Midstream (EQTNP) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38629
Entity Registrant Name	EQUITRANS MIDSTREAM CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	83-0516635
Entity Address, Address Line One	2200 Energy Drive
Entity Address, City or Town	Canonsburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15317
City Area Code	724
Local Phone Number	271-7600
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	ETRN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Small Business Entity	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		432,781
Entity Central Index Key	0001747009
Amendment Flag	false
Current Fiscal Year End	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

Statements of Consolidated Comp

Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Income Statement [Abstract]
Operating revenues		$ 331,751	$ 342,074	$ 1,002,508		$ 1,070,365
Operating expenses:
Operating and maintenance		35,297	38,743	100,573		111,004
Selling, general and administrative		33,348	33,560	90,483		104,536
Depreciation		68,572	66,021	203,272		203,954
Amortization of intangible assets		16,204	16,204	48,614		48,614
Impairment of long-lived assets and equity method investment		0	0	0		56,178
Total operating expenses		153,421	154,528	442,942		524,286
Operating income		178,330	187,546	559,566		546,079
Equity income	[1]	48	8,461	91	[2]	14,385	[2]
Impairment of equity method investment		(583,057)	0	(583,057)		0
Other income, net		893	21,199	21,414		38,251
Loss on extinguishment of debt		0	0	(24,937)		(41,025)
Net interest expense		(101,085)	(94,101)	(289,323)		(284,887)
(Loss) income before income taxes		(504,871)	123,105	(316,246)		272,803
Income tax (benefit) expense		(1,275)	32,200	8,636		65,180
Net (loss) income		(503,596)	90,905	(324,882)		207,623
Net income attributable to noncontrolling interests		2,932	3,557	10,655		10,479
Net (loss) income attributable to Equitrans Midstream		(506,528)	87,348	(335,537)		197,144
Preferred dividends		14,628	14,628	43,884		43,884
Net (loss) income attributable to Equitrans Midstream common shareholders		$ (521,156)	$ 72,720	$ (379,421)		$ 153,260
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders - basic (in dollars per share)		$ (1.20)	$ 0.17	$ (0.88)		$ 0.35
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders - diluted (in dollars per share)		$ (1.20)	$ 0.17	$ (0.88)		$ 0.35
Weighted average common shares outstanding - basic (in shares)		433,348	433,017	433,333		433,001
Weighted average common shares outstanding - diluted (in shares)		433,348	433,675	433,333		433,412
Statement of comprehensive income:
Net (loss) income		$ (503,596)	$ 90,905	$ (324,882)		$ 207,623
Other comprehensive income, net of tax:
Pension and other post-retirement benefits liability adjustment, net of tax expense of $10, $12, $34, and $36		36	34	104		103
Other comprehensive income		36	34	104		103
Comprehensive (loss) income		(503,560)	90,939	(324,778)		207,726
Less: Comprehensive income attributable to noncontrolling interests		2,932	3,557	10,655		10,479
Less: Comprehensive income attributable to preferred dividends		14,628	14,628	43,884		43,884
Comprehensive (loss) income attributable to Equitrans Midstream common shareholders		$ (521,120)	$ 72,754	$ (379,317)		$ 153,363
Dividends declared per common share (in dollars per share)		$ 0.15	$ 0.15	$ 0.45		$ 0.45
[1]Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 6.[2]Represents equity income from the MVP Joint Venture. See Note 6.

Statements of Consolidated Co_2

Statements of Consolidated Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Pension and other post-retirement benefits liability adjustments, tax expense	$ 10	$ 12	$ 12	$ 12	$ 12	$ 12	$ 34	$ 36

Statements of Consolidated Cash

Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income		$ (324,882)	$ 207,623
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		203,272	203,954
Amortization of intangible assets		48,614	48,614
Deferred income taxes		8,101	61,267
Impairment of long-lived assets and equity method investment		583,057	56,178
Equity income	[1],[2]	(91)	(14,385)
Other income, net		(21,681)	(38,160)
Loss on extinguishment of debt		24,937	41,025
Non-cash long-term compensation expense		10,304	10,590
Changes in other assets and liabilities:
Accounts receivable		34,921	73,348
Accounts payable		2,255	(1,765)
Accrued interest		(57,375)	(48,893)
Deferred revenue		261,013	225,315
Other assets and other liabilities		(25,906)	(2,687)
Net cash provided by operating activities		746,539	822,024
Cash flows from investing activities:
Capital expenditures		(276,828)	(211,072)
Capital contributions to the MVP Joint Venture		(158,178)	(178,953)
Proceeds from sale of gathering assets		3,719	0
Principal payments received on the Preferred Interest		4,110	3,885
Net cash used in investing activities		(427,177)	(386,140)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings		284,500	457,500
Payments on revolving credit facility borrowings		(394,500)	(600,000)
Proceeds from the issuance of long-term debt		1,000,000	1,900,000
Debt discounts, debt issuance costs and credit facility arrangement fees		(19,880)	(29,904)
Payment for retirement of long-term debt		(1,021,459)	(1,936,250)
Dividends paid to holders of Equitrans Midstream Preferred Shares		(43,884)	(43,884)
Dividends paid to common shareholders		(194,733)	(194,624)
Distributions to noncontrolling interests		(16,000)	(2,500)
Net cash used in financing activities		(405,956)	(449,662)
Net change in cash and cash equivalents		(86,594)	(13,778)
Cash and cash equivalents at beginning of period		134,661	208,023
Cash and cash equivalents at end of period		48,067	194,245
Cash paid during the period for:
Interest, net of amount capitalized		339,285	326,456
Income taxes		$ 1,243	$ 0
[1]Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 6.[2]Represents equity income from the MVP Joint Venture. See Note 6.

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents		$ 48,067	$ 134,661
Accounts receivable (net of allowance for credit losses of $2,508 and $2,696 as of September 30, 2022 and December 31, 2021, respectively)		230,932	252,301
Other current assets		53,109	59,867
Total current assets		332,108	446,829
Property, plant and equipment		9,271,014	9,004,602
Less: accumulated depreciation		(1,412,301)	(1,217,099)
Net property, plant and equipment		7,858,713	7,787,503
Investment in unconsolidated entity	[1]	784,384	1,239,039
Goodwill		486,698	486,698
Net intangible assets		603,157	651,771
Other assets		321,444	308,924
Total assets		10,386,504	10,920,764
Current liabilities:
Current portion of long-term debt		98,941	0
EQT Cash Option (as defined in Note 4)		195,820	0
Accounts payable		51,177	59,627
Capital contributions payable to the MVP Joint Venture		40,989	72,188
Accrued interest		94,534	151,909
Accrued liabilities		59,782	83,852
Total current liabilities		541,243	367,576
Long-term liabilities:
Revolving credit facility borrowings		395,000	505,000
Long-term debt		6,332,378	6,434,945
Contract liability		886,126	821,342
Regulatory and other long-term liabilities		108,272	99,333
Total liabilities		8,263,019	8,228,196
Mezzanine equity:
Equitrans Midstream Preferred Shares, 30,018 shares issued and outstanding as of September 30, 2022 and December 31, 2021		681,842	681,842
Shareholders' equity:
Common stock, no par value, 432,781 and 432,522 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively		3,969,591	3,957,756
Retained deficit		(3,003,848)	(2,428,171)
Accumulated other comprehensive loss		(1,950)	(2,054)
Total common shareholders' equity		963,793	1,527,531
Noncontrolling interests		477,850	483,195
Total shareholders' equity		1,441,643	2,010,726
Total liabilities, mezzanine equity and shareholders' equity		$ 10,386,504	$ 10,920,764
[1]Represents investment in the MVP Joint Venture. See Note 6.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, for doubtful accounts	$ 2,508	$ 2,696
Mezzanine equity, preferred shares outstanding (in shares)	30,018	30,018
Mezzanine equity, preferred shares issued (in shares)	30,018	30,018
Common stock, shares issued (in shares)	432,781	432,522
Common stock, shares outstanding (in shares)	432,781	432,522

Statements of Consolidated Shar

Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Retained Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2020		432,470
Beginning balance at Dec. 31, 2020	$ 3,681,272	$ 3,941,295	$ (728,959)	$ (2,229)	$ 471,165
Increase (Decrease) in Partners' Capital
Net (loss) income	61,969		58,055		3,914
Pension and other post-retirement benefits liability adjustment, net of tax expense	34			34
Dividends on common shares	(64,984)		(64,984)
Share-based compensation plans, net (in shares)		28
Share-based compensation plans, net	4,662	$ 4,662
Distributions paid to noncontrolling interests	(2,500)				(2,500)
Ending balance (in shares) at Mar. 31, 2021		432,498
Ending balance at Mar. 31, 2021	3,680,453	$ 3,945,957	(735,888)	(2,195)	472,579
Mezzanine Equity, beginning balance at Dec. 31, 2020	681,842
Mezzanine Equity
Mezzanine Equity, Net income	14,628
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share)	(14,628)
Mezzanine Equity, ending balance at Mar. 31, 2021	681,842
Increase (Decrease) in Partners' Capital
Net (loss) income	25,493		22,485		3,008
Pension and other post-retirement benefits liability adjustment, net of tax expense	35			35
Dividends on common shares	(64,750)		(64,750)
Share-based compensation plans, net (in shares)		7
Share-based compensation plans, net	3,635	$ 3,635
Distributions paid to noncontrolling interests	0				0
Ending balance (in shares) at Jun. 30, 2021		432,505
Ending balance at Jun. 30, 2021	3,644,866	$ 3,949,592	(778,153)	(2,160)	475,587
Mezzanine Equity
Mezzanine Equity, Net income	14,628
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share)	(14,628)
Mezzanine Equity, ending balance at Jun. 30, 2021	681,842
Increase (Decrease) in Partners' Capital
Net (loss) income	76,277		72,720		3,557
Pension and other post-retirement benefits liability adjustment, net of tax expense	34			34
Dividends on common shares	(65,336)		(65,336)
Share-based compensation plans, net (in shares)		17
Share-based compensation plans, net	3,304	$ 3,304
Ending balance (in shares) at Sep. 30, 2021		432,522
Ending balance at Sep. 30, 2021	3,659,145	$ 3,952,896	(770,769)	(2,126)	479,144
Mezzanine Equity
Mezzanine Equity, Net income	14,628
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share)	(14,628)
Mezzanine Equity, ending balance at Sep. 30, 2021	$ 681,842
Beginning balance (in shares) at Dec. 31, 2021	432,522	432,522
Beginning balance at Dec. 31, 2021	$ 2,010,726	$ 3,957,756	(2,428,171)	(2,054)	483,195
Increase (Decrease) in Partners' Capital
Net (loss) income	90,280		86,505		3,775
Pension and other post-retirement benefits liability adjustment, net of tax expense	34			34
Dividends on common shares	(65,584)		(65,584)
Share-based compensation plans, net (in shares)		155
Share-based compensation plans, net	2,832	$ 2,832
Ending balance (in shares) at Mar. 31, 2022		432,677
Ending balance at Mar. 31, 2022	2,038,288	$ 3,960,588	(2,407,250)	(2,020)	486,970
Mezzanine Equity, beginning balance at Dec. 31, 2021	681,842
Mezzanine Equity
Mezzanine Equity, Net income	14,628
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share)	(14,628)
Mezzanine Equity, ending balance at Mar. 31, 2022	681,842
Increase (Decrease) in Partners' Capital
Net (loss) income	59,178		55,230		3,948
Pension and other post-retirement benefits liability adjustment, net of tax expense	34			34
Dividends on common shares	(64,991)		(64,991)
Share-based compensation plans, net (in shares)		104
Share-based compensation plans, net	4,470	$ 4,470
Ending balance (in shares) at Jun. 30, 2022		432,781
Ending balance at Jun. 30, 2022	2,036,979	$ 3,965,058	(2,417,011)	(1,986)	490,918
Mezzanine Equity
Mezzanine Equity, Net income	14,628
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share)	(14,628)
Mezzanine Equity, ending balance at Jun. 30, 2022	681,842
Increase (Decrease) in Partners' Capital
Net (loss) income	(518,224)		(521,156)		2,932
Pension and other post-retirement benefits liability adjustment, net of tax expense	36			36
Dividends on common shares	(65,681)		(65,681)
Share-based compensation plans, net (in shares)		0
Share-based compensation plans, net	4,533	$ 4,533
Distributions paid to noncontrolling interests	$ (16,000)				(16,000)
Ending balance (in shares) at Sep. 30, 2022	432,781	432,781
Ending balance at Sep. 30, 2022	$ 1,441,643	$ 3,969,591	$ (3,003,848)	$ (1,950)	$ 477,850
Mezzanine Equity
Mezzanine Equity, Net income	14,628
Dividends paid to holders of Equitrans Midstream Preferred Shares ($0.4873 per share)	(14,628)
Mezzanine Equity, ending balance at Sep. 30, 2022	$ 681,842

Statements of Consolidated Sh_2

Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Pension and other post-retirement benefits liability adjustments, tax expense	$ 10	$ 12	$ 12	$ 12	$ 12	$ 12
Dividends (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15
EQM Midstream Partners, LP
Cash distributions declared (in dollars per unit)	$ 0.4873	$ 0.4873	$ 0.4873		$ 0.4873	$ 0.4873
EQM Midstream Partners, LP | Series A Preferred Units
Cash distributions declared (in dollars per unit)				$ 0.4873

Financial Statements

Financial Statements	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statements	Financial Statements Nature of Business. The Company provides midstream services to its customers in Pennsylvania, West Virginia and Ohio through its three primary assets: the gathering system, which includes predominantly dry gas gathering systems of high-pressure gathering lines; the transmission system, which includes FERC-regulated interstate pipelines and storage systems; and the water network, which primarily consists of water pipelines and other facilities that support well completion and produced water handling activities. Basis of Presentation. References in these financial statements to Equitrans Midstream or the Company refer collectively to Equitrans Midstream Corporation and its consolidated subsidiaries for all periods presented, unless otherwise indicated. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the 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 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 Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of the Company as of September 30, 2022, the results of its operations and equity for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021, which includes all disclosures required by GAAP. Due to, among other things, the seasonal nature of the Company's utility customer contracts, as well as producers’ well completion activities and varying needs for fresh and produced water (which are primarily driven by horizontal lateral lengths and the number of completion stages per well), the interim statements for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the Company's annual consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained herein. Recently Issued Accounting Standards. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable to the calculation of each dividend following March 31, 2024 for the Equitrans Midstream Preferred Shares pursuant to the Company's Second Amended and Restated Articles of Incorporation, as well as any Company contracts that use the London Inter-Bank Offered Rate as a reference rate. The ASU was effective immediately but is only available through December 31, 2022. In April 2022, the FASB proposed deferring the sunset date for applying reference rate reform relief in Topic 848 to December 31, 2024. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity , by removing certain criteria that must be satisfied in order to classify a contract as equity. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments were effective for fiscal years beginning after December 15, 2021. The Company adopted this standard on January 1, 2022 with no significant effect on the Company's financial statements or related disclosures.

Impairments of Long-Lived Asset

Impairments of Long-Lived Assets	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Impairments of Long-Lived Assets	Impairment of Long-Lived Assets Long-Lived Assets. As of June 30, 2021, the Company performed a recoverability test of the Equitrans Water Services (OH) LLC (Ohio Water) long-lived assets due to decreased producer activity in Ohio within the Company's water services segment. As a result of the recoverability test, management determined that the carrying value of the Ohio Water long-lived assets (which consisted of water pipelines, impoundment facilities, pumping stations, take point facilities and measurement facilities that support well completion activities and collect flowback and produced water for recycling or disposal in Ohio) was not recoverable under ASC 360, Impairment Testing: Long-Lived Assets Classified as Held and Used . The Company estimated the fair value of the Ohio Water asset group and determined that the fair value was less than the assets’ carrying value, which resulted in impairment charges of approximately $56.2 million to the Ohio Water assets within the Company's Water segment. The non-cash impairment charge was recognized during the second quarter of 2021 and is included in the impairment of long-lived assets line on the statements of consolidated comprehensive income. Equity Method Investment. In connection with its assessment as of September 30, 2022, the Company identified an increased risk of one or more permitting delays resulting primarily from recent legal developments and regulatory uncertainties, as well as macroeconomic pressures primarily due to increased interest rates impacting the discount rate used within the estimated fair value of its investment in the MVP Joint Venture. The Company considers these factors to be indicators of a decline in value. As such, the Company evaluated if the carrying value of its equity method investment in the MVP Joint Venture as of September 30, 2022 exceeded the fair value and, if so, whether that decline in value was other-than-temporary. The Company estimated the fair value of its investment in the MVP Joint Venture using an income approach that primarily considered revised probability-weighted scenarios of discounted future net cash flows based on the estimates of total project costs and revenues. These scenarios reflected assumptions and judgments regarding potential delays and cost increases resulting from various ongoing legal and regulatory matters affecting the MVP and MVP Southgate projects. The Company’s analysis also took into account, among other things, probability-weighted growth expectations from additional compression expansion opportunities. The Company generally used an after-tax discount rate of 7.5% in the analysis derived based on a market participant approach. The Company considered scenarios under which ongoing or new legal and regulatory matters further delay the completion and increase the total costs of the project; all required legal and regulatory approvals and authorizations and certain compression expansion opportunities are realized; and the MVP project is canceled. As a result of the assessment, the Company recognized a pre-tax impairment charge of approximately $583 million that reduced the carrying value of its equity investment in the MVP Joint Venture to approximately $784 million as of September 30, 2022. Given the significant assumptions and judgments used in estimating the fair value of the Company's investment in the MVP Joint Venture, the fair value of the investment in the MVP Joint Venture represents a Level 3 measurement. There is risk that the Company’s equity investment in the MVP Joint Venture may be further impaired in the future. There are ongoing (and may be future) legal and regulatory matters related to the MVP project, any of which could affect the ability to complete or operate the project, as well as legal and regulatory matters related to the MVP Southgate project that must be resolved in connection with the project. Assumptions and estimates utilized in assessing the fair value of the Company’s investment in the MVP Joint Venture may change depending on the nature or timing of resolutions to the legal and regulatory matters or based on other relevant developments. Adverse changes in circumstances relevant to the likelihood of project or expansion completion could prompt the Company, in future assessments, to apply a lower probability of project or expansion completion and such changes in assumptions or estimates (including probability) could have a material adverse effect on the fair value of the Company's investment in the MVP Joint Venture and potentially result in an additional impairment, which could have a material adverse effect on the Company's results of operations and financial position.

Financial Information by Busine

Financial Information by Business Segment	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Financial Information by Business Segment	Financial Information by Business Segment The Company reports its operations in three segments that reflect its three lines of business of Gathering, Transmission and Water, which reflects the manner in which management evaluates the business for making operating decisions and assessing performance. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Thousands) Revenues from customers: Gathering $ 227,180 $ 243,816 $ 672,284 $ 733,844 Transmission 91,557 90,886 293,430 295,203 Water 13,014 7,372 36,794 41,318 Total operating revenues $ 331,751 $ 342,074 $ 1,002,508 $ 1,070,365 Operating income (loss): Gathering $ 112,279 $ 132,582 $ 347,464 $ 399,309 Transmission 64,077 59,703 209,480 203,153 Water (a) 2,342 (4,414) 3,606 (55,577) Headquarters (b) (368) (325) (984) (806) Total operating income $ 178,330 $ 187,546 $ 559,566 $ 546,079 Reconciliation of operating income to net (loss) income: Equity income (c) $ 48 $ 8,461 $ 91 $ 14,385 Impairment of equity method investment (c) (583,057) — (583,057) — Other income, net (d) 893 21,199 21,414 38,251 Loss on extinguishment of debt — — (24,937) (41,025) Net interest expense (101,085) (94,101) (289,323) (284,887) Income tax (benefit) expense (1,275) 32,200 8,636 65,180 Net (loss) income $ (503,596) $ 90,905 $ (324,882) $ 207,623 (a) Impairment of long-lived assets of $56.2 million for the nine months ended September 30, 2021 was included in Water operating income (loss). See Note 2 for further information. (b) Includes certain unallocated corporate expenses. (c) Equity income and impairment of equity method investment are included in the Transmission segment. (d) Includes unrealized (losses) gains on derivative instruments and gain on sale of gathering assets recorded in the Gathering segment. September 30, 2022 December 31, 2021 (Thousands) Segment assets: Gathering $ 7,647,237 $ 7,638,877 Transmission (a) 2,288,144 2,769,097 Water 196,004 151,151 Total operating segments 10,131,385 10,559,125 Headquarters, including cash 255,119 361,639 Total assets $ 10,386,504 $ 10,920,764 (a) The equity investment in the MVP Joint Venture is included in the Transmission segment. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Thousands) Depreciation: Gathering $ 49,125 $ 47,441 $ 145,953 $ 140,899 Transmission 13,909 13,835 41,707 41,461 Water 5,162 4,364 14,483 20,740 Headquarters 376 381 1,129 854 Total $ 68,572 $ 66,021 $ 203,272 $ 203,954 Capital expenditures: Gathering (a) $ 73,589 $ 62,916 $ 195,925 $ 170,709 Transmission (b) 12,429 5,755 22,994 17,050 Water 17,041 10,803 49,132 20,430 Headquarters — 83 13 1,455 Total (c) $ 103,059 $ 79,557 $ 268,064 $ 209,644 (a) Includes capital expenditures related to the noncontrolling interest in Eureka Midstream Holdings, LLC (Eureka Midstream) of approximately $5.9 million and $17.6 million for the three and nine months ended September 30, 2022, respectively, and approximately $4.8 million and $10.6 million for the three and nine months ended September 30, 2021, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $46.4 million and $158.2 million for the three and nine months ended September 30, 2022, respectively, and approximately $94.3 million and $179.0 million for the three and nine months ended September 30, 2021, respectively. (c) The Company accrues capital expenditures when the work has been completed but the associated bills have not yet been paid. Accrued capital expenditures are excluded from the statements of consolidated cash flows until they are paid. The net impact of non-cash capital expenditures, including the effect of accrued capital expenditures, transfers to/from inventory as assets are completed/assigned to a project and capitalized share-based compensation costs, was $10.7 million and $8.8 million for the three and nine months ended September 30, 2022, respectively, and $1.2 million and $1.4 million for the three and nine months ended September 30, 2021, respectively.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customers	Revenue from Contracts with Customers For the three and nine months ended September 30, 2022 and 2021, substantially all revenues recognized on the Company's statements of consolidated comprehensive income are from contracts with customers. As of September 30, 2022 and December 31, 2021, all receivables recorded on the Company's consolidated balance sheets represented performance obligations that have been satisfied and for which an unconditional right to consideration exists. Summary of disaggregated revenues. The tables below provide disaggregated revenue information by business segment. Three Months Ended September 30, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 144,730 $ 84,584 $ 9,375 $ 238,689 Volumetric-based fee revenues 82,450 6,973 3,639 93,062 Total operating revenues $ 227,180 $ 91,557 $ 13,014 $ 331,751 Three Months Ended September 30, 2021 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 151,004 $ 84,053 $ 1,061 $ 236,118 Volumetric-based fee revenues 92,812 6,833 6,311 105,956 Total operating revenues $ 243,816 $ 90,886 $ 7,372 $ 342,074 Nine Months Ended September 30, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 415,932 $ 272,129 $ 24,502 $ 712,563 Volumetric-based fee revenues 256,352 21,301 12,292 289,945 Total operating revenues $ 672,284 $ 293,430 $ 36,794 $ 1,002,508 Nine Months Ended September 30, 2021 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 448,556 $ 269,239 $ 3,834 $ 721,629 Volumetric-based fee revenues 285,288 25,964 37,484 348,736 Total operating revenues $ 733,844 $ 295,203 $ 41,318 $ 1,070,365 (a) Firm reservation fee revenues associated with Gathering included MVC unbilled revenues of approximately $8.5 million and $17.4 million for the three and nine months ended September 30, 2022, respectively. Firm reservation fee revenues associated with Gathering and Water included MVC unbilled revenues of approximately $5.5 million and $0.5 million, respectively, for the three months ended September 30, 2021, and approximately $12.4 million and $1.5 million, for the nine months ended September 30, 2021, respectively. Contract assets. The Company's contract assets related to the Company's future MVC deficiency payments are generally expected to be collected within the next twelve months and are primarily included in other current assets in the Company's consolidated balance sheets until such time as the MVC deficiency payments are invoiced to the customer. The following table presents changes in the Company's unbilled revenue balance during the nine months ended September 30, 2022 and 2021: Unbilled Revenue 2022 2021 (Thousands) Balance as of beginning of period $ 16,772 $ 18,618 Revenue recognized in excess of amounts invoiced (a) 19,436 21,908 Minimum volume commitments invoiced (b) (14,884) (23,373) Amortization (c) (334) (78) Balance as of end of period $ 20,990 $ 17,075 (a) Primarily includes revenues associated with MVCs that are generally included in firm reservation fee revenues within the Gathering and Water segments. During the nine months ended September 30, 2021, also includes other contractual commitments of approximately $6.4 million. (b) Unbilled revenues are transferred to accounts receivable once the Company has an unconditional right to consideration from the customer. (c) Amortization of capitalized contract costs paid to customers over the expected life of the agreement. Contract liabilities. The Company's contract liabilities consisted of deferred revenue primarily associated with the EQT Global GGA. Contract liabilities are classified as current or non-current according to when such amounts are expected to be recognized. As of September 30, 2022, total contract liabilities were $887.6 million, of which $1.5 million was classified as current and recorded in accrued liabilities and $886.1 million was classified as non-current and recorded in contract liability on the Company's consolidated balance sheet. As of December 31, 2021, total contract liabilities were $822.4 million, of which $1.1 million was classified as current and recorded in accrued liabilities and $821.3 million was classified as non-current and recorded in contract liability on the Company's consolidated balance sheet. On July 8, 2022, the Company received written notice from EQT, pursuant to the EQT Global GGA, of EQT’s irrevocable election under the agreement to forgo up to approximately $145 million of potential gathering fee relief in the first twelve-month period beginning the first day of the quarter in which the MVP full in-service date occurs and up to approximately $90 million of potential gathering fee relief in the second such twelve-month period in exchange for a cash payment from the Company to EQT in the amount of approximately $195.8 million (the EQT Cash Option). As a result of EQT’s election to forgo potential rate relief in exchange for the cash option payment, the Company recorded a reduction to the contract liability of approximately $195.8 million and an increase to the EQT Cash Option liability on the consolidated balance sheets as of September 30, 2022. The Company utilized borrowings under the Amended EQM Credit Facility to effect such payment and the payment was made to EQT on October 4, 2022. The following table presents changes in the Company's contract liability balances during the nine months ended September 30, 2022 and 2021: Contract Liability 2022 2021 (Thousands) Balance as of beginning of period $ 822,416 $ 398,750 Amounts recorded during the period (a) 266,792 225,583 Change in estimated variable consideration (b) (4,837) — Amounts transferred during the period (c) (942) (268) EQT Cash Option in lieu of a portion of rate relief (195,820) — Balance as of end of period $ 887,609 $ 624,065 (a) Includes deferred billed revenue during the nine months ended September 30, 2022 and 2021 primarily associated with the EQT Global GGA. (b) Change in estimated variable consideration represents the decrease in total deferred revenue required for gathering MVC revenue with a declining rate structure, resulting from the EQT Cash Option election that required total estimated gathering consideration to be increased. (c) Deferred revenues are recognized as revenue upon satisfaction of the Company's performance obligation to the customer. Summary of remaining performance obligations. The following table summarizes the estimated transaction price allocated to the Company's remaining performance obligations under all contracts with firm reservation fees, MVCs and/or ARCs as of September 30, 2022 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2022 (a) 2023 2024 2025 2026 Thereafter Total (Thousands) Gathering firm reservation fees $ 22,308 $ 108,000 $ 170,060 $ 175,509 $ 166,594 $ 1,865,013 $ 2,507,484 Gathering revenues supported by MVCs 112,587 461,028 431,793 450,995 462,291 3,499,289 5,417,983 Transmission firm reservation fees 98,135 366,701 382,971 366,757 360,929 3,316,261 4,891,754 Water revenues supported by ARCs 9,375 37,500 37,500 37,500 37,500 193,750 353,125 Total (b) $ 242,405 $ 973,229 $ 1,022,324 $ 1,030,761 $ 1,027,314 $ 8,874,313 $ 13,170,346 (a) October 1, 2022 through December 31, 2022. (b) Includes assumptions regarding timing for placing certain project s in-service. Such assumptions may not be realized and d elays in the in-service dates for projects have substantially altered, and additional delays may further substantially alter, the remaining performance obligations for certain contracts with firm reservation fees, MVCs and/or ARCs. The MVP Joint Venture is accounted for as an equity investment and those amounts are not included in the table above.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the ordinary course of business, the Company engages in transactions with EQT and its affiliates, including but not limited to, entering into new or amending existing gathering agreements, transportation service and precedent agreements, storage agreements and/or water services agreements, however, based solely on information reported by EQT in a Schedule 13G/A filed with the SEC on April 28, 2022, EQT was no longer a related party of the Company as of April 22, 2022 and the amounts disclosed related to EQT below are accordingly presented with respect to the full 2021 periods during which EQT was considered a related party. The following table summarizes the Company's related party transactions in the below-described portions of 2021. Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 (Thousands) Operating revenues $ 220,781 $ 668,837 Interest income from the Preferred Interest 1,433 4,353 Principal Payments received on the Preferred Interest 1,313 3,885 The following table summarizes the Company's related party receivables and payables. December 31, 2021 (Thousands) Accounts receivable $ 190,410 Contract asset 2,246 Preferred Interest 99,838 Contract liability 818,658

Investments in Unconsolidated E

Investments in Unconsolidated Entity	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entity	Investment in Unconsolidated Entity The MVP Joint Venture is constructing the MVP, an estimated 300-mile natural gas interstate pipeline that is designed to span from northern West Virginia to southern Virginia. The Company will operate the MVP and owned a 47.1% interest in the MVP project as of September 30, 2022. On November 4, 2019, Consolidated Edison, Inc. (Con Edison) exercised an option to cap its investment in the construction of the MVP project at approximately $530 million (excluding AFUDC). The Company and NextEra Energy, Inc. are obligated to, and RGC Resources, Inc., another member of the MVP Joint Venture owning an interest in the MVP project, has opted to, fund the shortfall in Con Edison's capital contributions, on a pro rata basis. Such funding by the Company and funding by other members has and will correspondingly increase the Company's and such other funding members' respective interests in the MVP project and decrease Con Edison's interest in the MVP project. As a result, based on the Company's targeted cost for the project of approximately $6.6 billion (excluding AFUDC), the Company's equity ownership in the MVP project will progressively increase from approximately 47.1% to approximately 48.1%. The MVP Joint Venture is a variable interest entity because it has insufficient equity to finance its activities during the construction stage of the project. The Company is not the primary beneficiary of the MVP Joint Venture because the Company does not have the power to direct the activities that most significantly affect the MVP Joint Venture's economic performance. Certain business decisions, such as decisions to make distributions of cash, require a greater than 66 2/3% ownership interest approval, and no one member owns more than a 66 2/3% interest. In April 2018, the MVP Joint Venture announced the MVP Southgate project, which is a proposed 75-mile interstate pipeline that was approved by the FERC to extend from the MVP at Pittsylvania County, Virginia to new delivery points in Rockingham and Alamance Counties, North Carolina. The Company is expected to operate the MVP Southgate pipeline and owned a 47.2% interest in the MVP Southgate project as of September 30, 2022. The MVP Joint Venture continues to evaluate the MVP Southgate project, including engaging in discussions with the project shipper, Dominion Energy North Carolina, regarding options with respect to the project, including likely refining the project’s design, scope and timing in lieu of pursuing the project as originally contemplated. Dominion Energy North Carolina’s obligations under the precedent agreement in support of the original project are subject to certain conditions, including that the MVP Joint Venture would have completed construction of the project facilities by June 1, 2022, which deadline is subject to extension by virtue of previously declared events of force majeure. The Company is unable to predict the results of the discussions between the MVP Joint Venture and Dominion Energy North Carolina, including any potential modifications to the project, or ultimate undertaking or completion of the project. In the fourth quarter of 2021, the Company incurred an other-than-temporary decline in value in its equity investment in the MVP Joint Venture, primarily due to unfavorable decisions by the U.S. Fourth Circuit Court of Appeals that vacated and remanded key authorizations, that resulted in a pre-tax impairment charge of $1.9 billion. As a result of the impairment, the carrying value of the Company's equity investment in the MVP Joint Venture was reduced to $1.2 billion as of December 31, 2021. During the third quarter of 2022, the Company incurred an additional other-than-temporary decline in value in its equity investment in the MVP Joint Venture primarily due to increased uncertainty in the permitting process for the MVP project as a result of recent legal developments and regulatory uncertainties, as well as macroeconomic pressures primarily due to increased interest rates impacting the discount rate. As a result of the impairment, the carrying value of the Company's equity investment in the MVP Joint Venture was further reduced to $784 million as of September 30, 2022. There is risk that the Company's equity investment in the MVP Joint Venture may be further impaired in the future due to ongoing (and potentially future) legal and regulatory matters, as well as potential macroeconomic factors, including other than temporary market fluctuations, changes in interest rates, cost increases and other unanticipated events. While macroeconomic factors in and of themselves may not be a direct indicator of impairment, should an impairment indicator be identified in the future, macroeconomic factors such as changes in interest rates could ultimately impact the size and scope of any potential impairment. In September 2022, based on the Company's targeted cost for the project, the MVP Joint Venture issued a capital call notice for the funding of the MVP project to MVP Holdco, LLC (MVP Holdco), a wholly owned subsidiary of the Company, for $40.7 million, of which $12.5 million was paid in October 2022, with the remaining $14.7 million and $13.5 million expected to be paid in November 2022 and December 2022, respectively. The capital contributions payable and the corresponding increase to the investment balance are reflected on the consolidated balance sheet as of September 30, 2022. Pursuant to the MVP Joint Venture's limited liability company agreement, MVP Holdco is obligated to provide performance assurances, which may take the form of a guarantee from EQM (provided that EQM's debt is rated as investment grade in accordance with the requirements of the MVP Joint Venture's limited liability company agreement), a letter of credit or cash collateral, in favor of the MVP Joint Venture to provide assurance as to the funding of MVP Holdco's proportionate share of the construction budget for the MVP project. In addition, pursuant to the MVP Joint Venture's limited liability company agreement, MVP Holdco is obligated to provide performance assurances in respect of MVP Southgate, which performance assurances may take the form of a guarantee from EQM (provided that EQM's debt is rated as investment grade in accordance with the requirements of the MVP Joint Venture's limited liability company agreement), a letter of credit or cash collateral. Based on EQM’s credit rating levels, EQM has delivered credit support to the MVP Joint Venture in the form of letters of credit, which, in the case of the MVP project was in the amount of approximately $219.7 million and, in the case of the MVP Southgate, was in the amount of approximately $14.2 million, in each case, as of September 30, 2022. The amount of each of the letters of credit is subject to adjustment based upon the applicable project's construction budget. Upon the FERC’s initial release to begin construction of the MVP Southgate project, the Company's then-current letter of credit to support MVP Southgate will be terminated, and the Company will be obligated to deliver a new letter of credit (or provide another allowable form of performance assurance) in an amount equal to 33% of MVP Holdco’s proportionate share of the remaining capital obligations for the MVP Southgate project under the applicable construction budget. The following tables summarize the unaudited condensed consolidated financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Consolidated Balance Sheets September 30, 2022 December 31, 2021 (Thousands) Current assets $ 53,381 $ 148,820 Non-current assets 6,675,168 6,432,288 Total assets $ 6,728,549 $ 6,581,108 Current liabilities $ 115,062 $ 160,331 Equity 6,613,487 6,420,777 Total liabilities and equity $ 6,728,549 $ 6,581,108 Condensed Statements of Consolidated Operations Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Thousands) Operating (expenses) income $ (20) $ (201) $ 20 $ (351) Net interest income 120 5,517 172 9,402 AFUDC - equity — 12,862 — 21,904 Net income $ 100 $ 18,178 $ 192 $ 30,955

