EQM Midstream Partners 10-Q 24 Apr 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014
Entity Registrant Name	'EQT Midstream Partners, LP
Entity Central Index Key	'0001540947
Document Type	'10-Q
Document Period End Date	31-Mar-14
Amendment Flag	'false
Current Fiscal Year End Date	'--12-31
Entity Current Reporting Status	'Yes
Entity Filer Category	'Accelerated Filer
Entity Common Units, Units Outstanding	30,468,902
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q1
Subordinated Units	'
Entity Common Units, Units Outstanding	17,339,718
General Partner Units outstanding	'
Entity Common Units, Units Outstanding	975,686

Statements_of_Consolidated_Ope

Statements of Consolidated Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Operating revenues:	'		'
Operating revenues - affiliate	$27,129		$34,386	[1]
Operating revenues - third party	35,444		9,979	[1]
Total operating revenues	62,573		44,365	[1]
Operating expenses:	'		'
Operating and maintenance	8,124		6,632	[1]
Selling, general and administrative	7,359		4,263	[1]
Depreciation and amortization	6,849		5,041	[1],[2]
Total operating expenses	22,332		15,936	[1]
Operating income	40,241		28,429	[1]
Other income, net	269		297	[1]
Interest expense, net	5,655		204	[1]
Income before income taxes	34,855		28,522	[1]
Income tax expense	'		1,733	[1]
Net income	34,855	[2]	26,789	[2]
Calculation of limited partner interest in net income:	'		'
Net income	34,855	[2]	26,789	[2]
Less pre-acquisition income allocated to parent	'		-2,710	[1]
Less general partner interest in net income	-1,723		-505	[1]
Limited partner interest in net income	$33,132		$23,574	[1]
Net income per limited partner unit - basic (in dollars per unit)	$0.69		$0.68	[1]
Net income per limited partner unit - diluted (in dollars per unit)	$0.69		$0.68	[1]
Weighted average limited partner units outstanding - basic (in shares)	47,819		34,679	[1]
Weighted average limited partner units outstanding - diluted (in shares)	47,938		34,768	[1]
Cash distributions declared per unit (in dollars per share)	$0.49	[3]	$0.37	[1],[3]
[1]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect Sunrise Pipeline, LLC (Sunrise), which merged into Equitrans, LP (Equitrans), a wholly owned subsidiary of EQT Midstream Partners, LP, on July 22, 2013 (Sunrise Merger). See Note B for further discussion.
[2]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect the Sunrise Merger. See Note B for further discussion.
[3]	(2) Represents the cash distribution declared on April 22, 2014 which related to the first quarter of 2014 and the cash distribution declared on April 23, 2013 which related to the first quarter of 2013, respectively. See Note J for further discussion.

Statements_of_Consolidated_Cas

Statements of Consolidated Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Cash flows from operating activities:	'		'
Net income	$34,855	[1]	$26,789	[1]
Adjustments to reconcile net income to net cash provided by operating activities:	'		'
Depreciation and amortization	6,849		5,041	[1],[2]
Deferred income taxes	'		-508	[1]
Other income	-269		-297	[1]
Non-cash long term compensation expense	978		353	[1]
Non-cash adjustments	'		-250	[1]
Changes in other assets and liabilities:	'		'
Accounts receivable	-5,625		-756	[1]
Accounts payable	764		-5,293	[1]
Due to/from EQT affiliates	19,420		18,268	[1]
Other assets and liabilities	-5,774		-4,325	[1]
Net cash provided by operating activities	51,198		39,022	[1]
Cash flows from investing activities:	'		'
Capital expenditures	-19,388		-12,073	[1]
Net cash used in investing activities	-19,388		-12,073	[1]
Cash flows from financing activities:	'		'
Short-term loans	110,000		'
Sunrise Merger payment	-110,000		'
Distributions paid to unitholders	-23,039		-12,386	[1]
Credit facility origination fees	-2,020		'
Capital contributions	-118		2,382	[1]
Capital lease principal payments	-948		'
Net cash used in financing activities	-26,125		-10,004	[1]
Net change in cash and cash equivalents	5,685		16,945	[1]
Cash and cash equivalents at beginning of year	18,363		50,041	[1]
Cash and cash equivalents at end of year	24,048		66,986	[1]
Cash paid during the period for:	'		'
Interest paid	4,866		'
Non-cash activity during the year:	'		'
Capital lease asset/obligation	$3,625		'
[1]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect the Sunrise Merger. See Note B for further discussion.
[2]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect Sunrise Pipeline, LLC (Sunrise), which merged into Equitrans, LP (Equitrans), a wholly owned subsidiary of EQT Midstream Partners, LP, on July 22, 2013 (Sunrise Merger). See Note B for further discussion.

