EQM Midstream Partners 10-Q 26 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2017shares
Entity Information [Line Items]
Entity Registrant Name	EQT Midstream Partners, LP
Entity Central Index Key	1,540,947
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Common Units
Entity Information [Line Items]
Entity Common Units, Unit Outstanding	80,581,758
General Partner Units
Entity Information [Line Items]
Entity Common Units, Unit Outstanding	1,443,015

Statements of Consolidated Oper

Statements of Consolidated Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Operating revenues	[1],[2]	$ 207,193	$ 176,772	$ 609,585	$ 540,600
Operating expenses:
Operating and maintenance	[1],[3]	20,604	18,198	61,471	51,687
Selling, general and administrative	[1],[3]	18,839	17,725	52,212	53,377
Depreciation and amortization	[1]	22,244	14,639	64,191	43,177
Total operating expenses	[1]	61,687	50,562	177,874	148,241
Operating income	[1]	145,506	126,210	431,711	392,359
Other income	[1],[4]	6,858	13,479	19,576	31,490
Net interest expense	[1],[5]	9,426	2,802	26,014	11,448
Income before income taxes	[1]	142,938	136,887	425,273	412,401
Income tax expense	[1]	0	3,227	0	10,147
Net income	[1]	142,938	133,660	425,273	402,254
Calculation of limited partners' interest in net income:
Net income	[1]	142,938	133,660	425,273	402,254
Less pre-acquisition net income allocated to parent	[1]	0	(7,094)	0	(21,861)
Less general partner interest in net income – general partner units	[1]	(2,515)	(2,224)	(7,482)	(6,785)
Less general partner interest in net income – incentive distribution rights (IDRs)	[1]	(37,615)	(24,912)	(102,451)	(65,961)
Limited partners' interest in net income	[1]	$ 102,808	$ 99,430	$ 315,340	$ 307,647
Net income per limited partner unit - basic (in dollars per share)	[1]	$ 1.28	$ 1.23	$ 3.91	$ 3.89
Net income per limited partner unit - diluted (in dollars per share)	[1]	$ 1.28	$ 1.23	$ 3.91	$ 3.89
Weighted average limited partner units outstanding - basic (in shares)	[1]	80,603	80,599	80,603	78,998
Weighted average limited partner units outstanding - diluted (in shares)	[1]	80,603	80,599	80,603	79,025
Cash distributions declared per unit (in dollars per share)	[1],[6]	$ 0.98	$ 0.815	$ 2.805	$ 2.34
[1]	As discussed in Note A, EQM’s consolidated financial statements for the three and nine months ended September 30, 2016 have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control.
[2]	Operating revenues included affiliate revenues from EQT of $154.2 million and $135.5 million for the three months ended September 30, 2017 and 2016, respectively, and $445.8 million and $408.3 million for the nine months ended September 30, 2017 and 2016, respectively. See Note E.
[3]	Operating and maintenance expense included charges from EQT of $10.7 million and $8.4 million for the three months ended September 30, 2017 and 2016, respectively, and $29.8 million and $25.1 million for the nine months ended September 30, 2017 and 2016, respectively. Selling, general and administrative expense included charges from EQT of $18.1 million and $16.4 million for the three months ended September 30, 2017 and 2016, respectively, and $49.7 million and $49.3 million for the nine months ended September 30, 2017 and 2016, respectively. See Note E.
[4]	For the three and nine months ended September 30, 2017, other income included equity income from Mountain Valley Pipeline, LLC (MVP Joint Venture) of $6.0 million and $15.4 million, respectively. For the three and nine months ended September 30, 2016, other income included distributions received from EES of $2.8 million and $8.3 million, respectively, and equity income from the MVP Joint Venture of $2.7 million and $6.1 million, respectively. See Note F.
[5]	For the three and nine months ended September 30, 2017, net interest expense included $1.7 million and $5.1 million, respectively, of interest income on the Preferred Interest in EES.
[6]	Represents the cash distributions declared related to the period presented. See Note J.

Statements of Consolidated Ope3

Statements of Consolidated Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating and maintenance expense	[1],[2]	$ 20,604	$ 18,198	$ 61,471	$ 51,687
Selling, general and administrative expenses	[1],[2]	18,839	17,725	52,212	53,377
Equity income	[1]			15,413	6,139
EES
Interest income		1,700		5,100
Variable Interest Entity, Not Primary Beneficiary | EES
Dividends received			2,800		8,300
Other Income | MVP Joint Venture | Variable Interest Entity, Not Primary Beneficiary
Equity income		6,000	2,700	15,400	6,100
EQT
Operating revenues		154,200	135,500	445,800	408,300
Operating and maintenance expense		10,700	8,400	29,800	25,100
Selling, general and administrative expenses		$ 18,100	$ 16,400	$ 49,700	$ 49,300
[1]	As discussed in Note A, EQM’s consolidated financial statements for the three and nine months ended September 30, 2016 have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control.
[2]	Operating and maintenance expense included charges from EQT of $10.7 million and $8.4 million for the three months ended September 30, 2017 and 2016, respectively, and $29.8 million and $25.1 million for the nine months ended September 30, 2017 and 2016, respectively. Selling, general and administrative expense included charges from EQT of $18.1 million and $16.4 million for the three months ended September 30, 2017 and 2016, respectively, and $49.7 million and $49.3 million for the nine months ended September 30, 2017 and 2016, respectively. See Note E.

