EQT Midstream Partners Responds to FERC Announcement
March 16 2018 - 12:33PM
Business Wire
EQT Midstream Partners, LP (NYSE: EQM) announced that it expects
an immaterial impact, if any, from yesterday’s revised policy
statement by the Federal Energy Regulatory Commission (FERC) to
disallow income tax cost recovery by pipelines owned by master
limited partnerships. As of December 31, 2017, approximately 89% of
EQM’s contracted transmission capacity was subscribed under
negotiated rate agreements. In addition, all of the 2 Bcf per day
of capacity on the Mountain Valley Pipeline is subscribed under
negotiated rate agreements. In 2017, approximately 54% of operating
revenues were generated by gathering operations and 46% of
operating revenues were from the transmission and storage
segment.
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 a 90% limited partner interest
in EQT GP Holdings, LP.
Visit EQT GP Holdings, LP at
www.eqtmidstreampartners.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, including guidance regarding the
FERC’s revised policy statement to disallow income tax allowance
cost recovery by pipelines owned by master limited partnerships.
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. EQM
and EQGP have based these forward-looking statements on current
expectations and assumptions about future events. While EQM and
EQGP 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 and EQGP’s business
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, 2017 as filed with the Securities
and Exchange Commission (SEC) and Item 1A, “Risk Factors” of EQGP’s
Form 10-K for the year ended December 31, 2017 as filed with the
SEC, 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 neither EQM nor EQGP intends to correct or
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180316005591/en/
EQT Midstream Partners, LP and EQT GP Holdings, LPAnalyst
inquiries:Nate Tetlow, 412-553-5834Investor Relations
Directorntetlow@eqtmidstreampartners.comorPatrick Kane,
412-553-7833Chief Investor Relations
Officerpkane@eqtmidstreampartners.comorMedia
inquiries:Natalie Cox, 412-395-3941Corporate Director,
Communicationsncox@eqtmidstreampartners.com
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