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'		'
Cash and cash equivalents	$24,048		$18,363
Accounts receivable (net of allowance for doubtful accounts of $736 as of March 31, 2014 and $152 as of December 31, 2013)	14,088		8,463
Accounts receivable - affiliate	9,949		12,758
Due from related party	'		6,454
Other current assets	1,879		537
Total current assets	49,964		46,575
Property, plant and equipment	1,028,007		1,007,299
Less: accumulated depreciation	-164,772		-158,411
Net property, plant and equipment	863,235		848,888
Regulatory assets	16,323		16,246
Other assets	4,604		1,304
Total assets	934,126		913,013
Current liabilities:	'		'
Accounts payable	8,092		7,328
Short-term loans	110,000		'
Due to related party	9,878		110,000
Lease obligation - current	2,967		662
Accrued liabilities	5,094		11,088
Total current liabilities	136,031		129,078
Lease obligation	134,105		133,733
Other long-term liabilities	6,763		6,014
Total liabilities	276,899		268,825
Partners' capital:	'		'
Common units (30,468,902 units issued and outstanding at March 31, 2014 and December 31, 2013)	826,693		818,431
Subordinated units (17,339,718 units issued and outstanding at March 31, 2014 and December 31, 2013)	-171,898		-175,996
General partner interest (975,686 units issued and outstanding at March 31, 2014 and December 31, 2013)	2,432		1,753
Total partners' capital	657,227	[1]	644,188	[1]
Total liabilities and partners' capital	$934,126		$913,013
[1]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect the Sunrise Merger. See Note B for further discussion.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Consolidated Balance Sheets	'	'
Accounts receivable, allowance for doubtful accounts (in dollars)	$736	$152
Common units issued	30,468,902	30,468,902
Common units outstanding	30,468,902	30,468,902
Subordinated units issued	17,339,718	17,339,718
Subordinated units outstanding	17,339,718	17,339,718
General partner interest, units issued	975,686	975,686
General partner interest, units outstanding	975,686	975,686

Statements_of_Consolidated_Par

Statements of Consolidated Partners' Capital (USD $)		Total	Limited Partners Common	Limited Partners Subordinated	General Partner	Predecessor Equity
In Thousands, unless otherwise specified
Balance at Dec. 31, 2012	[1]	$672,849	$313,304	$153,664	$8,108	$197,773
Increase (Decrease) in Partners' Capital		'	'	'	'	'
Net income	[1]	26,789	11,154	12,420	505	2,710
Capital contribution	[1]	1,105	541	541	23	'
Equity-based compensation plans	[1]	353	353	'	'	'
Distributions to unitholders	[1]	-12,386	-6,069	-6,069	-248	'
Balance at Mar. 31, 2013	[1]	688,710	319,283	160,556	8,388	200,483
Balance at Dec. 31, 2013	[1]	644,188	818,431	-175,996	1,753	'
Increase (Decrease) in Partners' Capital		'	'	'	'	'
Net income	[1]	34,855	21,116	12,016	1,723	'
Capital contribution	[1]	163	102	58	3	'
Equity-based compensation plans	[1]	1,060	1,060	'	'	'
Distributions to unitholders	[1]	-23,039	-14,016	-7,976	-1,047	'
Balance at Mar. 31, 2014	[1]	$657,227	$826,693	($171,898)	$2,432	'
[1]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect the Sunrise Merger. See Note B for further discussion.

Financial_Statements

Financial Statements	3 Months Ended
	Mar. 31, 2014
Financial Statements	'
Financial Statements	'
	A.        Financial Statements
	Organization
	EQT Midstream Partners, LP (EQT Midstream Partners or the Partnership) is a growth-oriented Delaware limited partnership. EQT Midstream Services, LLC, a wholly owned subsidiary of EQT Corporation, is the Partnership’s general partner. References in these consolidated financial statements to EQT refer collectively to EQT Corporation and its consolidated subsidiaries.
	Limited Partner and General Partner Units
	The following table summarizes common, subordinated and general partner units issued from January 1, 2013 through March 31, 2014.
		Limited Partner Units		General
		Common	Subordinated	Partner Units	Total
	Balance at January 1, 2013	17,339,718	17,339,718	707,744	35,387,180
	July 2013 equity offering	12,650,000	—	—	12,650,000
	Sunrise Merger consideration	479,184	—	267,942	747,126
	Balance at December 31, 2013	30,468,902	17,339,718	975,686	48,784,306
	Balance at March 31, 2014	30,468,902	17,339,718	975,686	48,784,306
	As of March 31, 2014, EQT retained a 44.6% equity interest in the Partnership, which includes 3,443,902 common units, 17,339,718 subordinated units and 975,686 general partner units. EQT also holds the incentive distribution rights.
	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with United States GAAP for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by United States GAAP for complete financial statements.  In the opinion of management, these unaudited consolidated financial statements include all adjustments (consisting of only normal recurring accruals, unless otherwise disclosed in this Form 10-Q) necessary for a fair presentation of the financial position of the Partnership as of March 31, 2014 and December 31, 2013 and the results of its operations and cash flows for the three months ended March 31, 2014 and 2013. Certain previously reported amounts have been reclassified to conform to the current year presentation.
	The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by United States GAAP for complete financial statements.
	As discussed in Note B, the Sunrise Merger was a transaction between entities under common control; therefore, the Partnership was required to record the assets and liabilities of Sunrise at their carrying amounts to EQT on the date of the Sunrise Merger. The difference between EQT’s net carrying amount and the total consideration paid to EQT was recorded as a capital transaction with EQT, which resulted in a reduction in partners’ capital.  The Partnership recast its consolidated financial statements to retrospectively reflect the Sunrise Merger; however, the consolidated financial statements are not necessarily indicative of the results of operations that would have occurred if the Partnership had owned the assets during the periods reported.
	Due to the seasonal nature of the Partnership’s utility customer contracts, the interim statements for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2013 as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein.

