This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

EQT Midstream Partners Reports Third Quarter 2012 Results

EQT Midstream Partners, LP (NYSE: EQM), a Delaware limited partnership and an EQT Corporation company, today announced third quarter 2012 financial and operating results. Net income for the quarter totaled $12.0 million, or $0.34 per limited partner unit, and adjusted EBITDA was $17.2 million, or $0.49 per unit. Distributable cash flow was $11.6 million, or $0.33 per unit, for the quarter. Adjusted operating income was higher by about $2 million, or 17%, when compared to the same quarter last year, adjusting for a $2.5 million credit to purchased gas costs in 2011. The non-GAAP financial measures are reconciled in the Non-GAAP Disclosures section of this press release.

Highlights for the third quarter 2012:

  • Reported adjusted EBITDA and distributable cash flow are ahead of plan;
  • Announced the first quarterly distribution of $0.35 per unit; and
  • Increasing guidance for adjusted EBITDA and distributable cash flow over the twelve month period ending June 30, 2013.

EQT Midstream Partners, LP (Partnership) closed its initial public offering (IPO) on July 2, 2012. Results for periods prior to the IPO are attributable to its predecessor, Equitrans, LP (Equitrans).

The Partnership has a capital lease with EQT Corporation for the lease of the Sunrise Pipeline (Sunrise), and operates the pipeline as part of its transmission and storage system. Revenues and expenses associated with Sunrise are included in the Partnership’s financial statements; however, the monthly lease payment to EQT Corporation offsets the impact on the Partnership’s distributable cash flow; therefore, third quarter 2012 results are discussed on an adjusted basis, excluding Sunrise.

Adjusted operating revenues, which exclude revenues associated with Sunrise, were $2.0 million or 7% higher than operating revenues for the same quarter last year. The increase in adjusted operating revenues was due to an increase in contracted transmission capacity and increased system throughput related to growth in Marcellus Shale development. Adjusted operating expenses, which exclude expenses associated with Sunrise, were unchanged versus operating expenses for the third quarter of 2011, also adjusting for a $2.5 million credit to purchased gas costs in 2011.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs