EQT Midstream Partners Q3 Increases

(RTTNews) - EQT Midstream Partners LP (EQM) reported third quarter net income of $94.116 million, up from $67.701 million a year ago. Earnings per limited partner unit increased to $1.12 from $0.85 a year ago.

Revenue for the quarter increased to $148.79 million from $120.92 million in the previous year.

EQT GP Holdings, LP (EQGP) reported third quarter net income of $38.1 million, up from $25.134 million last year. Revenue for the quarter increased to $148.79 million from $120.92 million a year ago.

EQM forecasts full-year 2015 adjusted EBITDA of $440 - $445 million and full-year distributable cash flow of $395 - $400 million. EQM targets annual distribution growth of 20% through 2017.

EQM will pay a quarterly cash distribution of $0.675 per unit to unitholders on record November 2, payable November 13, 2015. EQGP said it will pay a quarterly cash distribution of $0.104 per unit to unit holders on record November 2, payable on November 23.

EQT Corp. (EQT) recorded a fall in third quarter earnings compared to the prior year on low commodity prices, despited improved production volume. Natural gas price was 42 percent down from the previous year and operating expenses were higher than the prior year.

Looking ahead, the company continue to expect midstream earnings before interest, taxes, depreciation, and amortization or EBITDA in a range of $555 to $575 million. Further, it expects an average differential to the NYMEX natural gas price of negative $0.30 to $0.40 per Mcf for the full year and fourth quarter 2015.

Net for the third quarter recorded a sharp plunge to $40.787 million from $98.555 million a year ago. Earnings per share declined to $0.27 from $0.65 in the previous year. On an adjusted basis, net loss for the quarter was $50.21 million or 0.33 per share compared to a profit of $76.80 million or $0.50 per share a year ago. On average, 20 analysts polled by Thomson Reuters expected the company to record a loss of $0.18 per share. Analysts estimates usually exclude special items.

Total revenue for the quarter slipped to $577.015 million from $578.72 million a year ago. Wall Street was looking for $482 million.