EQT Reports 2012 Full-Year Earnings
Operating Income
The Company reports operating income by segment in this press release. Interest, income taxes and unallocated (expense)/income are controlled on a consolidated, corporate-wide basis and are not allocated to the segments. The Company’s management reviews and reports segment results for operating revenues and purchased gas costs net of third-party transportation costs.
The following table reconciles operating income by segment as reported in this press release to the consolidated operating income reported in the Company’s financial statements:
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Operating income (thousands): | ||||||||||||||||
| EQT Production | $ | 72,643 | $ | 106,074 | $ | 187,913 | $ | 387,098 | ||||||||
| EQT Midstream | 70,417 | 53,134 | 237,324 | 416,611 | ||||||||||||
| Distribution | 24,783 | 22,140 | 68,614 | 86,898 | ||||||||||||
| Unallocated (expense)/income | (16,853 | ) | (8,595 | ) | (23,323 | ) | (29,288 | ) | ||||||||
| Operating income | $ | 150,990 | $ | 172,753 | $ | 470,528 | $ | 861,319 | ||||||||
Unallocated (expense)/income is primarily due to certain incentive compensation and administrative costs in excess of budget that are not allocated to the operating segments.
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