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Financial Information by Business Segment (Tables) | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Schedule of company's operating revenues, income from operations and assets |
Three Months Ended September 30, 2018 | EQT Production |  | EQM Gathering |  | EQM Transmission |  | EQM Water |  | Intersegment Eliminations |  | EQT Corporation
Revenues: | (Thousands)
Sales of natural gas, oil and NGLs | $ | 1,046,989 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,046,989 |
Pipeline, water and net marketing services | 6,132 |  |  | 252,861 |  |  | 89,350 |  |  | 22,373 |  |  | (255,760 | ) |  | 114,956 |
Loss on derivatives not designated as hedges | (3,075 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,075 | )
Total operating revenues | $ | 1,050,046 |  |  | $ | 252,861 |  |  | $ | 89,350 |  |  | $ | 22,373 |  |  | $ | (255,760 | ) |  | $ | 1,158,870 |
Three Months Ended September 30, 2017 | EQT Production |  | EQM Gathering |  | EQM Transmission |  | Intersegment Eliminations |  | EQT Corporation
Revenues: | (Thousands)
Sales of natural gas, oil and NGLs | $ | 552,953 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 552,953 |
Pipeline and net marketing services | 9,140 |  |  | 116,522 |  |  | 89,771 |  |  | (144,598 | ) |  | 70,835 |
Gain on derivatives not designated as hedges | 35,625 |  |  | — |  |  | — |  |  | — |  |  | 35,625 |
Total operating revenues | $ | 597,718 |  |  | $ | 116,522 |  |  | $ | 89,771 |  |  | $ | (144,598 | ) |  | $ | 659,413 |
Nine Months Ended September 30, 2018 | EQT Production |  | EQM Gathering |  | EQM Transmission |  | EQM Water |  | Intersegment Eliminations |  | EQT Corporation
Revenues: | (Thousands)
Sales of natural gas, oil and NGLs | $ | 3,264,728 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,264,728 |
Pipeline and net marketing services | 42,382 |  |  | 731,440 |  |  | 285,429 |  |  | 93,438 |  |  | (775,913 | ) |  | 376,776 |
Gain on derivatives not designated as hedges | 5,620 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,620 |
Total operating revenues | $ | 3,312,730 |  |  | $ | 731,440 |  |  | $ | 285,429 |  |  | $ | 93,438 |  |  | $ | (775,913 | ) |  | $ | 3,647,124 |
Nine Months Ended September 30, 2017 | EQT Production |  | EQM Gathering |  | EQM Transmission |  | Intersegment Eliminations |  | EQT Corporation
Revenues: | (Thousands)
Sales of natural gas, oil and NGLs | $ | 1,803,132 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,803,132 |
Pipeline and net marketing services | 31,656 |  |  | 330,996 |  |  | 272,184 |  |  | (418,337 | ) |  | 216,499 |
Gain on derivatives not designated as hedges | 222,693 |  |  | — |  |  | — |  |  | — |  |  | 222,693 |
Total operating revenues | $ | 2,057,481 |  |  | $ | 330,996 |  |  | $ | 272,184 |  |  | $ | (418,337 | ) |  | $ | 2,242,324 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (Thousands)
Operating income (loss): |  |  |  |  |  |  |  |  |
EQT Production (a) | $ | (121,678 | ) |  | $ | 12,201 |  |  | $ | (2,127,323 | ) |  | $ | 322,634 |
EQM Gathering | 177,902 |  |  | 85,932 |  |  | 510,755 |  |  | 243,061 |
EQM Transmission | 58,691 |  |  | 59,770 |  |  | 198,784 |  |  | 189,237 |
EQM Water | (3,093 | ) |  | — |  |  | 35,627 |  |  | — |
Unallocated expenses and intersegment eliminations (b) | (39,998 | ) |  | (19,876 | ) |  | (169,566 | ) |  | (35,802 | )
Total operating income (loss) | $ | 71,824 |  |  | $ | 138,027 |  |  | $ | (1,551,723 | ) |  | $ | 719,130 |
(a) | Impairment of long-lived assets of $0.3 billion and $2.7 billion are included in EQT Production operating income for the three and nine months ended September 30, 2018, respectively. See Note Q.
(b) | Unallocated expenses consist of compensation expense, administrative costs and the amortization expense related to non-compete agreements with former Rice executives. Administrative costs include transaction costs of $29.3 million and $85.7 million for the three and nine months ended September 30, 2018, respectively. Amortization expense related to non-compete agreements with former Rice executives was $10.4 million and $31.0 million for the three and nine months ended September 30, 2018, respectively.
