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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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