EQT Midstream Partners, LP (NYSE: EQM) today announced third
quarter 2016 results, including net income of $126.6 million,
adjusted EBITDA of $136.0 million, net cash provided by
operating activities of $101.7 million, and distributable cash flow
of $125.7 million. EQM operating income was $121.4 million and
adjusted operating income was $120.7 million, each 18% higher than
the same quarter last year. The Non-GAAP Disclosures section of
this news release provides reconciliations of non-GAAP financial
measures to their most comparable GAAP financial measure as well as
important disclosures regarding projected adjusted EBITDA and
projected distributable cash flow.
EQT GP Holdings, LP (NYSE: EQGP) today announced net income
attributable to EQGP of $53.2 million for the third
quarter.
EQM Highlights:
- Acquired Allegheny Valley Connector and
several Marcellus gathering systems from EQT
- Placed the Ohio Valley Connector (OVC)
pipeline into service
- Completed phase one of header pipeline
for Range Resources
- Increased net income guidance for 2016
to $510 - $515 million
- Increased adjusted EBITDA guidance for
2016 to $568 - $573 million
- Raised distributable cash flow guidance
for 2016 to $515 - $520 million
- Maintained a 1.4x coverage ratio for
the quarter
- Increased EQM per unit distribution by
21% compared to Q3 2015
In December 2013, EQM entered into a capital lease with EQT
Corporation (EQT) for the Allegheny Valley Connector facilities
(AVC). EQM operated the AVC and the related revenue and expenses
were included in its financial statements; however, the monthly
lease payment to EQT offset the impact on adjusted EBITDA and
distributable cash flow. As a result, third quarter 2016 operating
results are discussed on an adjusted basis, excluding the AVC.
Payments due under the lease totaled $3.8 million for the third
quarter. The revenue and expenses associated with the AVC are found
in the reconciliation table in the Non-GAAP Disclosures section of
this news release. As a result of EQM’s previously announced
acquisition of the AVC, EQM will terminate the capital lease in Q4
2016.
EQM third quarter operating revenue increased $22.0 million and
adjusted operating revenue increased $21.4 million, each 15% higher
compared to the same quarter last year. The increase was primarily
due to higher contracted firm gathering capacity and increased
volumetric-based transmission fees from EQT. Operating expenses
were up $3.6 million and adjusted operating expenses were up $2.9
million versus the third quarter of 2015, consistent with the
growth of the business.
QUARTERLY DISTRIBUTION
EQM
For the third quarter of 2016, EQM will pay a quarterly cash
distribution of $0.815 per unit, which will be paid on November 14,
2016 to EQM unitholders of record at the close of business on
November 4, 2016. The quarterly cash distribution is 4% higher than
the second quarter of 2016 and is 21% higher than the third quarter
of 2015.
EQGP
For the third quarter of 2016, EQGP will pay a quarterly cash
distribution of $0.165 per unit, which will be paid on November 22,
2016 to EQGP unitholders of record at the close of business on
November 4, 2016. The quarterly cash distribution is 10% higher
than the second quarter of 2016 and is 59% higher than the third
quarter 2015 distribution. For the quarter, EQGP expects to receive
$44.3 million of cash distributions from EQM and will distribute
$43.9 million.
GUIDANCE
Previous Guidance Current
Guidance Full-year 2016 - $MM Net Income $505 – $515 $510 – $515
Adjusted EBITDA $555 – $565 $568 – $573 Distributable Cash Flow
$495 – $505 $515 – $520 Q4 2016 - $MM Net Income – $130 –
$135 Adjusted EBITDA – $152 – $157
EQM forecasts a per unit distribution of $3.19 for 2016, which
is 21% higher than the 2015 per unit distribution of $2.635. EQM
also reiterates its 20% per unit distribution growth target in
2017.
EQGP forecasts a per unit distribution of $0.625 for 2016, which
is 56% higher than the pro-forma full-year 2015 per unit
distribution of $0.40. For 2017, EQGP is expecting per unit
distribution growth of at least 40%.
