EQT Midstream Partners, LP (NYSE: EQM) today announced full-year
and fourth quarter 2017 results. For the year, EQM net income
totaled $571.9 million, adjusted EBITDA was $689.5 million,
net cash provided by operating activities was $650.6 million, and
distributable cash flow was $614.8 million. EQM operating income in
2017 was $580.7 million. For the fourth quarter, EQM net income
totaled $146.6 million, adjusted EBITDA was $185.1 million, net
cash provided by operating activities was $170.3 million, and
distributable cash flow was $159.2 million. EQM operating income in
the fourth quarter 2017 was $149.0 million. The Non-GAAP
Disclosures section of this news release provides reconciliations
of non-GAAP financial measures to their most comparable GAAP
financial measure.
EQT GP Holdings, LP (NYSE: EQGP) today announced net income
attributable to EQGP of $262.0 million for 2017 and
$70.3 million for the fourth quarter 2017.
EQM 2017 Highlights:
- Increased EQM per unit distribution by
20% year-over-year
- Maintained a 1.34x coverage ratio for
the year
- Generated 91% of operating revenue from
firm reservation fees
- Received FERC Certificate for Mountain
Valley Pipeline in October
- Placed the final phase of the header
pipeline for Range Resources in-service in May
- Added Hammerhead pipeline to organic
project backlog
EQM fourth quarter 2017 operating income was 18% higher compared
to 2016, after excluding a $10.5 million non-cash charge to
depreciation and amortization expense in the fourth quarter. The
non-cash charge related to a revaluation of differences between
regulatory and tax bases in property, plant, and equipment.
Operating revenue increased $29.5 million, or 15%, compared to the
same quarter last year. The increase was primarily due to higher
contracted firm transmission and gathering capacity. In the fourth
quarter, 88% of operating revenue was generated by firm reservation
fees. Operating expenses, excluding the non-cash charge, were up
$4.6 million versus the fourth quarter of 2016, primarily from
higher depreciation and amortization, and operating and maintenance
expenses as a result of the growing asset base.
QUARTERLY DISTRIBUTIONS
EQM
For the fourth quarter of 2017, EQM paid a quarterly cash
distribution of $1.025 per unit on February 14, 2018 to EQM
unitholders of record at the close of business on February 2, 2018.
The quarterly cash distribution was 5% higher than the third
quarter of 2017 and was 21% higher than the fourth quarter of
2016.
EQM is targeting annual per unit distribution growth of 15% -
20% for several years.
EQGP
For the fourth quarter of 2017, EQGP will pay a quarterly cash
distribution of $0.244 per unit, which will be paid on February 23,
2018 to EQGP unitholders of record at the close of business on
February 2, 2018. The quarterly cash distribution is 7% higher than
the third quarter of 2017 and is 38% higher than the fourth quarter
2016 distribution. For the quarter, EQGP expects to receive $65.7
million of cash distributions from EQM and distribute $64.9
million.
EQGP is targeting annual per unit distribution growth of 30% -
40% for several years.
EQM EXPANSION & ONGOING MAINTENANCE
CAPITAL EXPENDITURES
Expansion
Expansion capital expenditures and capital contributions to
Mountain Valley Pipeline, LLC (MVP JV), totaled $115 million in the
fourth quarter and $425 million in 2017.
Three Months Ended
Twelve Months Ended
$MM
December 31, 2017 December 31, 2017 Mountain Valley
Pipeline $57 $160 Gathering $43 $152 Transmission $13 $72 Header
Pipeline $2 $41 Total $115 $425
2018 Growth CAPEX
$B
Forecast Mountain Valley Pipeline $1.0 - $1.2 Gathering $0.3
Transmission $0.1 Total $1.4 - $1.6
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 reimbursements, totaled $13 million in the fourth quarter 2017
and $28 million for the year. Ongoing maintenance capital
expenditures are expected to be $35 - $40 million in 2018, net of
expected reimbursements.
PROJECT UPDATE
Mountain Valley Pipeline
The Federal Energy Regulatory Commission (FERC) issued a
Certificate of Public Convenience and Necessity for the Mountain
Valley Pipeline (MVP) project in October 2017. As of December 2017,
MVP JV had received all of the necessary federal permits required
for the project. In early January 2018, MVP JV began filing
requests for partial Notices to Proceed with the FERC, and
subsequently has received permission to begin construction
activities in certain areas along the route. The 303-mile pipeline
is estimated to cost $3.5 billion, with EQM funding its
proportional share, or approximately $1.6 billion. MVP JV has
secured a total of 2 Bcf per day of firm capacity commitments at
20-year terms and continues to target a late 2018 in-service
date.
Hammerhead Pipeline
The Hammerhead pipeline is designed as a 1.2 Bcf per day
gathering header pipeline that will traverse approximately 55 miles
from southwestern Pennsylvania to Mobley, West Virginia, where both
the MVP and the Ohio Valley Connector originate. The pipeline is
estimated to cost $460 million and is expected to be placed
in-service during the third quarter of 2019.
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 net interest expense, depreciation and amortization
expense, payments on EQM's preferred interest in EQT Energy Supply,
LLC (Preferred Interest) received post conversion and non-cash
long-term compensation expense (if applicable) less equity income
and AFUDC - equity. As used in this news release, distributable
cash flow means EQM adjusted EBITDA less net interest expense
excluding interest income on the Preferred 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.
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 measures. 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 annual report on Form 10-K for the year ended
December 31, 2017.
Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA)
EBITDA means the earnings before interest, taxes and
depreciation of the Rice Energy Inc. (Rice) retained midstream
assets. EBITDA of these assets is a non-GAAP supplemental financial
measure that management and external users of EQM’s consolidated
financial statements, such as industry analysts, investors, lenders
and rating agencies, use to assess the impact of the potential sale
of the retained midstream assets from EQT Corporation (EQT) to EQM
through one or more drop-down transactions on EQM’s future results
of operations.
EQM believes that the projected EBITDA of the retained midstream
assets provides useful information to investors in assessing the
impact of the potential drop-down transactions on EQM’s future
results of operations. EBITDA should not be considered as an
alternative to net income, operating income, or any other measure
of financial performance or liquidity presented in accordance with
GAAP. EBITDA has important limitations as an analytical tool
because it excludes some, but not all, items that affect net
income. Additionally, because EBITDA may be defined differently by
other companies in EQM’s industry, the definition of EBITDA may not
be comparable to similarly titled measures of other companies,
thereby diminishing the utility of the measure.
EQM has not provided projected net income from the retained
midstream assets, the most comparable financial measure calculated
in accordance with GAAP, or a reconciliation of projected EBITDA to
projected net income of the assets. The retained midstream assets
are operated as part of EQT’s Production business segment, and EQT
does not allocate certain costs, such as interest and tax expenses,
to individual assets within its business segments. Therefore, the
projected net income of the retained midstream assets and a
reconciliation of projected EBITDA of the assets to projected net
income from those assets are not available without unreasonable
effort.
Reconciliation of EQM Adjusted EBITDA
and Distributable Cash Flow
Three Months Ended Twelve Months Ended
(Thousands) December 31, 2017 December 31,
2017 Net income $ 146,631 $ 571,904 Add: Net
interest expense 10,167 36,181 Depreciation and amortization
expense 33,294 97,485 Preferred Interest payments received post
conversion 2,746 10,984 Non-cash long-term compensation expense —
225 Less: Equity income (6,758 ) (22,171 ) AFUDC – equity (982 )
(5,110 )
Adjusted EBITDA $ 185,098 $ 689,498
Less: Net interest expense excluding interest income on the
Preferred Interest (11,850 ) (42,999 ) Capitalized interest and
AFUDC – debt (645 ) (4,120 ) Ongoing maintenance capital
expenditures net of reimbursements (13,429 ) (27,609 )
Distributable cash flow $ 159,174 $ 614,770
Distributions declared (1): Limited
Partner $ 82,596 $ 308,628
General Partner 43,294
151,628
Total $ 125,890 $ 460,256
Coverage
Ratio 1.26x 1.34x
Net cash provided by operating
activities $ 170,347 $ 650,550 Adjustments: Capitalized
interest and AFUDC – debt (645 ) (4,120 ) Principal payments
received on the Preferred Interest 1,063 4,166 Ongoing maintenance
capital expenditures net of reimbursements (13,429 ) (27,609 )
Other, including changes in working capital 1,838 (8,217 )
Distributable cash flow $ 159,174 $ 614,770
(1) Reflects cash distribution of $1.025 per limited partner
unit for the fourth quarter of 2017 and 80,581,758 million limited
partner units outstanding as of December 31, 2017.