Sunrise_Merger

Sunrise Merger	3 Months Ended
	Mar. 31, 2014
Sunrise Merger	'
Sunrise Merger	'
	B.            Sunrise Merger
	On July 15, 2013, the Partnership and Equitrans entered into an Agreement and Plan of Merger with EQT and Sunrise, a wholly owned subsidiary of EQT and the owner of the Sunrise Pipeline. Effective July 22, 2013, Sunrise merged with and into Equitrans, with Equitrans continuing as the surviving company.  Upon closing, the Partnership paid EQT consideration of $540 million, consisting of a $507.5 million cash payment, 479,184 Partnership common units and 267,942 Partnership general partner units. Prior to the Sunrise Merger, Equitrans entered into a precedent agreement with a third party for firm transportation service on the Sunrise Pipeline over a twenty-year term (the Precedent Agreement).  Pursuant to the Agreement and Plan of Merger, following the effectiveness of the transportation agreement contemplated by the Precedent Agreement in December 2013, the Partnership was obligated to pay additional consideration of $110 million.  The Partnership made this additional payment to EQT in January 2014.
	Prior to the Sunrise Merger, the Partnership operated the Sunrise Pipeline as part of its transmission and storage system under a lease agreement with EQT. The lease was a capital lease under GAAP; therefore, prior to the merger, revenues and expenses associated with Sunrise were included in the Partnership’s historical consolidated financial statements and the Sunrise Pipeline was depreciated over the lease term of 15 years. Effective as of the closing of the Sunrise Merger on July 22, 2013, the lease agreement was terminated. Because the Sunrise Merger was a transaction between entities under common control, the Partnership has recast its financial statements to retrospectively reflect the merger. This included recasting depreciation expense recognized for the periods prior to the merger to reflect the pipeline’s useful life of 40 years. The decrease in depreciation expense and interest expense associated with the capital lease increased previously reported net income in the first quarter of 2013.

Financial_Information_by_Busin

Financial Information by Business Segment	3 Months Ended
	Mar. 31, 2014
Financial Information by Business Segment	'
Financial Information by Business Segment	'
	C.            Financial Information by Business Segment
	Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and is subject to evaluation by the chief operating decision maker in deciding how to allocate resources.
	The Partnership reports its operations in two segments, which reflect its lines of business. Transmission and storage includes the Partnership’s FERC-regulated interstate pipeline and storage business. Gathering includes the FERC-regulated low pressure gathering system. The operating segments are evaluated on their contribution to the Partnership’s results based on operating income.
	All of the Partnership’s operating revenues, income from operations and assets are generated or located in the United States.
			Three Months Ended
			March 31,
			2014			2013
			(Thousands)
	Revenues from external customers:
	Transmission and storage	$		59,317	$		41,065
	Gathering		3,256			3,300
	Total	$		62,573	$		44,365
	Operating income (loss):
	Transmission and storage	$		42,037	$		30,461
	Gathering		-1,796			-2,032
	Total operating income	$		40,241	$		28,429
	Reconciliation of operating income to net income:
	Other income, net		269			297
	Interest expense, net		5,655			204
	Income tax expense		—			1,733
	Net income	$		34,855	$		26,789
			March 31,			December 31,
			2014			2013
			(Thousands)
	Segment assets:
	Transmission and storage	$		853,831	$		828,053
	Gathering		80,295			84,960
	Total assets	$		934,126	$		913,013
			Three Months Ended
			March 31,
			2014			2013
			(Thousands)
	Depreciation and amortization:
	Transmission and storage	$		6,159	$		4,311
	Gathering		690			730
	Total	$		6,849	$		5,041
	Expenditures for segment assets:
	Transmission and storage	$		14,001	$		10,939
	Gathering		5,469			1,134
	Total	$		19,470	$		12,073

