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EQT Midstream Partners Reports Fourth Quarter 2012 Results

Operating revenues are seasonal, and based on utility customer contracts, are currently expected to be about $2 million per quarter higher in the first and fourth quarters of each year. This was consistent with the fourth quarter 2012 results versus the third quarter 2012 results.

Quarterly Distribution

The Partnership announced a quarterly cash distribution of $0.35 per unit for the fourth quarter of 2012. The distribution will be paid on February 14, 2013 to all unitholders of record at the close of business on February 4, 2013.


The Partnership reiterates its previously announced 2013 forecast for adjusted EBITDA of approximately $80 - $83 million and distributable cash flow of approximately $61 - $64 million. The 2013 guidance does not include financial impacts of potential acquisitions.



Fourth quarter expansion capital expenditures totaled $5.7 million, of which $3.5 million related to new interconnects, with the remaining for the Low Pressure East Pipeline project and other system upgrades. The Partnership forecasts expansion capital expenditures of $38 million for 2013. Approximately $25 million will be to complete the Low Pressure East Pipeline project, which will upgrade nearly 26 miles of existing pipeline in Greene, Washington and Allegheny counties of Pennsylvania. The project will add 150 MMcf per day of transmission capacity. The remaining expansion capital expenditures will fund new interconnects and dehydration upgrades, adding 300 MMcf per day of transmission capacity.

Ongoing Maintenance

Ongoing maintenance capital expenditures are cash expenditures made to maintain, over the long term, the Partnership’s operating capacity or operating income. Ongoing maintenance capital expenditures are all maintenance capital expenditures, other than funded regulatory compliance capital expenditures and reimbursable maintenance capital expenditures. Fourth quarter 2012 included $4.4 million of ongoing maintenance capital expenditures. The Partnership forecasts ongoing maintenance capital expenditures of $17.2 million for 2013. Maintenance-related capital expenditures are expected to vary quarter-to-quarter, primarily based on more activity when weather is favorable.

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