EQM is unable to provide a projection of its full-year 2016 net
cash provided by operating activities, the most comparable
financial measure to distributable cash flow calculated in
accordance with GAAP. Please see the Non-GAAP Disclosures section
of this news release.
EQM CAPITAL EXPENDITURES
Expansion
Expansion capital expenditures, including capital contributions
to Mountain Valley Pipeline, LLC (MVP JV), totaled $181 million in
the third quarter and $523 million year-to-date. EQM forecasts 2016
total expansion capital expenditures, including capital
contributions to MVP JV and capital expenditures related to the
recently acquired assets, of approximately $660 million.
2016 2016 Full-year
$MM
Q3 2016 Year-to-date Forecast Ohio Valley Connector $61 $204 $220
Header Pipeline $43 $141 $180 Gathering $37 $86 $115 Mountain
Valley Pipeline $36 $76 $100 Other Transmission & AVC $4 $16
$45 Total $181 $523 $660
Ongoing Maintenance
Ongoing maintenance capital expenditures are cash expenditures
made to maintain, over the long-term, EQM operating capacity or
operating income. EQM ongoing maintenance capital expenditures, net
of expected reimbursements, totaled $4 million in the third quarter
2016 and $9 million year-to-date. EQM continues to forecast
full-year 2016 ongoing maintenance capital expenditures of
approximately $25 million.
ASSET ACQUISITION FROM
EQT
Effective October 1, 2016, EQM acquired the AVC and several
Marcellus gathering systems from EQT for $275 million in cash. The
acquisition was funded with borrowings from the revolving credit
facility and is expected to be immediately accretive to
distributable cash flow per unit. The acquired assets are expected
to contribute approximately $10 million to EQM’s adjusted EBITDA in
2016, $47 million in 2017, and $65 million in 2018. EQM expects to
invest approximately $50 million in AVC related growth projects and
$105 million in gathering expansions, including installation of 20
miles of gathering pipeline and four compressor units. A majority
of the growth capex is expected to be invested by the end of 2018.
The Non-GAAP Disclosures section of this news release provides
important disclosures regarding projected net income and projected
adjusted EBITDA.
PROJECT UPDATE
Ohio Valley Connector
On October 1, 2016, the OVC began transportation service from
northern West Virginia to Clarington, Ohio. The 37-mile pipeline
extension provides shippers access to Midwest and Gulf Coast
markets through a connection with the Rockies Express pipeline, as
well as planned interconnects with the Texas Eastern Transmission
line and the Rover Pipeline project. EQM has a 20-year
transportation service agreement with EQT for a total of 650 MMcf
per day of firm transmission capacity on the OVC.
Header Pipeline
On October 1, 2016, phase one of the natural gas header pipeline
for Range Resources was placed into service, providing 75 MMcf per
day of firm capacity. EQM continues construction on the project’s
second phase, which will increase the firm capacity to 600 MMcf per
day and is expected to be in-service in Q2 of 2017. The project is
backed by a ten-year firm capacity reservation commitment.
Mountain Valley Pipeline
On September 16, 2016, FERC issued the Draft Environmental
Impact Study for the Mountain Valley Pipeline project. Based on the
previously issued Notice of Schedule by FERC, MVP JV expects the
Final Environmental Impact Study to be published in March 2017. MVP
JV has secured a total of 2 Bcf per day of firm capacity
commitments at 20-year terms and is targeting a late 2018
in-service date.