RelatedParty_Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2014
Related-Party Transactions	'
Related-Party Transactions	'
	D.        Related-Party Transactions
	In the ordinary course of business, the Partnership has transactions with affiliated companies. The Partnership has various contracts with affiliates including, but not limited to, transportation service and precedent agreements, storage agreements and gas gathering agreements.
	The Partnership has various agreements with EQT. Pursuant to an omnibus agreement, EQT performs centralized corporate, general and administrative services for the Partnership, such as legal, corporate recordkeeping, planning, budgeting, regulatory, accounting, billing, business development, treasury, insurance administration and claims processing, risk management, health, safety and environmental, information technology, human resources, investor relations, cash management and banking, payroll, internal audit, taxes and engineering. In exchange, the Partnership reimburses EQT for the expenses incurred in providing these services, except for any expenses associated with EQT’s long-term incentive programs. The omnibus agreement further requires that the Partnership reimburse EQT for the Partnership’s allocable portion of the premiums on any insurance policies covering the Partnership’s assets. EQT does not record any profit or margin for the administrative and operational services charged to the Partnership.
	Pursuant to an operation and management services agreement, EQT Gathering, LLC (EQT Gathering) provides the Partnership’s pipelines and storage facilities with certain operational and management services.  The Partnership reimburses EQT Gathering for such services pursuant to the terms of the omnibus agreement.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Taxes	'
Income Taxes	'
	E.        Income Taxes
	As a result of its limited partnership structure, the Partnership is not subject to federal and state income taxes. For federal and state income tax purposes, all income, expenses, gains, losses and tax credits generated by the Partnership flow through to the unitholders; accordingly, the Partnership does not record a provision for income taxes. As discussed in Note B, the Partnership completed the Sunrise Merger on July 22, 2013 which was a transaction between entities under common control. Prior to this transaction, Sunrise’s income was included in EQT’s consolidated federal tax return; therefore, the Sunrise financial statements included U.S. federal and state income tax.  The income tax effects associated with Sunrise’s operations prior to the Sunrise Merger are reflected in the Partnership’s consolidated financial statements for those periods.

Debt

Debt	3 Months Ended
	Mar. 31, 2014
Debt	'
Debt	'
	F.        Debt
	In February 2014, the Partnership amended its credit facility to increase the borrowing capacity to $750 million. The amended credit facility will expire in February 2019. The credit facility is available to fund working capital requirements and capital expenditures, to purchase assets, to pay distributions, to repurchase units and for general partnership purposes.
	As of March 31, 2014, the Partnership had $110 million outstanding on the credit facility. There were no amounts outstanding on the credit facility as of December 31, 2013. The maximum amount of the Partnership’s outstanding short-term loans at any time during the three months ended March 31, 2014 was $110 million. The average daily balance of short-term loans outstanding was approximately $92.9 million for the three months ended March 31, 2014. The loans bear interest at a weighted average rate of 1.72%. The carrying value of short-term borrowings approximates fair value as the interest rates are based on prevailing market rates.

Lease_Obligations

Lease Obligations	3 Months Ended
	Mar. 31, 2014
Lease Obligations	'
Lease Obligations	'
	G.        Lease Obligations
	On December 17, 2013, the Partnership entered into a lease with EQT for the Allegheny Valley Connector (AVC) facilities. Under the lease, the Partnership operates the facilities as part of its transmission and storage system under the rates, terms and conditions of its FERC-approved tariff.  The AVC facilities are strategically located to connect Marcellus Shale supply and demand and include an approximately 200 mile pipeline that interconnects with the Partnership’s transmission and storage system. Additionally, the AVC facilities provide 450 BBtu per day of additional firm capacity to the Partnership’s system and are supported by 4 associated natural gas storage reservoirs with approximately 260 MMcf per day of peak withdrawal capability and 15 Bcf of working gas capacity. Of the total 15 Bcf of working gas capacity, the Partnership leases and operates 13 Bcf of working gas capacity. The lease payment due each month is the lesser of the following alternatives: (1) a revenue-based payment reflecting the revenues generated by the operation of the AVC facilities minus the actual costs of operating the AVC facilities and (2) a payment based on depreciation expense and pre-tax return on invested capital for the AVC facilities. As a result, the payments to be made under the AVC lease will be variable.
	The AVC lease is a capital lease under GAAP. The gross capital lease assets and obligations recorded in 2013 were approximately $134.4 million. The Partnership expects modernization capital expenditures will be incurred by EQT to upgrade the AVC facilities. As the capital expenditures are incurred, the capital lease asset and obligations will increase.  In the first quarter of 2014, the fair value of the leased property increased by approximately $3.6 million as a result of the modernization capital expenditures.
	For the three months ended March 31, 2014, interest expense of $4.9 million and depreciation expense of $1.3 million were recorded related to the capital lease. At March 31, 2014, accumulated depreciation was $1.7 million, net capital lease assets were $136.3 million and capital lease obligations were $137.1 million.

