(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
or | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
FOR THE TRANSITION PERIOD FROM TO | ||||||||
COMMISSION FILE NUMBER |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(Registrant's telephone number, including area code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated Filer | ☐ | Emerging Growth Company | |||||||||||||||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company |
Page No. | |||||||||||
Abbreviations | Measurements | ||||
ASC – Accounting Standards Codification | Btu = one British thermal unit | ||||
ASU – Accounting Standards Update | BBtu = billion British thermal units | ||||
EPA – U.S. Environmental Protection Agency | Bcf = billion cubic feet | ||||
FASB – Financial Accounting Standards Board | Mcf = thousand cubic feet | ||||
FERC – U.S. Federal Energy Regulatory Commission | MMcf = million cubic feet | ||||
GAAP – United States Generally Accepted Accounting Principles | MMgal = million gallons | ||||
IRS – United States Internal Revenue Service | |||||
NGA – Natural Gas Act of 1938 | |||||
NYMEX – New York Mercantile Exchange | |||||
NYSE – New York Stock Exchange | |||||
SEC – U.S. Securities and Exchange Commission |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Thousands, except per share amounts) | |||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Operating and maintenance | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Depreciation | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Impairment of long-lived assets | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Equity income (a) | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | ( | ||||||||||||||||||||
Net interest expense | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Net income attributable to Equitrans Midstream | |||||||||||||||||||||||
Preferred dividends | |||||||||||||||||||||||
Net income attributable to Equitrans Midstream common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share of common stock attributable to Equitrans Midstream common shareholders - basic | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share of common stock attributable to Equitrans Midstream common shareholders - diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding - basic | |||||||||||||||||||||||
Weighted average common shares outstanding - diluted | |||||||||||||||||||||||
Statement of comprehensive income: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense of $ | |||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | |||||||||||||||||||||||
Less: Comprehensive income attributable to preferred dividends | |||||||||||||||||||||||
Comprehensive income attributable to Equitrans Midstream common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Dividends declared per common share | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(Thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization of intangible assets | |||||||||||
Deferred income taxes | |||||||||||
Impairment of long-lived assets | |||||||||||
Equity income (a) | ( | ( | |||||||||
Other income | ( | ( | |||||||||
Loss on extinguishment of debt | |||||||||||
Non-cash long-term compensation expense | |||||||||||
Changes in other assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Accounts payable | ( | ( | |||||||||
Accrued interest | ( | ||||||||||
Deferred revenue | |||||||||||
Other assets and other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Capital contributions to the MVP Joint Venture | ( | ( | |||||||||
Principal payments received on the Preferred Interest | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from revolving credit facility borrowings | |||||||||||
Payments on revolving credit facility borrowings | ( | ( | |||||||||
Proceeds from the issuance of long-term debt | |||||||||||
Debt discounts, debt issuance costs and credit facility arrangement fees | ( | ( | |||||||||
Payment for retirement of long-term debt | ( | ( | |||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | ( | ( | |||||||||
Dividends paid to common shareholders | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net change in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Cash paid during the period for: | |||||||||||
Interest, net of amount capitalized | $ | $ | |||||||||
Income taxes | $ | $ | |||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(Thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable (net of allowance for credit losses of $ | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Net property, plant and equipment | |||||||||||
Investment in unconsolidated entity (a) | |||||||||||
Goodwill | |||||||||||
Net intangible assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Capital contributions payable to the MVP Joint Venture | |||||||||||
Accrued interest | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term liabilities: | |||||||||||
Revolving credit facility borrowings | |||||||||||
Long-term debt | |||||||||||
Contract liability | |||||||||||
Regulatory and other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Mezzanine equity: | |||||||||||
Equitrans Midstream Preferred Shares, | |||||||||||
Shareholders' equity: | |||||||||||
Common stock, no par value, | |||||||||||
Retained deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total common shareholders' equity | |||||||||||
Noncontrolling interests | |||||||||||
Total shareholders' equity | |||||||||||
Total liabilities, mezzanine equity and shareholders' equity | $ | $ |
Mezzanine | |||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||
Accumulated | Equitrans | ||||||||||||||||||||||||||||||||||||||||
Common Stock | Other | Midstream | |||||||||||||||||||||||||||||||||||||||
Shares | No | Retained | Comprehensive | Noncontrolling | Total | Preferred | |||||||||||||||||||||||||||||||||||
Outstanding | Par Value | Deficit | Loss | Interests | Equity | Shares | |||||||||||||||||||||||||||||||||||
(Thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Other comprehensive income (net of tax): | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense of $ | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends on common shares ($ | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Share-based compensation plans, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distributions paid to noncontrolling interests | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares ($ | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Other comprehensive income (net of tax): | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense of $ | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends on common shares ($ | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Share-based compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares ($ | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Mezzanine | |||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||
Accumulated | Equitrans | ||||||||||||||||||||||||||||||||||||||||
Common Stock | Other | Midstream | |||||||||||||||||||||||||||||||||||||||
Shares | No | Retained | Comprehensive | Noncontrolling | Total | Preferred | |||||||||||||||||||||||||||||||||||
Outstanding | Par Value | Deficit | Loss | Interests | Equity | Shares | |||||||||||||||||||||||||||||||||||
(Thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Other comprehensive income (net of tax): | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense of $ | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends on common shares ($ | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Share-based compensation plans, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares ($ | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Other comprehensive income (net of tax): | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense of $ | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends on common shares ($ | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Share-based compensation plans, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares ($ | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||
Revenues from customers: | |||||||||||||||||||||||
Gathering | $ | $ | $ | $ | |||||||||||||||||||
Transmission | |||||||||||||||||||||||
Water | |||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
Gathering | $ | $ | $ | $ | |||||||||||||||||||
Transmission | |||||||||||||||||||||||
Water (a) | ( | ( | |||||||||||||||||||||
Headquarters (b) | ( | ( | ( | ( | |||||||||||||||||||
Total operating income | $ | $ | $ | $ | |||||||||||||||||||
Reconciliation of operating income to net income: | |||||||||||||||||||||||
Equity income (c) | $ | $ | $ | $ | |||||||||||||||||||
Other income, net (d) | |||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | ( | ||||||||||||||||||||
Net interest expense | ( | ( | ( | ( | |||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
(Thousands) | |||||||||||
Segment assets: | |||||||||||
Gathering | $ | $ | |||||||||
Transmission (a) | |||||||||||
Water | |||||||||||
Total operating segments | |||||||||||
Headquarters, including cash | |||||||||||
Total assets | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||
Depreciation: | |||||||||||||||||||||||
Gathering | $ | $ | $ | $ | |||||||||||||||||||
Transmission | |||||||||||||||||||||||
Water | |||||||||||||||||||||||
Headquarters | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
Gathering (a) | $ | $ | $ | $ | |||||||||||||||||||
Transmission (b) | |||||||||||||||||||||||
Water | |||||||||||||||||||||||
Headquarters | |||||||||||||||||||||||
Total (c) | $ | $ | $ | $ |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Gathering | Transmission | Water | Total | |||||||||||||||||||||||
(Thousands) | ||||||||||||||||||||||||||
Firm reservation fee revenues (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Volumetric-based fee revenues | ||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Gathering | Transmission | Water | Total | |||||||||||||||||||||||
(Thousands) | ||||||||||||||||||||||||||
Firm reservation fee revenues (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Volumetric-based fee revenues (b) | ||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Gathering | Transmission | Water | Total | |||||||||||||||||||||||
(Thousands) | ||||||||||||||||||||||||||
Firm reservation fee revenues (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Volumetric-based fee revenues | ||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Gathering | Transmission | Water | Total | |||||||||||||||||||||||
(Thousands) | ||||||||||||||||||||||||||
Firm reservation fee revenues (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Volumetric-based fee revenues (b) | ||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ |
Unbilled Revenue | |||||||||||
2022 | 2021 | ||||||||||
(Thousands) | |||||||||||
Balance as of beginning of period | $ | $ | |||||||||
Revenue recognized in excess of amounts invoiced (a) | |||||||||||
Minimum volume commitments invoiced (b) | ( | ( | |||||||||
Amortization (c) | ( | ||||||||||
Balance as of end of period | $ | $ | |||||||||
Contract Liability | |||||||||||
2022 | 2021 | ||||||||||
(Thousands) | |||||||||||
Balance as of beginning of period | $ | $ | |||||||||
Amounts recorded during the period (a) | |||||||||||
Amounts transferred during the period (b) | ( | ||||||||||
Balance as of end of period | $ | $ | |||||||||
2022(a) | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
(Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Gathering firm reservation fees | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Gathering revenues supported by MVCs | ||||||||||||||||||||||||||||||||||||||||||||
Transmission firm reservation fees | ||||||||||||||||||||||||||||||||||||||||||||
Water revenues supported by ARCs | ||||||||||||||||||||||||||||||||||||||||||||
Total (b) | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2021 | 2021 | |||||||||||||
(Thousands) | ||||||||||||||
Operating revenues | $ | $ | ||||||||||||
Interest income from the Preferred Interest | ||||||||||||||
Principal Payments received on the Preferred Interest |
December 31, 2021 | ||||||||
(Thousands) | ||||||||
Accounts receivable | $ | |||||||
Contract asset | ||||||||
Preferred Interest | ||||||||
Contract liability |
June 30, 2022 | December 31, 2021 | ||||||||||
(Thousands) | |||||||||||
Current assets | $ | $ | |||||||||
Non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
Current liabilities | $ | $ | |||||||||
Equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||
Operating income (expenses) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Other income | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
AFUDC - equity | |||||||||||||||||||||||
Net income | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||
(Thousands, except per day amounts) | |||||||||||||||||||||||||||||||||||
FINANCIAL DATA | |||||||||||||||||||||||||||||||||||
Firm reservation fee revenues (a) | $ | 138,605 | $ | 149,360 | (7.2) | $ | 271,202 | $ | 297,552 | (8.9) | |||||||||||||||||||||||||
Volumetric-based fee revenues (b) | 86,709 | 90,592 | (4.3) | 173,902 | 192,476 | (9.7) | |||||||||||||||||||||||||||||
Total operating revenues | 225,314 | 239,952 | (6.1) | 445,104 | 490,028 | (9.2) | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Operating and maintenance | 21,703 | 24,274 | (10.6) | 43,878 | 46,940 | (6.5) | |||||||||||||||||||||||||||||
Selling, general and administrative | 19,269 | 25,689 | (25.0) | 36,803 | 50,493 | (27.1) | |||||||||||||||||||||||||||||