Statements of Consolidated Cash

Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	[1]	$ 425,273	$ 402,254
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	[1]	64,191	43,177
Deferred income taxes	[1]	0	8,774
Equity income	[1]	(15,413)	(6,139)
AFUDC – equity	[1]	(4,128)	(16,733)
Non-cash long-term compensation expense	[1]	225	195
Changes in other assets and liabilities:
Accounts receivable	[1]	(1,106)	2,552
Accounts payable	[1]	1,848	11,588
Due to/from EQT affiliates	[1]	5,627	(60,217)
Other assets and other liabilities	[1]	3,686	(5,433)
Net cash provided by operating activities	[1]	480,203	380,018
Cash flows from investing activities:
Capital expenditures	[1]	(224,591)	(477,605)
Capital contributions to the MVP Joint Venture	[1]	(103,448)	(76,297)
Sales of interests in the MVP Joint Venture	[1]	0	12,533
Principal payments received on the Preferred Interest	[1]	3,103	0
Net cash used in investing activities	[1]	(324,936)	(541,369)
Cash flows from financing activities:
Proceeds from the issuance of EQM common units, net of offering costs	[1]	0	217,102
Proceeds from credit facility borrowings	[1]	334,000	430,000
Payments on credit facility borrowings	[1]	(229,000)	(638,000)
Credit facility origination fees	[1]	(2,257)	0
Distributions paid to unitholders	[1]	(313,515)	(237,263)
Capital contributions	[1]	216	5,884
Net contributions from EQT	[1]	0	22,672
Net cash used in financing activities	[1]	(210,556)	(199,605)
Net change in cash and cash equivalents	[1]	(55,289)	(360,956)
Cash and cash equivalents at beginning of period	[1]	60,368	360,956
Cash and cash equivalents at end of period	[1]	5,079	0
Cash paid during the period for:
Interest, net of amount capitalized	[1]	$ 31,091	$ 15,437
[1]	As discussed in Note A, EQM’s consolidated financial statements for the three and nine months ended September 30, 2016 have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control.

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	[1]	$ 5,079	$ 60,368
Accounts receivable (net of allowance for doubtful accounts of $336 as of September 30, 2017 and $319 as of December 31, 2016)		21,768	20,662
Accounts receivable – affiliate		88,103	81,358
Other current assets		8,222	9,671
Total current assets		123,172	172,059
Property, plant and equipment		3,120,662	2,894,858
Less: accumulated depreciation		(375,153)	(316,024)
Net property, plant and equipment		2,745,509	2,578,834
Investment in unconsolidated entity		339,978	184,562
Other assets		138,770	140,385
Total assets		3,347,429	3,075,840
Current liabilities:
Accounts payable		37,493	35,830
Due to related party		28,991	19,027
Capital contribution payable to MVP Joint Venture		48,026	11,471
Accrued interest		10,434	12,016
Accrued liabilities		12,500	8,648
Total current liabilities		137,444	86,992
Credit facility borrowings		105,000	0
Long-term debt		986,947	985,732
Other long-term liabilities		9,877	9,562
Total liabilities		1,239,268	1,082,286
Equity:
Common (80,581,758 units issued and outstanding at September 30, 2017 and December 31, 2016)		2,111,095	2,008,510
General partner (1,443,015 units issued and outstanding at September 30, 2017 and December 31, 2016)		(2,934)	(14,956)
Total equity	[1]	2,108,161	1,993,554
Total liabilities and equity		$ 3,347,429	$ 3,075,840
[1]	As discussed in Note A, EQM’s consolidated financial statements for the three and nine months ended September 30, 2016 have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control.

Consolidated Balance Sheets (U6

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, for doubtful accounts	$ 336	$ 319
Common units issued (in shares)	80,581,758	80,581,758
Common units outstanding (in shares)	80,581,758	80,581,758
General partner interest, units issued (in shares)	1,443,015	1,443,015
General partner interest, units outstanding (in shares)	1,443,015	1,443,015

Statements of Consolidated Equi

Statements of Consolidated Equity (Unaudited) - USD ($) $ in Thousands		Total	Limited Partner Common Units	General Partner	Predecessor Equity
Beginning balance at Dec. 31, 2015	[1]	$ 1,843,257	$ 1,598,675	$ (30,963)	$ 275,545
Increase (Decrease) in Partners' Capital
Net income	[1]	402,254	307,647	72,746	21,861
Capital contributions	[1]	577	567	10
Equity-based compensation plans	[1]	195	195
Distributions to unitholders	[1]	(237,263)	(175,729)	(61,534)
Net contributions from EQT	[1]	22,672			22,672
Proceeds from issuance of common units, net of offering costs	[1]	217,102	217,102
Ending balance at Sep. 30, 2016	[1]	2,248,794	1,948,457	(19,741)	$ 320,078
Beginning balance at Dec. 31, 2016	[1]	1,993,554	2,008,510	(14,956)
Increase (Decrease) in Partners' Capital
Net income	[1]	425,273	315,340	109,933
Capital contributions	[1]	2,624	2,576	48
Equity-based compensation plans	[1]	225	225
Distributions to unitholders	[1]	(313,515)	(215,556)	(97,959)
Ending balance at Sep. 30, 2017	[1]	$ 2,108,161	$ 2,111,095	$ (2,934)
[1]	As discussed in Note A, EQM’s consolidated financial statements for the three and nine months ended September 30, 2016 have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control.

Financial Statements

Financial Statements	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statements	Financial Statements Organization EQM is a growth-oriented Delaware limited partnership. EQT Midstream Services, LLC (EQM General Partner) is a direct wholly owned subsidiary of EQT GP Holdings, LP (EQGP) and is the general partner of EQM. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with 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 GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements include all adjustments (consisting of only normal recurring adjustments, unless otherwise disclosed in this Form 10-Q) necessary for a fair presentation of the financial position of EQM as of September 30, 2017 and December 31, 2016 , the results of its operations for the three and nine months ended September 30, 2017 and 2016 and its cash flows and equity for the nine months ended September 30, 2017 and 2016 . Certain previously reported amounts have been reclassified to conform to the current year presentation. The balance sheet at December 31, 2016 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. AVC, Rager and the Gathering Assets were businesses and the October 2016 Acquisition was a transaction between entities under common control; therefore, EQM recorded the assets and liabilities of these entities at their carrying amounts to EQT on the date of the transaction. 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 equity. EQM recast its consolidated financial statements to retrospectively reflect the October 2016 Acquisition as if the entities were owned for all periods presented; however, the consolidated financial statements are not necessarily indicative of the results of operations that would have occurred if EQM had owned them during the periods reported. Due to the seasonal nature of EQM’s utility customer contracts, the interim statements for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . For further information, refer to the consolidated financial statements and footnotes thereto included in EQM’s Annual Report on Form 10-K for the year ended December 31, 2016 as well as “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained therein. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard requires an entity to recognize revenue in a manner that depicts the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date which approved a one year deferral of ASU 2014-09 to annual reporting periods beginning after December 15, 2017. EQM expects to adopt the ASUs using the modified retrospective method of adoption on January 1, 2018. During the third quarter of 2017, EQM substantially completed its detailed review of the impact of the standard on each of its contracts. Based on this review, EQM does not expect the standard to have a significant impact on net income. EQM is currently evaluating the impact of the standard on its internal controls and disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. This standard will eliminate the cost method of accounting for equity investments. The ASU will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, with early adoption of certain provisions permitted. EQM will adopt this standard in the first quarter of 2018 and does not expect that the adoption will have a material impact on its financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The primary effect of adopting the new standard will be to record assets and obligations for contracts currently recognized as operating leases. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The ASU will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early adoption permitted. EQM has completed a high level identification of agreements covered by this standard and will continue to evaluate the impact this standard will have on its financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this ASU eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. EQM is currently evaluating the impact this standard will have on its financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . This ASU addresses the presentation and classification of eight specific cash flow issues. The amendments in the ASU will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. EQM adopted this standard in the second quarter of 2017 with no material impact on its financial statements and related disclosures.