Net_Income_per_Limited_Partner

Net Income per Limited Partner Unit	3 Months Ended
	Mar. 31, 2014
Net Income per Limited Partner Unit	'
Net Income per Limited Partner Unit	'
	H.        Net Income per Limited Partner Unit
	The Partnership’s net income is allocated to the general partner and limited partners, including subordinated unitholders, in accordance with their respective ownership percentages, and when applicable, giving effect to incentive distributions allocable to the general partner. The allocation of undistributed earnings, or net income in excess of distributions, to the incentive distribution rights is limited to available cash (as defined by the Partnership’s partnership agreement) for the period. Net income allocated to the general partner includes amounts attributed to incentive distributions, as applicable. The Partnership’s net income allocable to the limited partners is allocated between common and subordinated unitholders by applying the provisions of the Partnership’s partnership agreement that govern actual cash distributions as if all earnings for the period had been distributed. Any common units issued during the period are included on a weighted-average basis for the days in which they were outstanding. The phantom units granted to the independent directors of the Partnership’s general partner will be paid in common units on a director’s termination of service on the general partner’s Board of Directors. As there are no remaining service, performance or market conditions related to these awards, 10,861 phantom unit awards were included in the calculation of basic weighted average limited partner units outstanding for the three months ended March 31, 2014.
	Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or agreements to issue common units, such as awards under the long-term incentive plan, were exercised, settled or converted into common units.  When it is determined that potential common units resulting from an award subject to performance or market conditions should be included in the diluted net income per limited partner unit calculation, the impact is reflected by applying the treasury stock method. Potentially dilutive securities, consisting of performance awards, included in the calculation of diluted net income per limited partner unit totaled 118,642 and 88,815 for the three months ended March 31, 2014 and 2013, respectively. The 2014 EQM Value Driver Awards granted in the first quarter of 2014 were not included in potentially dilutive securities because the performance condition was not yet met.
	The following table presents the Partnership’s calculation of net income per limited partner unit for common and subordinated limited partner units. Net income attributable to the Sunrise Pipeline assets for periods prior to July 22, 2013 is not allocated to the limited partners for purposes of calculating net income per limited partner unit.
			Three Months Ended
			March 31,
			2014			2013
			(Thousands, except per unit
			data)
	Net income	$		34,855	$		26,789
	Less:
	Pre-acquisition net income allocated to parent		—			-2,710
	General partner interest in net income – 2%		-697			-505
	General partner interest in net income attributable to incentive distribution rights		-1,026			—
	Limited partner interest in net income	$		33,132	$		23,574
	Net income allocable to common units	$		21,116	$		11,154
	Net income allocable to subordinated units		12,016			12,420
	Limited partner interest in net income	$		33,132	$		23,574
	Weighted average limited partner units outstanding – basic
	Common units		30,479			17,339
	Subordinated units		17,340			17,340
	Total		47,819			34,679
	Weighted average limited partner units outstanding – diluted
	Common units		30,598			17,428
	Subordinated units		17,340			17,340
	Total		47,938			34,768
	Net income per limited partner unit – basic
	Common units	$		0.69	$		0.64
	Subordinated units		0.69			0.72
	Total	$		0.69	$		0.68
	Net income per limited partner unit – diluted
	Common units	$		0.69	$		0.64
	Subordinated units		0.69			0.72
	Total	$		0.69	$		0.68

Subsidiary_Guarantors

Subsidiary Guarantors	3 Months Ended
	Mar. 31, 2014
Subsidiary Guarantors	'
Subsidiary Guarantors	'
	I.         Subsidiary Guarantors
	The Partnership filed a registration statement on Form S-3 with the SEC on July 1, 2013 to register, among other securities, debt securities. Certain subsidiaries of the Partnership are co-registrants with the Partnership (Subsidiary Guarantors), and the registration statement registered guarantees of debt securities by one or more of the Subsidiary Guarantors (other than EQT Midstream Finance Corporation, a 100% owned subsidiary of the Partnership whose sole purpose is to act as co-issuer of debt securities). The Subsidiary Guarantors are 100% owned by the Partnership and any guarantees by the Subsidiary Guarantors will be full and unconditional. Subsidiaries of the Partnership other than the Subsidiary Guarantors and EQT Midstream Finance Corporation are minor. The Partnership has no assets or operations independent of the Subsidiary Guarantors, and there are no significant restrictions upon the ability of the Subsidiary Guarantors to distribute funds to the Partnership by dividend or loan. In the event that more than one of the Subsidiary Guarantors provide guarantees of any debt securities issued by the Partnership, such guarantees will constitute joint and several obligations. None of the assets of the Partnership or the Subsidiary Guarantors represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act of 1933, as amended.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events	'
Subsequent Events	'
	J.         Subsequent Events
	On April 22, 2014, the Board of Directors of the Partnership’s general partner declared a cash distribution to the Partnership’s unitholders for the first quarter of 2014 of $0.49 per common and subordinated unit, $0.5 million to the general partner related to its 2% general partner interest and $1.0 million to the general partner related to its incentive distribution rights. The cash distribution will be paid on May 15, 2014 to unitholders of record at the close of business on May 6, 2014.