Depreciation | 48,573 | 46,911 | 3.5 | 96,828 | 93,458 | 3.6 | |||||||||||||||||||||||||||||
Amortization of intangible assets | 16,205 | 16,205 | — | 32,410 | 32,410 | — | |||||||||||||||||||||||||||||
Total operating expenses | 105,750 | 113,079 | (6.5) | 209,919 | 223,301 | (6.0) | |||||||||||||||||||||||||||||
Operating income | $ | 119,564 | $ | 126,873 | (5.8) | $ | 235,185 | $ | 266,727 | (11.8) | |||||||||||||||||||||||||
Other income, net (c) | $ | 13,726 | $ | 9,434 | 45.5 | $ | 20,168 | $ | 16,569 | 21.7 | |||||||||||||||||||||||||
OPERATIONAL DATA | |||||||||||||||||||||||||||||||||||
Gathered volumes (BBtu per day) | |||||||||||||||||||||||||||||||||||
Firm capacity (d) | 5,218 | 5,279 | (1.2) | 5,237 | 5,262 | (0.5) | |||||||||||||||||||||||||||||
Volumetric-based services | 2,654 | 3,106 | (14.6) | 2,696 | 3,225 | (16.4) | |||||||||||||||||||||||||||||
Total gathered volumes | 7,872 | 8,385 | (6.1) | 7,933 | 8,487 | (6.5) | |||||||||||||||||||||||||||||
Capital expenditures (e) | $ | 69,189 | $ | 59,680 | 15.9 | $ | 122,336 | $ | 107,793 | 13.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||
(Thousands, except per day amounts) | |||||||||||||||||||||||||||||||||||
FINANCIAL DATA | |||||||||||||||||||||||||||||||||||
Firm reservation fee revenues | $ | 84,675 | $ | 83,797 | 1.0 | $ | 187,545 | $ | 185,186 | 1.3 | |||||||||||||||||||||||||
Volumetric-based fee revenues | 6,403 | 9,101 | (29.6) | 14,328 | 19,131 | (25.1) | |||||||||||||||||||||||||||||
Total operating revenues | 91,078 | 92,898 | (2.0) | 201,873 | 204,317 | (1.2) | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Operating and maintenance | 7,897 | 8,478 | (6.9) | 11,830 | 15,760 | (24.9) | |||||||||||||||||||||||||||||
Selling, general and administrative | 8,436 | 8,632 | (2.3) | 16,842 | 17,481 | (3.7) | |||||||||||||||||||||||||||||
Depreciation | 13,904 | 13,826 | 0.6 | 27,798 | 27,626 | 0.6 | |||||||||||||||||||||||||||||
Total operating expenses | 30,237 | 30,936 | (2.3) | 56,470 | 60,867 | (7.2) | |||||||||||||||||||||||||||||
Operating income | $ | 60,841 | $ | 61,962 | (1.8) | $ | 145,403 | $ | 143,450 | 1.4 | |||||||||||||||||||||||||
Equity income | $ | 39 | $ | 5,921 | (99.3) | $ | 43 | $ | 5,924 | (99.3) | |||||||||||||||||||||||||
OPERATIONAL DATA | |||||||||||||||||||||||||||||||||||
Transmission pipeline throughput (BBtu per day) | |||||||||||||||||||||||||||||||||||
Firm capacity reservation | 3,037 | 2,906 | 4.5 | 3,708 | 2,921 | 26.9 | |||||||||||||||||||||||||||||
Volumetric-based services | 17 | 12 | 41.7 | 35 | 11 | 218.2 | |||||||||||||||||||||||||||||
Total transmission pipeline throughput | 3,054 | 2,918 | 4.7 | 3,743 | 2,932 | 27.7 | |||||||||||||||||||||||||||||
Average contracted firm transmission reservation commitments (BBtu per day) | 3,793 | 3,780 | 0.3 | 4,140 | 4,102 | 0.9 | |||||||||||||||||||||||||||||
Capital expenditures (a) | $ | 6,339 | $ | 7,790 | (18.6) | $ | 10,565 | $ | 11,295 | (6.5) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||
(Thousands, except MMgal amounts) | |||||||||||||||||||||||||||||||||||
FINANCIAL DATA | |||||||||||||||||||||||||||||||||||
Firm reservation fee revenues (a) | $ | 9,375 | $ | 929 | 909.1 | $ | 15,127 | $ | 2,773 | 445.5 | |||||||||||||||||||||||||
Volumetric-based fee revenues | 2,844 | 14,516 | (80.4) | 8,653 | 31,173 | (72.2) | |||||||||||||||||||||||||||||
Total operating revenues | 12,219 | 15,445 | (20.9) | 23,780 | 33,946 | (29.9) | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Operating and maintenance | 2,820 | 5,393 | (47.7) | 9,529 | 9,528 | — | |||||||||||||||||||||||||||||
Selling, general and administrative | 1,475 | 1,313 | 12.3 | 3,666 | 3,027 | 21.1 | |||||||||||||||||||||||||||||
Depreciation | 4,804 | 8,201 | (41.4) | 9,321 | 16,376 | (43.1) | |||||||||||||||||||||||||||||
Impairment of long-lived assets | — | 56,178 | (100.0) | — | 56,178 | (100.0) | |||||||||||||||||||||||||||||
Total operating expenses | 9,099 | 71,085 | (87.2) | 22,516 | 85,109 | (73.5) | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 3,120 | $ | (55,640) | 105.6 | $ | 1,264 | $ | (51,163) | 102.5 | |||||||||||||||||||||||||
OPERATIONAL DATA | |||||||||||||||||||||||||||||||||||
Water services volumes (MMgal) | |||||||||||||||||||||||||||||||||||
Firm capacity reservation (b) | 106 | 18 | 488.9 | 216 | 54 | 300.0 | |||||||||||||||||||||||||||||
Volumetric-based services | 54 | 296 | (81.8) | 262 | 676 | (61.2) | |||||||||||||||||||||||||||||
Total water volumes | 160 | 314 | (49.0) | 478 | 730 | (34.5) | |||||||||||||||||||||||||||||
Capital expenditures | $ | 22,526 | $ | 4,820 | 367.3 | $ | 32,091 | $ | 9,627 | 233.3 |
EQM | |||||||||||
Senior Notes | |||||||||||
Rating Service | Rating | Outlook | |||||||||
Moody's | Ba3 | Negative | |||||||||
S&P | BB- | Negative | |||||||||
Fitch | BB | Negative |
Period | Total number of shares purchased (a) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs | ||||||||||||||||||||||
April 2022 (April 1 - April 30) | — | $ | — | — | $ | — | ||||||||||||||||||||
May 2022 (May 1 - May 31) | — | — | — | — | ||||||||||||||||||||||
June 2022 (June 1 - June 30) | — | — | — | — | ||||||||||||||||||||||
Total | — | $ | — | — | $ | — |
Exhibit No. | Document Description | Method of Filing | ||||||||||||
Fourth Amended and Restated Bylaws of Equitrans Midstream Corporation. | Incorporated herein by reference to Exhibit 3.1 to Form 8-K (#001-38629) filed on April 27, 2022. | |||||||||||||
Indenture, dated as of June 7, 2022, by and between EQM Midstream Partners, LP and U.S. Bank Trust Company, National Association, as trustee. | Incorporated herein by reference to Exhibit 4.1 to Form 8-K (#001-38629) filed on June 7, 2022. | |||||||||||||
Third Amendment to Third Amended and Restated Credit Agreement, dated as of April 22, 2022, by and among EQM Midstream Partners, LP, the lender parties thereto and Wells Fargo Bank, National Association, as administrative agent. | Incorporated herein by reference to Exhibit 10.1 to Form 8-K (#001-38629) filed on April 25, 2022. | |||||||||||||
Equitrans Midstream Corporation Employee Stock Purchase Plan | Incorporated herein by reference to Exhibit 10.1 to Form 8-K (#001-38629) filed on April 27, 2022. | |||||||||||||
Purchase Agreement, dated May 31, 2022, by and among EQM Midstream Partners, LP, Equitrans Midstream Corporation (for certain limited purposes) and BofA Securities Inc., as representative of the several initial purchasers named on Schedule 1 thereto. | Incorporated herein by reference to Exhibit 10.1 to Form 8-K (#001-38629) filed on June 2, 2022. | |||||||||||||
Letter Agreement, dated as of April 27, 2022, by and among EQM Gathering Opco, LLC, EQT Corporation, EQT Production Company, Rice Drilling B LLC, and EQT Energy, LLC. | Filed herewith as Exhibit 10.04. | |||||||||||||
Letter Agreement, dated as of June 10, 2022, by and among EQM Gathering Opco, LLC, EQT Corporation, EQT Production Company, Rice Drilling B LLC, and EQT Energy, LLC. | Filed herewith as Exhibit 10.05. | |||||||||||||
Rule 13(a)-14(a) Certification of Principal Executive Officer. | Filed herewith as Exhibit 31.1. | |||||||||||||
Rule 13(a)-14(a) Certification of Principal Financial Officer. | Filed herewith as Exhibit 31.2. | |||||||||||||
Section 1350 Certification of Principal Executive Officer and Principal Financial Officer. | Furnished herewith as Exhibit 32. | |||||||||||||
101 | Inline Interactive Data File. | Filed herewith as Exhibit 101. | ||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Filed herewith as Exhibit 104. |
Equitrans Midstream Corporation | ||||||||
(Registrant) | ||||||||
By: | /s/ Kirk R. Oliver | |||||||
Kirk R. Oliver | ||||||||
Senior Vice President and Chief Financial Officer |
/s/ Thomas F. Karam | |||||
Thomas F. Karam | |||||
Chief Executive Officer |
/s/ Kirk R. Oliver | |||||
Kirk R. Oliver | |||||
Senior Vice President and Chief Financial Officer |
/s/ Thomas F. Karam | August 2, 2022 | ||||||||||
Thomas F. Karam Chief Executive Officer | |||||||||||
/s/ Kirk R. Oliver | August 2, 2022 | ||||||||||
Kirk R. Oliver Senior Vice President and Chief Financial Officer |
Statements of Consolidated Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Statement [Abstract] | |||||
Pension and other post-retirement benefits liability adjustments, tax expense | $ 12 | $ 12 | $ 12 | $ 24 | $ 24 |
Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||
Cash flows from operating activities: | |||||||||
Net income | $ 40,121 | $ 178,714 | $ 116,718 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation | 69,315 | 134,700 | 137,933 | ||||||
Amortization of intangible assets | 16,205 | 32,410 | 32,410 | ||||||
Deferred income taxes | 6,990 | 32,500 | |||||||
Impairment of long-lived assets | 56,178 | 0 | 56,178 | ||||||
Equity income (a) | [1] | (5,921) | (43) | [2] | (5,924) | [2] | |||
Other income | (20,272) | (16,750) | |||||||
Loss on extinguishment of debt | 0 | 24,937 | 41,025 | ||||||
Non-cash long-term compensation expense | 6,646 | 7,591 | |||||||
Changes in other assets and liabilities: | |||||||||
Accounts receivable | 38,760 | 50,857 | |||||||
Accounts payable | (339) | (6,873) | |||||||
Accrued interest | (15,256) | 28,292 | |||||||
Deferred revenue | 176,206 | 146,548 | |||||||
Other assets and other liabilities | (26,481) | (8,358) | |||||||
Net cash provided by operating activities | 536,972 | 612,147 | |||||||
Cash flows from investing activities: | |||||||||
Capital expenditures | (163,139) | (130,339) | |||||||
Capital contributions to the MVP Joint Venture | (111,752) | (84,655) | |||||||
Principal payments received on the Preferred Interest | 1,295 | 2,721 | 2,572 | ||||||
Net cash used in investing activities | (272,170) | (212,422) | |||||||
Cash flows from financing activities: | |||||||||
Proceeds from revolving credit facility borrowings | 140,000 | 392,500 | |||||||
Payments on revolving credit facility borrowings | (224,500) | (530,000) | |||||||
Proceeds from the issuance of long-term debt | 1,000,000 | 1,900,000 | |||||||
Debt discounts, debt issuance costs and credit facility arrangement fees | (19,911) | (29,860) | |||||||
Payment for retirement of long-term debt | (1,021,459) | (1,936,250) | |||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | (29,256) | (29,256) | |||||||
Dividends paid to common shareholders | (129,816) | (129,745) | |||||||
Distributions to noncontrolling interests | 0 | (2,500) | |||||||
Net cash used in financing activities | (284,942) | (365,111) | |||||||
Net change in cash and cash equivalents | (20,140) | 34,614 | |||||||
Cash and cash equivalents at beginning of period | 134,661 | 208,023 | |||||||
Cash and cash equivalents at end of period | $ 242,637 | 114,521 | 242,637 | ||||||
Cash paid during the period for: | |||||||||
Interest, net of amount capitalized | 198,463 | 157,959 | |||||||
Income taxes | $ 1,243 | $ 0 | |||||||
|
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents | $ 114,521 | $ 134,661 | ||
Accounts receivable (net of allowance for credit losses of $2,672 and $2,696 as of June 30, 2022 and December 31, 2021, respectively) | 227,585 | 252,301 | ||
Other current assets | 49,575 | 59,867 | ||
Total current assets | 391,681 | 446,829 | ||
Property, plant and equipment | 9,166,128 | 9,004,602 | ||
Less: accumulated depreciation | (1,343,686) | (1,217,099) | ||
Net property, plant and equipment | 7,822,442 | 7,787,503 | ||
Investment in unconsolidated entity (a) | [1] | 1,325,673 | 1,239,039 | |
Goodwill | 486,698 | 486,698 | ||
Net intangible assets | 619,362 | 651,771 | ||
Other assets | 316,074 | 308,924 | ||
Total assets | 10,961,930 | 10,920,764 | ||
Current liabilities: | ||||
Accounts payable | 61,286 | 59,627 | ||
Capital contributions payable to the MVP Joint Venture | 46,187 | 72,188 | ||
Accrued interest | 136,653 | 151,909 | ||
Accrued liabilities | 56,290 | 83,852 | ||
Total current liabilities | 300,416 | 367,576 | ||
Long-term liabilities: | ||||
Revolving credit facility borrowings | 420,500 | 505,000 | ||
Long-term debt | 6,428,449 | 6,434,945 | ||
Contract liability | 997,002 | 821,342 | ||
Regulatory and other long-term liabilities | 96,742 | 99,333 | ||
Total liabilities | 8,243,109 | 8,228,196 | ||
Mezzanine equity: | ||||
Equitrans Midstream Preferred Shares, 30,018 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 681,842 | 681,842 | ||
Shareholders' equity: | ||||
Common stock, no par value, 432,781 and 432,522 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 3,965,058 | 3,957,756 | ||
Retained deficit | (2,417,011) | (2,428,171) | ||
Accumulated other comprehensive loss | (1,986) | (2,054) | ||
Total common shareholders' equity | 1,546,061 | 1,527,531 | ||
Noncontrolling interests | 490,918 | 483,195 | ||
Total shareholders' equity | 2,036,979 | 2,010,726 | ||
Total liabilities, mezzanine equity and shareholders' equity | $ 10,961,930 | $ 10,920,764 | ||
|
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, for doubtful accounts | $ 2,672 | $ 2,696 |
Mezzanine equity, preferred shares outstanding (in shares) | 30,018 | 30,018 |
Mezzanine equity, preferred shares issued (in shares) | 30,018 | 30,018 |
Common stock, shares issued (in shares) | 432,781 | 432,522 |
Common stock, shares outstanding (in shares) | 432,781 | 432,522 |
Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock |
Retained Deficit |
Accumulated Other Comprehensive Loss |
Noncontrolling Interests |
---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2020 | 432,470 | ||||
Beginning balance at Dec. 31, 2020 | $ 3,681,272 | $ 3,941,295 | $ (728,959) | $ (2,229) | $ 471,165 |