October 2016 Acquisition

October 2016 Acquisition	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
October 2016 Acquisition	October 2016 Acquisition Effective October 1, 2016, EQM acquired from EQT 100% of the outstanding limited liability company interests of AVC and Rager as well as the Gathering Assets. The aggregate consideration paid by EQM to EQT of $275 million was funded by borrowings under the $1 Billion Facility (as defined in Note G). Prior to the October 2016 Acquisition, EQM operated the AVC facilities as part of its transmission and storage system under a lease agreement with EQT. The lease was a capital lease under GAAP; therefore, revenues and expenses associated with the AVC facilities were included in EQM’s historical consolidated financial statements and the AVC facilities were depreciated over the lease term of 25 years. In conjunction with the October 2016 Acquisition, the lease agreement was terminated. As a result, EQM's recast of the consolidated financial statements included recasting depreciation expense recognized for the periods prior to the transaction to reflect the pipeline’s useful life of 40 years. The cumulative capital lease depreciation recorded for periods prior to the transaction was eliminated through equity at the time of the acquisition and the consolidated financial statements now reflect the depreciation expense based on the 40 year useful life. This adjustment increased previously reported net income by $1.8 million and $5.2 million for the three and nine months ended September 30, 2016 , respectively.

Equity and Net Income per Limit

Equity and Net Income per Limited Partner Unit	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity and Net Income per Limited Partner Unit	Equity and Net Income per Limited Partner Unit The following table summarizes EQM's limited partner common units and general partner units issued from January 1, 2016 through December 31, 2016. EQM did no t issue any units during the nine months ended September 30, 2017 . Limited Partner Common Units General Partner Units Total Balance at January 1, 2016 77,520,181 1,443,015 78,963,196 2014 EQM Value Driver Award Program issuance 19,796 — 19,796 EQM Total Return Program issuance 92,472 — 92,472 $750 Million ATM Program 2,949,309 — 2,949,309 Balance at December 31, 2016 80,581,758 1,443,015 82,024,773 As of September 30, 2017 , EQGP and its subsidiaries owned 21,811,643 EQM common units, representing a 26.6% limited partner interest, 1,443,015 EQM general partner units, representing a 1.8% general partner interest, and all of the IDRs in EQM. As of September 30, 2017 , EQT owned 100% of the non-economic general partner interest and a 90.1% limited partner interest in EQGP. Net Income per Limited Partner Unit. Net income attributable to AVC, Rager and the Gathering Assets for periods prior to October 1, 2016 was not allocated to the limited partners for purposes of calculating net income per limited partner unit. The weighted average phantom unit awards included in the calculation of basic weighted average limited partner units outstanding was 21,298 and 17,481 for the three months ended September 30, 2017 and 2016 , respectively, and 20,757 and 17,046 for the nine months ended September 30, 2017 and 2016 , respectively. Potentially dilutive securities included in the calculation of diluted weighted average limited partner units outstanding totaled zero and 27,397 for the three and nine months ended September 30, 2016 , respectively. Distributions On October 24, 2017 , the Board of Directors of the EQM General Partner declared a cash distribution to EQM’s unitholders for the third quarter of 2017 of $0.98 per common unit. The cash distribution will be paid on November 14, 2017 to unitholders of record at the close of business on November 3, 2017 . Based on the 80,581,758 EQM common units outstanding on October 26, 2017 , cash distributions to EQGP will be approximately $21.4 million related to its limited partner interest, $2.1 million related to its general partner interest and $37.6 million related to its IDRs in EQM. The distribution amounts to EQGP related to its general partner interest and IDRs in EQM are subject to change if EQM issues additional common units on or prior to the record date for the third quarter 2017 distribution.

