Cover
Cover - USD ($) shares in Thousands, $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.8 | ||
Entity Common Units, Unit Outstanding | 433,095 | ||
Entity Central Index Key | 0001747009 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference | The Company's definitive proxy statement relating to the 2023 annual meeting of shareholders will be filed with the Securities and Exchange Commission within 120 days after the close of the Company's fiscal year ended December 31, 2022 and is incorporated by reference in Part III to the extent described therein. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Pittsburgh, Pennsylvania |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Statement [Abstract] | ||||
Operating revenues | $ 1,357,747 | $ 1,317,037 | $ 1,510,825 | |
Operating expenses: | ||||
Operating and maintenance | 154,667 | 153,179 | 154,109 | |
Selling, general and administrative | 128,472 | 137,056 | 129,969 | |
Transaction costs | 0 | 0 | 23,797 | |
Depreciation | 272,195 | 270,404 | 259,613 | |
Amortization of intangible assets | 64,819 | 64,819 | 63,195 | |
Impairments of long-lived assets and equity method investments | 0 | 56,178 | 55,581 | |
Total operating expenses | 620,153 | 681,636 | 686,264 | |
Operating income | 737,594 | 635,401 | 824,561 | |
Equity income | [1],[2] | 168 | 17,579 | 233,833 |
Impairments of equity method investment | (583,057) | (1,926,402) | 0 | |
Other income (expense), net | 13,871 | (47,546) | 10,427 | |
Loss on extinguishment of debt | (24,937) | (41,025) | (24,864) | |
Net interest expense | (394,333) | (378,650) | (307,380) | |
(Loss) income before income taxes | (250,694) | (1,740,643) | 736,577 | |
Income tax expense (benefit) | 6,444 | (343,353) | 103,593 | |
Net (loss) income | (257,138) | (1,397,290) | 632,984 | |
Net (loss) income attributable to Equitrans Midstream | 12,204 | 14,530 | 214,912 | |
Net (loss) income attributable to Equitrans Midstream | (269,342) | (1,411,820) | 418,072 | |
Preferred dividends | 58,512 | 58,512 | 58,760 | |
Net (loss) income attributable to Equitrans Midstream common shareholders | $ (327,854) | $ (1,470,332) | $ 359,312 | |
Earnings Per Share, Basic [Abstract] | ||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ (0.76) | $ (3.40) | $ 1.04 | |
Weighted average common stock outstanding (in shares) | 433,341 | 433,008 | 343,935 | |
Earnings Per Share, Diluted [Abstract] | ||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ (0.76) | $ (3.40) | $ 1.04 | |
Weighted average common stock outstanding (in shares) | 433,341 | 433,008 | 343,975 | |
Net (loss) income | $ (257,138) | $ (1,397,290) | $ 632,984 | |
Other comprehensive loss, net of tax: | ||||
Pension and other post-retirement benefits liability adjustment, net of tax expense (benefit) of $236, $62 and $(70) | 722 | 175 | (203) | |
Other comprehensive income (loss) | 722 | 175 | (203) | |
Comprehensive (loss) income | (256,416) | (1,397,115) | 632,781 | |
Less: Comprehensive income attributable to noncontrolling interests | 12,204 | 14,530 | 214,912 | |
Less: Comprehensive income attributable to preferred dividends | 58,512 | 58,512 | 58,760 | |
Comprehensive (loss) income attributable to Equitrans Midstream common shareholders | $ (327,132) | $ (1,470,157) | $ 359,109 | |
Dividends declared per common share (in dollars per share) | $ 0.60 | $ 0.60 | $ 0.60 | |
[1]Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 8.[2]Represents equity income from the MVP Joint Venture. See Note 8. |
Statements of Consolidated Co_2
Statements of Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Pension and other post-retirement benefits liability adjustment, tax expense | $ 236 | $ 62 | $ (70) |
Statements of Consolidated Cash
Statements of Consolidated Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities: | ||||
Net (loss) income | $ (257,138) | $ (1,397,290) | $ 632,984 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Depreciation | 272,195 | 270,404 | 259,613 | |
Amortization of intangible assets | 64,819 | 64,819 | 63,195 | |
Deferred income taxes | 5,472 | (348,206) | 100,980 | |
Impairments of long-lived assets and equity method investments | 583,057 | 1,982,580 | 55,581 | |
Equity income | [1],[2] | (168) | (17,579) | (233,833) |
Other (income) expense, net | (13,644) | 47,485 | (10,480) | |
Loss on extinguishment of debt | 24,937 | 41,025 | 24,864 | |
Non-cash long-term compensation expense | 15,800 | 13,083 | 12,301 | |
