Eqgp Holdings, Lp (EQGP) 10-Q Quarterly Report April 2018

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 - Expense Highlight
Selling, general and administrative expense decreased as a result of lower personnel costs, including lower allocated costs as a result of the shift in EQTs strategic focus.

Financial - Expense Highlight
Selling, general and administrative expense decreased due to a shift in strategic focus, which continued the trend of lower allocated costs from EQT.
Financial - Income Highlight
EQMs adjusted EBITDA increased by $35.8 million for the three months ended March 31, 2018 compared to the three months ended March 31, 2017 primarily as a result of higher operating income on increased revenues driven by production development in the Marcellus Shale.
Financial - Cash Flow Highlight
The following table presents a reconciliation of EQMs non-GAAP financial measures of adjusted EBITDA and distributable cash flow with the most directly comparable EQM GAAP financial measures of net income and net cash provided by operating activities as reported in EQMs Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
Financial - Cash Flow Highlight
EQMs net cash provided by operating activities, the GAAP financial measure most directly comparable to distributable cash flow, increased by $21.0 million for the three months ended March 31, 2018 compared to the three months ended March 31, 2017.
Financial - Cash Flow
Additionally, because adjusted EBITDA and...Read more
Financial - Expense
Operating expenses decreased by $1.6...Read more
Financial - Shares
The increase in equity income...Read more
Other - Other
Any new accounting policies or...Read more
Financial - Cash Flow
Adjusted EBITDA and distributable cash...Read more
Financial - Earnings
See Executive Overview above for...Read more
Financial - Cash Flow
EQM believes that adjusted EBITDA...Read more
Other - Other
On February 21, 2018, EQT...Read more
Revenue - Product
Gathering revenues increased by $23.6...Read more
Revenue - Product
The increase in usage fees...Read more
Revenue - Product
Transmission and storage revenues increased...Read more
Financial - Cash Flow
Adjusted EBITDA and distributable cash...Read more
Revenue - Product
Usage fees under firm contracts...Read more
Other - Other
EQMs principal business objective is...Read more
Other - Other
EQM plans to invest approximately...Read more
Financial - Income
The increase was primarily driven...Read more
Financial - Cash Flow
Adjusted EBITDA and distributable cash...Read more
Other - Other
EQM has established reserves it...Read more
Revenue - Product
Usage fees under firm contracts...Read more
Other - Other
EQM believes that it is...Read more
Financial - Income
EQGP has presented each segments...Read more
Other - Other
EQGPs principal business objective is...Read more
Financial - Cash Flow
EQMs distributable cash flow increased...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

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