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Amended EQM Revolving Credit Facility. On April 22, 2022 (the Amendment Date), EQM entered into an amendment (the Amendment) to that certain Third Amended and Restated Credit Agreement, dated as of October 31, 2018, among EQM, as borrower, Wells Fargo Bank, National Association, as the administrative agent, swing line lender, and an L/C issuer, the lenders party thereto from time to time and any other persons party thereto from time to time (as amended by that certain First Amendment to Third Amended and Restated Credit Agreement, dated as of March 30, 2020, and by that certain Second Amendment to Third Amended and Restated Credit Agreement, dated as of April 16, 2021) (as amended by the Amendment and as may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the Amended EQM Credit Facility). For the avoidance of doubt, any reference to the Amended EQM Credit Facility as of any particular date shall mean the Amended EQM Credit Facility as in effect on such date. The Amendment, among other things, extended the stated maturity date, with such extension only applicable for the lenders approving the Amendment, from October 31, 2023 (the Earlier Maturity Date) to April 30, 2025 (the Later Maturity Date). As of September 30, 2022, the Company had aggregate commitments available under the Amended EQM Credit Facility of approximately $2.16 billion before the Earlier Maturity Date, with approximately $1.55 billion in aggregate commitments available on and after the Earlier Maturity Date and prior to the Later Maturity Date. As of September 30, 2022, EQM had approximately $100 million of borrowings and $234.9 million of letters of credit outstanding under the Amended EQM Credit Facility. As of December 31, 2021, EQM had approximately $225 million of borrowings and $234.9 million of letters of credit outstanding under the Amended EQM Credit Facility. During the three and nine months ended September 30, 2022, the maximum outstanding borrowings at any time were approximately $190 million and $280 million, respectively, and the average daily balances were approximately $143 million and $176 million, respectively. EQM incurred interest at weighted average annual interest rates of approximately 4.8% and 3.8% for the three and nine months ended September 30, 2022, respectively. During the three and nine months ended September 30, 2021, the maximum outstanding borrowings at any time were approximately $390 million and $525 million, respectively, and the average daily balances were approximately $358 million and $440 million, respectively. EQM incurred interest at weighted average annual interest rates of approximately 2.7% and 2.6% for the three and nine months ended September 30, 2021, respectively. For the three and nine months ended September 30, 2022, commitment fees of $2.3 million and $6.1 million were paid to maintain credit availability under the Amended EQM Credit Facility. For the three and nine months ended September 30, 2021, commitment fees of $1.7 million and $5.6 million were paid to maintain credit availability under the Amended EQM Credit Facility. As of September 30, 2022, no term loans were outstanding under the Amended EQM Credit Facility. Amended 2019 EQM Term Loan Agreement. On January 8, 2021, EQM (i) applied a portion of the proceeds from the issuance of the 2021 Senior Notes (as defined below) to prepay all principal, interest, fees and other obligations outstanding under the Amended 2019 EQM Term Loan Agreement and (ii) terminated the Amended 2019 EQM Term Loan Agreement and the loan documents associated therewith. EQM repaid outstanding term loans (the EQM Term Loans) with a principal amount of $1.4 billion in connection with the termination of the Amended 2019 EQM Term Loan Agreement. Prior to its termination in January 2021, the Amended 2019 EQM Term Loan Agreement would have matured in August 2022. During the period from January 1, 2021 through January 7, 2021, the weighted average annual interest rate was approximately 2.4%. Eureka Credit Facilities. On May 13, 2021, Eureka Midstream, LLC (Eureka), a wholly owned subsidiary of Eureka Midstream, repaid all outstanding principal borrowings plus accrued and unpaid interest under and terminated its credit facility with ABN AMRO Capital USA LLC, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (the Former Eureka Credit Facility). In conjunction with the termination of, and to fund the repayment of all outstanding amounts under the Former Eureka Credit Facility, on May 13, 2021, Eureka entered into a $400 million senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (the 2021 Eureka Credit Facility). As of September 30, 2022, and December 31, 2021, Eureka had approximately $295 million and $280 million, respectively, of borrowings outstanding under the 2021 Eureka Credit Facility. For the three and nine months ended September 30, 2022, the maximum amount of outstanding borrowings under the 2021 Eureka Credit Facility at any time was approximately $295 million and the average daily balance was approximately $290 million and $296 million, respectively, and Eureka incurred interest at weighted average annual interest rates of approximately 4.8% and 4.3%, respectively. For the three and nine months ended September 30, 2022, commitment fees of $0.1 million and $0.4 million, respectively, were paid to maintain credit availability under the 2021 Eureka Credit Facility. For the three and nine months ended September 30, 2021, the maximum amount of outstanding borrowings under the Former Eureka Credit Facility and 2021 Eureka Credit Facility at any time was approximately $300 million and $315 million, respectively, the average daily balance was approximately $299 million and $305 million, respectively, and Eureka incurred interest at weighted average annual interest rates of approximately 2.8% and 2.5%, respectively. For the three and nine months ended September 30, 2021, commitment fees of $0.1 million and $0.3 million, respectively, were paid to maintain credit availability under the Former Eureka Credit Facility and 2021 Eureka Credit Facility, as applicable. 2022 Senior Notes. On June 7, 2022, EQM completed a private offering of $500 million aggregate principal amount of new 7.50% senior notes due 2027 (the 2027 Notes) and $500 million aggregate principal amount of new 7.50% senior notes due 2030 (the 2030 Notes and, together with the 2027 Notes, the 2022 Senior Notes) and received net proceeds from the offering of approximately $984.5 million inclusive of a discount of approximately $12.5 million and debt issuance costs of approximately $3.0 million. The 2022 Senior Notes were issued under and are governed by an indenture, dated June 7, 2022 (the 2022 Indenture), between EQM and U.S. Bank Trust Company, National Association, as trustee. The 2022 Indenture contains covenants that limit EQM’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale and leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of EQM’s assets. The 2027 Notes will mature on June 1, 2027 and interest on the 2027 Notes is payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2022. The 2030 Notes will mature on June 1, 2030 and interest on the 2030 Notes is payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2022. The 2022 Senior Notes are unsecured and rank equally with all of EQM’s existing and future senior obligations. The 2022 Senior Notes are senior in right of payment to any of EQM’s future obligations that are, by their terms, expressly subordinated in right of payment to the 2022 Senior Notes. The 2022 Senior Notes are effectively subordinated to EQM’s secured obligations, if any, to the extent of the value of the collateral securing such obligations, and structurally subordinated to all indebtedness and obligations, including trade payables, of EQM’s subsidiaries, other than any subsidiaries that may guarantee the 2022 Senior Notes in the future. EQM may, at its option, redeem some or all of the 2027 Notes and the 2030 Notes, in whole or in part, at any time prior to their maturity at the applicable redemption price as set forth in the 2022 Indenture. Upon the occurrence of a Change of Control Triggering Event (as defined in the 2022 Indenture), EQM may be required to offer to purchase the 2022 Senior Notes at a purchase price equal to 101% of the aggregate principal amount of the 2022 Senior Notes repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The 2022 Indenture contains certain events of default, including the following: (1) default in the payment of interest on such 2022 Senior Notes when due that continues for 30 days; (2) default in the payment of principal of or premium, if any, on any such 2022 Senior Notes when due, whether at its stated maturity, upon redemption or otherwise; (3) failure by EQM or any subsidiary guarantor, if any, to comply for 90 days with the other agreements with respect to such 2022 Senior Notes contained in the 2022 Indenture after written notice by the trustee or by the holders of at least 25% in principal amount of the outstanding 2022 Senior Notes of such series; (4) certain events of bankruptcy, insolvency or reorganization of EQM or any subsidiary guarantor, if any, that is one of EQM’s Significant Subsidiaries (as defined in the 2022 Indenture); and (5) if such 2022 Senior Notes are guaranteed by a subsidiary guarantor that is one of EQM’s Significant Subsidiaries, (a) the guarantee of that subsidiary guarantor ceases to be in full force and effect, except as otherwise provided in the 2022 Indenture; (b) the guarantee of that subsidiary guarantor is declared null and void in a judicial proceeding; or (c) that subsidiary guarantor denies or disaffirms its obligations under the 2022 Indenture or its guarantee. If an event of default occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding 2022 Senior Notes of such series may declare the 2022 Senior Notes of such series to be due and payable. Upon such a declaration, such principal, premium, if any, and accrued and unpaid interest on such 2022 Senior Notes will be due and payable immediately. If an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs, all outstanding 2022 Senior Notes will become due and payable immediately without further action or notice on the part of the trustee or any holders of the 2022 Senior Notes. EQM used the net proceeds from the offering of the 2022 Senior Notes and cash on hand to purchase (i) an aggregate principal amount of approximately $501.1 million of its outstanding 4.75% notes due 2023 (2023 Notes) pursuant to a tender offer for any and all of the outstanding 2023 Notes (the Any and All Tender Offer) and an open market purchase following the expiration of the Any and All Tender Offer, and (ii) an aggregate principal amount of $300 million of its outstanding 6.00% notes due 2025 (2025 Notes), and an aggregate principal amount of $200 million of its outstanding 4.00% notes due 2024 (2024 Notes), pursuant to tender offers (the Maximum Tender Offers, together with the Any and All Tender Offer, the 2022 Tender Offers) for the 2025 Notes and 2024 Notes, which such Maximum Tender Offers reflected a maximum aggregate principal amount of 2025 Notes and 2024 Notes to be purchased of $500 million (such amount, the Aggregate Maximum Principal Amount). 2022 Tender Offers. On June 6, 2022, the Any and All Tender Offer expired and, on June 7, 2022 and June 9, 2022, EQM purchased an aggregate principal amount of approximately $496.8 million of 2023 Notes at an aggregate cost of approximately $506.7 million pursuant to the Any and All Tender Offer. On June 10, 2022, which was after the closing of the Any and All Tender Offer, EQM also repurchased an aggregate principal amount of approximately $4.3 million of 2023 Notes in the open market at an aggregate cost of approximately $4.4 million. On June 13, 2022, which was the early tender deadline for the Maximum Tender Offers, the Aggregate Maximum Principal Amount was fully subscribed by the 2024 Notes and 2025 Notes then tendered, and, on June 14, 2022, EQM purchased an aggregate principal amount of $200 million of 2024 Notes and $300 million of 2025 Notes at an aggregate cost of approximately $509 million (inclusive of the applicable early tender premium for the 2024 Notes and 2025 Notes described in that certain Offer to Purchase of EQM dated May 31, 2022, as amended). The Company incurred a loss on the extinguishment of debt of approximately $24.9 million during the nine months ended September 30, 2022 related to the payment of the 2022 Tender Offers and open market repurchase premiums and fees, and write off of the respective unamortized discounts and financing costs associated with the purchase of portions of 2023, 2024 and 2025 Notes in the 2022 Tender Offers. This amount is included in the loss on extinguishment of debt line on the statements of consolidated comprehensive income. 2021 Senior Notes. During the first quarter of 2021, EQM issued, in a private offering, $800 million aggregate principal amount of new 4.50% senior notes due 2029 (the 2029 Notes) and $1,100 million aggregate principal amount of new 4.75% senior notes due 2031 (the 2031 Notes and, together with the 2029 Notes, the 2021 Senior Notes) and received net proceeds from the offering of approximately $1,876.5 million (excluding costs related to the 2021 Tender Offers discussed below), inclusive of a discount of $19 million and debt issuance costs of $4.5 million. EQM used the net proceeds from the offering of the 2021 Senior Notes and cash on hand to repay all outstanding borrowings under the Amended 2019 EQM Term Loan Agreement, to purchase an aggregate principal amount of $500 million of its then outstanding 2023 Notes pursuant to tender offers for certain of EQM's outstanding indebtedness (such tender offers, the 2021 Tender Offers), and for general partnership purposes. 2021 Tender Offers. On January 15, 2021 (the 2021 early tender deadline), the maximum principal amount for the 2021 Tender Offers was fully subscribed by the 2023 Notes tendered as of the 2021 early tender deadline and on January 20, 2021, EQM purchased an aggregate principal amount of $500 million of 2023 Notes at an aggregate cost of approximately $537 million (inclusive of the applicable early tender premium for the 2023 Notes described in that certain Offer to Purchase of EQM dated January 4, 2021, as amended, plus accrued interest). The Company incurred a loss on the extinguishment of debt of $41.0 million during the nine months ended September 30, 2021 related to the payment of the 2021 Tender Offers premium and write off of unamortized discounts and financing costs related to the prepayment of the EQM Term Loans under, and termination of, the Amended 2019 EQM Term Loan Agreement and purchase of 2023 Notes in the 2021 Tender Offers. This amount is included in the loss on extinguishment of debt line on the statements of consolidated comprehensive income. As of September 30, 2022, EQM and Eureka were in compliance with all debt provisions and covenants.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis. The Company records derivative instruments at fair value on a gross basis in its consolidated balance sheets. The EQT Global GGA provides for potential cash bonus payments payable by EQT to the Company during the period beginning on the first day of the calendar quarter in which the MVP full in-service date occurs through the calendar quarter ending December 31, 2024 (the Henry Hub cash bonus payment provision). The potential cash bonus payments are conditioned upon the quarterly average of certain Henry Hub natural gas prices exceeding certain price thresholds. The Henry Hub cash bonus payment provision is accounted for as a derivative instrument and recorded at its estimated fair value using a Monte Carlo simulation model. Significant inputs used in the fair value measurement include NYMEX Henry Hub natural gas futures prices as of the date of valuation, the targeted in-service date for the MVP, risk-free interest rates based on U.S. Treasury rates, expected volatility of NYMEX Henry Hub natural gas futures prices and an estimated credit spread of EQT. The targeted full in-service date for the MVP project and the expected volatility of NYMEX Henry Hub natural gas futures prices used in the valuation methodology represent significant unobservable inputs causing the Henry Hub cash bonus payment provision to be designated as a Level 3 fair value measurement. An expected average volatility of approximately 60% was utilized in the valuation model, which is based on market-quoted volatilities of relevant NYMEX Henry Hub natural gas forward prices. As of September 30, 2022 and December 31, 2021, the fair values of the Henry Hub cash bonus payment provision were $69.4 million and $51.6 million, respectively, which were recorded in other assets on the Company's consolidated balance sheets. During the three and nine months ended September 30, 2022, the Company recognized a loss of $2.4 million and a gain of $17.8 million, respectively, representing the change in estimated fair value of the derivative instrument during the respective periods. During the three and nine months ended September 30, 2021, the Company recognized gains of $21.3 million and $37.9 million, respectively, representing the change in estimated fair value of the derivative instrument during the respective periods. The (loss) gains are reflected in other income, net in the Company's statements of consolidated comprehensive income. Other Financial Instruments. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short maturity of the instruments; as such, their fair values are Level 1 fair value measurements. The carrying values of borrowings under the Amended EQM Credit Facility, the Former Eureka Credit Facility (prior to its termination), the 2021 Eureka Credit Facility and the Amended 2019 EQM Term Loan Agreement (prior to its termination) approximate fair value as the interest rates are based on prevailing market rates; these are considered Level 1 fair value measurements. As EQM's borrowings under its senior notes are not actively traded, their fair values are estimated using an income approach model that applies a discount rate based on prevailing market rates for debt with similar remaining time-to-maturity and credit risk; as such, their fair values are Level 2 fair value measurements. As of September 30, 2022, and December 31, 2021, the estimated fair values of EQM's senior notes were approximately $5,666.7 million and $7,060.5 million, respectively, and the carrying values of EQM's senior notes were approximately $6,431.3 million and $6,434.9 million, respectively. The fair value of the Preferred Interest is based on significant inputs that are not observable in the market and, as such, is a Level 3 fair value measurement and is estimated using an income approach model that applies a market-based discount rate. As of September 30, 2022, and December 31, 2021, the estimated fair values of the Preferred Interest were approximately $95.5 million and $117.0 million, respectively, and the carrying values of the Preferred Interest were approximately $95.7 million and $100.0 million, respectively. As of September 30, 2022, the carrying value of the Preferred Interest exceeded its estimated fair value, which was considered temporary and not material.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company excluded 30,862 and 30,800 (in thousands) of weighted average anti-dilutive securities related to the Equitrans Midstream Preferred Shares and stock-based compensation awards from the computation of diluted weighted average common shares outstanding for the three and nine months ended September 30, 2022, respectively. The Company excluded 30,018 (in thousands), in each case, of weighted average anti-dilutive securities related to the Equitrans Midstream Preferred Shares from the computation of diluted weighted average common shares outstanding for the three and nine months ended September 30, 2021. The Company grants Equitrans Midstream phantom units to certain non-employee directors that will be paid in Equitrans Midstream common stock upon the director's termination of service on the Board. As there are no remaining service,

