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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2012
Segment Information |
Schedule of revenue from external customers and operating income |
|  | Three Months Ended |
|  | March 31, |
|  | 2012 |  | 2011 |
|  | (Thousands) |
Revenues from external customers: |  |  |  |  |
EQT Production |  | $ | 195,396 |  | $ | 173,042 |
EQT Midstream |  | 122,048 |  | 141,662 |
Distribution |  | 135,421 |  | 195,091 |
Less: intersegment revenues (a) |  | (2,905 | ) | (37,100 | )
Total |  | $ | 449,960 |  | $ | 472,695 |
Operating income: |  |  |  |  |
EQT Production (b) |  | $ | 60,148 |  | $ | 82,329 |
EQT Midstream (b) |  | 56,136 |  | 89,418 |
Distribution |  | 36,770 |  | 53,367 |
Unallocated expenses |  | 242 |  | (4,702 | )
Total |  | $ | 153,296 |  | $ | 220,412 |
(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. These activities were partly offset by the third-party transportation costs which were recorded in operating revenues and purchased gas costs at the consolidated level. (b) Gains on dispositions of $1.1 million and $22.8 million are included in EQT Production operating income for 2012 and EQT Midstream operating income for 2011, respectively. See Note J.
Reconciliation of operating income to net income |
Reconciliation of operating income to net income: |  |  |  |  |
Equity in earnings of nonconsolidated investments |  | $ | 2,212 |  | $ | 2,358 |
Other income |  | 2,469 |  | 4,446 |
Interest expense |  | 41,252 |  | 32,852 |
Income taxes |  | 44,690 |  | 72,109 |
Total |  | $ | 72,035 |  | $ | 122,255 |
Schedule of segment assets |
|  | March 31, |  | December 31, |
|  | 2012 |  | 2011 |
|  | (Thousands) |
Segment Assets: |  |  |  |  |
EQT Production |  | $ | 5,438,619 |  | $ | 5,256,645 |
EQT Midstream |  | 1,819,437 |  | 1,785,089 |
Distribution |  | 805,747 |  | 850,414 |
Total operating segments |  | 8,063,803 |  | 7,892,148 |
Headquarters assets, including cash and short-term investments |  | 795,186 |  | 880,571 |
Total assets |  | $ | 8,858,989 |  | $ | 8,772,719 |
Schedule of depreciation, depletion and amortization and expenditures for segment assets |
|  | Three Months Ended |
|  | March 31, |
|  | 2012 |  | 2011 |
|  | (Thousands) |
Depreciation, depletion and amortization: |  |  |  |  |
EQT Production |  | $ | 86,567 |  | $ | 57,834 |
EQT Midstream |  | 14,708 |  | 14,708 |
Distribution |  | 6,243 |  | 5,957 |
Other |  | 7 |  | (101 | )
Total |  | $ | 107,525 |  | $ | 78,398 |
Expenditures for segment assets: |  |  |  |  |
EQT Production |  | $ | 183,685 |  | $ | 226,972 |
EQT Midstream |  | 79,638 |  | 29,105 |
Distribution |  | 5,463 |  | 6,219 |
Other |  | 801 |  | 1,132 |
Total |  | $ | 269,587 |  | $ | 263,428 |

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