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Last10K.com | 10-Q Quarterly Report Thu Oct 25 2018
Q3 2018 RESULTS ANNOUNCED FOR
EQM MIDSTREAM PARTNERS AND EQGP HOLDINGS
Pittsburgh, PA (October 25, 2018) – EQM Midstream Partners, LP (NYSE: EQM) today announced third quarter 2018 results, including net income of $209.9 million, adjusted EBITDA of $280.1 million, net cash provided by operating activities of $242.6 million, and distributable cash flow of $218.6 million. EQM operating income was $233.5 million, which was 60% 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.
EQGP Holdings, LP (NYSE: EQGP) today announced net income attributable to EQGP of $97.5 million for the third quarter 2018.
HIGHLIGHTS:
• | Increased EQM per unit distribution by 14% and EQGP by 38% compared to Q3 2017 |
• | Generated 93% of transmission and storage operating revenue from firm reservation fees |
• | Generated 45% of gathering operating revenue from firm reservation fees |
• | Adjusted EBITDA increases more than 50% over next three years |
• | Equitrans Midstream Corporation expected to begin Regular Way trading on November 13, 2018 |
On July 23, 2018 EQM closed the acquisition of Rice Midstream Partners LP (RMP), with each RMP unitholder receiving 0.3319 units of EQM. On May 1, 2018 EQM acquired the Olympus gathering system and a 75% interest in the Strike Force gathering system (May 2018 Acquisition) from EQT Corporation (EQT). EQM also purchased the remaining 25% interest in the Strike Force gathering system from Gulfport Energy on May 1, 2018. As a result of the RMP acquisition and the May 2018 Acquisition, EQM's financial statements have been retrospectively recast to include the pre-acquisition results of each acquisition from the time common control began on November 13, 2017, which is when EQT closed its acquisition of Rice Energy.
EQM's third quarter operating revenue increased $158.3 million, a 77% increase compared to the same quarter last year. The RMP acquisition and the May 2018 Acquisition accounted for $147.8 million of the increase, with the remaining increase from higher contracted firm transmission and gathering capacity. Operating expenses increased $70.5 million versus the third quarter of 2017, with approximately $67.0 million resulting from the RMP acquisition and the May 2018 Acquisition. The remaining increase was primarily related to $2.2 million in transaction costs related to the RMP acquisition, and higher system throughput and additional assets placed in service, consistent with the growth in the business.
QUARTERLY DISTRIBUTION
EQM
For the third quarter of 2018, EQM will pay a quarterly cash distribution of $1.115 per unit, which will be paid on November 14, 2018 to EQM unitholders of record at the close of business on November 2, 2018. The quarterly cash distribution is 2% higher than the second quarter of 2018 and is 14% higher than the third quarter of 2017.
EQGP
For the third quarter of 2018, EQGP will pay a quarterly cash distribution of $0.315 per unit, which will be paid on November 23, 2018 to EQGP unitholders of record at the close of business on November 2,
The following information was filed by Eqm Midstream Partners, Lp (EQM) on Thursday, October 25, 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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Eqm Midstream Partners, Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Other - Other Highlight
The regulatory approval process for the construction of new midstream assets is challenging, and recent decisions by regulatory and judicial authorities in pending proceedings could impact our or the MVP Joint Ventures ability to obtain all approvals and authorizations necessary to complete certain projects on the projected time frame or at all or our ability to achieve the expected investment return on the project under Item 1A, Risk Factors of this Quarterly Report on Form 10-Q for a discussion of the litigation and regulatory proceedings related to the MVP project.
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Financial - Expense Highlight
The increase in net interest expense of $50.7 million for the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017 was primarily due to increased interest of $35.9 million on the 2018 Senior Notes, $17.1 million on higher borrowings under the credit facilities as well as interest and deferred issuance costs on the EQM Term Loan, partly offset by higher capitalized interest and AFUDC - debt.