Q4 2017 Webcast Information
EQM and EQGP will host a joint live webcast with security
analysts today at 11:30 a.m. ET. Topics include fourth quarter and
full-year 2017 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
fourth quarter and full-year 2017 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 the general partner interest and
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
EQT is under no obligation to sell the Rice retained midstream
assets to EQM, is not restricted from competing with EQM and may
acquire, construct or dispose of midstream assets without any
obligation to offer EQM the opportunity to purchase or construct
the assets.
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
gathering and transmission and storage revenue and volume growth;
infrastructure programs (including the timing, cost, capacity and
sources of funding with respect to gathering and transmission
projects); the cost, capacity, timing of regulatory approvals and
anticipated in-service date of the MVP; the ultimate terms,
partners and structure of the MVP joint venture; asset
acquisitions, including EQM’s ability to complete any asset
purchases from EQT and third parties and anticipated synergies and
accretion associated with any acquisition; the expected benefits to
EQM resulting from EQT's acquisition of Rice, including whether EQT
will sell the Rice retained midstream assets to EQM and the timing
of the transaction or transactions; the timing of EQT’s
announcement of a decision for addressing its sum-of-the-parts
discount, and the impact of the results of such review on EQGP and
EQM; 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 for the Rice retained
midstream assets 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; changes in EQM’s
credit ratings; the effects of government regulation and
litigation; and tax position, including the anticipated impact of
changes in tax laws. 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 (i) Item 1A, “Risk Factors” of
EQM’s Form 10-K for the year ended December 31, 2016 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, 2016
as filed with the SEC, and (ii) Item 1A, “Risk Factors” of EQM’s
Form 10-K for the year ended December 31, 2017 to be filed
with the SEC and Item 1A, “Risk Factors” of EQGP’s Form 10-K for
the year ended December 31, 2017 to be 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 AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED OPERATIONS
(UNAUDITED) (1)
Three Months Ended Twelve Months Ended
December 31, December 31, 2017
2016 2017 2016 (Thousands, except
per unit amounts) Operating revenues (2) $ 224,511 $ 195,014 $
834,096 $ 735,614 Operating expenses: Operating and maintenance
23,246 21,526 84,717 73,213 Selling, general and administrative
18,974 19,384 71,186 72,761 Depreciation and amortization 33,294
19,514 97,485 62,691 Total operating
expenses 75,514 60,424 253,388 208,665
Operating income 148,997 134,590 580,708 526,949 Other income 7,801
6,428 27,377 37,918 Net interest expense 10,167 5,318
36,181 16,766 Income before income taxes 146,631
135,700 571,904 548,101 Income tax expense — — —
10,147 Net income $ 146,631 $ 135,700 $
571,904 $ 537,954 Calculation of limited
partners' interest in net income: Net income $ 146,631 $ 135,700 $
571,904 $ 537,954 Less pre-acquisition net income allocated to
parent — — — (21,861 ) Less general partner interest in net income
– general partner units (2,578 ) (2,387 ) (10,060 ) (9,173 ) Less
general partner interest in net income – incentive distribution
rights (41,080 ) (27,607 ) (143,531 ) (93,568 ) Limited partners'
interest in net income $ 102,973 $ 105,706 $ 418,313
$ 413,352 Net income per limited partner unit
– basic $ 1.28 $ 1.31 $ 5.19 $ 5.21 Net income per limited partner
unit – diluted $ 1.28 $ 1.31 $ 5.19 $ 5.21 Weighted average
limited partner units outstanding – basic 80,603 80,599 80,603
79,367 Weighted average limited partner units outstanding – diluted
80,603 80,599 80,603 79,388
(1)
EQM’s consolidated financial statements
for the year ended December 31, 2016 have been retrospectively
recast to include the pre-acquisition results of the Allegheny
Valley Connector (AVC) and several Marcellus gathering systems
(October 2016 Acquisition), which were acquired by EQM effective on
October 1, 2016.