Changes in other assets and liabilities: | ||||
Accounts receivable | 22,858 | 64,172 | (37,810) | |
Accounts payable | 12,667 | (2,709) | (7,922) | |
Accrued interest | (16,147) | 25,718 | 52,736 | |
Deferred revenue | 346,491 | 423,666 | 225,746 | |
EQT Cash Option | (195,820) | 0 | 0 | |
Other assets and other liabilities | (19,604) | 1,600 | 2,931 | |
Net cash provided by operating activities | 845,775 | 1,168,768 | 1,140,886 | |
Cash flows from investing activities: | ||||
Capital expenditures | (376,661) | (290,521) | (462,031) | |
Capital contributions to the MVP Joint Venture | (199,613) | (287,665) | (272,801) | |
Principal payments received on the Preferred Interest (defined in Note 1) | 5,518 | 5,217 | 5,003 | |
Proceeds from sale of gathering assets | 3,719 | 0 | 0 | |
Net cash used in investing activities | (567,037) | (572,969) | (729,829) | |
Cash flows from financing activities: | ||||
Proceeds from revolving credit facility borrowings | 554,500 | 467,500 | 1,965,000 | |
Payments on revolving credit facility borrowings | (524,500) | (750,000) | (2,080,000) | |
Proceeds from issuance of long-term debt | 1,000,000 | 1,900,000 | 1,600,000 | |
Debt discounts, debt issuance costs and credit facility arrangement fees | (19,880) | (29,904) | (26,720) | |
Payments for retirement of long-term debt | (1,021,459) | (1,936,250) | (594,000) | |
Distributions paid to noncontrolling interests | (16,000) | (2,500) | (128,770) | |
Dividends paid to common shareholders | (259,650) | (259,495) | (278,395) | |
Redemption of EQM Series A Preferred Units (defined in Note 1) | 0 | 0 | (617,338) | |
Cash Shares and Cash Amount (defined in Note 5) | 0 | 0 | (52,323) | |
Net cash used in financing activities | (345,501) | (669,161) | (291,356) | |
Net change in cash and cash equivalents | (66,763) | (73,362) | 119,701 | |
Cash and cash equivalents at beginning of year | 134,661 | 208,023 | 88,322 | |
Cash and cash equivalents at end of year | 67,898 | 134,661 | 208,023 | |
Cash paid during the year for: | ||||
Interest, net of amount capitalized | 401,156 | 343,351 | 249,302 | |
Income taxes | 1,243 | 3,500 | 3,709 | |
Non-cash activity during the period for: | ||||
Contract liability | 0 | 0 | 121,483 | |
Series A Preferred Stock | ||||
Cash flows from financing activities: | ||||
Distributions paid to holders of EQM Series A Preferred Units | 0 | 0 | (61,931) | |
Dividends paid to holders of Equitrans Midstream Preferred Shares | 0 | 0 | (61,931) | |
Preferred Stock | ||||
Cash flows from financing activities: | ||||
Distributions paid to holders of EQM Series A Preferred Units | (58,512) | (58,512) | (16,879) | |
Dividends paid to holders of Equitrans Midstream Preferred Shares | (58,512) | (58,512) | (16,879) | |
Common Stock | ||||
Non-cash activity during the period for: | ||||
Issuance of Equitrans Midstream shares | 0 | 0 | 2,736,229 | |
Convertible Preferred Stock | ||||
Non-cash activity during the period for: | ||||
Issuance of Equitrans Midstream shares | $ 0 | $ 0 | $ 667,214 | |
[1]Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 8.[2]Represents equity income from the MVP Joint Venture. See Note 8. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets: | |||
Cash and cash equivalents | $ 67,898 | $ 134,661 | |
Accounts receivable (net of allowance for credit losses of $3,031 and $2,696 as of December 31, 2022 and 2021, respectively) | 246,887 | 252,301 | |
Other current assets | 74,917 | 59,867 | |
Total current assets | 389,702 | 446,829 | |
Property, plant and equipment | 9,365,051 | 9,004,602 | |
Less: accumulated depreciation | (1,480,720) | (1,217,099) | |
Net property, plant and equipment | 7,884,331 | 7,787,503 | |
Investments in unconsolidated entity | [1] | 819,743 | 1,239,039 |
Goodwill | 486,698 | 486,698 | |
Net intangible assets | 586,952 | 651,771 | |
Other assets | 278,159 | 270,684 | |
Total assets | 10,445,585 | 10,882,524 | |
Current liabilities: | |||
Current portion of long-term debt | 98,830 | 0 | |
Accounts payable | 60,528 | 59,627 | |
Capital contributions payable to the MVP Joint Venture | 34,355 | 72,188 | |
Accrued interest | 135,762 | 151,909 | |
Accrued liabilities | 83,835 | 83,852 | |
Total current liabilities | 413,310 | 367,576 | |
Long-term liabilities: | |||
Revolving credit facility borrowings | 535,000 | 505,000 | |
Long-term debt | 6,335,320 | 6,434,945 | |