Increase (Decrease) in Partners' Capital | |||||
Net income | 61,969 | 58,055 | 3,914 | ||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 34 | 34 | |||
Dividends on common shares | (64,984) | (64,984) | |||
Share-based compensation plans (in shares) | 28 | ||||
Share-based compensation plans, net | 4,662 | $ 4,662 | |||
Distributions paid to noncontrolling interest unitholders | (2,500) | (2,500) | |||
Ending balance (in shares) at Mar. 31, 2021 | 432,498 | ||||
Ending balance at Mar. 31, 2021 | 3,680,453 | $ 3,945,957 | (735,888) | (2,195) | 472,579 |
Mezzanine Equity, beginning balance at Dec. 31, 2020 | 681,842 | ||||
Mezzanine Equity | |||||
Mezzanine Equity, Net income (loss) | 14,628 | ||||
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share) | (14,628) | ||||
Mezzanine Equity, ending balance at Mar. 31, 2021 | 681,842 | ||||
Increase (Decrease) in Partners' Capital | |||||
Net income | 25,493 | 22,485 | 3,008 | ||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 35 | 35 | |||
Dividends on common shares | (64,750) | (64,750) | |||
Share-based compensation plans (in shares) | 7 | ||||
Share-based compensation plans, net | 3,635 | $ 3,635 | |||
Distributions paid to noncontrolling interest unitholders | 0 | 0 | |||
Ending balance (in shares) at Jun. 30, 2021 | 432,505 | ||||
Ending balance at Jun. 30, 2021 | 3,644,866 | $ 3,949,592 | (778,153) | (2,160) | 475,587 |
Mezzanine Equity | |||||
Mezzanine Equity, Net income (loss) | 14,628 | ||||
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share) | (14,628) | ||||
Mezzanine Equity, ending balance at Jun. 30, 2021 | $ 681,842 | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 432,522 | 432,522 | |||
Beginning balance at Dec. 31, 2021 | $ 2,010,726 | $ 3,957,756 | (2,428,171) | (2,054) | 483,195 |
Increase (Decrease) in Partners' Capital | |||||
Net income | 90,280 | 86,505 | 3,775 | ||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 34 | 34 | |||
Dividends on common shares | (65,584) | (65,584) | |||
Share-based compensation plans (in shares) | 155 | ||||
Share-based compensation plans, net | 2,832 | $ 2,832 | |||
Ending balance (in shares) at Mar. 31, 2022 | 432,677 | ||||
Ending balance at Mar. 31, 2022 | 2,038,288 | $ 3,960,588 | (2,407,250) | (2,020) | 486,970 |
Mezzanine Equity, beginning balance at Dec. 31, 2021 | 681,842 | ||||
Mezzanine Equity | |||||
Mezzanine Equity, Net income (loss) | 14,628 | ||||
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share) | (14,628) | ||||
Mezzanine Equity, ending balance at Mar. 31, 2022 | 681,842 | ||||
Increase (Decrease) in Partners' Capital | |||||
Net income | 59,178 | 55,230 | 3,948 | ||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 34 | 34 | |||
Dividends on common shares | (64,991) | (64,991) | |||
Share-based compensation plans (in shares) | 104 | ||||
Share-based compensation plans, net | $ 4,470 | $ 4,470 | |||
Ending balance (in shares) at Jun. 30, 2022 | 432,781 | 432,781 | |||
Ending balance at Jun. 30, 2022 | $ 2,036,979 | $ 3,965,058 | $ (2,417,011) | $ (1,986) | $ 490,918 |
Mezzanine Equity | |||||
Mezzanine Equity, Net income (loss) | 14,628 | ||||
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share) | (14,628) | ||||
Mezzanine Equity, ending balance at Jun. 30, 2022 | $ 681,842 |
Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
|
Pension and other post-retirement benefits liability adjustments, tax expense | $ 12 | $ 12 | $ 12 | |
Dividends (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 |
EQM Midstream Partners, LP | ||||
Cash distributions declared (in dollars per unit) | $ 0.4873 | $ 0.4873 | $ 0.4873 | $ 0.4873 |
Financial Statements |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statements | Financial Statements Nature of Business. The Company provides midstream services to its customers in Pennsylvania, West Virginia and Ohio through its three primary assets: the gathering system, which includes predominantly dry gas gathering systems of high-pressure gathering lines; the transmission system, which includes FERC-regulated interstate pipelines and storage systems; and the water network, which primarily consists of water pipelines and other facilities that support well completion activities and produced water handling activities. Basis of Presentation. References in these financial statements to Equitrans Midstream or the Company refer collectively to Equitrans Midstream Corporation and its consolidated subsidiaries for all periods presented, unless otherwise indicated. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements include all adjustments (consisting of only normal, recurring adjustments, unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of the Company as of June 30, 2022, the results of its operations and equity for the three and six months ended June 30, 2022 and 2021 and its cash flows for the six months ended June 30, 2022 and 2021. The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021, which includes all disclosures required by GAAP. Due to, among other things, the seasonal nature of the Company's utility customer contracts, as well as producers’ well completion activities and varying needs for fresh and produced water (which are primarily driven by horizontal lateral lengths and the number of completion stages per well), the interim statements for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the Company's annual consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained herein. Recently Issued Accounting Standards. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable to the calculation of each dividend following March 31, 2024 for the Equitrans Midstream Preferred Shares pursuant to the Company's Second Amended and Restated Articles of Incorporation, as well as any Company contracts that use the London Inter-Bank Offered Rate (LIBOR) as a reference rate. The ASU was effective immediately but is only available through December 31, 2022. In April 2022, the FASB proposed deferring the sunset date for applying reference rate reform relief in Topic 848 to December 31, 2024. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments were effective for fiscal years beginning after December 15, 2021. The Company adopted this standard on January 1, 2022 with no significant effect on the Company's financial statements or related disclosures.
|
Impairments of Long-Lived Assets |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Impairments of Long-Lived Assets | Impairment of Long-Lived Assets During the three months ended June 30, 2021, the Company performed a recoverability test of the Equitrans Water Services (OH) LLC (Ohio Water) long-lived assets due to decreased producer activity in Ohio within the Company's water services segment. As a result of the recoverability test, management determined that the carrying value of the Ohio Water long-lived assets (which consisted 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 in Ohio) was not recoverable under ASC 360, Impairment Testing: Long-Lived Assets Classified as Held and Used. The Company estimated the fair value of the Ohio Water asset group and determined that the fair value was less than the assets’ carrying value, which resulted in impairment charges of approximately $56.2 million to the Ohio Water assets within the Company's Water segment. The non-cash impairment charge was recognized during the second quarter of 2021 and is included in the impairment of long-lived assets line on the statements of consolidated comprehensive income. |
Financial Information by Business Segment |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information by Business Segment | Financial Information by Business Segment The Company reports its operations in three segments that reflect its three lines of business of Gathering, Transmission and Water, which reflects the manner in which management evaluates the business for making operating decisions and assessing performance.
(a)Impairment of long-lived assets of $56.2 million for the three and six months ended June 30, 2021 was included in Water operating income. See Note 2 for further information. (b)Includes certain unallocated corporate expenses. (c)Equity income is included in the Transmission segment. (d)Includes unrealized gains on derivative instruments recorded in the Gathering segment.
(a)The equity investment in the MVP Joint Venture is included in the Transmission segment.
(a)Includes capital expenditures related to the noncontrolling interest in Eureka Midstream Holdings, LLC (Eureka Midstream) of approximately $8.7 million and $11.7 million for the three and six months ended June 30, 2022, respectively, and approximately $4.1 million and $5.8 million for the three and six months ended June 30, 2021, respectively. (b)Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $39.2 million and $111.8 million for the three and six months ended June 30, 2022, respectively, and approximately $73.9 million and $84.7 million for the three and six months ended June 30, 2021, respectively. (c)The Company accrues capital expenditures when the work has been completed but the associated bills have not yet been paid. Accrued capital expenditures are excluded from the statements of consolidated cash flows until they are paid. The net impact of non-cash capital expenditures, including the effect of accrued capital expenditures, transfers to/from inventory as assets are completed/assigned to a project and capitalized share-based compensation costs, was $(6.2) million and $(1.9) million for the three and six months ended June 30, 2022, respectively, and $(3.4) million and $0.3 million for the three and six months ended June 30, 2021, respectively.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customers | Revenue from Contracts with Customers For the three and six months ended June 30, 2022 and 2021, substantially all revenues recognized on the Company's statements of consolidated comprehensive income are from contracts with customers. As of June 30, 2022 and December 31, 2021, all receivables recorded on the Company's consolidated balance sheets represented performance obligations that have been satisfied and for which an unconditional right to consideration exists. Summary of disaggregated revenues. The tables below provide disaggregated revenue information by business segment.
(a) Firm reservation fee revenues associated with Gathering included MVC unbilled revenues of approximately $6.2 million and $8.9 million for the three and six months ended June 30, 2022, respectively. Firm reservation fee revenues associated with Gathering and Water included MVC unbilled revenues of approximately $3.7 million and $0.5 million, respectively, for the three months ended June 30, 2021, and approximately $6.9 million and $1.0 million, for the six months ended June 30, 2021, respectively. (b) For the three and six months ended June 30, 2021, volumetric-based fee revenues associated with Gathering included approximately $0.2 million and $6.4 million, respectively, of unbilled revenues. Contract assets. The Company's contract assets related to the Company's future MVC deficiency payments are generally expected to be collected within the next twelve months and are primarily included in other current assets in the Company's consolidated balance sheets until such time as the MVC deficiency payments are invoiced to the customer. The following table presents changes in the Company's unbilled revenue balance during the six months ended June 30, 2022 and 2021:
(a)Primarily includes revenues associated with MVCs that are generally included in firm reservation fee revenues within the Gathering and Water segments. During the six months ended June 30, 2021, also includes other contractual commitments of approximately $6.4 million. (b)Unbilled revenues are transferred to accounts receivable once the Company has an unconditional right to consideration from the customer. (c)Amortization of capitalized contract costs paid to customers over the expected life of the agreement. Contract liabilities. The Company's contract liabilities consisted of deferred revenue primarily associated with the EQT Global GGA. Contract liabilities are classified as current or non-current according to when such amounts are expected to be recognized. As of June 30, 2022, total contract liabilities were $998.6 million, of which $1.6 million was classified as current and recorded in accrued liabilities and $997.0 million was classified as non-current and recorded in contract liability on the Company's consolidated balance sheet. As of December 31, 2021, total contract liabilities were $822.4 million, of which $1.1 million was classified as current and recorded in accrued liabilities and $821.3 million was classified as non-current and recorded in contract liability on the Company's consolidated balance sheet. The following table presents changes in the Company's contract liability balances during the six months ended June 30, 2022 and 2021:
(a)Includes deferred billed revenue during the six months ended June 30, 2022 and 2021 primarily associated with the EQT Global GGA. (b)Deferred revenues are recognized as revenue upon satisfaction of the Company's performance obligation to the customer. Summary of remaining performance obligations. The following table summarizes the estimated transaction price allocated to the Company's remaining performance obligations under all contracts with firm reservation fees, MVCs and/or ARCs as of June 30, 2022 that the Company will invoice or transfer from contract liabilities and recognize in future periods.
