EQT Midstream Partners, LP Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Year 2018, 2019 and 2020
April 26, 2018 at 06:32 am EDT
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EQT Midstream Partners, LP reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported operating revenues of $232,842,000 against $200,072,000 a year ago. Operating income was $178,342,000 against $145,308,000 a year ago. Net income was $177,218,000 against $143,196,000 a year ago. Limited partner interest in net income was $129,937,000 against $109,991,000 a year ago. Net income per limited partner basic and diluted unit was $1.61 against $1.36 a year ago. Total capital expenditures were $87,862,000 against $70,227,000 a year ago. Adjusted EBITDA was $204.4 million, net cash provided by operating activities was $182.4 million, and distributable cash flow was $187.2 million. The increase in revenue was primarily due to higher contracted firm transmission and gathering capacity and increased seasonal storage related services. During the quarter, 89% of operating revenue was generated by firm reservation fees.
For the year 2018, the company expects net income in the range of $0.70 billion to $0.80 billion, adjusted EBITDA in the range of $0.90 billion to $1.00 billion and distributable cash flow in the range of $0.75 billion to $0.85 billion.
For the year 2019, the company expects net income in the range of $0.95 billion to $1.05 billion, adjusted EBITDA in the range of $1.40billion to $1.50 billion and distributable cash flow in the range of $1.15 billion to $1.25 billion.
For the year 2020, the company expects net income in the range of $1.00 billion to $1.10 billion, adjusted EBITDA in the range of $1.55 billion to $1.65 billion and distributable cash flow in the range of $1.25 billion to $1.35 billion.
EQT Midstream Partners LP is a United States-based company, which operates as a growth-oriented limited partnership that operates, acquires, and develops midstream assets in the Appalachian Basin. The Company is the natural gas gatherer in the United States and holds the transmission footprint in the Appalachian Basin. The Company provides midstream services to its customers in Pennsylvania, West Virginia, and Ohio through its three primary assets: the gathering system, which delivers natural gas from wells and other receipt points to transmission pipelines; the transmission and storage system, which delivers natural gas to local demand users and long-haul interstate pipelines for access to demand markets; and the water service system, which consists of water pipelines, impoundment facilities, pumping stations, take point facilities, and measurement facilities that support well completion activities and collect flowback and produced water for recycling or disposal.
EQT Midstream Partners, LP Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Year 2018, 2019 and 2020