Financial_Statements_Tables

Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2014
Financial Statements	'
Summary of common, subordinated and general partner units issued	'
		Limited Partner Units		General
		Common	Subordinated	Partner Units	Total
	Balance at January 1, 2013	17,339,718	17,339,718	707,744	35,387,180
	July 2013 equity offering	12,650,000	—	—	12,650,000
	Sunrise Merger consideration	479,184	—	267,942	747,126
	Balance at December 31, 2013	30,468,902	17,339,718	975,686	48,784,306
	Balance at March 31, 2014	30,468,902	17,339,718	975,686	48,784,306

Financial_Information_by_Busin1

Financial Information by Business Segment (Tables)	3 Months Ended
	Mar. 31, 2014
Financial Information by Business Segment	'
Schedule of revenue from external customers and operating income (loss) and reconciliation to net income	'
			Three Months Ended
			March 31,
			2014			2013
			(Thousands)
	Revenues from external customers:
	Transmission and storage	$		59,317	$		41,065
	Gathering		3,256			3,300
	Total	$		62,573	$		44,365
	Operating income (loss):
	Transmission and storage	$		42,037	$		30,461
	Gathering		-1,796			-2,032
	Total operating income	$		40,241	$		28,429
	Reconciliation of operating income to net income:
	Other income, net		269			297
	Interest expense, net		5,655			204
	Income tax expense		—			1,733
	Net income	$		34,855	$		26,789
Schedule of segment assets	'
			March 31,			December 31,
			2014			2013
			(Thousands)
	Segment assets:
	Transmission and storage	$		853,831	$		828,053
	Gathering		80,295			84,960
	Total assets	$		934,126	$		913,013
Schedule of depreciation, depletion and amortization and expenditures for segment assets	'
			Three Months Ended
			March 31,
			2014			2013
			(Thousands)
	Depreciation and amortization:
	Transmission and storage	$		6,159	$		4,311
	Gathering		690			730
	Total	$		6,849	$		5,041
	Expenditures for segment assets:
	Transmission and storage	$		14,001	$		10,939
	Gathering		5,469			1,134
	Total	$		19,470	$		12,073

Net_Income_per_Limited_Partner1

Net Income per Limited Partner Unit (Tables)	3 Months Ended
	Mar. 31, 2014
Net Income per Limited Partner Unit	'
Schedule of partnership's calculation of net income per limited partner unit for common and subordinated limited partner units	'
			Three Months Ended
			March 31,
			2014			2013
			(Thousands, except per unit
			data)
	Net income	$		34,855	$		26,789
	Less:
	Pre-acquisition net income allocated to parent		—			-2,710
	General partner interest in net income – 2%		-697			-505
	General partner interest in net income attributable to incentive distribution rights		-1,026			—
	Limited partner interest in net income	$		33,132	$		23,574
	Net income allocable to common units	$		21,116	$		11,154
	Net income allocable to subordinated units		12,016			12,420
	Limited partner interest in net income	$		33,132	$		23,574
	Weighted average limited partner units outstanding – basic
	Common units		30,479			17,339
	Subordinated units		17,340			17,340
	Total		47,819			34,679
	Weighted average limited partner units outstanding – diluted
	Common units		30,598			17,428
	Subordinated units		17,340			17,340
	Total		47,938			34,768
	Net income per limited partner unit – basic
	Common units	$		0.69	$		0.64
	Subordinated units		0.69			0.72
	Total	$		0.69	$		0.68
	Net income per limited partner unit – diluted
	Common units	$		0.69	$		0.64
	Subordinated units		0.69			0.72
	Total	$		0.69	$		0.68

Financial_Statements_Details

Financial Statements (Details)

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

EQT

Limited Partners Common

Limited Partners Common

Limited Partners Common

Limited Partners Subordinated

Limited Partners Subordinated

Limited Partners Subordinated

General Partner

General Partner

General Partner

General Partner

Sunrise

Sunrise

Increase (Decrease) in Partners' Capital

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance

35,387,180

48,784,306

'

17,339,718

30,468,902

'

17,339,718

17,339,718

17,339,718

975,686

975,686

707,744

'

Issued in connection with public offering

12,650,000

'

'

12,650,000

'

'

'

'

'

'

'

'

'

Sunrise Merger consideration

747,126

'

'

'

'

479,184

'

'

'

'

'

'

267,942

Balance

48,784,306

48,784,306

'

30,468,902

30,468,902

'

