Eqt Gp Holdings, Lp (EQGP) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Eqgp Holdings, Lp

CIK: 1632933 Ticker: EQGP


Pittsburgh, PA (July 27, 2017)
– EQT Midstream Partners, LP (NYSE: EQM) today announced second quarter 2017 results, including net income of $139.1 million, adjusted EBITDA of $165.2 million, net cash provided by operating activities of $158.9 million, and distributable cash flow of $150.4 million. EQM operating income was $141.1 million, which was 9% higher than 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 $63.3 million for the second quarter.

EQM Highlights:
Placed final phase of natural gas header pipeline for Range Resources into service
Increased EQM per unit distribution by 20% compared to Q2 2016
Maintained a 1.35x coverage ratio for the quarter
Generated 91% of operating revenue from firm reservation fees

EQM second quarter operating revenue increased $20.9 million, 12% higher compared to the same quarter last year. The increase was primarily due to increased firm transmission capacity and higher contracted firm gathering capacity. During the quarter, 91% of operating revenue was generated by firm reservation fees. Operating expenses were up $8.9 million versus the second quarter of 2016, primarily from higher depreciation and amortization, and operating and maintenance expenses from higher assets placed in-service.

On June 19, 2017, EQT Corporation (EQT), EQM's largest customer and corporate sponsor, announced that it has entered into a definitive agreement to acquire Rice Energy Inc. (Rice). Completion of the transaction is subject to the approval of both EQT and Rice shareholders, as well as certain customary closing conditions. As part of the transaction, EQT will acquire the retained midstream assets that are currently held at Rice. The retained midstream assets, which EQT intends to sell to EQM, are projected to generate $130 million of EBITDA in 2018. In addition to the drop-down opportunity, EQM expects to benefit from increased organic growth opportunities resulting from the combination of the EQT and Rice acreage positions. See the Non-GAAP Disclosures section for important information regarding the non-GAAP financial measure projected EBITDA of the Rice retained midstream assets.

For the second quarter of 2017, EQM will pay a quarterly cash distribution of $0.935 per unit, which will be paid on August 14, 2017 to EQM unitholders of record at the close of business on August 4, 2017. The quarterly cash distribution is 5% higher than the first quarter of 2017 and is 20% higher than the second quarter of 2016.

The following information was filed by Eqgp Holdings, Lp (EQGP) on Thursday, July 27, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Eqgp Holdings, Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors



Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (parenthetical)
Statements Of Consolidated Cash Flows (unaudited)
Statements Of Consolidated Equity (unaudited)
Statements Of Consolidated Operations (unaudited)
Statements Of Consolidated Operations (unaudited) (parenthetical)
Consolidated Variable Interest Entity
Consolidated Variable Interest Entity (details)
Consolidated Variable Interest Entity (tables)
Credit Facility Borrowings
Credit Facility Borrowings - Eqgp Working Capital Facility (details)
Credit Facility Borrowings - Eqm Credit Facilities (details)
Distributions (tables)
Distributions - Narrative (details)
Distributions - Summary Of Cash Distributions To Unitholders (details)
Equity And Net Income Per Limited Partner Unit
Equity And Net Income Per Limited Partner Unit (tables)
Equity And Net Income Per Limited Partner Unit - Eqgp Equity (details)
Equity And Net Income Per Limited Partner Unit - Eqm Equity (details)
Equity And Net Income Per Limited Partner Unit - Net Income Per Limited Partner Unit (details)
Equity And Net Income Per Limited Partner Unit - Schedule Of Holdings Of Eqm Equity (details)
Fair Value Measurements
Fair Value Measurements (details)
Financial Information By Business Segment
Financial Information By Business Segment (details)
Financial Information By Business Segment (tables)
Financial Statements
Financial Statements (policies)
Income Taxes
Investment In Unconsolidated Entity
Investment In Unconsolidated Entity (details)
October 2016 Acquisition
October 2016 Acquisition (details)
Related Party Transactions

Material Contracts, Statements, Certifications & more

Eqgp Holdings, Lp provided additional information to their SEC Filing as exhibits

Ticker: EQGP
CIK: 1632933
Form Type: 10-Q Quarterly Report
Accession Number: 0001632933-17-000017
Submitted to the SEC: Thu Jul 27 2017 4:57:20 PM EST
Accepted by the SEC: Thu Jul 27 2017
Period: Friday, June 30, 2017
Industry: Natural Gas Transmission

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