(2)
Operating revenues included affiliate
revenues from EQT of $159.3 million and $143.0 million for the
three months ended December 31, 2017 and 2016, respectively, and
$605.1 million and $551.4 million for the years ended December 31,
2017 and 2016, respectively.
EQT MIDSTREAM PARTNERS, LP AND
SUBSIDIARIES
GATHERING RESULTS OF OPERATIONS
(1)
Three Months Ended Twelve Months Ended
December 31, December 31, 2017
2016 2017 2016 FINANCIAL DATA
(Thousands, other than per day amounts) Firm reservation fee
revenues $ 106,454 $ 90,110 $ 407,355 $ 339,237 Volumetric based
fee revenues: Usage fees under firm contracts (2) 13,033 6,893
32,206 38,408 Usage fees under interruptible contracts 4,053 3,186
14,975 19,849 Total volumetric based fee revenues 17,086 10,079
47,181 58,257 Total operating revenues 123,540 100,189 454,536
397,494 Operating expenses: Operating and maintenance 12,153 10,627
43,235 38,367 Selling, general and administrative 10,142 10,907
38,942 39,678 Depreciation and amortization 10,398 7,902 38,796
30,422 Total operating expenses 32,693 29,436 120,973 108,467
Operating income $ 90,847 $ 70,753 $ 333,563 $ 289,027
OPERATIONAL DATA Gathering volumes (BBtu per day) Firm
capacity reservation 1,956 1,697 1,826 1,553 Volumetric based
services (3) 565 285 361 420 Total gathered volumes 2,521 1,982
2,187 1,973 Capital expenditures $ 46,143 $ 47,560 $ 196,871
$ 295,315
(1)
EQM’s consolidated financial statements
for the year ended December 31, 2016 have been retrospectively
recast to include the pre-acquisition results of the October 2016
Acquisition.
(2)
Includes fees on volumes gathered in
excess of firm contracted capacity.
(3)
Includes volumes gathered under
interruptible contracts and volumes gathered in excess of firm
contracted capacity.
EQT MIDSTREAM PARTNERS, LP AND
SUBSIDIARIES
TRANSMISSION RESULTS OF OPERATIONS
(1)
Three Months Ended Twelve Months Ended
December 31, December 31, 2017
2016 2017 2016 FINANCIAL DATA
(Thousands, other than per day amounts) Firm reservation fee
revenues $ 91,969 $ 87,813 $ 348,193 $ 277,816 Volumetric based fee
revenues: Usage fees under firm contracts (2) 3,956 3,405 13,743
45,679 Usage fees under interruptible contracts 5,046 3,607 17,624
14,625 Total volumetric based fee revenues 9,002 7,012 31,367
60,304 Total operating revenues 100,971 94,825 379,560 338,120
Operating expenses: Operating and maintenance 11,093 10,899 41,482
34,846 Selling, general and administrative 8,832 8,477 32,244
33,083 Depreciation and amortization 22,896 11,612 58,689 32,269
Total operating expenses 42,821 30,988 132,415 100,198 Operating
income $ 58,150 $ 63,837 $ 247,145 $ 237,922
OPERATIONAL
DATA Transmission pipeline throughput (BBtu per day) Firm
capacity reservation 2,743 2,054 2,399 1,651 Volumetric based
services (3) 65 57 37 430 Total transmission pipeline throughput
2,808 2,111 2,436 2,081 Average contracted firm transmission
reservation commitments (BBtu per day) 3,952 3,485 3,627 2,814
Capital expenditures $ 37,423 $ 38,092 $ 111,102 $ 292,049
(1)
EQM’s consolidated financial statements
for the year ended December 31, 2016 have been retrospectively
recast to include the pre-acquisition results of the October 2016
Acquisition.
