EQT Midstream Partners Q4 Profit Down, But EQT GP Holdings' Profit Rises

(RTTNews) - EQT Midstream Partners, LP (EQM) reported that its fourth-quarter Limited partners' interest in net income declined to $102.73 million or $1.28 per share from $105.71 million or $1.31 per share in the previous year.

EQM fourth quarter 2017 operating income was 18% higher compared to 2016, after excluding a $10.5 million non-cash charge to depreciation and amortization expense in the fourth quarter. The non-cash charge related to a revaluation of differences between regulatory and tax bases in property, plant, and equipment. Operating revenue increased $29.5 million, or 15%, compared to the same quarter last year. The increase was primarily due to higher contracted firm transmission and gathering capacity.

EQM's Operating revenues grew to $224.51 million from $195.01 million last year.

For the fourth quarter of 2017, EQM paid a quarterly cash distribution of $1.025 per unit on February 14, 2018 to EQM unitholders of record at the close of business on February 2, 2018. The quarterly cash distribution was 5% higher than the third quarter of 2017 and was 21% higher than the fourth quarter of 2016.

EQM is targeting annual per unit distribution growth of 15% - 20% for several years.

Meanwhile, EQT GP Holdings LP (EQGP) reported that its fourth-quarter net income attributable to the company rose to $70.34 million or $0.26 per unit from $57.59 million or $0.22 per unit in the previous year.

EQGP's Operating revenues rose to $224.51 million from $195.01 million last year. For the fourth quarter of 2017, EQGP will pay a quarterly cash distribution of $0.244 per unit, which will be paid on February 23, 2018 to EQGP unitholders of record at the close of business on February 2, 2018. The quarterly cash distribution is 7% higher than the third quarter of 2017 and is 38% higher than the fourth quarter 2016 distribution. For the quarter, EQGP expects to receive $65.7 million of cash distributions from EQM and distribute $64.9 million.

EQGP is targeting annual per unit distribution growth of 30% - 40% for several years.