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Other - Other Highlight
The regulatory approval process for the construction of new midstream assets is challenging, and recent decisions by regulatory and judicial authorities in pending proceedings could impact our or the MVP Joint Ventures ability to obtain all approvals and authorizations necessary to complete certain projects on the projected time frame or at all or our ability to achieve the expected investment return on the project
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M & A - Other Highlight
EQMs adjusted EBITDA increased by $109.6 million for the three months ended September 30, 2018 compared to the three months ended September 30, 2017 and $191.5 million for the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017 primarily as a result of the EQM-RMP Merger and the May 2018 Acquisition, which resulted in EBITDA subsequent to the transactions being reflected in adjusted EBITDA.
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Financial - Cash Flow Highlight
Net cash provided by operating activities, the GAAP financial measure most directly comparable to distributable cash flow, increased by $385.3 million for the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017 as discussed in Capital Resources and Liquidity.
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Financial - Cash Flow
Additionally, because adjusted EBITDA and...Read more
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Revenue - Product
EQT announced that it is...Read more
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Financial - Expense
The increase in net interest...Read more
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Financial - Cash Flow
In preparation for the Separation,...Read more
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Financial - Cash Flow
The following table presents a...Read more
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Financial - Shares
The increase in equity income...Read more
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M & A - Other
Adjusted EBITDA attributable to RMP...Read more
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Other - Other
Any new accounting policies or...Read more
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Financial - Cash Flow
Adjusted EBITDA and distributable cash...Read more
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Financial - Cash Flow
EQM believes that adjusted EBITDA...Read more
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Revenue - Product
Gathering revenues increased by $136.3...Read more
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Revenue - Product
Gathering revenues increased by $400.4...Read more
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Other - Other
As a result, EQM owned...Read more
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M & A - Other
for the period prior to...Read more
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Other - Other
EQMs strategy is to focus...Read more
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M & A - Other
Includes the pre-acquisition results of...Read more
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M & A - Other
Amortization of intangible assets relates...Read more
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M & A - Other
Amortization of intangible assets relates...Read more
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Revenue - Product
Usage fees under firm contracts...Read more
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Revenue - Product
The increase in usage fees...Read more
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Revenue - Product
Transmission and storage revenues increased...Read more
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Financial - Cash Flow
Adjusted EBITDA and distributable cash...Read more
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Financial - Expense
Operating expenses increased $17.9 million...Read more
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Financial - Expense
Operating expenses increased $53.2 million...Read more
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M & A - Other
Usage fees under interruptible contracts...Read more
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M & A - Other
Usage fees under interruptible contracts...Read more
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M & A - Other
The increase was primarily attributable...Read more
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Financial - Expense
Operating expenses increased by $44.4...Read more
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Financial - Expense
Operating expenses increased by $132.8...Read more
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M & A - Other
Expansion capital expenditures increased by...Read more
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Financial - Cash Flow
Adjusted EBITDA and distributable cash...Read more
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Revenue - Product
Usage fees under firm contracts...Read more
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Revenue - Product
Usage fees under firm contracts...Read more
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Financial - Shares
Equity income increased $20.4 million...Read more
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Financial - Income
The increase was primarily driven...Read more
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Other - Other
and amortization of intangible assets...Read more
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Financial - Shares
EQM expects that, in connection...Read more
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Other - Other
EQMs assets, located in southwestern...Read more
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Financial - Income
EQM has presented each segments...Read more
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Financial - Cash Flow
For the nine months ended...Read more
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)
Acquisitions And Merger - Schedule Of Change In Asset Retirement Obligation (Details)
Debt
Debt - $1 Billion Facility (Details)
Debt - 2018 Senior Notes (Details)
Debt - 364-Day Facility (Details)
Debt - Eqm Term Loan Facility (Details)
Debt - Rmp $850 Million 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 (Tables)
Financial Information By Business Segment - Narrative (Details)
Financial Information By Business Segment - Schedule Of Segment Information (Details)
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: 0001540947-18-000033
Submitted to the SEC: Thu Oct 25 2018 12:17:44 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Natural Gas Transmission
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