(2)
Includes commodity charges and fees on all
volumes transported under firm contracts as well as transmission
fees on volumes in excess of firm contracted capacity.
(3)
Includes volumes transported under
interruptible contracts and volumes transported in excess of firm
contracted capacity.
EQT MIDSTREAM PARTNERS, LP AND
SUBSIDIARIES
CAPITAL EXPENDITURE SUMMARY
(1)
Three Months Ended Twelve Months Ended
December 31, December 31, 2017
2016 2017 2016 (Thousands)
Expansion capital expenditures (2) $ 57,097 $ 73,546 $ 264,645 $
558,071 Maintenance capital expenditures: Ongoing maintenance
26,268 12,098 43,072 28,498 Funded regulatory compliance 201 8 256
795 Total maintenance capital expenditures 26,469 12,106 43,328
29,293 Total capital expenditures $ 83,566 $ 85,652 $ 307,973 $
587,364
(1)
EQM’s consolidated financial statements
for the year ended December 31, 2016 have been retrospectively
recast to include the pre-acquisition results of the October 2016
Acquisition.
(2)
Expansion capital expenditures do not
include capital contributions made to the MVP JV. Capital
contributions to the MVP JV were $56.1 million and $22.1 million
for the three months ended December 31, 2017 and 2016,
respectively, and $159.6 million and $98.4 million for the years
ended December 31, 2017 and 2016, respectively.
EQT GP HOLDINGS, LP AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED OPERATIONS
(UNAUDITED) (1)
Three Months Ended Twelve Months Ended
December 31, December 31, 2017
2016 2017 2016 (Thousands, except
per unit amounts) Operating revenues (2) $ 224,511 $ 195,014 $
834,096 $ 735,614 Operating expenses: Operating and maintenance
23,246 21,526 84,717 73,213 Selling, general and administrative
19,645 20,042 74,201 75,726 Depreciation and amortization 33,294
19,514 97,485 62,691 Total operating
expenses 76,185 61,082 256,403 211,630
Operating income 148,326 133,932 577,693 523,984 Other income 7,801
6,428 27,377 37,918 Net interest expense 10,156 5,318
36,150 16,761 Income before income taxes 145,971
135,042 568,920 545,141 Income tax expense — — —
10,147 Net income 145,971 135,042 568,920 534,994 Net
income attributable to noncontrolling interests 75,628
77,448 306,927 300,815 Net income attributable
to EQT GP Holdings, LP $ 70,343 $ 57,594 $ 261,993
$ 234,179 Calculation of limited partners'
interest in net income: Net income attributable to EQT GP Holdings,
LP $ 70,343 $ 57,594 $ 261,993 $ 234,179 Less pre-acquisition net
income allocated to parent — — — (21,861 )
Limited partners' interest in net income $ 70,343 $ 57,594
$ 261,993 $ 212,318 Net income per
limited partner unit – basic and diluted $ 0.26 $ 0.22 $ 0.98 $
0.80 Weighted average common units outstanding – basic and diluted
266,186 266,176 266,185 266,175
(1)
EQGP’s consolidated financial statements
for the year ended December 31, 2016 have been retrospectively
recast to include the pre-acquisition results of the October 2016
Acquisition.
(2)
Operating revenues included affiliate
revenues from EQT of $159.3 million and $143.0 million for the
three months ended December 31, 2017 and 2016, respectively, and
$605.1 million and $551.4 million for the years ended December 31,
2017 and 2016, respectively.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180215005161/en/
EQT Midstream Partners, LP and EQT GP Holdings, LPAnalyst
inquiries:Nate Tetlow – Investor Relations Director,
412-553-5834ntetlow@eqtmidstreampartners.comorPatrick Kane – Chief
Investor Relations Officer, 412-553-7833pkane@eqt.comorMedia
inquiries:Natalie Cox – Corporate Director, Communications,
412-395-3941ncox@eqt.com
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