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EQT's CEO Discusses Q2 2012 Results - Earnings Call Transcript

As you already know, we successfully completed an IPO of EQT Midstream Partners earlier this month. Before we review this quarter’s results, I want to remind you that there was no impact to our second quarter results as the IPO did not close until July 2. next quarter, our EQT results will include the results of EQT Midstream Partners on a consolidated basis.

Below in that income line in the statement of consolidated income, EQT will present the amount of net income attributable to the public unitholders under the caption “net income attributable to non-controlling interest”.

Cash distributions from the partnership to the non-controlling interest will be reflected in the financing section of EQT’s statement of cash flows as a use of cash. The cash distributions to the non-controlling interest will not impact the consolidated cash flows provided by the operating activities or cash flows from investing activities. There will also be a separate press release, 10-Q and conference call to detail EQT Midstream Partners third quarter results.

In just a moment, Phil will summarize our operational and financial results for the second quarter 2012, which were released this morning. Then Dave will provide an update on our strategic operational matters. Following Dave’s remarks, Dave, Phil, Randy, and Steve will all be available to answer your questions.

But first, as usual, I’d like to remind you that today’s call may contain forward-looking statements related to future events and expectations. You can find factors that could cause the company’s actual results to differ materially from these forward-looking statements listed in today’s press release and under Risk Factors in the company’s Form 10-K for the year ended December 31, 2011 filed with the SEC, as updated by any subsequent Form 10-Qs, which are on file with the SEC and are available on our website.

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