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Eqt Midstream Partners, Lp (EQM) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Eqm Midstream Partners, Lp

CIK: 1540947 Ticker: EQM

Exhibit 99.1

EQT Midstream Partners Reports Strong Growth in 2013

Fourth Quarter Distribution Increase of 31%

PITTSBURGH--(BUSINESS WIRE)--February 13, 2014--EQT Midstream Partners, LP (NYSE: EQM), an EQT Corporation (EQT) company, today announced fourth quarter and full-year 2013 financial and operating results. Net income for the quarter totaled $30.8 million and adjusted EBITDA was $36.3 million. Distributable cash flow was $26.7 million for the quarter. Adjusted operating income was $30.8 million, or 17% higher than the same quarter last year. For the year, adjusted EBITDA was $119.5 million and distributable cash flow was $101.4 million. The non-GAAP financial measures are reconciled in the Non-GAAP Disclosures section included in this news release.

On December 17, 2013, EQT Midstream Partners (Partnership) entered into a capital lease with EQT for the lease of its Allegheny Valley Connector (AVC) facilities, which includes a 200-mile, FERC-regulated pipeline that EQT acquired in December 2013 as part of the transfer of its natural gas distribution business. The Partnership operates the AVC as part of its transmission and storage system. Revenue and expenses associated with the AVC are included in the Partnership’s financial statements; however, the monthly lease payment to EQT offsets the impact on the Partnership’s distributable cash flow. As a result, fourth quarter 2013 operating results are discussed on an adjusted basis, excluding the AVC. The lease payment totaled $1.0 million for the fourth quarter. The revenues and expenses associated with AVC are found in the reconciliation table in the Non-GAAP Disclosures section of this news release.

Fourth quarter adjusted operating revenues increased $7.7 million, or 18%, compared to the same quarter last year. The increase was primarily due to increased contracted transmission capacity and higher system throughput related to growth in Marcellus Shale development. Adjusted operating expenses increased $0.7 million versus the fourth quarter of 2012, excluding a non-cash $2.5 million favorable regulatory reserve reversal in the fourth quarter of 2012.

Quarterly Distribution

The Partnership announced a quarterly cash distribution of $0.46 per unit for the fourth quarter of 2013. The distribution will be paid on February 14, 2014 to all unitholders of record at the close of business on February 4, 2014. The quarterly cash distribution is $0.03 per unit, or 7% higher, than the third quarter 2013 and $0.11 per unit, or 31% higher, than the fourth quarter 2012.

Guidance

The Partnership forecasts first quarter 2014 adjusted EBITDA to be $36 - $39 million and reiterates its full-year 2014 forecasted adjusted EBITDA of $170 - $175 million and distributable cash flow of $148 - $153 million. The Partnership expects to maintain a $0.03 per unit quarterly distribution increase through at least 2014. The financial and distribution guidance does not include financial impacts of potential acquisitions.


The following information was filed by Eqm Midstream Partners, Lp (EQM) on Thursday, February 13, 2014 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Partners' Capital
Statements Of Consolidated Cash Flows
Statements Of Consolidated Operations
Commitments And Contingencies
Concentrations Of Credit Risk
Concentrations Of Credit Risk (details)
Debt
Debt (details)
Equity-based Compensation Plan
Equity-based Compensation Plan (details)
Financial Information By Business Segment
Financial Information By Business Segment (details)
Financial Information By Business Segment (tables)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Interim Financial Information (unaudited)
Interim Financial Information (unaudited) (details)
Interim Financial Information (unaudited) (tables)
Lease Obligations
Lease Obligations (details)
Lease Obligations (tables)
Net Income Per Limited Partner Unit And Cash Distributions
Net Income Per Limited Partner Unit And Cash Distributions (details 2)
Net Income Per Limited Partner Unit And Cash Distributions (details 3)
Net Income Per Limited Partner Unit And Cash Distributions (details 4)
Net Income Per Limited Partner Unit And Cash Distributions (details)
Net Income Per Limited Partner Unit And Cash Distributions (tables)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (details)
Regulatory Assets And Liabilities
Regulatory Assets And Liabilities (details)
Related-party Transactions
Related-party Transactions (details)
Subsequent Events
Subsequent Events (details)
Subsidiary Guarantors
Subsidiary Guarantors (details)
Summary Of Operations And Significant Accounting Policies
Summary Of Operations And Significant Accounting Policies (details 2)
Summary Of Operations And Significant Accounting Policies (details 3)
Summary Of Operations And Significant Accounting Policies (details 4)
Summary Of Operations And Significant Accounting Policies (details)
Summary Of Operations And Significant Accounting Policies (policies)
Summary Of Operations And Significant Accounting Policies (tables)
Sunrise Merger
Sunrise Merger (details)
Ticker: EQM
CIK: 1540947
Form Type: 10-K Annual Report
Accession Number: 0001104659-14-011812
Submitted to the SEC: Thu Feb 20 2014 4:02:44 PM EST
Accepted by the SEC: Thu Feb 20 2014
Period: Tuesday, December 31, 2013
Industry: Natural Gas Transmission

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