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Eqt Gp Holdings, Lp (EQGP) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Eqgp Holdings, Lp

CIK: 1632933 Ticker: EQGP
eqmeqgpyeearningsrelea02.jpg

Q1 2018 RESULTS ANNOUNCED FOR
EQT MIDSTREAM PARTNERS AND EQT GP HOLDINGS

Pittsburgh, PA (April 26, 2018) – EQT Midstream Partners, LP (NYSE: EQM) today announced first quarter 2018 results, including net income of $177.2 million, adjusted EBITDA of $204.4 million, net cash provided by operating activities of $182.4 million, and distributable cash flow of $187.2 million. EQM operating income was $178.3 million, which was 23% 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 $80.7 million for the first quarter 2018.

EQM HIGHLIGHTS:
Announced streamlining transaction in a separate news release issued today
Increased EQM per unit distribution by 20% compared to Q1 2017
Maintained a 1.42x coverage ratio for the quarter
Generated 89% of operating revenue from firm reservation fees
Commenced construction of the Mountain Valley Pipeline
Initiated a binding open season for the MVP Southgate project

EQM first quarter operating revenue increased $32.8 million, 16% higher compared to the same quarter last year. The increase was primarily due to higher contracted firm transmission and gathering capacity and increased seasonal storage related services. During the quarter, 89% of operating revenue was generated by firm reservation fees. Operating expenses were flat versus the first quarter of 2017, as higher operating and maintenance (O&M) expense and depreciation and amortization expense were offset by lower selling, general and administrative (SG&A) expense. The increase in O&M expense was driven by higher system throughput and SG&A expense was lower primarily from a decrease in personnel costs.

STREAMLINING TRANSACTION
EQM, EQGP, Rice Midstream Partners LP (NYSE: RMP), and EQT Corporation (NYSE: EQT) today announced a midstream streamlining transaction that includes:
EQM's purchase of EQT's retained midstream assets for $1.15 billion in cash and 5.9 million EQM common units and Gulfport Energy's 25% ownership in the Strike Force Gathering System for $175 million in cash.
The merger of EQM and RMP in a unit-for-unit transaction at an exchange ratio of 0.3319x, which implies a transaction value of $2.4 billion, including the assumption of RMP debt. The RMP debt balance was $325 million as of March 31, 2018.
EQGP's purchase of the RMP Incentive Distribution Rights from EQT for 36.3 million EQGP common units.
For details on the streamlining transaction please refer to the news release issued today and available at www.eqtmidstreampartners.com or www.ricemidstream.com.


The following information was filed by Eqgp Holdings, Lp (EQGP) on Thursday, April 26, 2018 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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Inside Eqgp Holdings, Lp's 10-Q Quarterly Report:

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
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 - Narrative (details)
Equity And Net Income Per Limited Partner Unit - Summary Of Units Issued (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)
Investment In Unconsolidated Entity
Investment In Unconsolidated Entity (details)
Investment In Unconsolidated Entity (tables)
Investment In Unconsolidated Entity - Schedule Of Unaudited Condensed Financial Statements For The Investment In Unconsolidated Equity (details)
Related Party Transactions
Revenue From Contracts With Customers
Revenue From Contracts With Customers (tables)
Revenue From Contracts With Customers - Narrative (details)
Revenue From Contracts With Customers - Schedule Of Disaggregated Revenue Information, By Business Segment (details)
Revenue From Contracts With Customers - Summary Of Remaining Performance Obligations (details)
Subsequent Events
Subsequent Events (details)

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: 0001632933-18-000014
Submitted to the SEC: Thu Apr 26 2018 4:19:21 PM EST
Accepted by the SEC: Thu Apr 26 2018
Period: Saturday, March 31, 2018
Industry: Natural Gas Transmission

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