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Financial Information by Business Segment (Tables)

9 Months Ended

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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