Intersegment eliminations include the elimination of profit on water services that are provided to EQT Production and capitalized as part of development costs of $3.2 million and $50.7 million for the three and nine months ended September 30, 2018, respectively.
Reconciliation of operating income to income from continuing operations | Reconciliation of operating income (loss) to net income (loss):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (Thousands) |  |  |  |
Total operating income (loss) | $ | 71,824 |  |  | $ | 138,027 |  |  | $ | (1,551,723 | ) |  | $ | 719,130 |
Other income | 21,755 |  |  | 6,526 |  |  | 43,092 |  |  | 15,880 |
Interest expense | 93,042 |  |  | 50,377 |  |  | 240,059 |  |  | 137,110 |
Income tax (benefit) expense | (62,911 | ) |  | (11,281 | ) |  | (503,505 | ) |  | 119,093 |
Net income (loss) | $ | 63,448 |  |  | $ | 105,457 |  |  | $ | (1,245,185 | ) |  | $ | 478,807 |
Schedule of segment assets |
| September 30, 2018 |  | December 31, 2017
| (Thousands)
Segment assets: |  |  |  |  |
EQT Production | $ | 19,278,308 |  |  | $ | 21,015,132 |
EQM Gathering | 5,994,891 |  |  | 5,681,404 |
EQM Transmission | 2,813,644 |  |  | 1,923,427 |
EQM Water | 141,403 |  |  | 185,079 |
Total operating segments | 28,228,246 |  |  | 28,805,042 |
Headquarters assets, including cash and short-term investments | 433,083 |  |  | 717,562 |
Total assets | $ | 28,661,329 |  |  | $ | 29,522,604 |
Schedule of depreciation, depletion and amortization and expenditures for segment assets |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (Thousands)
Depreciation and depletion: (c) |  |  |  |  |  |  |  |  |
EQT Production | $ | 391,083 |  |  | $ | 224,103 |  |  | $ | 1,161,718 |  |  | $ | 654,411 |
EQM Gathering | 25,359 |  |  | 9,983 |  |  | 72,309 |  |  | 28,398 |
EQM Transmission | 12,357 |  |  | 12,261 |  |  | 37,228 |  |  | 35,793 |
EQM Water | 5,851 |  |  | — |  |  | 17,420 |  |  | — |
Other | 661 |  |  | 213 |  |  | 2,201 |  |  | 693 |
Total | $ | 435,311 |  |  | $ | 246,560 |  |  | $ | 1,290,876 |  |  | $ | 719,295 |
Expenditures for segment assets: (d) |  |  |  |  |  |  |  |  |
EQT Production (e) | $ | 855,494 |  |  | $ | 449,303 |  |  | $ | 2,225,435 |  |  | $ | 1,850,482 |
EQM Gathering | 194,477 |  |  | 48,182 |  |  | 515,072 |  |  | 150,728 |
EQM Transmission | 37,626 |  |  | 22,312 |  |  | 84,517 |  |  | 73,679 |
EQM Water | 7,981 |  |  | — |  |  | 17,358 |  |  | — |
Other and intersegment eliminations (f) | 10,284 |  |  | 2,502 |  |  | (32,864 | ) |  | 7,097 |
Total | $ | 1,105,862 |  |  | $ | 522,299 |  |  | $ | 2,809,518 |  |  | $ | 2,081,986 |
(c) | Excludes amortization of intangible assets.
(d) | Includes the capitalized portion of non-cash stock-based compensation costs, non-cash acquisitions and the impact of capital accruals. The impact of accrued capital expenditures includes the reversal of the prior period accrual as well as the current period estimate, both of which are non-cash items. The net impact of these non-cash items was $(51.8) million and $44.3 million for the three months ended September 30, 2018 and 2017, respectively, and $(45.2) million and $102.7 million for the nine months ended September 30, 2018 and 2017, respectively. These non-cash items are excluded from capital expenditures on the Statements of Condensed Consolidated Cash Flows. Expenditures for segment assets does not include consideration for the Rice Merger.
(e) | The three and nine months ended September 30, 2017 included $7.8 million and $819.0 million of cash capital expenditures, respectively, and the nine months ended September 30, 2017 included $7.5 million of non-cash capital expenditures for the acquisitions discussed in Note P.
(f) | Intersegment eliminations include profit on water services that are provided to EQT Production and capitalized as part of development costs.

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