Financial Information by Busine

Financial Information by Business Segment	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Financial Information by Business Segment	Financial Information by Business Segment Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Thousands) Revenues from external customers (including affiliates): Gathering $ 116,522 $ 99,141 $ 330,996 $ 297,305 Transmission 90,671 77,631 278,589 243,295 Total operating revenues $ 207,193 $ 176,772 $ 609,585 $ 540,600 Operating income: Gathering $ 85,817 $ 72,495 $ 242,716 $ 218,274 Transmission 59,689 53,715 188,995 174,085 Total operating income $ 145,506 $ 126,210 $ 431,711 $ 392,359 Reconciliation of operating income to net income: Other income 6,858 13,479 19,576 31,490 Net interest expense 9,426 2,802 26,014 11,448 Income tax expense — 3,227 — 10,147 Net income $ 142,938 $ 133,660 $ 425,273 $ 402,254 September 30, 2017 December 31, 2016 (Thousands) Segment assets: Gathering $ 1,422,645 $ 1,292,713 Transmission 1,453,309 1,413,631 Total operating segments 2,875,954 2,706,344 Headquarters, including cash 471,475 369,496 Total assets $ 3,347,429 $ 3,075,840 Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Thousands) Depreciation and amortization: Gathering $ 9,983 $ 7,663 $ 28,398 $ 22,520 Transmission 12,261 6,976 35,793 20,657 Total $ 22,244 $ 14,639 $ 64,191 $ 43,177 Expenditures for segment assets: Gathering $ 48,182 $ 88,390 $ 150,728 $ 247,755 Transmission 22,312 77,940 73,679 253,957 Total (1) $ 70,494 $ 166,330 $ 224,407 $ 501,712 (1) EQM accrues capital expenditures when work has been completed but the associated bills have not yet been paid. These accrued amounts are excluded from capital expenditures on the statements of consolidated cash flows until they are paid in a subsequent period. Accrued capital expenditures were approximately $26.5 million , $31.2 million and $26.7 million at September 30, 2017 , June 30, 2017 and December 31, 2016 , respectively. Accrued capital expenditures were approximately $48.2 million , $50.7 million and $24.1 million at September 30, 2016 , June 30, 2016 and December 31, 2015 , respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the ordinary course of business, EQM engages in transactions with EQT and its affiliates including, but not limited to, transportation service and precedent agreements, storage agreements and gas gathering agreements. Pursuant to the omnibus agreement, EQT performs centralized corporate, general and administrative services for EQM. In exchange, EQM reimburses EQT for the expenses incurred in providing these services, including direct and indirect costs and expenses attributable to EQT's long-term incentive programs. Pursuant to an operation and management services agreement, EQT Gathering, LLC (EQT Gathering), an indirect wholly owned subsidiary of EQT, provides EQM’s pipelines and storage facilities with certain operational and management services. EQM reimburses EQT Gathering for such services pursuant to the terms of the omnibus agreement. The expenses for which EQM reimburses EQT and its subsidiaries may not necessarily reflect the actual expenses that EQM would incur on a stand-alone basis and EQM is unable to estimate what those expenses would be on a stand-alone basis.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity MVP Joint Venture. The MVP Joint Venture plans to construct the Mountain Valley Pipeline (MVP), an estimated 300 -mile natural gas interstate pipeline spanning from northern West Virginia to southern Virginia. EQM is the operator of the MVP and owned a 45.5% interest in the MVP Joint Venture as of September 30, 2017 . The MVP Joint Venture has been determined to be a variable interest entity because it has insufficient equity to finance its activities during the construction stage of the project. EQM is not the primary beneficiary because it does not have the power to direct the activities of the MVP Joint Venture that most significantly impact its economic performance. Certain business decisions require the approval of owners holding more than a 66 2/3% interest in the MVP Joint Venture and no one member owns more than a 66 2/3% interest. EQM accounts for the interest in the MVP Joint Venture as an equity method investment as EQM has the ability to exercise significant influence over operating and financial policies of the MVP Joint Venture. In August 2017 , the MVP Joint Venture issued a capital call notice to MVP Holdco, LLC (MVP Holdco), a direct wholly owned subsidiary of EQM, for $48.0 million , of which $27.2 million was paid in October 2017 and the remaining $20.8 million is expected to be paid in November 2017 . The capital contribution payable has been reflected on the consolidated balance sheet as of September 30, 2017 with a corresponding increase to EQM's investment in the MVP Joint Venture. Equity income related to EQM's portion of the MVP Joint Venture's AFUDC on construction of the MVP is reported in other income in the statements of consolidated operations and was $6.0 million and $2.7 million for the three months ended September 30, 2017 and 2016 , respectively, and $15.4 million and $6.1 million for the nine months ended September 30, 2017 and 2016 , respectively. As of September 30, 2017 , EQM had issued a $91 million performance guarantee in favor of the MVP Joint Venture to provide performance assurances for MVP Holdco's obligations to fund its proportionate share of the construction budget for the MVP. Upon the FERC’s initial release to begin construction of the MVP, EQM's guarantee will terminate. EQM will then be obligated to issue a new guarantee in an amount equal to 33% of MVP Holdco’s proportionate share of the then remaining construction budget, less, subject to certain limits, any credit assurances issued by any affiliate of EQM under such affiliate's precedent agreement with the MVP Joint Venture. As of September 30, 2017 , EQM's maximum financial statement exposure related to the MVP Joint Venture was approximately $431 million , which consists of the investment in unconsolidated entity balance on the consolidated balance sheet as of September 30, 2017 and amounts which could have become due under EQM's performance guarantee as of that date. The following tables summarize the unaudited condensed financial statements for the investment in unconsolidated entity accounted for under the equity method of accounting. Condensed Consolidated Balance Sheets September 30, 2017 December 31, 2016 (Thousands) Current assets $ 186,840 $ 53,959 Noncurrent assets 594,208 361,820 Total assets $ 781,048 $ 415,779 Current liabilities $ 33,802 $ 10,149 Equity 747,246 405,630 Total liabilities and equity $ 781,048 $ 415,779 Condensed Statements of Consolidated Operations Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Thousands) Net interest income $ 3,227 $ 1,460 $ 8,205 $ 3,237 AFUDC - equity 10,055 4,474 25,710 10,023 Net income $ 13,282 $ 5,934 $ 33,915 $ 13,260