(a) July 1, 2022 through December 31, 2022. (b) Includes assumptions regarding timing for placing certain projects in-service. Such assumptions may not be realized and delays in the in-service dates for projects have substantially altered, and additional delays may further substantially alter, the remaining performance obligations for certain contracts with firm reservation fees, MVCs and/or ARCs. The MVP Joint Venture is accounted for as an equity investment and those amounts are not included in the table above. Based on total projected contractual revenues, including projected contractual revenues from future capacity expected from expansion projects that are not yet fully constructed for which the Company has executed firm contracts, the Company's firm gathering contracts and firm transmission and storage contracts had weighted average remaining terms of approximately 14 years and 13 years, respectively, as of June 30, 2022.
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions In the ordinary course of business, the Company engages in transactions with EQT and its affiliates, including but not limited to, entering into new or amending existing gathering agreements, transportation service and precedent agreements, storage agreements and/or water services agreements, however, based solely on information reported by EQT in a Schedule 13G/A filed with the SEC on April 28, 2022, EQT was no longer a related party of the Company as of April 22, 2022 and the amounts disclosed related to EQT below are accordingly presented with respect to the full 2021 periods during which EQT was considered a related party. The following table summarizes the Company's related party transactions.
The following table summarizes the Company's related party receivables and payables.
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Investments in Unconsolidated Entity |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Entity | Investment in Unconsolidated Entity The MVP Joint Venture is constructing the Mountain Valley Pipeline (MVP), an estimated 300-mile natural gas interstate pipeline that is designed to span from northern West Virginia to southern Virginia. The Company will operate the MVP and owned a 47.1% interest in the MVP project as of June 30, 2022. On November 4, 2019, Consolidated Edison, Inc. (Con Edison) exercised an option to cap its investment in the construction of the MVP project at approximately $530 million (excluding AFUDC). The Company and NextEra Energy, Inc. are obligated to, and RGC Resources, Inc., another member of the MVP Joint Venture owning an interest in the MVP project, has opted to, fund the shortfall in Con Edison's capital contributions, on a pro rata basis. Such funding by the Company and funding by other members has and will correspondingly increase the Company's and such other funding members' respective interests in the MVP project and decrease Con Edison's interest in the MVP project. As a result, based on the Company's targeted cost for the project of approximately $6.6 billion (excluding AFUDC), the Company's equity ownership in the MVP project will progressively increase from approximately 47.1% to approximately 48.1%. The MVP Joint Venture is a variable interest entity because it has insufficient equity to finance its activities during the construction stage of the project. The Company is not the primary beneficiary of the MVP Joint Venture because the Company does not have the power to direct the activities that most significantly affect the MVP Joint Venture's economic performance. Certain business decisions, such as decisions to make distributions of cash, require a greater than 66 2/3% ownership interest approval, and no one member owns more than a 66 2/3% interest. In April 2018, the MVP Joint Venture announced the MVP Southgate project, which is a proposed 75-mile interstate pipeline that is contemplated to extend from the MVP at Pittsylvania County, Virginia to new delivery points in Rockingham and Alamance Counties, North Carolina. The Company is expected to operate the MVP Southgate pipeline and owned a 47.2% interest in the MVP Southgate project as of June 30, 2022. The MVP Joint Venture continues to evaluate the MVP Southgate project, including engaging in discussions with the project shipper, Dominion Energy North Carolina, regarding options with respect to the project, including potentially refining the project’s design and timing in lieu of pursuing the project as originally contemplated. Dominion Energy North Carolina’s obligations under the precedent agreement in support of the original project are subject to certain conditions, including that the MVP Joint Venture would have completed construction of the project facilities by June 1, 2022, which deadline is subject to extension by virtue of previously declared events of force majeure. The Company is unable to predict the results of the discussions between the MVP Joint Venture and Dominion Energy North Carolina, including any potential modifications to the project, or ultimate undertaking or completion of the project. In the fourth quarter of 2021, the Company incurred an other-than-temporary decline in value in its equity investment in the MVP Joint Venture, primarily due to unfavorable decisions by the U.S. Fourth Circuit Court of Appeals that vacated and remanded key authorizations, that resulted in a pre-tax impairment charge of $1.9 billion. As a result of the impairment, the carrying value of the Company's equity investment in the MVP Joint Venture was reduced to $1.2 billion as of December 31, 2021. There is risk that the Company's equity investment in the MVP Joint Venture may be further impaired in the future due to ongoing (and potentially future) legal and regulatory matters, as well as potential macroeconomic factors, including other than temporary market fluctuations, changes in interest rates, cost increases and other unanticipated events. While macroeconomic factors in and of themselves may not be a direct indicator of impairment, should an impairment indicator be identified in the future, macroeconomic factors such as changes in interest rates could ultimately impact the size and scope of any potential impairment. In May 2022, based on the Company's targeted cost for the project, the MVP Joint Venture issued a capital call notice for the funding of the MVP project to MVP Holdco, LLC (MVP Holdco), a wholly owned subsidiary of the Company, for $42.6 million, of which $18.4 million was paid in July 2022, $6.7 million was paid in August 2022, with the remaining $17.5 million expected to be paid in September 2022. The capital contributions payable and the corresponding increase to the investment balance are reflected on the consolidated balance sheet as of June 30, 2022. Pursuant to the MVP Joint Venture's limited liability company agreement, MVP Holdco is obligated to provide performance assurances, which may take the form of a guarantee from EQM (provided that EQM's debt is rated as investment grade in accordance with the requirements of the MVP Joint Venture's limited liability company agreement), a letter of credit or cash collateral, in favor of the MVP Joint Venture to provide assurance as to the funding of MVP Holdco's proportionate share of the construction budget for the MVP project. In addition, pursuant to the MVP Joint Venture's limited liability company agreement, MVP Holdco is obligated to provide performance assurances in respect of MVP Southgate, which performance assurances may take the form of a guarantee from EQM (provided that EQM's debt is rated as investment grade in accordance with the requirements of the MVP Joint Venture's limited liability company agreement), a letter of credit or cash collateral. Based on EQM’s credit rating levels, EQM has delivered replacement credit support to the MVP Joint Venture in the form of letters of credit, which, in the case of the MVP project was in the amount of approximately $219.7 million and, in the case of the MVP Southgate, was in the amount of approximately $14.2 million, in each case, as of June 30, 2022. The amount of each of the letters of credit is subject to adjustment based upon the applicable project's construction budget. Upon the FERC’s initial release to begin construction of the MVP Southgate project, the Company's then-current letter of credit to support MVP Southgate will be terminated, and the Company will be obligated to deliver a new letter of credit (or provide another allowable form of performance assurance) in an amount equal to 33% of MVP Holdco’s proportionate share of the remaining capital obligations for the MVP Southgate project under the applicable construction budget. The following tables summarize the unaudited condensed consolidated financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Consolidated Balance Sheets
Condensed Statements of Consolidated Operations
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Debt |
6 Months Ended |
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Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Amended EQM Revolving Credit Facility. On April 22, 2022 (the Amendment Date), EQM entered into an amendment (the Amendment) to that certain Third Amended and Restated Credit Agreement, dated as of October 31, 2018, among EQM, as borrower, Wells Fargo Bank, National Association, as the administrative agent, swing line lender, and an L/C issuer, the lenders party thereto from time to time and any other persons party thereto from time to time (as amended by that certain First Amendment to Third Amended and Restated Credit Agreement, dated as of March 30, 2020, and by that certain Second Amendment to Third Amended and Restated Credit Agreement, dated as of April 16, 2021) (as amended by the Amendment and as may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the Amended EQM Credit Facility). For the avoidance of doubt, any reference to the Amended EQM Credit Facility as of any particular date shall mean the Amended EQM Credit Facility as in effect on such date. The Amendment, among other things: •Replaced LIBOR with the Secured Overnight Financing Rate (SOFR) as the benchmark rate for borrowings, including a credit spread adjustment of 0.10% for all applicable interest periods as well as for daily swing line borrowings. •Extended the stated maturity date, with such extension only applicable for the lenders approving the Amendment, from October 31, 2023 (the Earlier Maturity Date) to April 30, 2025 (the Later Maturity Date). •Reduced the aggregate commitments available under the Amended EQM Credit Facility, as amended by the Amendment, on a non-pro rata basis to approximately $2.16 billion, with approximately $1.55 billion in aggregate commitments available under the Amended EQM Credit Facility, as amended by the Amendment, on and after the Earlier Maturity Date and prior to the Later Maturity Date. •Amended the definition of “Applicable Rate” to change the applicable percentages per annum set forth in the “Pricing Grid” for certain pricing levels, which continue to be determined on the basis of EQM’s then current credit ratings. As of the Amendment Date, (i) Base Rate Loans (as defined in the Amended EQM Credit Facility, as amended by the Amendment) bear interest at a base rate plus a margin of 1.750% per annum, (ii) SOFR Loans (as defined in the Amended EQM Credit Facility, as amended by the Amendment) bear interest at Adjusted Term SOFR (as defined in the Amended EQM Credit Facility, as amended by the Amendment) plus a margin of 2.750% per annum, (iii) Daily Simple Swing Line Loans (as defined in the Amended EQM Credit Facility, as amended by the Amendment) bear interest at Adjusted Daily Simple SOFR (as defined in the Amended EQM Credit Facility, as amended by the Amendment) plus a margin of 2.750% per annum, (iv) the letter of credit fee payable on the daily maximum amount available under each letter of credit is 2.750% per annum and (v) the commitment fee payable for unused commitments is 0.500% per annum. •Amended the financial covenant, such that the Consolidated Leverage Ratio (as defined in the Amended EQM Credit Facility, as amended by the Amendment) as at the end of each fiscal quarter of EQM ending on or after the Amendment Date cannot exceed 5.50 to 1.00; provided that, effective as of the MVP Mobilization Effective Date (as defined in the Amended EQM Credit Facility, as amended by the Amendment), the maximum Consolidated Leverage Ratio permitted with respect to the end of the fiscal quarter in which the MVP Mobilization Effective Date occurs and the end of each of the three consecutive fiscal quarters of EQM thereafter shall be 5.85 to 1.00. •Reduced each of the general lien and general subsidiary debt baskets based on Consolidated Net Tangible Assets (as defined in the Amended EQM Credit Facility, as amended by the Amendment) from 5.0% to 2.5% of Consolidated Net Tangible Assets. •Added a borrowing condition requiring that, solely to the extent a credit extension is used to repay, redeem or refinance EQM’s senior notes, total outstanding amounts under the Amended EQM Credit Facility, as amended by the Third Amendment, must not exceed 85% of the aggregate commitments after giving effect to the use of proceeds. As of June 30, 2022, the Company had aggregate commitments available under the Amended EQM Credit Facility of approximately $2.16 billion before the Earlier Maturity Date, with approximately $1.55 billion in aggregate commitments available on and after the Earlier Maturity Date and prior to the Later Maturity Date. As of June 30, 2022, EQM had approximately $160 million of borrowings and $234.9 million of letters of credit outstanding under the Amended EQM Credit Facility. As of December 31, 2021, EQM had approximately $225 million of borrowings and $234.9 million of letters of credit outstanding under the Amended EQM Credit Facility. During the three and six months ended June 30, 2022, the maximum outstanding borrowings at any time were approximately $180 million and $280 million, respectively, and the average daily balances were approximately $126 million and $193 million, respectively. EQM incurred interest at weighted average annual interest rates of approximately 3.5% and 3.0% for the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2021, the maximum outstanding borrowings at any time were approximately $485 million and $525 million, respectively, and the average daily balances were approximately $475 million and $482 million, respectively. EQM incurred interest at weighted average annual interest rates of approximately 2.7% and 2.5% for the three and six months ended June 30, 2021, respectively. For the three and six months ended June 30, 2022, commitment fees of $2.0 million and $3.8 million were paid to maintain credit availability under the Amended EQM Credit Facility. For the three and six months ended June 30, 2021, commitment fees of $1.6 million and $3.9 million were paid to maintain credit availability under the Amended EQM Credit Facility. As of June 30, 2022, no term loans were outstanding under the Amended EQM Credit Facility. Amended 2019 EQM Term Loan Agreement. On January 8, 2021, EQM (i) applied a portion of the proceeds from the issuance of the 2021 Senior Notes (as defined below) to prepay all principal, interest, fees and other obligations outstanding under the Amended 2019 EQM Term Loan Agreement and (ii) terminated the Amended 2019 EQM Term Loan Agreement and the loan documents associated therewith. EQM