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Financial Information by Business Segment | 6 Months Ended
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Jun. 30, 2015
Segment Reporting [Abstract] |
Financial Information by Business Segment | Financial Information by Business Segment Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and which are subject to evaluation by the Company’s chief operating decision maker in deciding how to allocate resources. The Company reports its operations in two 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 and Permian Basins. The EQT Midstream segment’s operations include the natural gas gathering, transmission, storage and marketing activities of the Company, including ownership and operation of EQM. Operating segments are evaluated on their contribution to the Company’s consolidated results based on operating income. Other income, interest and income taxes are managed on a consolidated basis. Headquarters’ costs are billed to the operating segments based upon an allocation of the headquarters’ annual operating budget. Differences between budget and actual headquarters’ expenses 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,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (Thousands)
Revenues from external customers: |  |  |  |  |  |  |  |  |  |  |
EQT Production | $ | 243,587 |  |  | $ | 373,532 |  |  | $ | 745,781 |  |  | $ | 885,906 |
EQT Midstream | 192,430 |  |  | 162,345 |  |  | 400,656 |  |  | 328,571 |
Less intersegment revenues, net (a) | (2,843 | ) |  | (9,709 | ) |  | (4,490 | ) |  | (26,684 | )
Total | $ | 433,174 |  |  | $ | 526,168 |  |  | $ | 1,141,947 |  |  | $ | 1,187,793 |
Operating (loss) income: |  |  |  |  |  |  |  |  |  |  |
EQT Production (b) | $ | (66,886 | ) |  | $ | 144,689 |  |  | $ | 118,957 |  |  | $ | 421,894 |
EQT Midstream (b) | 108,192 |  |  | 88,527 |  |  | 237,931 |  |  | 171,596 |
Unallocated expenses (c) | (8,272 | ) |  | (8,445 | ) |  | (9,095 | ) |  | (11,928 | )
Total operating income | $ | 33,034 |  |  | $ | 224,771 |  |  | $ | 347,793 |  |  | $ | 581,562 |
Reconciliation of operating income to income from continuing operations:
Total operating income | $ | 33,034 |  |  | $ | 224,771 |  |  | $ | 347,793 |  |  | $ | 581,562 |
Other income | 2,689 |  |  | 2,579 |  |  | 3,628 |  |  | 5,130 |
Interest expense | 36,833 |  |  | 31,873 |  |  | 74,049 |  |  | 63,841 |
Income taxes | (64,857 | ) |  | 59,089 |  |  | (7,543 | ) |  | 175,424 |
Income from continuing operations | $ | 63,747 |  |  | $ | 136,388 |  |  | $ | 284,915 |  |  | $ | 347,427 |
| As of June 30, 2015 |  | As of December 31, 2014
| (Thousands)
Segment assets: |  |  |  |  |
EQT Production | $ | 8,538,111 |  |  | $ | 8,153,199 |
EQT Midstream | 2,989,041 |  |  | 2,709,052 |
Total operating segments | 11,527,152 |  |  | 10,862,251 |
Headquarters assets, including cash and short-term investments | 2,045,178 |  |  | 1,202,649 |
Total assets | $ | 13,572,330 |  |  | $ | 12,064,900 |
(a) | Eliminates intercompany natural gas sales from EQT Production to EQT Midstream.
(b) | Gains on sales / exchanges of assets of $31.0 million and $6.8 million are included in EQT Production and EQT Midstream operating income, respectively, for the three and six months ended June 30, 2014.
(c) | Unallocated expenses consist primarily of incentive compensation expense and administrative costs.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (Thousands)
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |
EQT Production | $ | 173,331 |  |  | $ | 136,251 |  |  | $ | 344,794 |  |  | $ | 267,490 |
EQT Midstream | 23,393 |  |  | 21,130 |  |  | 46,588 |  |  | 42,139 |
Other | 95 |  |  | (162 | ) |  | 182 |  |  | (299 | )
Total | $ | 196,819 |  |  | $ | 157,219 |  |  | $ | 391,564 |  |  | $ | 309,330 |
Expenditures for segment assets: |  |  |  |  |  |  |  |  |  |  |
EQT Production (d) | $ | 520,315 |  |  | $ | 932,463 |  |  | $ | 1,002,289 |  |  | $ | 1,343,547 |
EQT Midstream | 164,542 |  |  | 112,305 |  |  | 237,117 |  |  | 197,224 |
Other | 716 |  |  | 802 |  |  | 1,609 |  |  | 1,362 |
Total | $ | 685,573 |  |  | $ | 1,045,570 |  |  | $ | 1,241,015 |  |  | $ | 1,542,133 |
(d) Includes $157.3 million of cash capital expenditures and $353.0 million of non-cash capital expenditures for the exchange of assets with Range Resources Corporation (described in Note L) for the three and six months ended June 30, 2014. Expenditures for segment assets in the EQT Production segment include $88.1 million and $550.5 million for property acquisitions during the three months ended June 30, 2015 and 2014, respectively, and $139.1 million and $609.7 million for property acquisitions during the six months ended June 30, 2015 and 2014, respectively.

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- Definition The entire disclosure for 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 percent 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 Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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