Credit Facility Borrowings

Credit Facility Borrowings	9 Months Ended
	Sep. 30, 2017
Long-term Debt, Current and Noncurrent [Abstract]
Credit Facility Borrowings	Credit Facility Borrowings $1 Billion Facility. In July 2017, EQM amended and restated its credit facility to increase the borrowing capacity under the facility from $750 million to $1 billion and extend the term to July 2022. The proceeds of the loans made under the $1 Billion Facility may be used by EQM for working capital, capital expenditures, dividends, unit repurchases and other lawful corporate purposes (including purchasing assets from EQT and its subsidiaries and other third parties). Subject to certain terms and conditions, the $1 Billion Facility has an accordion feature that allows EQM to increase the available borrowings under the facility by up to an additional $500 million . EQM’s $1 Billion Facility contains various provisions that, if not complied with, could result in termination of the credit facility, require early payment of amounts outstanding or similar actions. The most significant covenants and events of default relate to maintenance of a permitted leverage ratio, limitations on transactions with affiliates, limitations on restricted payments, insolvency events, nonpayment of scheduled principal or interest payments, acceleration of and certain other defaults under other financial obligations and change of control provisions. Under the $1 Billion Facility, EQM is required to maintain a consolidated leverage ratio of not more than 5.00 to 1.00 (or not more than 5.50 to 1.00 for certain measurement periods following the consummation of certain acquisitions). EQM had $105 million of borrowings outstanding on its credit facility as of September 30, 2017 and had no borrowings outstanding as of December 31, 2016 . During the three and nine months ended September 30, 2017 , the maximum amount of EQM's outstanding borrowings under the credit facility at any time was $177 million and the average daily balances were approximately $95 million and $32 million , respectively. Interest was incurred at a weighted average annual interest rate of approximately 2.7% for the three and nine months ended September 30, 2017 . During the three and nine months ended September 30, 2016 , the maximum amounts of EQM’s outstanding borrowings under the credit facility at any time were $91 million and $299 million , respectively, and the average daily balances were approximately $34 million and $67 million , respectively. Interest was incurred at weighted average annual interest rates of approximately 2.0% and 1.9% for the three and nine months ended September 30, 2016 , respectively. 364 -Day Facility. EQM has a $500 million , 364 -day, uncommitted revolving loan agreement with EQT that matures on October 24, 2018 and will automatically renew for successive 364 -day periods unless EQT delivers a non-renewal notice at least 60 days prior to the then current maturity date. Interest accrues on outstanding borrowings at an interest rate equal to the rate then applicable to similar loans under the $1 Billion Facility, or a successor revolving credit facility, less the sum of (i) the then applicable commitment fee under the $1 Billion Facility and (ii) 10 basis points. EQM had no borrowings outstanding on the 364 -Day Facility as of September 30, 2017 and December 31, 2016 . During the three and nine months ended September 30, 2017 , the maximum amounts of EQM’s outstanding borrowings under the credit facility at any time were $40 million and $100 million , respectively, and the average daily balances were approximately $11 million and $30 million , respectively. For the three and nine months ended September 30, 2017 , interest was incurred at weighted average annual interest rates of approximately 2.4% and 2.2% , respectively. As of September 30, 2017 , EQM was in compliance with all debt provisions and covenants.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying values of cash and cash equivalents, accounts receivable, amounts due to/from related parties and accounts payable approximate fair value due to the short maturity of the instruments; these are considered Level 1 fair values. The carrying value of the credit facility borrowings approximates fair value as the interest rates are based on prevailing market rates; this is considered a Level 1 fair value. As EQM's long-term debt is not actively traded, its fair value is a Level 2 fair value measurement estimated using a standard industry income approach model which utilizes a discount rate based on market rates for debt with similar remaining time to maturity and credit risk. As of September 30, 2017 and December 31, 2016 , the estimated fair value of EQM's long-term debt was approximately $1,018 million and $982 million , respectively, and the carrying value of EQM's long-term debt was approximately $987 million and $986 million , respectively. The fair value of the Preferred Interest is a Level 3 fair value measurement which is estimated using an income approach model utilizing a market-based discount rate. As of September 30, 2017 and December 31, 2016 , the estimated fair value of the Preferred Interest was approximately $133 million and $132 million , respectively, and the carrying value of the Preferred Interest was approximately $120 million and $123 million , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a result of its limited partnership structure, EQM 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 EQM flow through to EQM's unitholders; accordingly, EQM does not record a provision for income taxes. As discussed in Note A, EQM’s consolidated financial statements have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control. Accordingly, the income tax effects associated with these operations prior to acquisition are reflected in the consolidated financial statements as they were previously part of EQT’s consolidated federal tax return.

Distributions

Distributions	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Distributions	Equity and Net Income per Limited Partner Unit The following table summarizes EQM's limited partner common units and general partner units issued from January 1, 2016 through December 31, 2016. EQM did no t issue any units during the nine months ended September 30, 2017 . Limited Partner Common Units General Partner Units Total Balance at January 1, 2016 77,520,181 1,443,015 78,963,196 2014 EQM Value Driver Award Program issuance 19,796 — 19,796 EQM Total Return Program issuance 92,472 — 92,472 $750 Million ATM Program 2,949,309 — 2,949,309 Balance at December 31, 2016 80,581,758 1,443,015 82,024,773 As of September 30, 2017 , EQGP and its subsidiaries owned 21,811,643 EQM common units, representing a 26.6% limited partner interest, 1,443,015 EQM general partner units, representing a 1.8% general partner interest, and all of the IDRs in EQM. As of September 30, 2017 , EQT owned 100% of the non-economic general partner interest and a 90.1% limited partner interest in EQGP. Net Income per Limited Partner Unit. Net income attributable to AVC, Rager and the Gathering Assets for periods prior to October 1, 2016 was not allocated to the limited partners for purposes of calculating net income per limited partner unit. The weighted average phantom unit awards included in the calculation of basic weighted average limited partner units outstanding was 21,298 and 17,481 for the three months ended September 30, 2017 and 2016 , respectively, and 20,757 and 17,046 for the nine months ended September 30, 2017 and 2016 , respectively. Potentially dilutive securities included in the calculation of diluted weighted average limited partner units outstanding totaled zero and 27,397 for the three and nine months ended September 30, 2016 , respectively. Distributions On October 24, 2017 , the Board of Directors of the EQM General Partner declared a cash distribution to EQM’s unitholders for the third quarter of 2017 of $0.98 per common unit. The cash distribution will be paid on November 14, 2017 to unitholders of record at the close of business on November 3, 2017 . Based on the 80,581,758 EQM common units outstanding on October 26, 2017 , cash distributions to EQGP will be approximately $21.4 million related to its limited partner interest, $2.1 million related to its general partner interest and $37.6 million related to its IDRs in EQM. The distribution amounts to EQGP related to its general partner interest and IDRs in EQM are subject to change if EQM issues additional common units on or prior to the record date for the third quarter 2017 distribution.

Financial Statements (Policies)

Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with 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 GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements include all adjustments (consisting of only normal recurring adjustments, unless otherwise disclosed in this Form 10-Q) necessary for a fair presentation of the financial position of EQM as of September 30, 2017 and December 31, 2016 , the results of its operations for the three and nine months ended September 30, 2017 and 2016 and its cash flows and equity for the nine months ended September 30, 2017 and 2016 . Certain previously reported amounts have been reclassified to conform to the current year presentation. The balance sheet at December 31, 2016 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. AVC, Rager and the Gathering Assets were businesses and the October 2016 Acquisition was a transaction between entities under common control; therefore, EQM recorded the assets and liabilities of these entities at their carrying amounts to EQT on the date of the transaction. 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 equity. EQM recast its consolidated financial statements to retrospectively reflect the October 2016 Acquisition as if the entities were owned for all periods presented; however, the consolidated financial statements are not necessarily indicative of the results of operations that would have occurred if EQM had owned them during the periods reported. Due to the seasonal nature of EQM’s utility customer contracts, the interim statements for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . For further information, refer to the consolidated financial statements and footnotes thereto included in EQM’s Annual Report on Form 10-K for the year ended December 31, 2016 as well as “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained therein.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard requires an entity to recognize revenue in a manner that depicts the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date which approved a one year deferral of ASU 2014-09 to annual reporting periods beginning after December 15, 2017. EQM expects to adopt the ASUs using the modified retrospective method of adoption on January 1, 2018. During the third quarter of 2017, EQM substantially completed its detailed review of the impact of the standard on each of its contracts. Based on this review, EQM does not expect the standard to have a significant impact on net income. EQM is currently evaluating the impact of the standard on its internal controls and disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. This standard will eliminate the cost method of accounting for equity investments. The ASU will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, with early adoption of certain provisions permitted. EQM will adopt this standard in the first quarter of 2018 and does not expect that the adoption will have a material impact on its financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The primary effect of adopting the new standard will be to record assets and obligations for contracts currently recognized as operating leases. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The ASU will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early adoption permitted. EQM has completed a high level identification of agreements covered by this standard and will continue to evaluate the impact this standard will have on its financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this ASU eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. EQM is currently evaluating the impact this standard will have on its financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . This ASU addresses the presentation and classification of eight specific cash flow issues. The amendments in the ASU will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. EQM adopted this standard in the second quarter of 2017 with no material impact on its financial statements and related disclosures.

Equity and Net Income per Lim19

Equity and Net Income per Limited Partner Unit (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of Limited Partner Common Units and General Partner Units Issued	The following table summarizes EQM's limited partner common units and general partner units issued from January 1, 2016 through December 31, 2016. EQM did no t issue any units during the nine months ended September 30, 2017 . Limited Partner Common Units General Partner Units Total Balance at January 1, 2016 77,520,181 1,443,015 78,963,196 2014 EQM Value Driver Award Program issuance 19,796 — 19,796 EQM Total Return Program issuance 92,472 — 92,472 $750 Million ATM Program 2,949,309 — 2,949,309 Balance at December 31, 2016 80,581,758 1,443,015 82,024,773

Financial Information by Busi20

Financial Information by Business Segment (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Operating Income and Reconciliation to Net Income	Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Thousands) Revenues from external customers (including affiliates): Gathering $ 116,522 $ 99,141 $ 330,996 $ 297,305 Transmission 90,671 77,631 278,589 243,295 Total operating revenues $ 207,193 $ 176,772 $ 609,585 $ 540,600 Operating income: Gathering $ 85,817 $ 72,495 $ 242,716 $ 218,274 Transmission 59,689 53,715 188,995 174,085 Total operating income $ 145,506 $ 126,210 $ 431,711 $ 392,359 Reconciliation of operating income to net income: Other income 6,858 13,479 19,576 31,490 Net interest expense 9,426 2,802 26,014 11,448 Income tax expense — 3,227 — 10,147 Net income $ 142,938 $ 133,660 $ 425,273 $ 402,254
Schedule of Segment Assets	September 30, 2017 December 31, 2016 (Thousands) Segment assets: Gathering $ 1,422,645 $ 1,292,713 Transmission 1,453,309 1,413,631 Total operating segments 2,875,954 2,706,344 Headquarters, including cash 471,475 369,496 Total assets $ 3,347,429 $ 3,075,840
Schedule of Depreciation, Amortization, and Expenditures for Segment Assets	Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Thousands) Depreciation and amortization: Gathering $ 9,983 $ 7,663 $ 28,398 $ 22,520 Transmission 12,261 6,976 35,793 20,657 Total $ 22,244 $ 14,639 $ 64,191 $ 43,177 Expenditures for segment assets: Gathering $ 48,182 $ 88,390 $ 150,728 $ 247,755 Transmission 22,312 77,940 73,679 253,957 Total (1) $ 70,494 $ 166,330 $ 224,407 $ 501,712 (1) EQM accrues capital expenditures when work has been completed but the associated bills have not yet been paid. These accrued amounts are excluded from capital expenditures on the statements of consolidated cash flows until they are paid in a subsequent period. Accrued capital expenditures were approximately $26.5 million , $31.2 million and $26.7 million at September 30, 2017 , June 30, 2017 and December 31, 2016 , respectively. Accrued capital expenditures were approximately $48.2 million , $50.7 million and $24.1 million at September 30, 2016 , June 30, 2016 and December 31, 2015 , respectively.

Investment in Unconsolidated 21

Investment in Unconsolidated Entity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following tables summarize the unaudited condensed financial statements for the investment in unconsolidated entity accounted for under the equity method of accounting. Condensed Consolidated Balance Sheets September 30, 2017 December 31, 2016 (Thousands) Current assets $ 186,840 $ 53,959 Noncurrent assets 594,208 361,820 Total assets $ 781,048 $ 415,779 Current liabilities $ 33,802 $ 10,149 Equity 747,246 405,630 Total liabilities and equity $ 781,048 $ 415,779 Condensed Statements of Consolidated Operations Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Thousands) Net interest income $ 3,227 $ 1,460 $ 8,205 $ 3,237 AFUDC - equity 10,055 4,474 25,710 10,023 Net income $ 13,282 $ 5,934 $ 33,915 $ 13,260

October 2016 Acquisition (Detai

October 2016 Acquisition (Details) - USD ($)	Oct. 01, 2016	Sep. 30, 2016	Sep. 30, 2016	Jul. 31, 2017
Restatement Adjustment
Business Acquisition [Line Items]
Adjustment to net income (loss)		$ 1,800,000	$ 5,200,000
Pipelines
Business Acquisition [Line Items]
Capital lease term			25 years
Equipment useful life			40 years
One Billion Credit Facility | Line of Credit
Business Acquisition [Line Items]
Maximum borrowing capacity				$ 1,000,000,000
AVC, Rager, and Gathering Assets
Business Acquisition [Line Items]
Ownership interest (as a percent)	100.00%
Consideration paid	$ 275,000,000

