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12.12.2016 12:51:46

EQT Midstream Partners Forecasts FY17 Net Income, Capex - Quick Facts

(RTTNews) - EQT Midstream Partners, LP (EQM) announced its 2017 financial and capital expenditure or capex forecast.

The company forecast fiscal 2017 net income in a range of $555 million to $595 million, adjusted EBITDA of $670 million to $710 million, and distributable cash flow of $590 million to $630 million.

The company expects at least 80 percent of its 2017 revenue to be generated from firm reservation fees under long-term contracts.

EQT also announced a modification to its midstream agreement with Williams Ohio Valley Midstream, LLC related to the dedicated portion of the approximately 62,500 Marcellus acres the company acquired from Statoil USA Onshore Properties, Inc. earlier this year.

Under the new agreement, EQT has committed firm volumes of 50 MMcfe per day initially and growing to 200 MMcfe per day by the fourth year. In addition to the existing right to provide wellhead gathering services, EQM can now provide high pressure pipeline services on the volume in excess of the commitment.

EQM said it is currently coordinating with EQT Production to design a midstream system to support the Marcellus well development plans on this acreage. The investment opportunity for EQM is estimated to be $600 million for full buildout of wellhead gathering and high pressure pipeline services.

EQM also projects 20 percent growth in the annual per unit distribution in 2017, which will result in EQT GP Holdings, LP (EQGP) per unit distribution growth of approximately 40 percent.

Beginning in 2018, EQM is targeting annual per unit distribution growth of 15 percent to 20 percent for several years. For EQGP, the corresponding annual per unit distribution growth target is 30 percent to 40 percent.

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