EQT Midstream Partners, LP (NYSE: EQM) today announced full-year and fourth quarter 2016 results. For the year, EQM net income totaled $538.0 million, adjusted EBITDA was $572.6 million, net cash provided by operating activities was $537.9 million, and distributable cash flow was $523.3 million. EQM operating income in 2016 was $526.9 million, 17% higher than last year. For the fourth quarter, EQM net income totaled $135.7 million, adjusted EBITDA was $156.9 million, net cash provided by operating activities was $157.9 million, and distributable cash flow was $135.2 million. EQM operating income in the fourth quarter 2016 was $134.6 million, 8% higher than the same quarter last year. The Non-GAAP Disclosures section of this news release provides reconciliations of non-GAAP financial measures to their most comparable GAAP financial measure as well as important disclosures regarding projected adjusted EBITDA and projected distributable cash flow.

EQT GP Holdings, LP (NYSE: EQGP) today announced net income attributable to EQGP of $234.2 million for 2016 and $57.6 million for the fourth quarter 2016.

2016 EQM Highlights:
  • Achieved 21% year-over-year per unit distribution growth
  • Maintained a 1.5x coverage ratio for the year
  • Generated 84% of revenue from firm reservation fees
  • Placed the Ohio Valley Connector (OVC) pipeline into service
  • Acquired the Allegheny Valley Connector and several Marcellus gathering systems from EQT
  • Completed phase one of the header pipeline for Range Resources

Effective October 1, 2016, EQM acquired the Allegheny Valley Connector (AVC) and several Marcellus gathering systems from EQT Corporation (EQT) (October 2016 Acquisition). As a result of the October 2016 Acquisition, prior period financial statements have been retrospectively recast for all periods presented to reflect the acquisition.

EQM fourth quarter operating revenue increased $24.3 million, 14% higher compared to the same quarter last year. The increase was primarily due to increased firm transmission capacity and higher contracted firm gathering capacity. In the fourth quarter, 91% of the operating revenue was generated by firm reservation fees. Operating expenses were up $14.6 million versus the fourth quarter of 2015, primarily from higher depreciation and amortization from assets placed in service during 2016, timing of activities and increases consistent with the growth of the business.

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