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Eqt Midstream Partners, Lp (EQM) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Eqm Midstream Partners, Lp

CIK: 1540947 Ticker: EQM

Exhibit 99.1

2016 Results Announced for EQT Midstream Partners and EQT GP Holdings

PITTSBURGH--(BUSINESS WIRE)--February 2, 2017--EQT Midstream Partners, LP (NYSE: EQM) today announced full-year and fourth quarter 2016 results. For the year, EQM net income totaled $538.0 million, adjusted EBITDA was $572.6 million, net cash provided by operating activities was $537.9 million, and distributable cash flow was $523.3 million. EQM operating income in 2016 was $526.9 million, 17% higher than last year. For the fourth quarter, EQM net income totaled $135.7 million, adjusted EBITDA was $156.9 million, net cash provided by operating activities was $157.9 million, and distributable cash flow was $135.2 million. EQM operating income in the fourth quarter 2016 was $134.6 million, 8% higher than the same quarter 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 $234.2 million for 2016 and $57.6 million for the fourth quarter 2016.

2016 EQM Highlights:

  • Achieved 21% year-over-year per unit distribution growth
  • Maintained a 1.5x coverage ratio for the year
  • Generated 84% of revenue from firm reservation fees
  • Placed the Ohio Valley Connector (OVC) pipeline into service
  • Acquired the Allegheny Valley Connector and several Marcellus gathering systems from EQT
  • Completed phase one of the header pipeline for Range Resources

Effective October 1, 2016, EQM acquired the Allegheny Valley Connector (AVC) and several Marcellus gathering systems from EQT Corporation (EQT) (October 2016 Acquisition). As a result of the October 2016 Acquisition, prior period financial statements have been retrospectively recast for all periods presented to reflect the acquisition.

EQM fourth quarter operating revenue increased $24.3 million, 14% higher compared to the same quarter last year. The increase was primarily due to increased firm transmission capacity and higher contracted firm gathering capacity. In the fourth quarter, 91% of the operating revenue was generated by firm reservation fees. Operating expenses were up $14.6 million versus the fourth quarter of 2015, primarily from higher depreciation and amortization from assets placed in service during 2016, timing of activities and increases consistent with the growth of the business.


The following information was filed by Eqm Midstream Partners, Lp (EQM) on Thursday, February 2, 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-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)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Operations
Statements Of Consolidated Operations (footnotes)
Statements Of Consolidated Partners' Capital
Acquisitions
Acquisitions (tables)
Acquisitions - Narrative (details)
Acquisitions - Schedule Of Acquisitions (details)
Cash Distributions
Cash Distributions (tables)
Cash Distributions - Narrative (details)
Cash Distributions - Schedule Of Distribution Of Available Cash From Operating Surplus (details)
Commitments And Contingencies
Concentrations Of Credit Risk
Concentrations Of Credit Risk - (details)
Debt
Debt (tables)
Debt - $750 Million Facility (details)
Debt - 364-day Facility (details)
Debt - 4.00% Senior Notes (details)
Debt - 4.125% Senior Notes (details)
Debt - Schedule Of Outstanding Debt (details)
Equity-based Compensation Plan
Equity-based Compensation Plan - (details)
Financial Information By Business Segment
Financial Information By Business Segment (tables)
Financial Information By Business Segment - Schedule Of Depreciation, Amortization And Expenditures For Segment Assets (details)
Financial Information By Business Segment - Schedule Of Revenue From External Customers (including Affiliates) (details)
Financial Information By Business Segment - Schedule Of Segment Assets (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Narrative (details)
Income Taxes - Schedule Of Components Of Income Tax Expense (details)
Income Taxes - Summary Of Income Tax Expense (benefit) (details)
Income Taxes - Summary Of Source And Tax Effects Of Temporary Differences Between Financial Reporting And Tax Basis Of Assets And Liabilities (details)
Interim Financial Information (unaudited)
Interim Financial Information (unaudited) (tables)
Interim Financial Information (unaudited) - Summary Of Operating Results (details)
Investments In Unconsolidated Entities
Investments In Unconsolidated Entities - (details)
Net Income Per Limited Partner Unit
Net Income Per Limited Partner Unit (tables)
Net Income Per Limited Partner Unit - Narrative (details)
Net Income Per Limited Partner Unit - Schedule Of Net Income Per Limited Partner Unit (details)
Partners' Capital
Partners' Capital (tables)
Partners' Capital - Narrative (details)
Partners' Capital - Schedule Of Common, Subordinated And General Partner Units (details)
Partners' Capital - Schedule Of Public Offering Of Common Units, Footnotes (details)
Partners' Capital - Schedule Of Public Offerings Of Common Units (details)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans - (details)
Preferred Interest In Ees
Preferred Interest In Ees - (details)
Regulatory Assets And Liabilities
Regulatory Assets And Liabilities - Regulatory Assets (details)
Regulatory Assets And Liabilities - Regulatory Liabilities (details)
Regulatory Assets And Liabilities Regulatory Assets And Liabilities (tables)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Schedule Of Reimbursement Amounts (details)
Related Party Transactions - Summary Of Related Party Balances (details)
Related Party Transactions - Summary Of Related Party Transactions (details)
Summary Of Operations And Significant Accounting Policies
Summary Of Operations And Significant Accounting Policies (policies)
Summary Of Operations And Significant Accounting Policies (tables)
Summary Of Operations And Significant Accounting Policies - Organization And Basis Of Presentation And Nature Of Business (details)
Summary Of Operations And Significant Accounting Policies - Schedule Of Property, Plant And Equipment (details)
Summary Of Operations And Significant Accounting Policies - Significant Accounting Policies (details)
Ticker: EQM
CIK: 1540947
Form Type: 10-K Annual Report
Accession Number: 0001540947-17-000003
Submitted to the SEC: Thu Feb 09 2017 4:17:19 PM EST
Accepted by the SEC: Thu Feb 09 2017
Period: Saturday, December 31, 2016
Industry: Natural Gas Transmission

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