corporation has announced that Thomas F. Karam has been appointed as Senior Vice President and President, Midstream, of EQT, effective immediately. Karam also assumed the roles of President and Chief Executive Officer of the general partners of EQT Midstream Partners, LP and EQT GP Holdings, LP and joined each of the companies’ respective Board of Directors.

Upon completion of the Company’s upstream and midstream business separation, it is expected that Karam will become President and Chief Executive Officer of Equitrans Midstream Corporation, the anticipated new, publicly traded midstream company; and become a member of its Board of Directors.

Also in conjunction with the separation, David L. Porges will step down from the EQT Board of Directors and become Chairman of the Board for Equitrans Midstream Corporation. Additionally, Karam is expected to resign as a member of the EQT Board of Directors post-separation.

Thomas F. Karam

“Tom is a seasoned industry executive who has made valuable contributions as a member of the EQT Board of Directors since his appointment in November 2017 when we closed the acquisition of Rice Energy. He is well-suited to guide the midstream business, and Equitrans Midstream Corporation, to take advantage of the opportunities that will be available to it as an independent, public company,” said Dave Porges, EQT Chairman.

“It’s been a pleasure to serve on EQT’s Board of Directors and I want to thank them for this tremendous opportunity,” said Karam. “As we work to take our midstream company to the next level, we will begin with a few key areas of focus. Our first order of business will be to keep our Mountain Valley Pipeline project on-track to meet the 1Q19 targeted in-service date; and we will work quickly to simplify our midstream structure by addressing the incentive distribution rights. Our investors and customers will be well-served by the talented and strong team that will lead Equitrans Midstream.”

Karam has been a senior executive and entrepreneur in the midstream energy sector for more than 25 years. He served as a Founder and Chairman of Karbon Partners, LLC, which invests in, owns, constructs, and operates midstream energy assets from April 2017 to August 2018; and was the founder, Chairman and Chief Executive Officer of PennTex from 2014 until its sale to Energy Transfer Partners in November 2016. Prior to that, Karam was the founder, Chairman and Chief Executive Officer of Laser Midstream Partners, LLC (Laser). Laser had several independent natural gas gathering systems in the northeast Marcellus shale from 2010 until February 2012, when it was acquired by Williams Partners LP, a publicly traded master limited partnership providing large-scale infrastructure. Karam was also President, Chief Operating Officer and Director of Southern Union Company (Southern Union), where he led its successful transformation from a large, local distribution company to one of the largest pipeline companies in the US at the time. Prior to Southern Union, Karam was President and Chief Executive Officer of Pennsylvania Enterprises, Inc. and PG Energy, a natural gas utility in central and northeastern Pennsylvania, until its acquisition by Southern Union. Karam began his professional career in investment banking where he spent a number of years with Legg Mason Inc. and Thomson McKinnon.

Karam’s predecessor, Jeremiah J. Ashcroft III, was relieved of all duties with EQT and its subsidiaries, effective 8 August 2018.

The proposed Separation remains subject to customary conditions, including receipt of a private letter ruling from the Internal Revenue Service with respect to the tax treatment of the transaction for US federal income tax purposes, the effectiveness of a Form 10 registration statement to be filed with the Securities and Exchange Commission for the shares of Equitrans Midstream Corporation, and final approval and declaration of the spin-off dividend by the EQT Board of Directors.

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