Equity and Net Income per Lim23

Equity and Net Income per Limited Partner Unit - Summary of Units Issued (Details)	12 Months Ended
	Dec. 31, 2016USD ($)shares
Limited Partners' Capital Account [Line Items]
Common unit aggregate offering price amount | $	$ 750,000,000
Increase (Decrease) in Partners' Capital
Beginning balance (in shares)	78,963,196
At the market program issuances (in shares)	2,949,309
Ending balance (in shares)	82,024,773
2014 EQM Value Driver Award Program issuance
Increase (Decrease) in Partners' Capital
Common units issued (in shares)	19,796
EQM Total Return Program issuance
Increase (Decrease) in Partners' Capital
Common units issued (in shares)	92,472
Limited Partner Common Units
Increase (Decrease) in Partners' Capital
Beginning balance (in shares)	77,520,181
At the market program issuances (in shares)	2,949,309
Ending balance (in shares)	80,581,758
Limited Partner Common Units | 2014 EQM Value Driver Award Program issuance
Increase (Decrease) in Partners' Capital
Common units issued (in shares)	19,796
Limited Partner Common Units | EQM Total Return Program issuance
Increase (Decrease) in Partners' Capital
Common units issued (in shares)	92,472
General Partner Units
Increase (Decrease) in Partners' Capital
Beginning balance (in shares)	1,443,015
At the market program issuances (in shares)	0
Ending balance (in shares)	1,443,015
General Partner Units | 2014 EQM Value Driver Award Program issuance
Increase (Decrease) in Partners' Capital
Common units issued (in shares)	0
General Partner Units | EQM Total Return Program issuance
Increase (Decrease) in Partners' Capital
Common units issued (in shares)	0

Equity and Net Income per Lim24

Equity and Net Income per Limited Partner Unit - Narrative (Details) - shares		Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Partners' capital account, units issued (in shares)					0
Number of common units held by parent (in shares)		80,581,758	80,581,758		80,581,758		80,581,758
Number of general partner units held by parent (in shares)							82,024,773	78,963,196
Weighted average limited partner units outstanding - basic (in shares)	[1]		80,603,000	80,599,000	80,603,000	78,998,000
Phantom Units
Class of Stock [Line Items]
Weighted average limited partner units outstanding - basic (in shares)			21,298	17,481	20,757	17,046
Performance Shares and Phantom Share Units PSUs
Class of Stock [Line Items]
Potentially dilutive securities included in the calculation of diluted weighted average limited partner units outstanding (in shares)				0		27,397
Limited Partner Common Units
Class of Stock [Line Items]
Number of general partner units held by parent (in shares)							80,581,758	77,520,181
General Partner Units
Class of Stock [Line Items]
Number of general partner units held by parent (in shares)							1,443,015	1,443,015
EQGP | Limited Partner Common Units | EQM
Class of Stock [Line Items]
Number of common units held by parent (in shares)		21,811,643	21,811,643		21,811,643
Ownership interest (as a percent)		26.60%
EQGP | General Partner Units | EQM
Class of Stock [Line Items]
Number of general partner units held by parent (in shares)		1,443,015	1,443,015		1,443,015
General partner's ownership interest (as a percent)		1.80%
EQT | EQGP
Class of Stock [Line Items]
Ownership interest (as a percent)		90.10%
General partner's ownership interest (as a percent)		100.00%
[1]	As discussed in Note A, EQM’s consolidated financial statements for the three and nine months ended September 30, 2016 have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control.

Financial Information by Busi25

Financial Information by Business Segment (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Revenues from external customers (including affiliates):
Total operating revenues	[1],[2]	$ 207,193	$ 176,772	$ 609,585	$ 540,600
Operating income:
Total operating income	[1]	145,506	126,210	431,711	392,359
Reconciliation of operating income to net income:
Other income	[1],[3]	6,858	13,479	19,576	31,490
Net interest expense	[1],[4]	9,426	2,802	26,014	11,448
Income tax expense	[1]	0	3,227	0	10,147
Net income	[1]	142,938	133,660	425,273	402,254
Segment assets:
Total assets		3,347,429		3,347,429			$ 3,075,840
Depreciation and amortization:
Depreciation and amortization	[1]	22,244	14,639	64,191	43,177
Expenditures for segment assets:
Accrued capital expenditures		26,500	48,200	26,500	48,200	$ 31,200	26,700	$ 50,700	$ 24,100
Operating Segments
Segment assets:
Total assets		2,875,954		2,875,954			2,706,344
Depreciation and amortization:
Depreciation and amortization		22,244	14,639	64,191	43,177
Expenditures for segment assets:
Expenditures for segment assets	[5]	70,494	166,330	224,407	501,712
Headquarters, including cash
Segment assets:
Total assets		471,475		471,475			369,496
Gathering
Segment assets:
Total assets		1,422,645		1,422,645			1,292,713
Gathering | Operating Segments
Revenues from external customers (including affiliates):
Total operating revenues		116,522	99,141	330,996	297,305
Operating income:
Total operating income		85,817	72,495	242,716	218,274
Depreciation and amortization:
Depreciation and amortization		9,983	7,663	28,398	22,520
Expenditures for segment assets:
Expenditures for segment assets		48,182	88,390	150,728	247,755
Transmission
Segment assets:
Total assets		1,453,309		1,453,309			$ 1,413,631
Transmission | Operating Segments
Revenues from external customers (including affiliates):
Total operating revenues		90,671	77,631	278,589	243,295
Operating income:
Total operating income		59,689	53,715	188,995	174,085
Depreciation and amortization:
Depreciation and amortization		12,261	6,976	35,793	20,657
Expenditures for segment assets:
Expenditures for segment assets		$ 22,312	$ 77,940	$ 73,679	$ 253,957
[1]	As discussed in Note A, EQM’s consolidated financial statements for the three and nine months ended September 30, 2016 have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control.
[2]	Operating revenues included affiliate revenues from EQT of $154.2 million and $135.5 million for the three months ended September 30, 2017 and 2016, respectively, and $445.8 million and $408.3 million for the nine months ended September 30, 2017 and 2016, respectively. See Note E.
[3]	For the three and nine months ended September 30, 2017, other income included equity income from Mountain Valley Pipeline, LLC (MVP Joint Venture) of $6.0 million and $15.4 million, respectively. For the three and nine months ended September 30, 2016, other income included distributions received from EES of $2.8 million and $8.3 million, respectively, and equity income from the MVP Joint Venture of $2.7 million and $6.1 million, respectively. See Note F.
[4]	For the three and nine months ended September 30, 2017, net interest expense included $1.7 million and $5.1 million, respectively, of interest income on the Preferred Interest in EES.
[5]	EQM accrues capital expenditures when work has been completed but the associated bills have not yet been paid. These accrued amounts are excluded from capital expenditures on the statements of consolidated cash flows until they are paid in a subsequent period. Accrued capital expenditures were approximately $26.5 million, $31.2 million and $26.7 million at September 30, 2017, June 30, 2017 and December 31, 2016, respectively. Accrued capital expenditures were approximately $48.2 million, $50.7 million and $24.1 million at September 30, 2016, June 30, 2016 and December 31, 2015, respectively.

