This Day On The Street
Continue to site
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 Second Quarter 2013 Results

EQT Midstream Partners, LP (NYSE: EQM), an EQT Corporation company, today announced second quarter 2013 financial and operating results. Net income for the quarter totaled $17.9 million and adjusted EBITDA was $23.4 million. Distributable cash flow was $21.1 million for the quarter. Adjusted operating income was $3.9 million, or 24% higher than the same quarter last year. The non-GAAP financial measures are reconciled in the Non-GAAP Disclosures section below.

Additional Highlights:
  • Acquired Sunrise Pipeline from EQT Corporation (EQT)
  • Announced an increase in quarterly cash distribution to $0.40 per unit, $0.03 or 8% higher than the first quarter
  • Increasing adjusted EBITDA guidance for 2013 to between $113 - $118 million
  • Increasing distributable cash flow guidance for 2013 to between $95 - $100 million
  • Completed new interconnect adding 300 BBtu per day of transmission capacity

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 had a capital lease with EQT for the lease of the Sunrise Pipeline (Sunrise), and operated the pipeline as part of its transmission and storage system. Revenues and expenses associated with Sunrise have been included in the Partnership’s financial statements since Sunrise was turned in line in July 2012. Prior to the Sunrise acquisition, monthly lease payments to EQT offset the impact on the Partnership’s distributable cash flow; therefore, second quarter 2013 results are discussed on an adjusted basis, excluding Sunrise. The revenues and expenses associated with Sunrise are found in the reconciliation table in the Non-GAAP Disclosures section below. The lease payment, which totaled $8.3 million in the second quarter, did not have a net positive or negative impact on distributable cash flow. The lease was terminated on July 22, 2013 in connection with the Sunrise acquisition.

1 of 7

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs