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v2.3.0.11

Segment Information | 6 Months Ended
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Jun. 30, 2011
Segment Information |
Segment Information |
B. Segment Information Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and are subject to evaluation by the Company’s chief operating decision maker in deciding how to allocate resources. The Company reports its operations in three segments, which reflect its lines of business. The EQT Production segment includes the Company’s exploration for, and development and production of, natural gas, natural gas liquids (NGLs) and a limited amount of crude oil in the Appalachian Basin. EQT Midstream’s operations include the natural gas gathering, transportation, storage and marketing activities of the Company. Distribution’s operations are primarily composed of the state-regulated natural gas distribution activities of the Company. Operating segments are evaluated on their contribution to the Company’s consolidated results based on operating income. Interest expense and income taxes are managed on a consolidated basis. Headquarters’ costs are billed to the operating segments based upon a fixed allocation of the headquarters’ annual operating budget. Actual headquarters’ expenses in excess of budget, which are primarily related to incentive compensation and administrative costs, are not allocated to the operating segments. Substantially all of the Company’s operating revenues, income from operations and assets are generated or located in the United States.
|  | 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 |  |
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 |  |
|  | 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 |  |
(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.
|  | 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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- Definition This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 + Details
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