repaid outstanding term loans (the EQM Term Loans) with a principal amount of $1.4 billion in connection with the termination of the Amended 2019 EQM Term Loan Agreement. Prior to its termination in January 2021, the Amended 2019 EQM Term Loan Agreement would have matured in August 2022. During the period from January 1, 2021 through January 7, 2021, the weighted average annual interest rate was approximately 2.4%. Eureka Credit Facilities. On May 13, 2021, Eureka Midstream, LLC (Eureka), a wholly owned subsidiary of Eureka Midstream, repaid all outstanding principal borrowings plus accrued and unpaid interest under and terminated its credit facility with ABN AMRO Capital USA LLC, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (the Former Eureka Credit Facility). In conjunction with the termination of, and to fund the repayment of all outstanding amounts under the Former Eureka Credit Facility, on May 13, 2021, Eureka entered into a $400 million senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (the 2021 Eureka Credit Facility). As of June 30, 2022, and December 31, 2021, Eureka had approximately $261 million and $280 million, respectively, of borrowings outstanding under the 2021 Eureka Credit Facility. For the three and six months ended June 30, 2022, the maximum amount of outstanding borrowings under the 2021 Eureka Credit Facility at any time was approximately $268 million and $280 million, respectively, the average daily balance was approximately $262 million and $269 million, respectively, and Eureka incurred interest at weighted average annual interest rates of approximately 3.5% and 3.2%, respectively. For the three and six months ended June 30, 2022, commitment fees of $0.2 million and $0.3 million were paid to maintain credit availability under the 2021 Eureka Credit Facility. For the three and six months ended June 30, 2021, the maximum amount of outstanding borrowings under the Former Eureka Credit Facility and 2021 Eureka Credit Facility at any time was approximately $315 million, the average daily balance was approximately $310 million and $308 million, respectively, and Eureka incurred interest at weighted average annual interest rates of approximately 2.5% and 2.4%, respectively. For the three and six months ended June 30, 2021, commitment fees of $0.1 million and $0.2 million, respectively, were paid to maintain credit availability under the Former Eureka Credit Facility and 2021 Eureka Credit Facility, as applicable. 2022 Senior Notes. On June 7, 2022, EQM completed a private offering of $500 million aggregate principal amount of new 7.50% senior notes due 2027 (the 2027 Notes) and $500 million aggregate principal amount of new 7.50% senior notes due 2030 (the 2030 Notes and, together with the 2027 Notes, the 2022 Senior Notes) and received net proceeds from the offering of approximately $984.5 million inclusive of a discount of approximately $12.5 million and debt issuance costs of approximately $3.0 million. The 2022 Senior Notes were issued under and are governed by an indenture, dated June 7, 2022 (the 2022 Indenture), between EQM and U.S. Bank Trust Company, National Association, as trustee. The 2022 Indenture contains covenants that limit EQM’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale and leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of EQM’s assets. The 2027 Notes will mature on June 1, 2027 and interest on the 2027 Notes is payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2022. The 2030 Notes will mature on June 1, 2030 and interest on the 2030 Notes is payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2022. The 2022 Senior Notes are unsecured and rank equally with all of EQM’s existing and future senior obligations. The 2022 Senior Notes are senior in right of payment to any of EQM’s future obligations that are, by their terms, expressly subordinated in right of payment to the 2022 Senior Notes. The 2022 Senior Notes are effectively subordinated to EQM’s secured obligations, if any, to the extent of the value of the collateral securing such obligations, and structurally subordinated to all indebtedness and obligations, including trade payables, of EQM’s subsidiaries, other than any subsidiaries that may guarantee the 2022 Senior Notes in the future. EQM may, at its option, redeem some or all of the 2027 Notes and the 2030 Notes, in whole or in part, at any time prior to their maturity at the applicable redemption price as set forth in the 2022 Indenture. Upon the occurrence of a Change of Control Triggering Event (as defined in the 2022 Indenture), EQM may be required to offer to purchase the 2022 Senior Notes at a purchase price equal to 101% of the aggregate principal amount of the 2022 Senior Notes repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The 2022 Indenture contains certain events of default, including the following: (1) default in the payment of interest on such 2022 Senior Notes when due that continues for 30 days; (2) default in the payment of principal of or premium, if any, on any such 2022 Senior Notes when due, whether at its stated maturity, upon redemption or otherwise; (3) failure by EQM or any subsidiary guarantor, if any, to comply for 90 days with the other agreements with respect to such 2022 Senior Notes contained in the 2022 Indenture after written notice by the trustee or by the holders of at least 25% in principal amount of the outstanding 2022 Senior Notes of such series; (4) certain events of bankruptcy, insolvency or reorganization of EQM or any subsidiary guarantor, if any, that is one of EQM’s Significant Subsidiaries (as defined in the 2022 Indenture); and (5) if such 2022 Senior Notes are guaranteed by a subsidiary guarantor that is one of EQM’s Significant Subsidiaries, (a) the guarantee of that subsidiary guarantor ceases to be in full force and effect, except as otherwise provided in the 2022 Indenture; (b) the guarantee of that subsidiary guarantor is declared null and void in a judicial proceeding; or (c) that subsidiary guarantor denies or disaffirms its obligations under the 2022 Indenture or its guarantee. If an event of default occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding 2022 Senior Notes of such series may declare the 2022 Senior Notes of such series to be due and payable. Upon such a declaration, such principal, premium, if any, and accrued and unpaid interest on such 2022 Senior Notes will be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization occurs, all outstanding 2022 Senior Notes will become due and payable immediately without further action or notice on the part of the Trustee or any holders of the 2022 Senior Notes. EQM used the net proceeds from the offering of the 2022 Senior Notes and cash on hand to purchase (i) an aggregate principal amount of approximately $501.1 million of its outstanding 4.75% notes due 2023 (2023 Notes) pursuant to a tender offer for any and all of the outstanding 2023 Notes (the Any and All Tender Offer) and an open market purchase following the expiration of the Any and All Tender Offer, and (ii) an aggregate principal amount of $300 million of its outstanding 6.00% notes due 2025 (2025 Notes), and an aggregate principal amount of $200 million of its outstanding 4.00% notes due 2024 (2024 Notes), pursuant to tender offers (the Maximum Tender Offers, together with the Any and All Tender Offer, the 2022 Tender Offers) for the 2025 Notes and 2024 Notes, which such Maximum Tender Offers reflected a maximum aggregate principal amount of 2025 Notes and 2024 Notes to be purchased of $500 million (such amount, the Aggregate Maximum Principal Amount). 2022 Tender Offers. On June 6, 2022, the Any and All Tender Offer expired and, on June 7, 2022 and June 9, 2022, EQM purchased an aggregate principal amount of approximately $496.8 million of 2023 Notes at an aggregate cost of approximately $506.7 million pursuant to the Any and All Tender Offer. On June 10, 2022, which was after the closing of the Any and All Tender Offer, EQM also repurchased an aggregate principal amount of approximately $4.3 million of 2023 Notes in the open market at an aggregate cost of approximately $4.4 million. On June 13, 2022, which was the early tender deadline for the Maximum Tender Offers, the Aggregate Maximum Principal Amount was fully subscribed by the 2024 Notes and 2025 Notes then tendered, and, on June 14, 2022, EQM purchased an aggregate principal amount of $200 million of 2024 Notes and $300 million of 2025 Notes at an aggregate cost of approximately $509 million (inclusive of the applicable early tender premium for the 2024 Notes and 2025 Notes described in that certain Offer to Purchase of EQM dated May 31, 2022, as amended). During the three and six months ended June 30, 2022, the Company incurred a loss on extinguishment of debt of approximately $24.9 million related to the payment of the 2022 Tender Offers and open market repurchase premiums and fees, and write off of the respective unamortized discounts and financing costs associated with the purchase of portions of 2023, 2024 and 2025 Notes in the 2022 Tender Offers. This amount is included in the loss on extinguishment of debt line on the statements of consolidated comprehensive income. 2021 Senior Notes. During the first quarter of 2021, EQM issued, in a private offering, $800 million aggregate principal amount of new 4.50% senior notes due 2029 (the 2029 Notes) and $1,100 million aggregate principal amount of new 4.75% senior notes due 2031 (the 2031 Notes and, together with the 2029 Notes, the 2021 Senior Notes) and received net proceeds from the offering of approximately $1,876.5 million (excluding costs related to the 2021 Tender Offers discussed below), inclusive of a discount of $19 million and debt issuance costs of $4.5 million. EQM used the net proceeds from the offering of the 2021 Senior Notes and cash on hand to repay all outstanding borrowings under the Amended 2019 EQM Term Loan Agreement, to purchase an aggregate principal amount of $500 million of its then outstanding 2023 Notes pursuant to tender offers for certain of EQM's outstanding indebtedness (such tender offers, the 2021 Tender Offers), and for general partnership purposes. 2021 Tender Offers. On January 15, 2021 (the 2021 early tender deadline), the maximum principal amount for the 2021 Tender Offers was fully subscribed by the 2023 Notes tendered as of the 2021 early tender deadline and on January 20, 2021, EQM purchased an aggregate principal amount of $500 million of 2023 Notes at an aggregate cost of approximately $537 million (inclusive of the applicable early tender premium for the 2023 Notes described in that certain Offer to Purchase of EQM dated January 4, 2021, as amended, plus accrued interest). The Company incurred a loss on the extinguishment of debt of $41.0 million during the three months ended March 31, 2021 related to the payment of the 2021 Tender Offers premium and write off of unamortized discounts and financing costs related to the prepayment of the EQM Term Loans under, and termination of, the Amended 2019 EQM Term Loan Agreement and purchase of 2023 Notes in the 2021 Tender Offers. This amount is included in the loss on extinguishment of debt line on the statements of consolidated comprehensive income. As of June 30, 2022, EQM and Eureka were in compliance with all debt provisions and covenants.
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Fair Value Measurements |
6 Months Ended |
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Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis. The Company records derivative instruments at fair value on a gross basis in its consolidated balance sheets. The EQT Global GGA provides for potential cash bonus payments payable by EQT to the Company during the period beginning on the first day of the calendar quarter in which the MVP full in-service date occurs through the calendar quarter ending December 31, 2024 (the Henry Hub cash bonus payment provision). The potential cash bonus payments are conditioned upon the quarterly average of certain Henry Hub natural gas prices exceeding certain price thresholds. The Henry Hub cash bonus payment provision is accounted for as a derivative instrument and recorded at its estimated fair value using a Monte Carlo simulation model. Significant inputs used in the fair value measurement include NYMEX Henry Hub natural gas futures prices as of the date of valuation, the targeted in-service date for the MVP, risk-free interest rates based on U.S. Treasury rates, expected volatility of NYMEX Henry Hub natural gas futures prices and an estimated credit spread of EQT. The expected volatility of NYMEX Henry Hub natural gas futures prices used in the valuation methodology represents a significant unobservable input causing the Henry Hub cash bonus payment provision to be designated as a Level 3 fair value measurement. An expected average volatility of approximately 45% was utilized in the valuation model, which is based on market-quoted volatilities of relevant NYMEX Henry Hub natural gas forward prices. As of June 30, 2022 and December 31, 2021, the fair values of the Henry Hub cash bonus payment provision were $71.8 million and $51.6 million, respectively, which were recorded in other assets on the Company's consolidated balance sheets. During the three and six months ended June 30, 2022, the Company recognized gains of $13.7 million and $20.2 million, respectively, representing the change in estimated fair value of the derivative instrument during the respective periods. During the three and six months ended June 30, 2021, the Company recognized gains of $9.4 million and $16.6 million, respectively, representing the change in estimated fair value of the derivative instrument during the respective periods. The gains are reflected in other income, net in the Company's statements of consolidated comprehensive income. Other Financial Instruments. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short maturity of the instruments; as such, their fair values are Level 1 fair value measurements. The carrying values of borrowings under the Amended EQM Credit Facility, the Former Eureka Credit Facility (prior to its termination), the 2021 Eureka Credit Facility and the Amended 2019 EQM Term Loan Agreement (prior to its termination) approximate fair value as the interest rates are based on prevailing market rates; these are considered Level 1 fair value measurements. As EQM's borrowings under its senior notes are not actively traded, their fair values are estimated using an income approach model that applies a discount rate based on prevailing market rates for debt with similar remaining time-to-maturity and credit risk; as such, their fair values are Level 2 fair value measurements. As of June 30, 2022, and December 31, 2021, the estimated fair values of EQM's senior notes were approximately $5,655.8 million and $7,060.5 million, respectively, and the carrying values of EQM's senior notes were approximately $6,428.4 million and $6,434.9 million, respectively. The fair value of the Preferred Interest is a Level 3 fair value measurement and is estimated using an income approach model that applies a market-based discount rate. As of June 30, 2022, and December 31, 2021, the estimated fair values of the Preferred Interest were approximately $100.9 million and $117.0 million, respectively, and the carrying values of the Preferred Interest were approximately $97.1 million and $100.0 million, respectively.