Investment in Unconsolidated 26

Investment in Unconsolidated Entity (Details) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
		Oct. 31, 2017USD ($)	Aug. 31, 2017USD ($)	Sep. 30, 2017USD ($)mi	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)mi	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Capital call payment	[1]					$ 103,448	$ 76,297
Capital contribution payable to MVP Joint Venture				$ 48,026		48,026		$ 11,471
Equity income	[1]					$ 15,413	6,139
MVP Joint Venture | Beneficial Owner
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest						66.67%
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership interest				45.50%		45.50%
Capital call notice			$ 48,000
Capital contribution payable to MVP Joint Venture				$ 20,800		$ 20,800
Maximum financial statement exposure				431,000		431,000
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | Other Income
Schedule of Equity Method Investments [Line Items]
Equity income				$ 6,000	$ 2,700	$ 15,400	$ 6,100
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Capital call payment		$ 27,200
MVP
Schedule of Equity Method Investments [Line Items]
Length of pipeline (in miles) | mi				300		300
MVP | Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Issuance of performance guarantee				$ 91,000		$ 91,000
Percentage of remaining obligations				33.00%		33.00%
[1]	As discussed in Note A, EQM’s consolidated financial statements for the three and nine months ended September 30, 2016 have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control.

Investment in Unconsolidated 27

Investment in Unconsolidated Entity - Schedule of Unaudited Condensed Financial Statements for the Investment in Unconsolidated Equity (Details) - MVP Joint Venture - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Condensed Consolidated Balance Sheets
Current assets	$ 186,840		$ 186,840		$ 53,959
Noncurrent assets	594,208		594,208		361,820
Total assets	781,048		781,048		415,779
Current liabilities	33,802		33,802		10,149
Equity	747,246		747,246		405,630
Total liabilities and equity	781,048		781,048		$ 415,779
Condensed Statements of Consolidated Operations
Net interest income	3,227	$ 1,460	8,205	$ 3,237
AFUDC - equity	10,055	4,474	25,710	10,023
Net income	$ 13,282	$ 5,934	$ 33,915	$ 13,260

Credit Facility Borrowings (Det

Credit Facility Borrowings (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Long-term debt
Credit facility borrowings		$ 105,000,000		$ 105,000,000		$ 0
Revolving Credit Facility
Long-term debt
Basis spread above commitment fee				0.10%
Revolving Credit Facility | One Billion Credit Facility
Long-term debt
Credit facility borrowings		105,000,000		$ 105,000,000		0
Revolving Credit Facility | $500 Million Uncommitted Revolving Loan Agreement
Long-term debt
Maximum borrowing capacity		500,000,000		500,000,000
Short-term debt amount outstanding		0		0		$ 0
Maximum amount of outstanding short-term loans at any time during the period		40,000,000		100,000,000
Average daily balance of short-term loans outstanding		$ 11,000,000		$ 30,000,000
Weighted average annual interest rate		2.40%		2.20%
Line of credit expiration period				364 days
Renewal notice period prior to current maturity date				60 days
Line of Credit | One Billion Credit Facility
Long-term debt
Maximum borrowing capacity	$ 1,000,000,000
Additional borrowing capacity	500,000,000
Consolidated leverage ratio for certain measurement periods (not more than)		5		5
Consolidated leverage ratio (not more than)		5.50		5.50
Maximum amount of outstanding short-term loans at any time during the period		$ 177,000,000	$ 91,000,000	$ 177,000,000	$ 299,000,000
Average daily balance of short-term loans outstanding		$ 95,000,000	$ 34,000,000	$ 32,000,000	$ 67,000,000
Weighted average annual interest rate		2.70%	2.00%	2.70%	1.90%
Line of Credit | $750 Million Credit Facility
Long-term debt
Maximum borrowing capacity	$ 750,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of long-term debt	$ 986,947	$ 985,732
EES | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of preferred interest	120,000	123,000
Level 3 | EES | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of preferred interest	133,000	132,000
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of long-term debt	1,018,000	982,000
Carrying value of long-term debt	$ 987,000	$ 986,000

Distributions (Details)

Distributions (Details) - USD ($) $ / shares in Units, $ in Millions		Oct. 26, 2017	Oct. 24, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Cash distribution to the company's common and subordinated unitholders declared (in dollars per share)	[1],[2]			$ 0.98	$ 0.815	$ 2.805	$ 2.34
Common units outstanding (in shares)								82,024,773	78,963,196
General Partner Units
Subsequent Event [Line Items]
Common units outstanding (in shares)								1,443,015	1,443,015
Subsequent Event
Subsequent Event [Line Items]
Cash distribution to the company's common and subordinated unitholders declared (in dollars per share)			$ 0.98
Common units outstanding (in shares)		80,581,758
Incentive distribution rights		$ 37.6
Subsequent Event | Limited Partner
Subsequent Event [Line Items]
Cash distribution declared to the limited partner		21.4
Subsequent Event | General Partner Units
Subsequent Event [Line Items]
Cash distribution declared to the general partner		$ 2.1
[1]	As discussed in Note A, EQM’s consolidated financial statements for the three and nine months ended September 30, 2016 have been retrospectively recast to include the pre-acquisition results of AVC, Rager and the Gathering Assets, which were acquired by EQM effective on October 1, 2016, because the transaction was between entities under common control.
[2]	Represents the cash distributions declared related to the period presented. See Note J.