This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

EQT Midstream Partners Reports Third Quarter 2013 Results

EQT Midstream Partners, LP (NYSE: EQM), an EQT Corporation (EQT) company, today announced third quarter 2013 financial and operating results. Net income for the quarter totaled $27.7 million and adjusted EBITDA was $33.1 million. Distributable cash flow was $29.2 million for the quarter. Operating income was $27.6 million, or 67% higher than the same quarter last year. The non-GAAP financial measures are reconciled in the Non-GAAP Disclosures section below.

EQT Midstream Partners, LP (Partnership) acquired the Sunrise Pipeline (Sunrise) from EQT on July 22, 2013. The Partnership’s third quarter results include Sunrise and prior period financials have been recast to account for the Sunrise acquisition.

For the third quarter, operating revenues increased $11.4 million, or 33%, compared to the same quarter last year. The increase was primarily due to increased contracted transmission capacity associated with Sunrise and the Blacksville compressor station and higher system throughput related to growth in Marcellus Shale development. Operating expenses increased $0.3 million versus the third quarter of 2012.

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.

Quarterly Distribution

The Partnership announced a quarterly cash distribution of $0.43 per unit for the third quarter of 2013. The distribution will be paid on November 14, 2013 to all unitholders of record at the close of business on November 4, 2013. The quarterly cash distribution is $0.03 per unit or 8% higher than the second quarter 2013 and $0.08 per unit or 23% higher than the third quarter 2012.

Guidance

The Partnership expects 2013 full-year adjusted EBITDA and distributable cash flows to be near the high-end of the previously provided guidance, or $118 million and $100 million, respectively.

CAPITAL EXPENDITURES

Expansion

Third quarter expansion capital expenditures totaled $20.7 million, of which $12.6 million related to the Low Pressure East Pipeline project, $5.3 million related to the Jefferson compressor expansion project, and the remainder related to new interconnects and dehydration upgrades.

1 of 6

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs