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EQT Midstream Partners Reports Fourth Quarter 2012 Results

Information in this press release regarding EQT Corporation and its subsidiaries, other than the Partnership, is derived from publicly available information published by EQT.

This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not the Partnership, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
EQT Midstream Partners, LP

Statements of Operations (unaudited)
 

Three Months Ended December 31,
(in thousands, except per unit amounts) 2012   2011
REVENUES:
Operating revenues – affiliate $ 32,095 $ 23,909
Operating revenues – third party 9,695 6,479
Total operating revenues 41,790 30,388
 
OPERATING EXPENSES:
Operating and maintenance 8,110 6,734
Selling, general and administrative 2,481 3,934
Depreciation and amortization 7,196 2,935
Total operating expenses 17,787 13,603
Operating income 24,003 16,785
Other income, net 458 1,670
Interest expense, net (4,301) (700)
Income before income taxes 20,160 17,755
Income tax expense (7,122)
Net income $ 20,160 $ 10,633
 

Net income per limited partner unit - basic

$

0.57

N/A

Net income per limited partner unit - diluted

$

0.57

N/A
 

Weighted average limited partner units outstanding – basic

34,679

N/A

Weighted average limited partner units outstanding – diluted

34,743

N/A
 

Operating Results
 

Three Months Ended December 31,
2012 2011
OPERATING DATA (in BBtu per day):
Transmission pipeline throughput 794 462

CAPITAL EXPENDITURES (in thousands):
Expansion capital expenditures, excluding Sunrise project $ 5,741 $ 9,069
Sunrise project capital expenditures 44,890
Maintenance capital expenditures:
Ongoing maintenance 4,416 5,575
Funded regulatory compliance 3,761 10
Reimbursable maintenance 5,765 2,853
Total maintenance capital expenditures 13,942 8,438
Total capital expenditures $ 19,683 $ 62,397

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