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v2.3.0.11

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2011
Segment Information |
Revenue from external customers and operating income |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Revenues from external customers: |  |  |  | (Thousands) |  |  |
EQT Production |  | $ | 196,810 |  |  | $ | 119,028 |  |  | $ | 369,852 |  |  | $ | 263,391 |  |
EQT Midstream |  | 131,201 |  |  | 136,995 |  |  | 272,863 |  |  | 291,591 |  |
Distribution |  | 69,100 |  |  | 63,349 |  |  | 264,191 |  |  | 285,604 |  |
Less: intersegment revenues (a) |  | (48,111 | ) |  | (61,857 | ) |  | (102,235 | ) |  | (146,431 | ) |
Total |  | $ | 349,000 |  |  | $ | 257,515 |  |  | $ | 804,671 |  |  | $ | 694,155 |  |
Operating income: |  |  |  |  |  |  |  |  |
EQT Production |  | $ | 99,759 |  |  | $ | 41,029 |  |  | $ | 182,088 |  |  | $ | 114,146 |  |
EQT Midstream |  | 52,243 |  |  | 41,714 |  |  | 118,876 |  |  | 94,405 |  |
Distribution |  | 8,928 |  |  | 4,290 |  |  | 62,295 |  |  | 51,709 |  |
Unallocated expenses (b) |  | (7,760 | ) |  | (8,504 | ) |  | (12,462 | ) |  | (12,618 | ) |
Total |  | $ | 153,170 |  |  | $ | 78,529 |  |  | $ | 350,797 |  |  | $ | 247,642 |  |
(a) Intersegment revenues primarily represent natural gas sales from EQT Production to EQT Midstream and transportation activities between EQT Midstream and both EQT Production and Distribution. (b) Unallocated expenses primarily consist of certain incentive compensation and administrative costs in excess of budget that are not allocated to the operating segments.
Reconciliation of operating income to net income |
Reconciliation of operating income to net income: |  |  |  |  |  |  |  |  |
Gain on disposition |  | $ | – |  |  | $ | – |  |  | $ | 22,785 |  |  | $ | – |  |
Other income |  | 18,046 |  |  | 2,573 |  |  | 24,850 |  |  | 5,627 |  |
Interest expense |  | 33,287 |  |  | 34,080 |  |  | 66,139 |  |  | 68,214 |  |
Income taxes |  | 50,175 |  |  | 17,022 |  |  | 122,284 |  |  | 66,990 |  |
Net income |  | $ | 87,754 |  |  | $ | 30,000 |  |  | $ | 210,009 |  |  | $ | 118,065 |  |
Segment assets |
|  | June 30, |  | December 31, |
|  | 2011 |  | 2010 |
|  | (Thousands) |
Segment Assets: |  |  |  |  |
EQT Production |  | $ | 4,520,399 |  |  | $ | 3,979,676 |  |
EQT Midstream |  | 1,854,299 |  |  | 2,076,485 |  |
Distribution |  | 788,061 |  |  | 848,419 |  |
Total operating segments |  | 7,162,759 |  |  | 6,904,580 |  |
Headquarters assets, including cash and short-term investments |  | 130,330 |  |  | 193,858 |  |
Total assets |  | $ | 7,293,089 |  |  | $ | 7,098,438 |  |
Depreciation, depletion and amortization and expenditures for segment assets |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
|  | (Thousands) |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |
EQT Production |  | $ | 61,899 |  |  | $ | 43,468 |  |  | $ | 119,733 |  |  | $ | 84,378 |  |
EQT Midstream |  | 14,296 |  |  | 15,611 |  |  | 29,004 |  |  | 30,535 |  |
Distribution |  | 5,923 |  |  | 6,016 |  |  | 11,880 |  |  | 12,010 |  |
Other |  | (232 | ) |  | 122 |  |  | (333 | ) |  | 173 |  |
Total |  | $ | 81,886 |  |  | $ | 65,217 |  |  | $ | 160,284 |  |  | $ | 127,096 |  |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |
EQT Production (a) |  | $ | 317,906 |  |  | $ | 483,656 |  |  | $ | 544,878 |  |  | $ | 662,071 |  |
EQT Midstream |  | 46,500 |  |  | 44,293 |  |  | 75,605 |  |  | 78,980 |  |
Distribution |  | 8,811 |  |  | 7,750 |  |  | 15,030 |  |  | 11,725 |  |
Other |  | 881 |  |  | 321 |  |  | 2,013 |  |  | 771 |  |
Total |  | $ | 374,098 |  |  | $ | 536,020 |  |  | $ | 637,526 |  |  | $ | 753,547 |  |
(a) Capital expenditures in the EQT Production segment include $92.6 million of liabilities assumed in exchange for producing properties as part of the ANPI transaction discussed in Note K and $230.7 million of undeveloped property which was acquired with EQT common stock in 2010.

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