Reviewing options for a simplified business
structure
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.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20171213005277/en/
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.
$B 2018 Growth CAPEX
Mountain Valley Pipeline $1.0 - $1.2 Gathering $0.3 Transmission
$0.1 Total $1.4 - $1.6
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171213005277/en/
EQT Midstream Partners analyst inquiries:Nate Tetlow,
412-553-5834Investor Relations
Directorntetlow@eqtmidstreampartners.comorEQT analyst
inquiries:Patrick Kane, 412-553-7833Chief Investor Relations
Officerpkane@eqtmidstreampartners.comorMedia
inquiries:Natalie Cox, 412-395-3941Corporate Director,
Communicationsncox@eqtmidstreampartners.com
EQT (NYSE:EQT)
Historical Stock Chart
From Aug 2024 to Sep 2024
EQT (NYSE:EQT)
Historical Stock Chart
From Sep 2023 to Sep 2024