NON-GAAP DISCLOSURES
EQM Adjusted EBITDA and Distributable Cash Flow
As used in this news release, EQM adjusted EBITDA means EQM’s
net income plus interest expense, depreciation and amortization
expense, income tax expense (if applicable), and non-cash long-term
compensation expense (if applicable) less equity income, AFUDC -
equity, and capital lease payments. As used in this news release,
distributable cash flow means EQM adjusted EBITDA less interest
expense excluding capital lease interest, capitalized interest and
AFUDC - debt, and ongoing maintenance capital expenditures net of
expected reimbursements. Distributable cash flow should not be
viewed as indicative of the actual amount of cash that EQM has
available for distributions from operating surplus or that EQM
plans to distribute. Adjusted EBITDA and distributable cash flow
are non-GAAP supplemental financial measures that management and
external users of EQM’s consolidated financial statements, such as
industry analysts, investors, lenders and rating agencies, use to
assess:
- EQM’s operating performance as compared
to other publicly traded partnerships in the midstream energy
industry without regard to historical cost basis or, in the case of
adjusted EBITDA, financing methods;
- the ability of EQM’s assets to generate
sufficient cash flow to make distributions to EQM unitholders;
- EQM’s ability to incur and service debt
and fund capital expenditures; and
- the viability of acquisitions and other
capital expenditure projects and the returns on investment of
various investment opportunities, as well as the future impact of
the acquired assets on EQM’s results of operations and financial
condition.
EQM believes that adjusted EBITDA and distributable cash flow
provide useful information to investors in assessing EQM’s results
of operations and financial condition. Adjusted EBITDA and
distributable cash flow should not be considered as alternatives to
net income, operating income, net cash provided by operating
activities or any other measure of financial performance or
liquidity presented in accordance with GAAP. Adjusted EBITDA and
distributable cash flow have important limitations as analytical
tools because they exclude some, but not all, items that affect net
income and net cash provided by operating activities. Additionally,
because adjusted EBITDA and distributable cash flow may be defined
differently by other companies in its industry, EQM’s definition of
adjusted EBITDA and distributable cash flow may not be comparable
to similarly titled measures of other companies, thereby
diminishing the utility of the measure. The table below reconciles
adjusted EBITDA and distributable cash flow with net income and net
cash provided by operating activities as derived from the
statements of consolidated operations and cash flows to be included
in EQM’s quarterly report on Form 10-Q for the quarter ended
September 30, 2016.
EQM has not provided projected net cash provided by operating
activities or reconciliations of its projected adjusted EBITDA and
projected distributable cash flow to projected net income and
projected net cash provided by operating activities, the most
comparable financial measures calculated in accordance with GAAP.
EQM is unable to project net cash provided by operating activities
because this metric includes the impact of changes in operating
assets and liabilities related to the timing of cash receipts and
disbursements that may not relate to the period in which the
operating activities occurred. EQM is unable to project these
timing differences with any reasonable degree of accuracy to a
specific day, three or more months in advance. Therefore, EQM is
unable to provide projected net cash provided by operating
activities, or the related reconciliation of projected
distributable cash flow to projected net cash provided by operating
activities. EQM has not provided the projected net income of the
acquired assets, the most comparable financial measure calculated
in accordance with GAAP, or a reconciliation of the projected
EBITDA of the acquired assets to the projected net income of the
acquired assets, because EQM does not forecast interest expense or
net income on acquisitions. Further, EQM does not provide guidance
with respect to the intra-year timing of its or MVP JV’s capital
spending, which impact AFUDC-debt and equity and equity earnings,
among other items, that are reconciling items between adjusted
EBITDA and net income. The timing of capital expenditures is
volatile as it depends on weather, regulatory approvals, contractor
availability, system performance and various other items. EQM
provides a range for the forecasts of net income, adjusted EBITDA
and distributable cash flow to allow for the variability in the
timing of spending and the impact on the related reconciling items,
many of which interplay with each other. Therefore, the
reconciliation of projected adjusted EBITDA to projected net income
is not available without unreasonable effort.
