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Consolidated Variable Interest Entities
 6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Variable Interest Entities
Consolidated Variable Interest Entities

The Company adopted Accounting Standard Update (ASU) No. 2015-02, Consolidation in the first quarter of 2016 and, as a result, EQT determined EQGP and EQM to be variable interest entities. Through EQT's ownership and control of EQGP's general partner and control of EQM's general partner, EQT has the power to direct the activities that most significantly impact their economic performance. In addition, through EQT's general partner interest and limited partner interest in EQGP and EQGP's general partner interest, limited partner interest and incentive distribution rights in EQM, EQT has the obligation to absorb the losses of EQGP and EQM and the right to receive benefits from EQGP and EQM, in accordance with such interests. Therefore, EQT has a controlling financial interest in EQGP and EQM, is the primary beneficiary of EQGP and EQM and consolidates EQGP and EQM.

The risks associated with the operations of EQGP and EQM are discussed in their respective Annual Reports on Form 10-K for the year ended December 31, 2015 and Quarterly Reports on Form 10-Q for the quarter ended March 31, 2016. See further discussion of the impact that EQT's involvement in EQGP and EQM have on EQT's financial position, results of operations and cash flows included in EQT's Annual Report on Form 10-K for the year ended December 31, 2015, including in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. See Notes B and C for further discussion of EQGP and EQM, respectively.

The following table presents amounts included in EQT's Consolidated Balance Sheets that were for the use or obligation of EQGP and EQM as of June 30, 2016 and December 31, 2015.

Classification
 
June 30, 2016
 
December 31, 2015
 
 
(Thousands)
Assets:
 
 

 
 

Cash and cash equivalents
 
$
84,356

 
$
350,815

Accounts receivable
 
15,749

 
17,131

Prepaid expenses and other
 
2,341

 
2,111

Property, plant and equipment, net
 
2,276,474

 
1,969,993

Other assets
 
156,033

 
91,975

Liabilities:
 
 
 
 
Accounts payable
 
$
71,818

 
$
35,909

Credit facility borrowings
 
—

 
299,000

Other current liabilities
 
43,543

 
15,722

Long-term debt
 
493,786

 
493,401

Other liabilities and credits
 
9,333

 
7,834


The following table summarizes the EQGP Statements of Consolidated Operations and Cash Flows for the three and six months ended June 30, 2016 and 2015, inclusive of affiliate amounts.

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
 
(Thousands)
Operating revenues
$
172,004

 
$
144,613

 
$
352,605

 
$
299,424

Operating expenses
(48,483
)
 
(44,255
)
 
(97,855
)
 
(86,314
)
Other income (expenses)
469

 
(15,513
)
 
(2,651
)
 
(46,590
)
Net income
$
123,990

 
$
84,845

 
$
252,099

 
$
166,520

 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
149,855

 
$
124,443

 
$
267,426

 
$
239,102

Net cash used in investing activities
(200,284
)
 
(233,448
)
 
(303,958
)
 
(765,883
)
Net cash provided by (used in) financing activities
$
134,410

 
$
(101,601
)
 
$
(229,927
)
 
$
356,500