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 0.3% for the three months ended September 30, 2022, compared to 26.2% for the three months ended September 30, 2021. The Company's effective tax rate was (2.7)% for the nine months ended September 30, 2022, compared to 23.9% for the nine months ended September 30, 2021. For the three and nine months ended September 30, 2022 and 2021, the Company calculated the provision for income taxes for interim periods by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (income (loss) before income taxes excluding unusual or infrequently occurring items) for the periods. The effective tax rate was lower for the three and nine months ended September 30, 2022 compared to the three and nine months ended September 30, 2021 primarily due to the impairment of the Company's equity method investment in the MVP Joint Venture and its impact on the loss before income taxes, partially offset by an increase in the valuation allowances that limit tax benefits for the Company's federal and state deferred tax assets, which were recorded by the Company at December 31, 2021. The effective tax rate for the three and nine months ended September 30, 2022 was lower than the statutory rate primarily due to the increase in the valuation allowances that limit tax benefits for the Company’s federal and state deferred tax assets, primarily due to the impairment of the Company's equity method investment in the MVP Joint Venture and its impact on the loss before income taxes. The effective tax rate for the three and nine months ended September 30, 2021 was lower than the statutory rate primarily due to the impact of AFUDC - equity on the MVP project. For the nine months ended September 30, 2022, the Company believes that it is more likely than not that the benefit from a portion of its state net operating loss (NOL) carryforwards, deferred tax assets related to interest disallowance under Internal Revenue Code Section 163(j), and certain state deferred tax assets, net of offsetting deferred tax liabilities, will not be realized and accordingly, the Company maintains related valuation allowances. For the nine months ended September 30, 2022, the Company recorded income tax expense of approximately $54.5 million primarily related to changes in valuation allowances of approximately $77.4 million because of increases in federal and state deferred tax assets, partially offset by a $22.9 million benefit related to decreases in future Pennsylvania corporate net income tax rates. As of September 30, 2022 and December 31, 2021, the valuation allowances related to federal and state deferred tax assets were approximately $152.1 million and $97.6 million, respectively. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers available evidence, both positive and negative, including potential sources of taxable income, income available in carry-back periods, future reversals of taxable temporary differences, projections of taxable income and income from tax planning strategies. Positive evidence includes reversing temporary differences and projection of future profitability within the carry-forward period, including from tax planning strategies. Negative evidence includes historical pre-tax book losses and Pennsylvania NOL expirations. A review of positive and negative evidence regarding these tax benefits resulted in the conclusion that valuation allowances on a portion of the Company’s state NOL carryforwards, deferred tax assets related to interest disallowance under Internal Revenue Code Section 163(j), and certain state deferred tax assets, net of offsetting deferred tax liabilities, were warranted as it was more likely than not that these assets will not be realized. Any determination to change the beginning of the year valuation allowance resulting from a change in the judgment about realizability of deferred tax assets in future years would impact the Company's income tax expense in the period in which such a determination is made.