17,339,718

17,339,718

17,339,718

975,686

975,686

707,744

'

Additional disclosures

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity interest retained by parent (as a percent)

'

'

44.60%

'

'

'

'

'

'

'

'

'

'

Common units held by parent (in shares)

'

'

3,443,902

'

'

'

'

'

'

'

'

'

'

Subordinated units held by parent (in shares)

'

'

17,339,718

'

'

'

'

'

'

'

'

'

'

General partner units held by parent (in shares)

'

'

975,686

'

'

'

'

'

'

'

'

'

'

Sunrise_Merger_Details

Sunrise Merger (Details) (USD $)	3 Months Ended		3 Months Ended		0 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Jul. 22, 2013	Dec. 31, 2013
			Pipelines	Sunrise	EQT	EQT
Sunrise Merger	'	'	'	'	'	'
Consideration paid	'	'	'	'	$540,000,000	'
Cash payment	110,000,000	'	'	'	507,500,000	'
Common units issued	30,468,902	30,468,902	'	'	479,184	'
General partner units issued	975,686	975,686	'	'	267,942	'
Term of the transportation precedent agreement	'	'	'	'20 years	'	'
Additional cash consideration related to the transportation precedent agreement	'	'	'	'	'	$110,000,000
Life of the lease	'	'	'15 years	'	'	'
Estimated service life	'	'	'40 years	'	'	'

Financial_Information_by_Busin2

Financial Information by Business Segment (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
	item
Financial Information by Business Segment	'		'		'
Number of operating segments	2		'		'
Segment Information	'		'		'
Revenues from external customers:	$62,573		$44,365	[1]	'
Operating income (loss):	40,241		28,429	[1]	'
Reconciliation of operating income to net income:	'		'		'
Other income, net	269		297	[1]	'
Interest expense, net	5,655		204	[1]	'
Income tax expenses	'		1,733	[1]	'
Net income	34,855	[2]	26,789	[2]	'
Segment assets:	934,126		'		913,013
Depreciation and amortization	6,849		5,041	[1],[2]	'
Expenditures for segment assets	19,470		12,073		'
Transmission and storage	'		'		'
Segment Information	'		'		'
Revenues from external customers:	59,317		41,065		'
Operating income (loss):	42,037		30,461		'
Reconciliation of operating income to net income:	'		'		'
Segment assets:	853,831		'		828,053
Depreciation and amortization	6,159		4,311		'
Expenditures for segment assets	14,001		10,939		'
Gathering	'		'		'
Segment Information	'		'		'
Revenues from external customers:	3,256		3,300		'
Operating income (loss):	-1,796		-2,032		'
Reconciliation of operating income to net income:	'		'		'
Segment assets:	80,295		'		84,960
Depreciation and amortization	690		730		'
Expenditures for segment assets	$5,469		$1,134		'
[1]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect Sunrise Pipeline, LLC (Sunrise), which merged into Equitrans, LP (Equitrans), a wholly owned subsidiary of EQT Midstream Partners, LP, on July 22, 2013 (Sunrise Merger). See Note B for further discussion.
[2]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect the Sunrise Merger. See Note B for further discussion.

Debt_Details

Debt (Details) (USD $)	Mar. 31, 2014	Feb. 28, 2014	Dec. 31, 2013	Mar. 31, 2014
In Millions, unless otherwise specified	Revolving credit facility	Revolving credit facility	Revolving credit facility	Short-term loans
Long-term debt	'	'	'	'
Maximum borrowing capacity	'	$750	'	'
Maximum amount of outstanding short-term loans at any time during the period	'	'	'	110
Average daily balance of short-term loans outstanding	'	'	'	92.9
Weighted average interest rate (as a percent)	'	'	'	1.72%
Amounts outstanding	$110	'	$0	'

Lease_Obligations_Details

Lease Obligations (Details) (USD $)	0 Months Ended	3 Months Ended
	Dec. 17, 2013	Mar. 31, 2014	Dec. 31, 2013
	MMcf
	mi
	item
Lease obligations	'	'	'
Modernization capital expenditures incurred	'	$3,625,000	'
AVC	'	'	'
Lease obligations	'	'	'
Length of pipeline (in miles)	200	'	'
Additional per day firm capacity provided to the system (in TBtu per day)	0.45	'	'
Number of associated natural gas storage reservoirs which supports pipeline system	4	'	'
Peak withdrawal capability per day of associated natural gas storage reservoirs (in MMcf per day)	260	'	'
Working gas capacity of associated natural gas storage reservoirs (in Mcf)	15,000	'	'
Working gas capacity of associated natural gas storage reservoirs which the entity leases and operates (in Mcf)	13,000	'	'
Capital lease obligations	'	137,100,000	134,400,000
Modernization capital expenditures incurred	'	3,600,000	'
Interest expense on capital lease	'	4,900,000	'
Depreciation expense	'	1,300,000	'
Accumulated depreciation	'	1,700,000	'
Net capital lease assets	'	$136,300,000	$134,400,000