Reconciliation of EQM Adjusted EBITDA and Distributable Cash
Flow
(Thousands)
Three Months Ended
September 30, 2016 Operating revenues: Transmission
and storage $ 77,430 Gathering 93,406
Total
operating revenues 170,836 Operating expenses:
Operating and maintenance 17,669 Selling, general and
administrative 16,112 Depreciation and amortization 15,704
Total operating expenses 49,485
Operating income 121,351 Other income 12,879 Interest
expense 7,662
Net income $
126,568
Add: Interest expense 7,662 Depreciation and amortization
expense 15,704 Less: Equity income (2,700 ) AFUDC - equity (7,412 )
Capital lease payments for AVC(1) (3,786 )
Adjusted
EBITDA $
136,036 Less: Interest expense excluding
capital lease interest (2,926 ) Capitalized interest and AFUDC –
debt (3,171 ) Ongoing maintenance capital expenditures net of
expected reimbursements (4,230 )
Distributable cash
flow $
125,709 Distributions
declared(2)
: Limited Partner $
65,674 General
Partner
26,534 Total $
92,208
Coverage ratio
1.36x
Three Months Ended
(Thousands)
September 30, 2016 Net cash provided by operating
activities $
101,673 Adjustments: Capital lease payments
for AVC(1) (3,786 ) Capital lease interest expense 4,736
Capitalized interest and AFUDC – debt (3,171 ) Ongoing maintenance
capital expenditures net of expected reimbursements (4,230 ) Other,
including changes in working capital 30,487
Distributable cash flow $
125,709
(1)
Reflects capital lease payments due under
the lease. These lease payments are generally made on a one-month
lag.
(2)
Reflects cash distribution of $0.815 per
limited partner unit for the third quarter and 80,581,758 million
limited partner units outstanding as of September 30, 2016. If
limited partner units are issued on or prior to November 4, 2016,
the aggregate level of all distributions will be higher than
reflected.
EQM Adjusted Operating Revenues, Adjusted Operating Expenses,
Adjusted Operating Income and Adjusted Income Before Income
Taxes
EQM adjusted operating revenues, adjusted operating expenses,
adjusted operating income and adjusted income before income taxes,
all of which exclude the impact of the AVC, are non-GAAP
supplemental financial measures that are presented because they are
important measures used by management to evaluate EQM’s
performance. The AVC did not have a net positive or negative impact
on EQM’s adjusted EBITDA or distributable cash flow. Adjusted
operating revenues, adjusted operating expenses, adjusted operating
income and adjusted income before income taxes should not be
considered as alternatives to operating revenues, operating
expenses, operating income or income before income taxes, or any
other measure of financial performance presented in accordance with
GAAP. The table below reconciles adjusted operating revenues,
adjusted operating expenses, adjusted operating income and adjusted
income before income taxes with operating revenues, operating
expenses, operating income and income before income taxes as
derived from the statements of consolidated operations to be
included in EQM’s quarterly report on Form 10-Q for the quarter
ended September 30, 2016.
Three Months Ended September 30, 2016
Adjustment Adjusted
Reported to exclude Results (Thousands)
Results AVC (excludes AVC) Operating revenues:
Operating revenues – affiliate $ 130,360 $ – $ 130,360 Operating
revenues – third party 40,476 (6,659 ) 33,817 Total operating
revenues 170,836 (6,659 ) 164,177 Operating expenses:
Operating and maintenance 17,669 (1,334 ) 16,335 Selling, general
and administrative 16,112 (1,539 ) 14,573 Depreciation and
amortization 15,704 (3,163 ) 12,541 Total operating expenses 49,485
(6,036 ) 43,449 Operating income 121,351 (623 ) 120,728 Other
income 12,879 – 12,879 Interest expense 7,662 (4,736 ) 2,926 Income
before income taxes $ 126,568 $ 4,113 $ 130,681
Three Months Ended September 30, 2015
Adjustment Adjusted
Reported to exclude Results (Thousands)
Results AVC (excludes AVC) Operating revenues:
Operating revenues – affiliate $ 111,575 $ — $ 111,575 Operating
revenues – third party 37,214 (5,997 ) 31,217 Total operating
revenues 148,789 (5,997 ) 142,792 Operating expenses:
Operating and maintenance 18,456 (1,489 ) 16,967 Selling, general
and administrative 14,205 (1,430 ) 12,775 Depreciation and
amortization 13,217 (2,410 ) 10,807 Total operating expenses 45,878
(5,329 ) 40,549 Operating income 102,911 (668 ) 102,243 Other
income 2,469 – 2,469 Interest expense 11,264 (5,567 ) 5,697 Income
before income taxes $ 94,116 $ 4,899 $ 99,015
Q3 2016 Webcast Information
EQM and EQGP will host a joint live webcast with security
analysts today at 11:30 a.m. ET. Topics include third quarter 2016
financial results, operating results, and other matters. The
webcast is available at www.eqtmidstreampartners.com, with a replay
available for seven days following the call.