Financial Statements (Policies)

Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation. References in these financial statements to Equitrans Midstream or the Company refer collectively to Equitrans Midstream Corporation and its consolidated subsidiaries for all periods presented, unless otherwise indicated. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the 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 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 Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of the Company as of September 30, 2022, the results of its operations and equity for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021, which includes all disclosures required by GAAP. Due to, among other things, the seasonal nature of the Company's utility customer contracts, as well as producers’ well completion activities and varying needs for fresh and produced water (which are primarily driven by horizontal lateral lengths and the number of completion stages per well), the interim statements for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the Company's annual consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained herein.
Recently Issued Accounting Standards	Recently Issued Accounting Standards. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable to the calculation of each dividend following March 31, 2024 for the Equitrans Midstream Preferred Shares pursuant to the Company's Second Amended and Restated Articles of Incorporation, as well as any Company contracts that use the London Inter-Bank Offered Rate as a reference rate. The ASU was effective immediately but is only available through December 31, 2022. In April 2022, the FASB proposed deferring the sunset date for applying reference rate reform relief in Topic 848 to December 31, 2024. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity

Financial Information by Busi_2

Financial Information by Business Segment (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Operating Income and Reconciliation to Net Income	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Thousands) Revenues from customers: Gathering $ 227,180 $ 243,816 $ 672,284 $ 733,844 Transmission 91,557 90,886 293,430 295,203 Water 13,014 7,372 36,794 41,318 Total operating revenues $ 331,751 $ 342,074 $ 1,002,508 $ 1,070,365 Operating income (loss): Gathering $ 112,279 $ 132,582 $ 347,464 $ 399,309 Transmission 64,077 59,703 209,480 203,153 Water (a) 2,342 (4,414) 3,606 (55,577) Headquarters (b) (368) (325) (984) (806) Total operating income $ 178,330 $ 187,546 $ 559,566 $ 546,079 Reconciliation of operating income to net (loss) income: Equity income (c) $ 48 $ 8,461 $ 91 $ 14,385 Impairment of equity method investment (c) (583,057) — (583,057) — Other income, net (d) 893 21,199 21,414 38,251 Loss on extinguishment of debt — — (24,937) (41,025) Net interest expense (101,085) (94,101) (289,323) (284,887) Income tax (benefit) expense (1,275) 32,200 8,636 65,180 Net (loss) income $ (503,596) $ 90,905 $ (324,882) $ 207,623 (a) Impairment of long-lived assets of $56.2 million for the nine months ended September 30, 2021 was included in Water operating income (loss). See Note 2 for further information. (b) Includes certain unallocated corporate expenses. (c) Equity income and impairment of equity method investment are included in the Transmission segment.
Schedule of Segment Assets	September 30, 2022 December 31, 2021 (Thousands) Segment assets: Gathering $ 7,647,237 $ 7,638,877 Transmission (a) 2,288,144 2,769,097 Water 196,004 151,151 Total operating segments 10,131,385 10,559,125 Headquarters, including cash 255,119 361,639 Total assets $ 10,386,504 $ 10,920,764
Schedule of Depreciation and Amortization and Expenditures for Segment Assets	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Thousands) Depreciation: Gathering $ 49,125 $ 47,441 $ 145,953 $ 140,899 Transmission 13,909 13,835 41,707 41,461 Water 5,162 4,364 14,483 20,740 Headquarters 376 381 1,129 854 Total $ 68,572 $ 66,021 $ 203,272 $ 203,954 Capital expenditures: Gathering (a) $ 73,589 $ 62,916 $ 195,925 $ 170,709 Transmission (b) 12,429 5,755 22,994 17,050 Water 17,041 10,803 49,132 20,430 Headquarters — 83 13 1,455 Total (c) $ 103,059 $ 79,557 $ 268,064 $ 209,644 (a) Includes capital expenditures related to the noncontrolling interest in Eureka Midstream Holdings, LLC (Eureka Midstream) of approximately $5.9 million and $17.6 million for the three and nine months ended September 30, 2022, respectively, and approximately $4.8 million and $10.6 million for the three and nine months ended September 30, 2021, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $46.4 million and $158.2 million for the three and nine months ended September 30, 2022, respectively, and approximately $94.3 million and $179.0 million for the three and nine months ended September 30, 2021, respectively. (c) The Company accrues capital expenditures when the work has been completed but the associated bills have not yet been paid. Accrued capital expenditures are excluded from the statements of consolidated cash flows until they are paid. The net impact of non-cash capital expenditures, including the effect of accrued capital expenditures, transfers to/from inventory as assets are completed/assigned to a project and capitalized share-based compensation costs, was $10.7 million and $8.8 million for the three and nine months ended September 30, 2022, respectively, and $1.2 million and $1.4 million for the three and nine months ended September 30, 2021, respectively.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue Information, By Segment	The tables below provide disaggregated revenue information by business segment. Three Months Ended September 30, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 144,730 $ 84,584 $ 9,375 $ 238,689 Volumetric-based fee revenues 82,450 6,973 3,639 93,062 Total operating revenues $ 227,180 $ 91,557 $ 13,014 $ 331,751 Three Months Ended September 30, 2021 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 151,004 $ 84,053 $ 1,061 $ 236,118 Volumetric-based fee revenues 92,812 6,833 6,311 105,956 Total operating revenues $ 243,816 $ 90,886 $ 7,372 $ 342,074 Nine Months Ended September 30, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 415,932 $ 272,129 $ 24,502 $ 712,563 Volumetric-based fee revenues 256,352 21,301 12,292 289,945 Total operating revenues $ 672,284 $ 293,430 $ 36,794 $ 1,002,508 Nine Months Ended September 30, 2021 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 448,556 $ 269,239 $ 3,834 $ 721,629 Volumetric-based fee revenues 285,288 25,964 37,484 348,736 Total operating revenues $ 733,844 $ 295,203 $ 41,318 $ 1,070,365
Contract with Customer, Asset and Liability	The following table presents changes in the Company's unbilled revenue balance during the nine months ended September 30, 2022 and 2021: Unbilled Revenue 2022 2021 (Thousands) Balance as of beginning of period $ 16,772 $ 18,618 Revenue recognized in excess of amounts invoiced (a) 19,436 21,908 Minimum volume commitments invoiced (b) (14,884) (23,373) Amortization (c) (334) (78) Balance as of end of period $ 20,990 $ 17,075 (a) Primarily includes revenues associated with MVCs that are generally included in firm reservation fee revenues within the Gathering and Water segments. During the nine months ended September 30, 2021, also includes other contractual commitments of approximately $6.4 million. (b) Unbilled revenues are transferred to accounts receivable once the Company has an unconditional right to consideration from the customer. (c) Amortization of capitalized contract costs paid to customers over the expected life of the agreement. The following table presents changes in the Company's contract liability balances during the nine months ended September 30, 2022 and 2021: Contract Liability 2022 2021 (Thousands) Balance as of beginning of period $ 822,416 $ 398,750 Amounts recorded during the period (a) 266,792 225,583 Change in estimated variable consideration (b) (4,837) — Amounts transferred during the period (c) (942) (268) EQT Cash Option in lieu of a portion of rate relief (195,820) — Balance as of end of period $ 887,609 $ 624,065 (a) Includes deferred billed revenue during the nine months ended September 30, 2022 and 2021 primarily associated with the EQT Global GGA. (b) Change in estimated variable consideration represents the decrease in total deferred revenue required for gathering MVC revenue with a declining rate structure, resulting from the EQT Cash Option election that required total estimated gathering consideration to be increased. (c) Deferred revenues are recognized as revenue upon satisfaction of the Company's performance obligation to the customer.
Summary of Remaining Performance Obligations	The following table summarizes the estimated transaction price allocated to the Company's remaining performance obligations under all contracts with firm reservation fees, MVCs and/or ARCs as of September 30, 2022 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2022 (a) 2023 2024 2025 2026 Thereafter Total (Thousands) Gathering firm reservation fees $ 22,308 $ 108,000 $ 170,060 $ 175,509 $ 166,594 $ 1,865,013 $ 2,507,484 Gathering revenues supported by MVCs 112,587 461,028 431,793 450,995 462,291 3,499,289 5,417,983 Transmission firm reservation fees 98,135 366,701 382,971 366,757 360,929 3,316,261 4,891,754 Water revenues supported by ARCs 9,375 37,500 37,500 37,500 37,500 193,750 353,125 Total (b) $ 242,405 $ 973,229 $ 1,022,324 $ 1,030,761 $ 1,027,314 $ 8,874,313 $ 13,170,346 (a) October 1, 2022 through December 31, 2022. (b) Includes assumptions regarding timing for placing certain project s in-service. Such assumptions may not be realized and d elays in the in-service dates for projects have substantially altered, and additional delays may further substantially alter, the remaining performance obligations for certain contracts with firm reservation fees, MVCs and/or ARCs. The MVP Joint Venture is accounted for as an equity investment and those amounts are not included in the table above.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company's related party transactions in the below-described portions of 2021. Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 (Thousands) Operating revenues $ 220,781 $ 668,837 Interest income from the Preferred Interest 1,433 4,353 Principal Payments received on the Preferred Interest 1,313 3,885 The following table summarizes the Company's related party receivables and payables. December 31, 2021 (Thousands) Accounts receivable $ 190,410 Contract asset 2,246 Preferred Interest 99,838 Contract liability 818,658

Investments in Unconsolidated_2

Investments in Unconsolidated Entity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Unaudited Condensed Financial Statements for the Investment in Unconsolidated Equity	The following tables summarize the unaudited condensed consolidated financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Consolidated Balance Sheets September 30, 2022 December 31, 2021 (Thousands) Current assets $ 53,381 $ 148,820 Non-current assets 6,675,168 6,432,288 Total assets $ 6,728,549 $ 6,581,108 Current liabilities $ 115,062 $ 160,331 Equity 6,613,487 6,420,777 Total liabilities and equity $ 6,728,549 $ 6,581,108 Condensed Statements of Consolidated Operations Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Thousands) Operating (expenses) income $ (20) $ (201) $ 20 $ (351) Net interest income 120 5,517 172 9,402 AFUDC - equity — 12,862 — 21,904 Net income $ 100 $ 18,178 $ 192 $ 30,955

Impairments of Long-Lived Ass_2

Impairments of Long-Lived Assets - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Property, Plant and Equipment
Impairment of long-lived assets and equity method investment	$ 0	$ 0		$ 0	$ 56,178
Impairment of equity method investment	583,057	$ 0		583,057	0
MVP Joint Venture
Property, Plant and Equipment
Impairment of equity method investment				583,000
Equity method investment	$ 784,000			$ 784,000
MVP Joint Venture | Measurement Input, Discount Rate
Property, Plant and Equipment
Fair value measurement input	0.075			0.075
Water
Property, Plant and Equipment
Impairment of long-lived assets and equity method investment			$ 56,200		$ 56,200