Net_Income_per_Limited_Partner2

Net Income per Limited Partner Unit (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Net Income per Limited Partner Unit	'		'
General partner's ownership interest (as a percent)	2.00%		'
Partnership's calculation of net income per unit for common and subordinated limited partner units:	'		'
Net income	$34,855	[1]	$26,789	[1]
Less pre-acquisition income allocated to parent	'		-2,710	[2]
Less: general partner interest in net income - 2%	-697		-505
General partner interest in net income attributable to incentive distribution rights	-1,026		'
Limited partner interest in net income	33,132		23,574	[2]
Limited Partners' net income allocable to common units and subordinated units	'		'
Limited partner interest in net income	33,132		23,574	[2]
Weighted average limited partner units outstanding - basic	'		'
Total (in shares)	47,819,000		34,679,000	[2]
Weighted average limited partner units outstanding - diluted	'		'
Total (in shares)	47,938,000		34,768,000	[2]
Net income per limited partner unit - basic	'		'
Basic (in dollars per share)	$0.69		$0.68	[2]
Net income per limited partner unit - diluted	'		'
Diluted (in dollars per share)	$0.69		$0.68	[2]
Common Units	'		'
Partnership's calculation of net income per unit for common and subordinated limited partner units:	'		'
Net income	21,116	[1]	11,154	[1]
Limited partner interest in net income	21,116		11,154
Limited Partners' net income allocable to common units and subordinated units	'		'
Limited partner interest in net income	21,116		11,154
Weighted average limited partner units outstanding - basic	'		'
Total (in shares)	30,479,000		17,339,000
Weighted average limited partner units outstanding - diluted	'		'
Total (in shares)	30,598,000		17,428,000
Net income per limited partner unit - basic	'		'
Basic (in dollars per share)	$0.69		$0.64
Net income per limited partner unit - diluted	'		'
Diluted (in dollars per share)	$0.69		$0.64
Subordinated Units	'		'
Partnership's calculation of net income per unit for common and subordinated limited partner units:	'		'
Net income	12,016	[1]	12,420	[1]
Limited partner interest in net income	12,016		12,420
Limited Partners' net income allocable to common units and subordinated units	'		'
Limited partner interest in net income	$12,016		$12,420
Weighted average limited partner units outstanding - basic	'		'
Total (in shares)	17,340,000		17,340,000
Weighted average limited partner units outstanding - diluted	'		'
Total (in shares)	17,340,000		17,340,000
Net income per limited partner unit - basic	'		'
Basic (in dollars per share)	$0.69		$0.72
Net income per limited partner unit - diluted	'		'
Diluted (in dollars per share)	$0.69		$0.72
Performance awards and phantom units	'		'
Net Income per Limited Partner Unit	'		'
Potentially dilutive securities included in the calculation of diluted net income per limited partner unit (in shares)	118,642		88,815
Phantom Units	'		'
Weighted average limited partner units outstanding - basic	'		'
Total (in shares)	10,861		'
[1]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect the Sunrise Merger. See Note B for further discussion.
[2]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect Sunrise Pipeline, LLC (Sunrise), which merged into Equitrans, LP (Equitrans), a wholly owned subsidiary of EQT Midstream Partners, LP, on July 22, 2013 (Sunrise Merger). See Note B for further discussion.

Subsidiary_Guarantors_Details

Subsidiary Guarantors (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Subsidiary Guarantors	'
Ownership interest held (as a percent)	100.00%
Restricted net assets	$0
EQT Midstream Finance Corporation	'
Subsidiary Guarantors	'
Ownership interest held (as a percent)	100.00%

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended				0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Apr. 22, 2014	Apr. 22, 2014
					Subsequent Events	Subsequent Events
						General Partner
Subsequent Events	'		'		'	'
Cash distribution to the company's common and subordinated unitholders declared (in dollars per share)	$0.49	[1]	$0.37	[1],[2]	$0.49	'
Partners' capital:	'		'		'	'
Cash distribution declared to the general partner	'		'		'	$0.50
General partner's interest (as a percent)	2.00%		'		'	2.00%
Incentive distribution rights	'		'		'	$1
[1]	(2) Represents the cash distribution declared on April 22, 2014 which related to the first quarter of 2014 and the cash distribution declared on April 23, 2013 which related to the first quarter of 2013, respectively. See Note J for further discussion.
[2]	(1) Financial statements for the first three months of 2013 have been retrospectively recast to reflect Sunrise Pipeline, LLC (Sunrise), which merged into Equitrans, LP (Equitrans), a wholly owned subsidiary of EQT Midstream Partners, LP, on July 22, 2013 (Sunrise Merger). See Note B for further discussion.