EQT, which owns EQGP’s general partner and holds a 90% limited
partner interest in EQGP, will also host a webcast with security
analysts today at 10:30 a.m. ET. EQM and EQGP unitholders are
encouraged to listen to EQT’s webcast, as the discussion may
include topics relevant to EQM and EQGP, such as EQT's financial
and operational results, and specific reference to EQM and EQGP
third quarter 2016 results. The webcast can be accessed via
www.eqt.com, with a replay available for seven days following the
call.
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.
EQM and EQGP management speak to investors from time to time and
the analyst presentation for these discussions, which is updated
periodically, is available via the EQM and EQGP website at
www.eqtmidstreampartners.com.
Cautionary Statements
The distribution amounts from EQM to EQGP are subject to change
if EQM issues additional common units on or prior to the record
date for the third quarter 2016 distribution.
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 EQM’s
transmission and storage and gathering revenue and volume growth;
revenue and expense projections; infrastructure programs (including
the timing, cost, capacity and sources of funding with respect to
transmission and gathering projects); the timing, cost, capacity
and expected interconnects with facilities and pipelines of the
Mountain Valley Pipeline (MVP); the ultimate terms, partners and
structure of the MVP joint venture; natural gas production growth
in EQM’s operating areas for EQT and third parties; asset
acquisitions, including EQM’s ability to complete any asset
purchases and anticipated synergies and accretion associated with
any acquisition; internal rate of return (IRR); compound annual
growth rate (CAGR); capital commitments, projected capital
contributions and capital and operating expenditures, including the
amount and timing of capital expenditures reimbursable by EQT,
capital budget and sources of funds for capital expenditures;
liquidity and financing requirements, including funding sources and
availability; distribution amounts, rates and growth; projected net
income, projected adjusted EBITDA, projected EBITDA and projected
distributable cash flow; the timing and amount of future issuances
of EQM common units under EQM’s $750 million at the market equity
distribution program; the expected cash distributions from EQT
Energy Supply, LLC; changes in EQM’s credit ratings; the effects of
government regulation and litigation; and tax position. 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, 2015 as filed with the SEC and Item
1A, “Risk Factors” of EQGP’s Form 10-K for the year ended December
31, 2015 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 neither
EQM nor EQGP 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 and EQGP, is derived from publicly
available information published by EQT.
This release serves as qualified notice to nominees under
Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note
that 100% of EQM’s and EQGP’s distributions to foreign investors
are attributable to income that is effectively connected with a
United States trade or business. Accordingly, all of EQM’s and
EQGP’s distributions to foreign investors are subject to federal
income tax withholding at the highest effective tax rate for
individuals or corporations, as applicable. Nominees, and not EQM
or EQGP, as applicable, are treated as the withholding agents
responsible for withholding on the distributions received by them
on behalf of foreign investors.
EQT Midstream Partners, LP
Statements of
Consolidated Operations (unaudited)
Three Months Ended September 30,
(Thousands, except per unit amounts)
2016 2015 Operating revenues(1) $
170,836 $ 148,789 Operating expenses: Operating and
maintenance 17,669 18,456 Selling, general and administrative
16,112 14,205 Depreciation and amortization 15,704 13,217
Total operating expenses 49,485 45,878
Operating income 121,351 102,911 Other income 12,879 2,469 Interest
expense 7,662 11,264 Net income $ 126,568 $
94,116 Calculation of limited partner interest in net
income: Net income $ 126,568 $ 94,116 Less: General partner
interest in net income – general partner units (2,227 ) (1,860 )
General partner interest in net income – incentive distribution
rights (24,912 ) (12,655 ) Limited partner interest in net income $
99,429 $ 79,601 Net income per limited partner
unit - basic $ 1.23 $ 1.12 Net income per limited partner unit -
diluted $ 1.23 $ 1.12 Weighted average limited partner units
outstanding – basic 80,599 70,929 Weighted average limited partner
units outstanding – diluted 80,599 71,086
(1)
Operating revenues included affiliate
revenues of $130.4 million and $111.6 million for Q3 2016 and Q3
2015, respectively.