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Earnings Per Share |
6 Months Ended |
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Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareThe Company excluded 30,113 and 30,125 (in thousands) of weighted average anti-dilutive securities related to the Equitrans Midstream Preferred Shares and stock-based compensation awards from the computation of diluted weighted average common shares outstanding for the three and six months ended June 30, 2022, respectively. The Company excluded 30,018 (in thousands), in each case, of weighted average anti-dilutive securities related to the Equitrans Midstream Preferred Shares from the computation of diluted weighted average common shares outstanding for the three and six months ended June 30, 2021.The Company grants Equitrans Midstream phantom units to certain non-employee directors that will be paid in Equitrans Midstream common stock upon the director's termination of service on the Board. As there are no remaining service, performance or market conditions related to these awards, 588 and 615 (in thousands) Equitrans Midstream phantom units were included in the computation of basic and diluted weighted average common shares outstanding for the three and six months ended June 30, 2022, respectively, and 502 and 494 (in thousands) Equitrans Midstream phantom units were included in the computation of basic and diluted weighted average common shares outstanding for the three and six months ended June 30, 2021, respectively. |
Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective tax rate was 4.7% for the three months ended June 30, 2022, compared to 23.8% for the three months ended June 30, 2021. The Company's effective tax rate was 5.3% for the six months ended June 30, 2022, compared to 22.0% for the six months ended June 30, 2021. For the three and six months ended June 30, 2022 and 2021, the Company calculated the provision for income taxes for interim periods by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (income (loss) before income taxes excluding unusual or infrequently occurring items) for the periods. The effective tax rate was lower for the three and six months ended June 30, 2022 compared to the three and six months ended June 30, 2021 primarily due to a reduction in the valuation allowances that limit tax benefits for the Company’s federal and state deferred tax assets, which valuation allowances were recorded by the Company at December 31, 2021. The effective tax rate for the three and six months ended June 30, 2022 was lower than the statutory rate primarily due to the reduction in the valuation allowances that limit tax benefits for the Company’s federal and state deferred tax assets. The effective tax rate for the three and six months ended June 30, 2021 was lower than the statutory rate primarily due to the impact of AFUDC - equity on the MVP project. For the six months ended June 30, 2022, the Company believes that it is more likely than not that the benefit from a portion of its state net operating loss (NOL) carryforwards, deferred tax assets related to interest disallowance under Internal Revenue Code Section 163(j), and certain state deferred tax assets, net of offsetting deferred tax liabilities, will not be realized and accordingly, the Company maintains related valuation allowances. For the six months ended June 30, 2022, the Company recorded an income tax benefit of approximately $39.3 million related to changes in valuation allowances because of decreases in federal and state deferred tax assets. As of June 30, 2022 and December 31, 2021, the valuation allowances related to federal and state deferred tax assets that are not more likely than not to be realized were approximately $58.3 million and $97.6 million, respectively. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers available evidence, both positive and negative, including potential sources of taxable income, income available in carry-back periods, future reversals of taxable temporary differences, projections of taxable income and income from tax planning strategies. Positive evidence includes reversing temporary differences and projection of future profitability within the carry-forward period, including from tax planning strategies. Negative evidence includes historical pre-tax book losses and Pennsylvania NOL expirations. A review of positive and negative evidence regarding these tax benefits resulted in the conclusion that valuation allowances on the Company’s state NOL carryforwards, deferred tax assets related to interest disallowance under Internal Revenue Code Section 163(j), and certain state deferred tax assets, net of offsetting deferred tax liabilities, were warranted as it was more likely than not that these assets will not be realized. Any determination to change the beginning of the year valuation allowance resulting from a change in the judgment about realizability of deferred tax assets in future years would impact the Company's income tax expense in the period in which such a determination is made.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 8, 2022, the Company received written notice from EQT, pursuant to the EQT Global GGA, of EQT’s irrevocable election under the EQT Global GGA to forgo approximately $145 million of gathering fee relief in the first twelve-month period beginning the first day of the quarter in which the MVP full in-service date occurs and approximately $90 million of gathering fee relief in the second such twelve-month period in exchange for a cash payment from the Company to EQT in the amount of approximately $196 million. The Company expects to utilize borrowings under the Amended EQM Credit Facility to effect such payment. Such payment will, in accordance with the terms of the EQT Global GGA, be made by the Company to EQT no later than October 5, 2022. |
Financial Statements (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation. References in these financial statements to Equitrans Midstream or the Company refer collectively to Equitrans Midstream Corporation and its consolidated subsidiaries for all periods presented, unless otherwise indicated. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements include all adjustments (consisting of only normal, recurring adjustments, unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of the Company as of June 30, 2022, the results of its operations and equity for the three and six months ended June 30, 2022 and 2021 and its cash flows for the six months ended June 30, 2022 and 2021. The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021, which includes all disclosures required by GAAP. Due to, among other things, the seasonal nature of the Company's utility customer contracts, as well as producers’ well completion activities and varying needs for fresh and produced water (which are primarily driven by horizontal lateral lengths and the number of completion stages per well), the interim statements for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the Company's annual consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained herein.
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Recently Issued Accounting Standards | Recently Issued Accounting Standards. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable to the calculation of each dividend following March 31, 2024 for the Equitrans Midstream Preferred Shares pursuant to the Company's Second Amended and Restated Articles of Incorporation, as well as any Company contracts that use the London Inter-Bank Offered Rate (LIBOR) as a reference rate. The ASU was effective immediately but is only available through December 31, 2022. In April 2022, the FASB proposed deferring the sunset date for applying reference rate reform relief in Topic 848 to December 31, 2024. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments were effective for fiscal years beginning after December 15, 2021.
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Financial Information by Business Segment (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Operating Income and Reconciliation to Net Income |
(a)Impairment of long-lived assets of $56.2 million for the three and six months ended June 30, 2021 was included in Water operating income. See Note 2 for further information. (b)Includes certain unallocated corporate expenses. (c)Equity income is included in the Transmission segment. (d)Includes unrealized gains on derivative instruments recorded in the Gathering segment.
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Schedule of Segment Assets |
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Schedule of Depreciation and Amortization and Expenditures for Segment Assets |
(a)Includes capital expenditures related to the noncontrolling interest in Eureka Midstream Holdings, LLC (Eureka Midstream) of approximately $8.7 million and $11.7 million for the three and six months ended June 30, 2022, respectively, and approximately $4.1 million and $5.8 million for the three and six months ended June 30, 2021, respectively. (b)Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $39.2 million and $111.8 million for the three and six months ended June 30, 2022, respectively, and approximately $73.9 million and $84.7 million for the three and six months ended June 30, 2021, respectively. (c)The Company accrues capital expenditures when the work has been completed but the associated bills have not yet been paid. Accrued capital expenditures are excluded from the statements of consolidated cash flows until they are paid. The net impact of non-cash capital expenditures, including the effect of accrued capital expenditures, transfers to/from inventory as assets are completed/assigned to a project and capitalized share-based compensation costs, was $(6.2) million and $(1.9) million for the three and six months ended June 30, 2022, respectively, and $(3.4) million and $0.3 million for the three and six months ended June 30, 2021, respectively.
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Revenue from Contracts with Customers (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregated Revenue Information, By Segment | The tables below provide disaggregated revenue information by business segment.
(a) Firm reservation fee revenues associated with Gathering included MVC unbilled revenues of approximately $6.2 million and $8.9 million for the three and six months ended June 30, 2022, respectively. Firm reservation fee revenues associated with Gathering and Water included MVC unbilled revenues of approximately $3.7 million and $0.5 million, respectively, for the three months ended June 30, 2021, and approximately $6.9 million and $1.0 million, for the six months ended June 30, 2021, respectively. (b) For the three and six months ended June 30, 2021, volumetric-based fee revenues associated with Gathering included approximately $0.2 million and $6.4 million, respectively, of unbilled revenues.
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Contract with Customer, Asset and Liability | The following table presents changes in the Company's unbilled revenue balance during the six months ended June 30, 2022 and 2021:
(a)Primarily includes revenues associated with MVCs that are generally included in firm reservation fee revenues within the Gathering and Water segments. During the six months ended June 30, 2021, also includes other contractual commitments of approximately $6.4 million. (b)Unbilled revenues are transferred to accounts receivable once the Company has an unconditional right to consideration from the customer. (c)Amortization of capitalized contract costs paid to customers over the expected life of the agreement. The following table presents changes in the Company's contract liability balances during the six months ended June 30, 2022 and 2021:
(a)Includes deferred billed revenue during the six months ended June 30, 2022 and 2021 primarily associated with the EQT Global GGA. (b)Deferred revenues are recognized as revenue upon satisfaction of the Company's performance obligation to the customer.
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Summary of Remaining Performance Obligations | The following table summarizes the estimated transaction price allocated to the Company's remaining performance obligations under all contracts with firm reservation fees, MVCs and/or ARCs as of June 30, 2022 that the Company will invoice or transfer from contract liabilities and recognize in future periods.
(a) July 1, 2022 through December 31, 2022. (b) Includes assumptions regarding timing for placing certain projects in-service. Such assumptions may not be realized and delays in the in-service dates for projects have substantially altered, and additional delays may further substantially alter, the remaining performance obligations for certain contracts with firm reservation fees, MVCs and/or ARCs. The MVP Joint Venture is accounted for as an equity investment and those amounts are not included in the table above.
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Related Party Transactions (Tables) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following table summarizes the Company's related party transactions.
The following table summarizes the Company's related party receivables and payables.
