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Eqt Midstream Partners, Lp (EQM) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Eqm Midstream Partners, Lp

CIK: 1540947 Ticker: EQM
eqmeqgpyeearningsrelea05.jpg

Q2 2018 RESULTS ANNOUNCED FOR
EQT MIDSTREAM PARTNERS AND EQT GP HOLDINGS

Pittsburgh, PA (July 26, 2018) – EQT Midstream Partners, LP (NYSE: EQM) today announced second quarter 2018 results, including net income attributable to EQM of $172.6 million, adjusted EBITDA of $209.5 million, net cash provided by operating activities of $220.2 million, and distributable cash flow of $174.7 million. EQM operating income was $182.3 million, which was 29% 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 $103.3 million for the second quarter 2018.

EQM HIGHLIGHTS:
Closed acquisition of Rice Midstream Partners LP on July 23rd
Completed acquisition of Olympus and Strike Force gathering systems from EQT and Gulfport
Issued $2.5 billion of senior notes
Increased EQM per unit distribution by 17% and EQGP by 46% compared to Q2 2017
Generated 72% of operating revenue from firm reservation fees

In the second quarter EQM closed the acquisition of the Olympus gathering system and 75% interest in the Strike Force gathering system from EQT Corporation (EQT) for $1.15 billion in cash and 5.9 million EQM common units (May 2018 Acquisition). EQM also completed the purchase of the remaining 25% interest in the Strike Force gathering system from Gulfport Energy for $175 million in cash. The acquisitions were effective May 1, 2018.

On May 22, 2018, EQGP purchased the Rice Midstream Partners LP (RMP) Incentive Distribution Rights from EQT for 36.3 million EQGP common units.

EQM's financial statements have been retrospectively recast to include the pre-acquisition results of the May 2018 Acquisition from the time common control began on November 13, 2017 as a result of EQT's acquisition of Rice Energy. EQM's second quarter operating revenue increased $72.9 million, a 37% increase compared to the same quarter last year. The May 2018 Acquisition accounted for $55.3 million of the operating revenue increase, with the remaining increase due to higher contracted firm transmission and gathering capacity. During the quarter, 72% of operating revenue was generated by firm reservation fees. Operating expenses increased $32.0 million versus the second quarter of 2017, with approximately $30.1 million of the increase due to the May 2018 Acquisition assets, including $3.4 million in transaction costs. The remaining operating expense increase is consistent with higher system throughput and additional assets placed in service, consistent with the growth in the business.






The following information was filed by Eqm Midstream Partners, Lp (EQM) on Thursday, July 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 Eqm Midstream Partners, 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 Equity (Unaudited) (Parenthetical)
Statements Of Consolidated Operations (Unaudited)
Statements Of Consolidated Operations (Unaudited) (Parenthetical)
Acquisitions And Merger
Acquisitions And Merger (Tables)
Acquisitions And Merger - Narrative (Details)
Acquisitions And Merger - Schedule Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Debt
Debt - $1 Billion Facility (Details)
Debt - 2018 Senior Notes (Details)
Debt - 364-Day Facility (Details)
Debt - Eqm Term Loan Facility (Details)
Distributions
Distributions (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 (Tables)
Investment In Unconsolidated Entity - Narrative (Details)
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)

Material Contracts, Statements, Certifications & more

Eqm Midstream Partners, Lp provided additional information to their SEC Filing as exhibits

Ticker: EQM
CIK: 1540947
Form Type: 10-Q Quarterly Report
Accession Number: 0001540947-18-000025
Submitted to the SEC: Thu Jul 26 2018 4:16:41 PM EST
Accepted by the SEC: Thu Jul 26 2018
Period: Saturday, June 30, 2018
Industry: Natural Gas Transmission

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