EQT Midstream Partners, LP
Operating
Revenues
Three Months Ended September 30, (Thousands)
2016 2015 Transmission and
Storage Firm reservation fee revenues $ 59,610 $ 57,238
Volumetric based fee revenues: Usage fees under firm contracts(1)
14,600 11,200 Usage fees under interruptible contracts 3,220 1,468
Total volumetric based fee revenues 17,820 12,668 Total
transmission and storage revenues $ 77,430 $ 69,906
Gathering Firm reservation fee revenues $ 80,735 $ 64,091
Volumetric based fee revenues: Usage fees under firm contracts(1)
10,024 8,562 Usage fees under interruptible contracts 2,647 6,230
Total volumetric based fee revenues 12,671 14,792 Total gathering
revenues $ 93,406 $ 78,883
(1)
Includes commodity charges and fees on
volumes transported or gathered in excess of firm contracted
capacity.
EQT Midstream Partners, LP
Operating
Results
Three Months Ended September 30, 2016
2015 OPERATING DATA (in BBtu per
day): Transmission pipeline throughput (excluding AVC) Firm
capacity reservation 1,385 1,702 Volumetric based services(1) 606
292 Total transmission pipeline throughput (excluding AVC) 1,991
1,994 Average contracted firm transmission reservation
commitments (excluding AVC) 2,241 2,266 AVC transmission
pipeline throughput 59 57 Gathered volumes Firm reservation
1,523 1,120 Volumetric based services(1) 342 386 Total gathered
volumes 1,865 1,506
CAPITAL EXPENDITURES (in
thousands):
Expansion capital expenditures(2) $ 145,489 $ 80,078 Maintenance
capital expenditures: Ongoing maintenance 4,645 11,562 Funded
regulatory compliance 511 535 Total maintenance capital
expenditures 5,156 12,097 Total capital expenditures $ 150,645 $
92,175
(1)
Includes volumes transported or gathered
under interruptible contracts and volumes in excess of firm
contracted capacity.
(2)
Does not include capital contributions
made to MVP JV. In Q3 2016, EQM made capital contributions of $35.6
million to MVP JV.
EQT GP Holdings, LP
Statements of
Consolidated Operations (unaudited)
Three Months Ended September 30, (Thousands,
except per unit amounts)
2016
2015 Operating revenues(1) $ 170,836 $ 148,789
Operating expenses: Operating and maintenance 17,669 18,456
Selling, general and administrative 16,688 14,539 Depreciation and
amortization 15,704 13,217 Total operating expenses 50,061 46,212
Operating income 120,775 102,577 Other income 12,879 2,469 Interest
expense 7,660 11,266 Income before income taxes 125,994 $ 93,780
Income tax expense – – Net income 125,994 93,780 Net income
attributable to noncontrolling interests 72,836 55,644 Net income
attributable to EQT GP Holdings, LP $ 53,158 $ 38,136 Net
income per limited partner unit – basic and diluted $ 0.20 $ 0.14
Weighted average limited partner units outstanding – basic
and diluted 266,176 266,168
(1)
Operating revenues included affiliate
revenues of $130.4 million and $111.6 million for Q3 2016 and Q3
2015, respectively.
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EQT Midstream Partners and EQT GP HoldingsAnalyst inquiries
please contact:Nate Tetlow – Investor Relations Director,
412-553-5834ntetlow@eqtmidstreampartners.comorPatrick Kane – Chief
Investor Relations Officer,
412-553-7833pkane@eqtmidstreampartners.comorMedia inquiries
please contact:Natalie Cox – Corporate Director,
Communications, 412-395-3941ncox@eqtmidstreampartners.com
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