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Investments in Unconsolidated Entity (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unaudited Condensed Financial Statements for the Investment in Unconsolidated Equity | The following tables summarize the unaudited condensed consolidated financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Consolidated Balance Sheets
Condensed Statements of Consolidated Operations
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Impairments of Long-Lived Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2022 |
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Jun. 30, 2022 |
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Property, Plant and Equipment | ||||
Impairment of long-lived assets | $ 0 | $ 56,178 | $ 0 | $ 56,178 |
Water | ||||
Property, Plant and Equipment | ||||
Impairment of long-lived assets | $ 56,200 | $ 56,200 |
Financial Information by Business Segment - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022
segment
lineOfBusiness
| |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 3 |
Number of lines of business | lineOfBusiness | 3 |
Financial Information by Business Segment - Schedule of Segment Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||
Revenues from customers: | ||||||||||
Operating revenues | $ 328,611 | $ 348,295 | $ 670,757 | $ 728,291 | ||||||
Operating income (loss): | ||||||||||
Total operating income | 183,298 | 132,953 | 381,236 | 358,533 | ||||||
Reconciliation of operating income to net income: | ||||||||||
Equity income | [1] | 39 | 5,921 | 43 | [2] | 5,924 | [2] | |||
Other income, net | 14,173 | 9,453 | 20,521 | 17,052 | ||||||
Loss on extinguishment of debt | (24,937) | 0 | (24,937) | (41,025) | ||||||
Net interest expense | (95,117) | (95,642) | (188,238) | (190,786) | ||||||
Income tax expense | 3,650 | 12,564 | 9,911 | 32,980 | ||||||
Net income | 73,806 | $ 40,121 | 178,714 | 116,718 | ||||||
Impairment of Tangible Assets, Other Descriptors | 56.2 million | |||||||||
Impairment of long-lived assets | 0 | $ 56,178 | 0 | 56,178 | ||||||
Gathering | ||||||||||
Revenues from customers: | ||||||||||
Operating revenues | 225,314 | 239,952 | 445,104 | 490,028 | ||||||
Transmission | ||||||||||
Revenues from customers: | ||||||||||
Operating revenues | 91,078 | 92,898 | 201,873 | 204,317 | ||||||
Water | ||||||||||
Revenues from customers: | ||||||||||
Operating revenues | 12,219 | 15,445 | 23,780 | 33,946 | ||||||
Reconciliation of operating income to net income: | ||||||||||
Impairment of long-lived assets | 56,200 | 56,200 | ||||||||
Operating segments | Gathering | ||||||||||
Revenues from customers: | ||||||||||
Operating revenues | 225,314 | 239,952 | 445,104 | 490,028 | ||||||
Operating income (loss): | ||||||||||
Total operating income | 119,564 | 126,873 | 235,185 | 266,727 | ||||||
Operating segments | Transmission | ||||||||||
Revenues from customers: | ||||||||||
Operating revenues | 91,078 | 92,898 | 201,873 | 204,317 | ||||||
Operating income (loss): | ||||||||||
Total operating income | 60,841 | 61,962 | 145,403 | 143,450 | ||||||
Operating segments | Water | ||||||||||
Revenues from customers: | ||||||||||
Operating revenues | 12,219 | 15,445 | 23,780 | 33,946 | ||||||
Operating income (loss): | ||||||||||
Total operating income | 3,120 | (55,640) | 1,264 | (51,163) | ||||||
Headquarters | ||||||||||
Operating income (loss): | ||||||||||
Total operating income | $ (227) | $ (242) | $ (616) | $ (481) | ||||||
|
Financial Information by Business Segment - Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Long-Lived Assets | ||
Total assets | $ 10,961,930 | $ 10,920,764 |
Operating segments | ||
Long-Lived Assets | ||
Total assets | 10,630,555 | 10,559,125 |
Operating segments | Gathering | ||
Long-Lived Assets | ||
Total assets | 7,639,939 | 7,638,877 |
Operating segments | Transmission | ||
Long-Lived Assets | ||
Total assets | 2,830,706 | 2,769,097 |
Operating segments | Water | ||
Long-Lived Assets | ||
Total assets | 159,910 | 151,151 |
Headquarters | ||
Long-Lived Assets | ||
Total assets | $ 331,375 | $ 361,639 |
Financial Information by Business Segment - Depreciation and Capital Expenditures for Segment Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Segment Information | ||||
Depreciation | $ 67,657 | $ 69,315 | $ 134,700 | $ 137,933 |
Capital expenditures for segment assets | 98,055 | 72,505 | 165,005 | 130,087 |
Capitalized share-based compensation cost | (6,200) | (3,400) | (1,900) | 300 |
Operating segments | Gathering | ||||
Segment Information | ||||
Depreciation | 48,573 | 46,911 | 96,828 | 93,458 |
Capital expenditures for segment assets | 69,189 | 59,680 | 122,336 | 107,793 |
Operating segments | Gathering | Eureka Midstream Holdings, LLC | ||||
Segment Information | ||||
Capital expenditures for segment assets | 8,700 | 4,100 | 11,700 | 5,800 |
Operating segments | Transmission | ||||
Segment Information | ||||
Depreciation | 13,904 | 13,826 | 27,798 | 27,626 |
Capital expenditures for segment assets | 6,339 | 7,790 | 10,565 | 11,295 |
Operating segments | Transmission | MVP Southgate Project | ||||
Segment Information | ||||
Capital expenditures for segment assets | 39,200 | 73,900 | 111,800 | 84,700 |
Operating segments | Water | ||||
Segment Information | ||||
Depreciation | 4,804 | 8,201 | 9,321 | 16,376 |
Capital expenditures for segment assets | 22,526 | 4,820 | 32,091 | 9,627 |
Headquarters | ||||
Segment Information | ||||
Depreciation | 376 | 377 | 753 | 473 |
Capital expenditures for segment assets | $ 1 | $ 215 | $ 13 | $ 1,372 |
Revenue from Contracts with Customers - Schedule of Disaggregated Revenue Information, by Business Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disaggregation of Revenue | ||||
Operating revenues | $ 328,611 | $ 348,295 | $ 670,757 | $ 728,291 |
Firm reservation fee revenues | ||||
Disaggregation of Revenue | ||||
Operating revenues | 232,655 | 234,086 | 473,874 | 485,511 |
Volumetric-based fee revenues | ||||
Disaggregation of Revenue | ||||
Operating revenues | 95,956 | 114,209 | 196,883 | 242,780 |
Gathering | ||||
Disaggregation of Revenue | ||||
Operating revenues | 225,314 | 239,952 | 445,104 | 490,028 |
Gathering | MVC | ||||
Disaggregation of Revenue | ||||
Operating revenues | 6,200 | 3,700 | 8,900 | 6,900 |
Gathering | Firm reservation fee revenues | ||||
Disaggregation of Revenue | ||||
Operating revenues | 138,605 | 149,360 | 271,202 | 297,552 |
Gathering | Volumetric-based fee revenues | ||||
Disaggregation of Revenue | ||||
Operating revenues | 86,709 | 90,592 | 173,902 | 192,476 |
Gathering | Volumetric-based fee revenues | MVC | ||||
Disaggregation of Revenue | ||||
Operating revenues | 200 | 6,400 | ||
Transmission | ||||
Disaggregation of Revenue | ||||
Operating revenues | 91,078 | 92,898 | 201,873 | 204,317 |
Transmission | Firm reservation fee revenues | ||||
Disaggregation of Revenue | ||||
Operating revenues | 84,675 | 83,797 | 187,545 | 185,186 |
Transmission | Volumetric-based fee revenues | ||||
Disaggregation of Revenue | ||||
Operating revenues | 6,403 | 9,101 | 14,328 | 19,131 |
Water | ||||
Disaggregation of Revenue | ||||
Operating revenues | 12,219 | 15,445 | 23,780 | 33,946 |
Water | MVC | ||||
Disaggregation of Revenue | ||||
Operating revenues | 500 | 1,000 | ||
Water | Firm reservation fee revenues | ||||
Disaggregation of Revenue | ||||
Operating revenues | 9,375 | 929 | 15,127 | 2,773 |
Water | Volumetric-based fee revenues | ||||
Disaggregation of Revenue | ||||
Operating revenues | $ 2,844 | $ 14,516 | $ 8,653 | $ 31,173 |
Revenue from Contracts with Customers - Unbilled Revenue Rollforward (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Movement in Deferred Revenue [Roll Forward] | ||
Balance as of beginning of period | $ 16,772 | $ 18,618 |
Revenue recognized in excess of amounts invoiced | 10,940 | 14,624 |
Minimum volume commitments invoiced | (14,884) | (16,931) |
Amortization | (220) | 0 |
Balance as of end of period | $ 12,608 | 16,311 |
Other contractual commitments | $ 6,400 |
Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Disaggregation of Revenue | ||||
Contract liability | $ 998,622 | $ 822,416 | $ 545,298 | $ 398,750 |
Contract liability, current | 1,600 | 1,100 | ||
Contract liability, noncurrent | $ 997,002 | $ 821,342 | ||
Gathering | ||||
Disaggregation of Revenue | ||||
Weighted average remaining term | 14 years | |||
Transmission firm reservation fees | ||||
Disaggregation of Revenue | ||||
Weighted average remaining term | 13 years |
Revenue from Contracts with Customers - Deferred Revenue Rollforward (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Change in Contract with Customer, Liability | ||
Balance as of beginning of period | $ 822,416 | $ 398,750 |
Amounts recorded during the period | 176,743 | 146,548 |
Amounts transferred during the period | (537) | 0 |
Balance as of end of period | $ 998,622 | $ 545,298 |
Revenue from Contracts with Customers - Summary of Remaining Performance Obligations (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 13,438,846 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 468,313 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 971,647 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 1,021,462 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 1,033,103 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 1,030,906 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 8,913,415 |
Transmission firm reservation fees | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 4,952,636 |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 178,357 |
Remaining performance obligations, expected timing | 6 months |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 362,792 |
Remaining performance obligations, expected timing | 1 year |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 377,318 |
Remaining performance obligations, expected timing | 1 year |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 363,982 |
Remaining performance obligations, expected timing | 1 year |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 359,131 |
Remaining performance obligations, expected timing | 1 year |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 3,311,056 |
Remaining performance obligations, expected timing | |
Water revenues supported by ARCs | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 362,500 |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 18,750 |
Remaining performance obligations, expected timing | 6 months |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 193,750 |
Remaining performance obligations, expected timing | |
Gathering firm reservation fees | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 2,527,202 |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 44,089 |
Remaining performance obligations, expected timing | 6 months |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 106,086 |
Remaining performance obligations, expected timing | 1 year |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 170,004 |
Remaining performance obligations, expected timing | 1 year |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 175,453 |
Remaining performance obligations, expected timing | 1 year |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 166,557 |
Remaining performance obligations, expected timing | 1 year |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 1,865,013 |
Remaining performance obligations, expected timing | |
Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 5,596,508 |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 227,117 |
Remaining performance obligations, expected timing | 6 months |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 465,269 |
Remaining performance obligations, expected timing | 1 year |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 436,640 |
Remaining performance obligations, expected timing | 1 year |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 456,168 |
Remaining performance obligations, expected timing | 1 year |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 467,718 |
Remaining performance obligations, expected timing | 1 year |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 3,543,596 |
Remaining performance obligations, expected timing |
Related Party Transactions - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Related Party Transactions [Abstract] | |||
Operating revenues | $ 223,099 | $ 448,056 | |
Interest income from the Preferred Interest | 1,451 | 2,920 | |
Principal Payments received on the Preferred Interest | $ 1,295 | $ 2,721 | $ 2,572 |
Related Party Transactions - Summary of Due To (From) Related Parties (Details) |
Dec. 31, 2021
USD ($)
|
---|---|
Related Party Transactions [Abstract] | |
Accounts receivable | $ 188,383,000 |
Contract asset | 2,246,000 |
Preferred Interest | 99,838,000 |
Contract liability | $ 818,658,000 |
Investments in Unconsolidated Entity - Narrative (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
|
Aug. 31, 2022
USD ($)
|
Jul. 31, 2022
USD ($)
|
May 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
mi
|
Oct. 13, 2022 |
Nov. 04, 2019
USD ($)
|
Apr. 30, 2018
mi
|
|
Con Edison | Maximum | |||||||||
Schedule of Equity Method Investments | |||||||||
Investment cap | $ 530.0 | ||||||||
MVP Joint Venture | |||||||||
Schedule of Equity Method Investments | |||||||||
Reduction in investment | $ 1,200.0 | ||||||||
MVP Joint Venture | Beneficial Owner | |||||||||
Schedule of Equity Method Investments | |||||||||
Percentage of ownership interest | 66.67% | ||||||||