Financial Information by Busi_3

Financial Information by Business Segment - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 lineOfBusiness segment
Segment Reporting [Abstract]
Number of operating segments | segment	3
Number of lines of business | lineOfBusiness	3

Financial Information by Busi_4

Financial Information by Business Segment - Schedule of Segment Income (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Revenues from customers:
Operating revenues		$ 331,751	$ 342,074		$ 1,002,508		$ 1,070,365
Operating income (loss):
Total operating income		178,330	187,546		559,566		546,079
Reconciliation of operating income to net (loss) income:
Equity income	[1]	48	8,461		91	[2]	14,385	[2]
Impairment of equity method investment		(583,057)	0		(583,057)		0
Other income, net		893	21,199		21,414		38,251
Loss on extinguishment of debt		0	0		(24,937)		(41,025)
Net interest expense		(101,085)	(94,101)		(289,323)		(284,887)
Income tax (benefit) expense		(1,275)	32,200		8,636		65,180
Net (loss) income		(503,596)	90,905		(324,882)		207,623
Impairment of long-lived assets and equity method investment		0	0		0		56,178
Gathering
Revenues from customers:
Operating revenues		227,180	243,816		672,284		733,844
Transmission
Revenues from customers:
Operating revenues		91,557	90,886		293,430		295,203
Water
Revenues from customers:
Operating revenues		13,014	7,372		36,794		41,318
Reconciliation of operating income to net (loss) income:
Impairment of long-lived assets and equity method investment				$ 56,200			56,200
Operating segments | Gathering
Revenues from customers:
Operating revenues		227,180	243,816		672,284		733,844
Operating income (loss):
Total operating income		112,279	132,582		347,464		399,309
Operating segments | Transmission
Revenues from customers:
Operating revenues		91,557	90,886		293,430		295,203
Operating income (loss):
Total operating income		64,077	59,703		209,480		203,153
Operating segments | Water
Revenues from customers:
Operating revenues		13,014	7,372		36,794		41,318
Operating income (loss):
Total operating income		2,342	(4,414)		3,606		(55,577)
Headquarters
Operating income (loss):
Total operating income		$ (368)	$ (325)		$ (984)		$ (806)
[1]Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 6.[2]Represents equity income from the MVP Joint Venture. See Note 6.

Financial Information by Busi_5

Financial Information by Business Segment - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Long-Lived Assets
Total assets	$ 10,386,504	$ 10,920,764
Operating segments
Long-Lived Assets
Total assets	10,131,385	10,559,125
Operating segments | Gathering
Long-Lived Assets
Total assets	7,647,237	7,638,877
Operating segments | Transmission
Long-Lived Assets
Total assets	2,288,144	2,769,097
Operating segments | Water
Long-Lived Assets
Total assets	196,004	151,151
Headquarters
Long-Lived Assets
Total assets	$ 255,119	$ 361,639

Financial Information by Busi_6

Financial Information by Business Segment - Depreciation and Capital Expenditures for Segment Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Information
Depreciation	$ 68,572	$ 66,021	$ 203,272	$ 203,954
Capital expenditures for segment assets	103,059	79,557	268,064	209,644
Capitalized share-based compensation cost	10,700	1,200	8,800	1,400
Operating segments | Gathering
Segment Information
Depreciation	49,125	47,441	145,953	140,899
Capital expenditures for segment assets	73,589	62,916	195,925	170,709
Operating segments | Gathering | Eureka Midstream Holdings, LLC
Segment Information
Capital expenditures for segment assets	5,900	4,800	17,600	10,600
Operating segments | Transmission
Segment Information
Depreciation	13,909	13,835	41,707	41,461
Capital expenditures for segment assets	12,429	5,755	22,994	17,050
Operating segments | Transmission | MVP Southgate Project
Segment Information
Capital expenditures for segment assets	46,400	94,300	158,200	179,000
Operating segments | Water
Segment Information
Depreciation	5,162	4,364	14,483	20,740
Capital expenditures for segment assets	17,041	10,803	49,132	20,430
Headquarters
Segment Information
Depreciation	376	381	1,129	854
Capital expenditures for segment assets	$ 0	$ 83	$ 13	$ 1,455

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregated Revenue Information, by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue
Operating revenues	$ 331,751	$ 342,074	$ 1,002,508	$ 1,070,365
Firm reservation fee revenues
Disaggregation of Revenue
Operating revenues	238,689	236,118	712,563	721,629
Volumetric-based fee revenues
Disaggregation of Revenue
Operating revenues	93,062	105,956	289,945	348,736
Gathering
Disaggregation of Revenue
Operating revenues	227,180	243,816	672,284	733,844
Gathering | MVC
Disaggregation of Revenue
Operating revenues	8,500	5,500	17,400	12,400
Gathering | Firm reservation fee revenues
Disaggregation of Revenue
Operating revenues	144,730	151,004	415,932	448,556
Gathering | Volumetric-based fee revenues
Disaggregation of Revenue
Operating revenues	82,450	92,812	256,352	285,288
Transmission
Disaggregation of Revenue
Operating revenues	91,557	90,886	293,430	295,203
Transmission | Firm reservation fee revenues
Disaggregation of Revenue
Operating revenues	84,584	84,053	272,129	269,239
Transmission | Volumetric-based fee revenues
Disaggregation of Revenue
Operating revenues	6,973	6,833	21,301	25,964
Water
Disaggregation of Revenue
Operating revenues	13,014	7,372	36,794	41,318
Water | MVC
Disaggregation of Revenue
Operating revenues		500		1,500
Water | Firm reservation fee revenues
Disaggregation of Revenue
Operating revenues	9,375	1,061	24,502	3,834
Water | Volumetric-based fee revenues
Disaggregation of Revenue
Operating revenues	$ 3,639	$ 6,311	$ 12,292	$ 37,484

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Unbilled Revenue Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Movement in Deferred Revenue [Roll Forward]
Balance as of beginning of period	$ 16,772	$ 18,618
Revenue recognized in excess of amounts invoiced	19,436	21,908
Minimum volume commitments invoiced	(14,884)	(23,373)
Amortization	(334)	(78)
Balance as of end of period	$ 20,990	17,075
Other contractual commitments		$ 6,400

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 08, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue
Contract liability		$ 887,609	$ 624,065	$ 822,416	$ 398,750
Contract liability, current		1,500		1,100
Contract liability, noncurrent		886,126		$ 821,342
Option to forgo fee relief, year one	$ 145,000
Option to forgo fee relief, year two	90,000
Cash payment to be made in exchange for fee relief	$ 195,800
Contract liability reduction		$ 195,820	$ 0
Gathering
Disaggregation of Revenue
Weighted average remaining term		14 years
Transmission firm reservation fees
Disaggregation of Revenue
Weighted average remaining term		12 years

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Deferred Revenue Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Change in Contract with Customer, Liability
Balance as of beginning of period	$ 822,416	$ 398,750
Amounts recorded during the period	266,792	225,583
Change in estimated variable consideration	(4,837)	0
Amounts transferred during the period	(942)	(268)
EQT Cash Option in lieu of a portion of rate relief	(195,820)	0
Balance as of end of period	$ 887,609	$ 624,065

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Summary of Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 13,170,346
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	242,405
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	973,229
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	1,022,324
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	1,030,761
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	1,027,314
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	8,874,313
Transmission firm reservation fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	4,891,754
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 98,135
Remaining performance obligations, expected timing	3 months
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 366,701
Remaining performance obligations, expected timing	1 year
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 382,971
Remaining performance obligations, expected timing	1 year
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 366,757
Remaining performance obligations, expected timing	1 year
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 360,929
Remaining performance obligations, expected timing	1 year
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 3,316,261
Remaining performance obligations, expected timing
Water revenues supported by ARCs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 353,125
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 9,375
Remaining performance obligations, expected timing	3 months
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 37,500
Remaining performance obligations, expected timing	1 year
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 37,500
Remaining performance obligations, expected timing	1 year
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 37,500
Remaining performance obligations, expected timing	1 year
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 37,500
Remaining performance obligations, expected timing	1 year
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 193,750
Remaining performance obligations, expected timing
Gathering firm reservation fees | Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 2,507,484
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 22,308
Remaining performance obligations, expected timing	3 months
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 108,000
Remaining performance obligations, expected timing	1 year
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 170,060
Remaining performance obligations, expected timing	1 year
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 175,509
Remaining performance obligations, expected timing	1 year
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 166,594
Remaining performance obligations, expected timing	1 year
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 1,865,013
Remaining performance obligations, expected timing
Gathering revenues supported by MVCs | Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 5,417,983
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 112,587
Remaining performance obligations, expected timing	3 months
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 461,028
Remaining performance obligations, expected timing	1 year
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 431,793
Remaining performance obligations, expected timing	1 year
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 450,995
Remaining performance obligations, expected timing	1 year
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 462,291
Remaining performance obligations, expected timing	1 year
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 3,499,289
Remaining performance obligations, expected timing

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions [Abstract]
Operating revenues	$ 220,781		$ 668,837
Interest income from the Preferred Interest	1,433		4,353
Principal Payments received on the Preferred Interest	$ 1,313	$ 4,110	$ 3,885

Related Party Transactions - _2

Related Party Transactions - Summary of Due To (From) Related Parties (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Related Party Transactions [Abstract]
Accounts receivable	$ 190,410
Contract asset	2,246
Preferred Interest	99,838
Contract liability	$ 818,658

Investments in Unconsolidated_3

Investments in Unconsolidated Entity - Narrative (Details) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Dec. 31, 2022 USD ($)

Nov. 30, 2022 USD ($)

Oct. 31, 2022 USD ($)

Aug. 31, 2022 USD ($)

Sep. 30, 2022 USD ($) mi

Dec. 31, 2021 USD ($)

Sep. 30, 2021 USD ($)

Sep. 30, 2022 USD ($) mi

Sep. 30, 2021 USD ($)

Oct. 13, 2022

Nov. 04, 2019 USD ($)

Apr. 30, 2018 mi

Schedule of Equity Method Investments

Impairment of equity method investment

$ 583,057

$ 0

$ 583,057

$ 0

Con Edison | Maximum

Schedule of Equity Method Investments

Investment cap

$ 530,000

MVP Joint Venture

Schedule of Equity Method Investments

Impairment of equity method investment

583,000

Reduction in investment

$ 1,200,000

Equity method investment

$ 784,000

$ 784,000

MVP Joint Venture | Beneficial Owner

Schedule of Equity Method Investments

Percentage of ownership interest

66.67%

MVP Project | Con Edison

Schedule of Equity Method Investments

Project target cost

$ 6,600,000

Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture

Schedule of Equity Method Investments

Impairment of equity method investment

$ 1,900,000

Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | EQM

Schedule of Equity Method Investments

Ownership interest

47.10%

47.10%

Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | EQM | Scenario, Forecast

Schedule of Equity Method Investments

Ownership interest

48.10%

Variable Interest Entity, Not Primary Beneficiary | MVP Project

Schedule of Equity Method Investments

Capital contribution payable to MVP Joint Venture

$ 40,700

Letter of credit outstanding

$ 219,700

$ 219,700

Variable Interest Entity, Not Primary Beneficiary | MVP Southgate Project

Schedule of Equity Method Investments

Ownership interest

47.20%

47.20%

Letter of credit outstanding

$ 14,200

$ 14,200

Variable Interest Entity, Not Primary Beneficiary | MVP Holdco Project | Subsequent Event

