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Segment Information (Tables)

3 Months Ended

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

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

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