MVP Project | Con Edison | |||||||||
Schedule of Equity Method Investments | |||||||||
Project target cost | $ 6,600.0 | ||||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | |||||||||
Schedule of Equity Method Investments | |||||||||
Pre-tax impairment charge | $ 1,900.0 | ||||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | EQM | |||||||||
Schedule of Equity Method Investments | |||||||||
Ownership interest | 47.10% | ||||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | EQM | Scenario, Forecast | |||||||||
Schedule of Equity Method Investments | |||||||||
Ownership interest | 48.10% | ||||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Project | |||||||||
Schedule of Equity Method Investments | |||||||||
Capital contribution payable to MVP Joint Venture | $ 42.6 | ||||||||
Letter of credit outstanding | $ 219.7 | ||||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Southgate Project | |||||||||
Schedule of Equity Method Investments | |||||||||
Ownership interest | 47.20% | ||||||||
Letter of credit outstanding | $ 14.2 | ||||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Holdco Project | Subsequent Event | |||||||||
Schedule of Equity Method Investments | |||||||||
Payments to acquire investments | $ 6.7 | $ 18.4 | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Holdco Project | Scenario, Forecast | |||||||||
Schedule of Equity Method Investments | |||||||||
Payments to acquire investments | $ 17.5 | ||||||||
MVP | |||||||||
Schedule of Equity Method Investments | |||||||||
Length of pipeline (in miles) | mi | 300 | ||||||||
MVP | Variable Interest Entity, Not Primary Beneficiary | |||||||||
Schedule of Equity Method Investments | |||||||||
Issuance of performance guarantee, remaining capital obligation, percentage | 33.00% | ||||||||
MVP Southgate Project | |||||||||
Schedule of Equity Method Investments | |||||||||
Length of pipeline (in miles) | mi | 75 |
Investments in Unconsolidated Entity - Balance Sheet for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|
Condensed Consolidated Balance Sheets | ||||||
Current assets | $ 391,681 | $ 446,829 | ||||
Total assets | 10,961,930 | 10,920,764 | ||||
Current liabilities | 300,416 | 367,576 | ||||
Equity | 2,036,979 | $ 2,038,288 | 2,010,726 | $ 3,644,866 | $ 3,680,453 | $ 3,681,272 |
Total liabilities, mezzanine equity and shareholders' equity | 10,961,930 | 10,920,764 | ||||
MVP Joint Venture | Variable Interest Entity, Not Primary Beneficiary | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||
Condensed Consolidated Balance Sheets | ||||||
Current assets | 67,670 | 148,820 | ||||
Non-current assets | 6,589,161 | 6,432,288 | ||||
Total assets | 6,656,831 | 6,581,108 | ||||
Current liabilities | 126,848 | 160,331 | ||||
Equity | 6,529,983 | 6,420,777 | ||||
Total liabilities, mezzanine equity and shareholders' equity | $ 6,656,831 | $ 6,581,108 |
Investments in Unconsolidated Entity - Income Statement for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Schedule of Equity Method Investments | ||||
Net income | $ 73,806 | $ 40,121 | $ 178,714 | $ 116,718 |
MVP Joint Venture | ||||
Schedule of Equity Method Investments | ||||
Operating income (expenses) | 41 | (150) | 40 | (150) |
Other income | 42 | 4 | 52 | 10 |
Net interest income | 0 | 3,875 | 0 | 3,875 |
AFUDC - equity | 0 | 9,042 | 0 | 9,042 |
MVP Joint Venture | Variable Interest Entity, Not Primary Beneficiary | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Equity Method Investments | ||||
Net income | $ 83 | $ 12,771 | $ 92 | $ 12,777 |
Debt - Amended EQM Revolving Credit Facility and 2019 EQM Term Loan Agreement (Details) |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 22, 2022
USD ($)
|
Jan. 07, 2021 |
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Apr. 21, 2022 |
Dec. 31, 2021
USD ($)
|
Jan. 08, 2021
USD ($)
|
|
Debt Instrument | |||||||||
Letters of credit outstanding | $ 420,500,000 | $ 420,500,000 | $ 505,000,000 | ||||||
EQM Credit Facility | |||||||||
Debt Instrument | |||||||||
Maximum borrowing capacity | 2,160,000,000 | 2,160,000,000 | |||||||
EQM | EQM Credit Facility | Revolving Credit Facility | |||||||||
Debt Instrument | |||||||||
Borrowings outstanding | 160,000,000 | 160,000,000 | 225,000,000 | ||||||
Letters of credit outstanding | $ 234,900,000 | $ 234,900,000 | $ 234,900,000 | ||||||
Weighted average annual interest rate | 3.50% | 2.70% | 3.00% | 2.50% | |||||
EQM | Line of credit | EQM Credit Facility | |||||||||
Debt Instrument | |||||||||
Maximum borrowing capacity | $ 1,550,000,000 | $ 1,550,000,000 | $ 1,550,000,000 | ||||||
Maximum amount of short term loans outstanding | 180,000,000 | $ 485,000,000 | 280,000,000 | $ 525,000,000 | |||||
Average daily balance of short term loans outstanding | 126,000,000 | 475,000,000 | 193,000,000 | 482,000,000 | |||||
Credit spread adjustment | 0.10% | ||||||||
Commitment fee payable percentage for unused commitments | 0.50% | ||||||||
Consolidated net tangible assets ratio | 2.50% | 5.00% | |||||||
Maximum percentage of borrowing capacity | 85.00% | ||||||||
Payment commitment fees | $ 2,000,000 | $ 1,600,000 | 3,800,000 | $ 3,900,000 | |||||
EQM | Line of credit | EQM Credit Facility | After June 30, 2021 and prior to September 30, 2022 | |||||||||
Debt Instrument | |||||||||
Consolidated leverage ratio | 5.50 | ||||||||
EQM | Line of credit | EQM Credit Facility | Fiscal quarter ending December 31, 2022 | |||||||||
Debt Instrument | |||||||||
Consolidated leverage ratio | 5.85 | ||||||||
EQM | Line of credit | EQM Credit Facility | Base Rate | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
EQM | Line of credit | EQM Credit Facility | Secured Overnight Financing Rate (SOFR) | |||||||||
Debt Instrument | |||||||||
Basis spread on variable rate | 2.75% | ||||||||
EQM | Letter of credit | EQM Credit Facility | |||||||||
Debt Instrument | |||||||||
Maximum amount of short term loans outstanding | $ 0 | ||||||||
EQM | Unsecured Debt | 2019 Term Loan Facility | |||||||||
Debt Instrument | |||||||||
Weighted average annual interest rate | 2.40% | ||||||||
EQM | Non-Pro Rata Line Of Credit | EQM Credit Facility | |||||||||
Debt Instrument | |||||||||
Maximum borrowing capacity | $ 2,160,000,000 | ||||||||
EQT Midstream Partners LP | 2019 EQM Term Loan Agreement | |||||||||
Debt Instrument | |||||||||
Principal | $ 1,400,000,000 |
Debt - Eureka Credit Facility (Details) - Eureka Midstream, LLC - Line of credit - Eureka Credit Facility - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
May 13, 2021 |
|
Debt Instrument | ||||||
Maximum borrowing capacity | $ 400.0 | |||||
Borrowings outstanding | $ 261.0 | $ 261.0 | $ 280.0 | |||
Maximum amount of short term loans outstanding | 268.0 | $ 315.0 | 280.0 | $ 315.0 | ||
Average daily balance of short term loans outstanding | $ 262.0 | $ 310.0 | $ 269.0 | $ 308.0 | ||
Weighted average annual interest rate | 3.50% | 2.50% | 3.20% | 2.40% | ||
Payment commitment fees | $ 0.2 | $ 0.1 | $ 0.3 | $ 0.2 |
Debt - 2022 Senior Notes (Details) - EQM Senior notes |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
|
Mar. 31, 2021
USD ($)
|
Jun. 14, 2022
USD ($)
|
Jun. 10, 2022
USD ($)
|
Jun. 07, 2022
USD ($)
|
Jan. 15, 2021
USD ($)
|
|
7.50% Senior Notes Due 2027 | ||||||
Debt Instrument | ||||||
Principal | $ 500,000,000 | |||||
Interest rate | 7.50% | |||||
7.50% Senior Notes Due 2030 | ||||||
Debt Instrument | ||||||
Principal | $ 500,000,000 | |||||
Interest rate | 7.50% | |||||
6.00% Senior Notes Due 2025 | ||||||
Debt Instrument | ||||||
Interest rate | 6.00% | |||||
6.00% Senior Notes Due 2025 | EQT Midstream Partners LP | ||||||
Debt Instrument | ||||||
Principal | $ 200,000,000 | $ 300,000,000 | ||||
4.00% Senior Notes Due 2024 | ||||||
Debt Instrument | ||||||
Interest rate | 4.00% | |||||
4.00% Senior Notes Due 2024 | EQT Midstream Partners LP | ||||||
Debt Instrument | ||||||
Principal | 200,000,000 | |||||
EQM 4.75% Senior Notes Due 2023 | ||||||
Debt Instrument | ||||||
Interest rate | 4.75% | |||||
EQM 4.75% Senior Notes Due 2023 | EQT Midstream Partners LP | ||||||
Debt Instrument | ||||||
Principal | $ 300,000,000 | $ 500,000,000 | $ 4,300,000 | $ 496,800,000 | $ 500,000,000 | |
Debt issuance costs | $ 4,400,000 | $ 506,700,000 | $ 537,000,000 | |||
2022 Senior Notes | ||||||
Debt Instrument | ||||||
Net proceeds from offering | 984,500,000 | |||||
Discount | 12,500,000 | |||||
Debt issuance costs | 3,000,000 | |||||
Redemption percentage rate | 1.01 | |||||
2022 Senior Notes | EQT Midstream Partners LP | ||||||
Debt Instrument | ||||||
Principal | 501,100,000 | |||||
2021 Senior Notes | ||||||
Debt Instrument | ||||||
Net proceeds from offering | 1,876,500,000 | |||||
Discount | 19,000,000 | |||||
Debt issuance costs | $ 4,500,000 | |||||
4.00% Senior Notes Due 2024 and 6.00% Senior Notes Due 2025 | EQT Midstream Partners LP | ||||||
Debt Instrument | ||||||
Principal | $ 500,000,000 | |||||
Debt issuance costs | $ 509,000,000 |
Debt - 2022 Tender Offers (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 14, 2022 |
Jun. 10, 2022 |
Jun. 07, 2022 |
Jan. 15, 2021 |
|
Debt Instrument | |||||||||
Loss on extinguishment of debt | $ 24,937,000 | $ 0 | $ 24,937,000 | $ 41,025,000 | |||||
EQT Midstream Partners LP | EQM Senior notes | 4.00% Senior Notes Due 2024 and 6.00% Senior Notes Due 2025 | |||||||||
Debt Instrument | |||||||||
Principal | 500,000,000 | 500,000,000 | |||||||
Debt issuance costs | $ 509,000,000 | ||||||||
EQT Midstream Partners LP | EQM Senior notes | EQM 4.75% Senior Notes Due 2023 | |||||||||
Debt Instrument | |||||||||
Principal | 300,000,000 | $ 500,000,000 | 300,000,000 | $ 4,300,000 | $ 496,800,000 | $ 500,000,000 | |||
Debt issuance costs | $ 4,400,000 | $ 506,700,000 | $ 537,000,000 | ||||||
Loss on extinguishment of debt | 24,900,000 | $ 41,000,000 | 24,900,000 | ||||||
EQT Midstream Partners LP | EQM Senior notes | 4.00% Senior Notes Due 2024 | |||||||||
Debt Instrument | |||||||||
Principal | 200,000,000 | ||||||||
EQT Midstream Partners LP | EQM Senior notes | 6.00% Senior Notes Due 2025 | |||||||||
Debt Instrument | |||||||||
Principal | $ 200,000,000 | $ 200,000,000 | $ 300,000,000 |
Debt - 2021 Senior Notes (Details) - EQM Senior notes - USD ($) |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 10, 2022 |
Jun. 07, 2022 |
Jan. 15, 2021 |
|
4.50% Senior Notes Due 2029 | |||||
Debt Instrument | |||||
Principal | $ 800,000,000 | ||||
Interest rate | 4.50% | ||||
4.75% Senior Notes Notes Due 2031 | |||||
Debt Instrument | |||||
Principal | $ 1,100,000,000 | ||||
Interest rate | 4.75% | ||||
2021 Senior Notes | |||||
Debt Instrument | |||||
Net proceeds from offering | $ 1,876,500,000 | ||||
Discount | 19,000,000 | ||||
Debt issuance costs | 4,500,000 | ||||
EQM 4.75% Senior Notes Due 2023 | |||||
Debt Instrument | |||||
Interest rate | 4.75% | ||||
EQM 4.75% Senior Notes Due 2023 | EQT Midstream Partners LP | |||||
Debt Instrument | |||||
Principal | $ 500,000,000 | $ 300,000,000 | $ 4,300,000 | $ 496,800,000 | $ 500,000,000 |
Debt issuance costs | $ 4,400,000 | $ 506,700,000 | $ 537,000,000 |
Debt - Tender Offer (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 10, 2022 |
Jun. 07, 2022 |
Jan. 15, 2021 |
|
Debt Instrument | ||||||||
Loss on extinguishment of debt | $ 24,937,000 | $ 0 | $ 24,937,000 | $ 41,025,000 | ||||
EQM 4.75% Senior Notes Due 2023 | EQT Midstream Partners LP | EQM Senior notes | ||||||||
Debt Instrument | ||||||||
Principal | 300,000,000 | $ 500,000,000 | 300,000,000 | $ 4,300,000 | $ 496,800,000 | $ 500,000,000 | ||
Debt issuance costs | $ 4,400,000 | $ 506,700,000 | $ 537,000,000 | |||||
Loss on extinguishment of debt | $ 24,900,000 | $ 41,000,000 | $ 24,900,000 |
Fair Value Measurements (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||||
Gain on derivative instrument | $ 13.7 | $ 9.4 | $ 20.2 | $ 16.6 | |
EQM | Fair Value | Level 3 | EES | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||||
Preferred interest | 100.9 | 100.9 | $ 117.0 | ||
EQM | Carrying Value | Level 3 | EES | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||||
Preferred interest | 97.1 | 97.1 | 100.0 | ||
EQM Senior notes | EQM | Fair Value | Level 2 | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||||
Long-term debt | 5,655.8 | 5,655.8 | 7,060.5 | ||
EQM Senior notes | EQM | Carrying Value | Level 2 | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||||
Long-term debt | 6,428.4 | 6,428.4 | 6,434.9 | ||
Henry Hub cash payment | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||||
Derivative instrument, at fair value | $ 71.8 | $ 71.8 | $ 51.6 | ||
Market quoted volatility | Volatility | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||||
Volatility rate | 0.45 | 0.45 |
Earnings Per Share - Narrative (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Class of Stock | ||||
Potentially dilutive securities (in shares) | 30,113 | 30,018 | 30,125 | 30,018 |
Phantom Share Units (PSUs) | ||||
Class of Stock | ||||
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 588 | 502 | 615 | 494 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 4.70% | 22.00% | 5.30% | 23.80% | |
Income tax benefit related to changes in valuation allowances | $ 39.3 | ||||
Valuation allowance | $ 58.3 | $ 58.3 | $ 97.6 |
Subsequent Events (Details) - Subsequent Event $ in Millions |
Jul. 08, 2022
USD ($)
|
---|---|
Subsequent Event [Line Items] | |
Option to forgo fee relief, year one | $ 145 |
Option to forgo fee relief, year two | 90 |
Cash payment to be made in exchange for fee relief | $ 196 |
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