Schedule of Equity Method Investments

Payments to acquire investments

$ 14,700

$ 12,500

Variable Interest Entity, Not Primary Beneficiary | MVP Holdco Project | Scenario, Forecast

Schedule of Equity Method Investments

Payments to acquire investments

$ 13,500

MVP

Schedule of Equity Method Investments

Length of pipeline (in miles) | mi

300

300

MVP | Variable Interest Entity, Not Primary Beneficiary

Schedule of Equity Method Investments

Issuance of performance guarantee, remaining capital obligation, percentage

33%

33%

MVP Southgate Project

Schedule of Equity Method Investments

Length of pipeline (in miles) | mi

75

Investments in Unconsolidated_4

Investments in Unconsolidated Entity - Balance Sheet for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets
Current assets	$ 332,108			$ 446,829
Total assets	10,386,504			10,920,764
Current liabilities	541,243			367,576
Equity	1,441,643	$ 2,036,979	$ 2,038,288	2,010,726	$ 3,659,145	$ 3,644,866	$ 3,680,453	$ 3,681,272
Total liabilities, mezzanine equity and shareholders' equity	10,386,504			10,920,764
Variable Interest Entity, Not Primary Beneficiary | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Condensed Consolidated Balance Sheets
Current assets	53,381			148,820
Non-current assets	6,675,168			6,432,288
Total assets	6,728,549			6,581,108
Current liabilities	115,062			160,331
Equity	6,613,487			6,420,777
Total liabilities, mezzanine equity and shareholders' equity	$ 6,728,549			$ 6,581,108

Investments in Unconsolidated_5

Investments in Unconsolidated Entity - Income Statement for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments
Net (loss) income	$ (503,596)	$ 90,905	$ (324,882)	$ 207,623
Variable Interest Entity, Not Primary Beneficiary | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments
Operating (expenses) income	(20)	(201)	20	(351)
Net interest income	120	5,517	172	9,402
AFUDC - equity	0	12,862	0	21,904
Net (loss) income	$ 100	$ 18,178	$ 192	$ 30,955

Debt - Amended EQM Revolving Cr

Debt - Amended EQM Revolving Credit Facility and 2019 EQM Term Loan Agreement (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jan. 07, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jan. 08, 2021
Debt Instrument
Letters of credit outstanding		$ 395,000,000		$ 395,000,000		$ 505,000,000
EQM Credit Facility
Debt Instrument
Maximum borrowing capacity		2,160,000,000		2,160,000,000
EQM | EQM Credit Facility | Revolving Credit Facility
Debt Instrument
Borrowings outstanding		100,000,000		100,000,000		225,000,000
Letters of credit outstanding		$ 234,900,000		$ 234,900,000		$ 234,900,000
Weighted average annual interest rate		4.80%	2.70%	3.80%	2.60%
EQM | Line of credit | EQM Credit Facility
Debt Instrument
Maximum borrowing capacity		$ 1,550,000,000		$ 1,550,000,000
Maximum amount of short term loans outstanding		190,000,000	$ 390,000,000	280,000,000	$ 525,000,000
Average daily balance of short term loans outstanding		143,000,000	358,000,000	176,000,000	440,000,000
Payment commitment fees		$ 2,300,000	$ 1,700,000	6,100,000	$ 5,600,000
EQM | Letter of credit | EQM Credit Facility
Debt Instrument
Maximum amount of short term loans outstanding				$ 0
EQM | Unsecured Debt | 2019 Term Loan Facility
Debt Instrument
Weighted average annual interest rate	2.40%
EQT Midstream Partners LP | 2019 EQM Term Loan Agreement
Debt Instrument
Principal							$ 1,400,000,000

Debt - Eureka Credit Facility (

Debt - Eureka Credit Facility (Details) - Eureka Midstream, LLC - Line of credit - Eureka Credit Facility - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	May 13, 2021
Debt Instrument
Maximum borrowing capacity						$ 400
Borrowings outstanding	$ 295		$ 295		$ 280
Maximum amount of short term loans outstanding	295	$ 300		$ 315
Average daily balance of short term loans outstanding	$ 290	$ 299	$ 296	$ 305
Weighted average annual interest rate	4.80%	2.80%	4.30%	2.50%
Payment commitment fees	$ 0.1	$ 0.1	$ 0.4	$ 0.3

Debt - 2022 Senior Notes (Detai

Debt - 2022 Senior Notes (Details) - EQM Senior notes - USD ($)		3 Months Ended
	Jun. 07, 2022	Mar. 31, 2021	Sep. 30, 2022	Jun. 14, 2022	Jun. 10, 2022	Jan. 15, 2021
7.50% Senior Notes Due 2027
Debt Instrument
Principal	$ 500,000,000
Interest rate	7.50%
7.50% Senior Notes Due 2030
Debt Instrument
Principal	$ 500,000,000
Interest rate	7.50%
6.00% Senior Notes Due 2025
Debt Instrument
Interest rate			6%
6.00% Senior Notes Due 2025 | EQT Midstream Partners LP
Debt Instrument
Principal			$ 200,000,000	$ 300,000,000
4.00% Senior Notes Due 2024
Debt Instrument
Interest rate			4%
4.00% Senior Notes Due 2024 | EQT Midstream Partners LP
Debt Instrument
Principal				200,000,000
EQM 4.75% Senior Notes Due 2023
Debt Instrument
Interest rate			4.75%
EQM 4.75% Senior Notes Due 2023 | EQT Midstream Partners LP
Debt Instrument
Principal	$ 496,800,000	$ 500,000,000	$ 300,000,000		$ 4,300,000	$ 500,000,000
Debt issuance costs	506,700,000				$ 4,400,000	$ 537,000,000
2022 Senior Notes
Debt Instrument
Net proceeds from offering	984,500,000
Discount	12,500,000
Debt issuance costs	$ 3,000,000
Redemption percentage rate	1.01
2022 Senior Notes | EQT Midstream Partners LP
Debt Instrument
Principal			501,100,000
2021 Senior Notes
Debt Instrument
Net proceeds from offering		1,876,500,000
Discount		19,000,000
Debt issuance costs		$ 4,500,000
4.00% Senior Notes Due 2024 and 6.00% Senior Notes Due 2025 | EQT Midstream Partners LP
Debt Instrument
Principal			$ 500,000,000
Debt issuance costs				$ 509,000,000

Debt - 2022 Tender Offers (Deta

Debt - 2022 Tender Offers (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 14, 2022	Jun. 10, 2022	Jun. 07, 2022	Mar. 31, 2021	Jan. 15, 2021
Debt Instrument
Loss on extinguishment of debt	$ 0	$ 0	$ 24,937,000	$ 41,025,000
EQT Midstream Partners LP | EQM Senior notes | 4.00% Senior Notes Due 2024 and 6.00% Senior Notes Due 2025
Debt Instrument
Principal	500,000,000		500,000,000
Debt issuance costs					$ 509,000,000
EQT Midstream Partners LP | EQM Senior notes | EQM 4.75% Senior Notes Due 2023
Debt Instrument
Principal	300,000,000		300,000,000			$ 4,300,000	$ 496,800,000	$ 500,000,000	$ 500,000,000
Debt issuance costs						$ 4,400,000	$ 506,700,000		$ 537,000,000
Loss on extinguishment of debt			24,900,000	$ 41,000,000
EQT Midstream Partners LP | EQM Senior notes | 4.00% Senior Notes Due 2024
Debt Instrument
Principal					200,000,000
EQT Midstream Partners LP | EQM Senior notes | 6.00% Senior Notes Due 2025
Debt Instrument
Principal	$ 200,000,000		$ 200,000,000		$ 300,000,000

Debt - 2021 Senior Notes (Detai

Debt - 2021 Senior Notes (Details) - EQM Senior notes - USD ($)	3 Months Ended
	Mar. 31, 2021	Sep. 30, 2022	Jun. 10, 2022	Jun. 07, 2022	Jan. 15, 2021
4.50% Senior Notes Due 2029
Debt Instrument
Principal	$ 800,000,000
Interest rate	4.50%
4.75% Senior Notes Notes Due 2031
Debt Instrument
Principal	$ 1,100,000,000
Interest rate	4.75%
2021 Senior Notes
Debt Instrument
Net proceeds from offering	$ 1,876,500,000
Discount	19,000,000
Debt issuance costs	4,500,000
EQM 4.75% Senior Notes Due 2023
Debt Instrument
Interest rate		4.75%
EQM 4.75% Senior Notes Due 2023 | EQT Midstream Partners LP
Debt Instrument
Principal	$ 500,000,000	$ 300,000,000	$ 4,300,000	$ 496,800,000	$ 500,000,000
Debt issuance costs			$ 4,400,000	$ 506,700,000	$ 537,000,000

Debt - Tender Offer (Details)

Debt - Tender Offer (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 10, 2022	Jun. 07, 2022	Mar. 31, 2021	Jan. 15, 2021
Debt Instrument
Loss on extinguishment of debt	$ 0	$ 0	$ 24,937,000	$ 41,025,000
EQM 4.75% Senior Notes Due 2023 | EQT Midstream Partners LP | EQM Senior notes
Debt Instrument
Principal	$ 300,000,000		300,000,000		$ 4,300,000	$ 496,800,000	$ 500,000,000	$ 500,000,000
Debt issuance costs					$ 4,400,000	$ 506,700,000		$ 537,000,000
Loss on extinguishment of debt			$ 24,900,000	$ 41,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Millions		3 Months Ended		9 Months Ended
	Jul. 08, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Option to forgo fee relief, year one	$ 145
Option to forgo fee relief, year two	90
Cash payment to be made in exchange for fee relief	$ 195.8
Gain (loss) on derivative instrument		$ (2.4)	$ 21.3	$ 17.8	$ 37.9
EQM | Fair Value | Level 3 | EES
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred interest		95.5		95.5		$ 117
EQM | Carrying Value | Level 3 | EES
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred interest		95.7		95.7		100
EQM Senior notes | EQM | Fair Value | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt		5,666.7		5,666.7		7,060.5
EQM Senior notes | EQM | Carrying Value | Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt		6,431.3		6,431.3		6,434.9
Henry Hub cash payment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instrument, at fair value		$ 69.4		$ 69.4		$ 51.6
Market quoted volatility | Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Volatility rate		0.60		0.60

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock
Potentially dilutive securities (in shares)	30,862	30,018	30,800	30,018
Phantom Share Units (PSUs)
Class of Stock
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	567	498	599	495

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Valuation Allowance [Line Items]
Effective tax rate	0.30%	26.20%	(2.70%)	23.90%
Income tax expense related to changes in valuation allowances			$ 54.5
Income tax benefit related to changes in future corporate net income tax rates			22.9
Valuation allowance	$ 152.1		152.1		$ 97.6
Federal and State Tax Authority
Valuation Allowance [Line Items]
Income tax expense related to changes in valuation allowances			$ 77.4