EQT Midstream Partners and Rice Midstream Partners Announce Distribution Outlook for 2018

Reviewing options for a simplified business structure

PITTSBURGH–(BUSINESS WIRE)–EQT Midstream Partners, LP (NYSE: EQM) and Rice Midstream Partners, LP
(NYSE: RMP) today announced that EQT Corporation (NYSE: EQT), the
corporate sponsor of each entity, is considering a simplified business
structure for the midstream entities under its control. The review
includes the dropdown of EQT-owned midstream assets to EQM, as well as
potential entity combinations. As a result of this review work, detailed
midstream guidance for 2018 will not be provided at this time.

Based on standalone EQM, annual per unit distribution growth is expected
to be 15% – 20% for several years, including 2018, while targeting a
long-term coverage ratio of 1.1x. The corresponding annual per unit
distribution growth target for standalone EQT GP Holdings, LP
(NYSE: EQGP) is 30% – 40%.

Based on standalone RMP, annual per unit distribution growth is expected
to be 15% – 20% for several years, including 2018, while targeting a
long-term coverage ratio of 1.1x.

2018 EQM Investments:

EQM investments in organic projects, including capital contributions to
Mountain Valley Pipeline, LLC (MVP JV), are expected to total
approximately $1.4 – $1.6 billion in 2018. Ongoing maintenance capital
expenditures are expected to be $35 – 40 million, net of expected
reimbursements.

2018 RMP Investments:

RMP investments in organic projects are expected to total approximately
$260 million in 2018; including $215 million for gathering and
compression and $45 million for water infrastructure. Estimated
maintenance capital expenditures are $22 million.

Year-end Earnings Information:

EQM and EQGP intend to release full-year 2017 earnings and host a live
webcast for security analysts on February 15, 2018. The webcast will be
available at www.eqtmidstreampartners.com
and will begin at 11:30 a.m. ET.

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
its strategically located transmission, storage, and gathering systems
that service the Marcellus and Utica regions. The Partnership owns
approximately 950 miles of FERC-regulated interstate pipelines; and also
owns approximately 1,800 miles of high and low pressure gathering lines.

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

About EQT GP Holdings:

EQT GP Holdings, LP is a limited partnership that owns the general
partner interest, all of the incentive distribution rights, and a
portion of the limited partner interests in EQT Midstream Partners, LP.
EQT Corporation owns the general partner interest and a 90% limited
partner interest in EQT GP Holdings, LP.

Visit EQT GP Holdings, LP at www.eqtmidstreampartners.com.

About Rice Midstream Partners:

Rice Midstream Partners LP is a fee-based, growth-oriented limited
partnership formed to own, operate, develop and acquire midstream assets
in the Appalachian basin. RMP provides midstream services to EQT
Corporation and third-party companies through its natural gas gathering,
compression and water assets in the rapidly developing dry gas cores of
the Marcellus and Utica Shales.

Visit Rice Midstream Partners, LP at www.ricemidstream.com.

Cautionary Statements

Disclosures in this news release contain certain forward-looking
statements within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of 1933,
as amended. 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 EQGP
and its subsidiaries, including EQM and RMP and its subsidiaries,
including guidance regarding infrastructure programs (including the cost
of facilities and pipelines and sources of funding with respect to
transmission and gathering projects, including the MVP project);
projected capital commitments, projected capital contributions and
projected capital expenditures, including the amount and timing of
capital expenditures reimbursable by EQT, capital budget and sources of
funds for capital expenditures; target coverage ratios; expected
reimbursements; distribution amounts, rates and growth; and liquidity
and financing requirements, including funding sources and availability.
These forward-looking statements involve 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
partnerships have based these forward-looking statements on current
expectations and assumptions about future events. While the partnerships
consider these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks and uncertainties, many of which are
difficult to predict and beyond the partnerships’ control. The risks and
uncertainties that may affect the operations, performance and results of
EQM’s, EQGP’s and RMP’s businesses and forward-looking statements
include, but are not limited to, those set forth under Item 1A, “Risk
Factors” of EQM’s Form 10-K for the year ended December 31, 2016, as
filed with the SEC; Item 1A, “Risk Factors” of EQGP’s Form 10-K for the
year ended December 31, 2016, as filed with the SEC; and Item 1A, “Risk
Factors” of RMP’s Form 10-K for the year ended December 31, 2016, as
filed with the SEC, in each case as may be updated by any subsequent
Form 10-Qs. Any forward-looking statement speaks only as of the date on
which such statement is made, and none of EQM, EQGP or RMP intends to
correct or update any forward-looking statement, whether as a result of
new information, future events or otherwise.

Information in this news release regarding EQT Corporation and its
subsidiaries, other than EQM, EQGP and RMP, is derived from publicly
available information published by EQT.

Contacts

EQT Midstream Partners analyst inquiries:
Nate Tetlow,
412-553-5834
Investor Relations Director
[email protected]
or
EQT
analyst inquiries:
Patrick Kane, 412-553-7833
Chief
Investor Relations Officer
[email protected]
or
Media
inquiries:
Natalie Cox, 412-395-3941
Corporate Director,
Communications
[email protected]