Contract liability | 968,535 | 821,342 | |
Regulatory and other long-term liabilities | 112,974 | 99,333 | |
Total liabilities | 8,365,139 | 8,228,196 | |
Mezzanine equity: | |||
Equitrans Midstream Preferred Shares, 30,018 shares issued and outstanding as of December 31, 2022 and 2021 | 681,842 | 681,842 | |
Shareholders' equity: | |||
Common stock, no par value, 432,781 and 432,522 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 3,974,127 | 3,955,918 | |
Retained deficit | (3,053,590) | (2,464,573) | |
Accumulated other comprehensive loss | (1,332) | (2,054) | |
Total common shareholders' equity | 919,205 | 1,489,291 | |
Noncontrolling interests | 479,399 | 483,195 | |
Total shareholders' equity | 1,398,604 | 1,972,486 | |
Total liabilities, mezzanine equity and shareholders' equity | $ 10,445,585 | $ 10,882,524 | |
[1]Represents investment in the MVP Joint Venture. See Note 8. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, for doubtful accounts | $ 3,031 | $ 2,696 |
Preferred shares, issued (in shares) | 30,018 | 30,018 |
Preferred stock, outstanding (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 - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Series A Preferred Stock | EQM Merger Series A Preferred Stock | Common Stock | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Noncontrolling Interests Series A Preferred Stock | Noncontrolling Interests EQM Merger Series A Preferred Stock |
Beginning balance (in shares) at Dec. 31, 2019 | 254,745 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 5,282,080 | $ (3,718) | $ 1,292,804 | $ (618,062) | $ (3,718) | $ (2,026) | $ 4,609,364 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | 601,477 | $ 0 | 386,565 | 214,912 | |||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense | (203) | (203) | |||||||||
Dividends on common shares (in shares) | (178) | ||||||||||
Dividends on common shares | (280,559) | (280,559) | |||||||||
Share-based compensation plans, net (in shares) | 66 | ||||||||||
Share-based compensation plans, net | 13,071 | $ 12,786 | 285 | ||||||||
Distributions paid to noncontrolling interest unitholders | (128,770) | (128,770) | |||||||||
Distributions paid to holders of EQM Series A Preferred Units | $ (51,002) | $ (10,929) | $ (51,002) | $ (10,929) | |||||||
Redemption of EQM Series A Preferred Units | $ (617,338) | (27,253) | $ (590,085) | ||||||||
Restructuring Agreement (as defined in Note 1) | (679,681) | $ (100,524) | (579,157) | ||||||||
EQM Merger (in shares) | 203,137 | ||||||||||
EQM Merger | (257,224) | $ 2,736,229 | (2,993,453) | ||||||||
Share Purchase Agreements (as defined in Note 5) (in shares) | (25,300) | ||||||||||
Share Purchase Agreements (as defined in Note 5) | (190,992) | (190,992) | |||||||||
Ending balance at Dec. 31, 2020 | 3,676,212 | $ 3,941,295 | (734,019) | (2,229) | 471,165 | ||||||
Ending balance (in shares) at Dec. 31, 2020 | 432,470 | ||||||||||
Beginning balance at Dec. 31, 2019 | 0 | ||||||||||
Mezzanine Equity | |||||||||||
Net (loss) income | 31,507 | ||||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | (16,879) | ||||||||||
Restructuring Agreement (as defined in Note 1) | 667,214 | ||||||||||
Ending balance at Dec. 31, 2020 | 681,842 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | 61,412 | $ 0 | 57,498 | ||||||||
Ending balance at Mar. 31, 2021 | 3,674,836 | $ 3,945,957 | (741,505) | ||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 432,470 | ||||||||||
Beginning balance at Dec. 31, 2020 | 3,676,212 | $ 3,941,295 | (734,019) | (2,229) | 471,165 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | (1,455,802) | $ 0 | (1,470,332) | 14,530 | |||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 175 | 175 | |||||||||
Dividends on common shares | (260,222) | (260,222) | |||||||||
Share-based compensation plans, net (in shares) | 52 | ||||||||||
Share-based compensation plans, net | 14,623 | $ 14,623 | 0 | ||||||||
Distributions paid to noncontrolling interest unitholders | (2,500) | (2,500) | |||||||||
Ending balance at Dec. 31, 2021 | $ 1,972,486 | $ 3,955,918 | (2,464,573) | (2,054) | 483,195 | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 432,522 | 432,522 | |||||||||
Beginning balance at Dec. 31, 2020 | $ 681,842 | ||||||||||
Mezzanine Equity | |||||||||||
Net (loss) income | 58,512 | ||||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | (58,512) | ||||||||||
Ending balance at Dec. 31, 2021 | 681,842 | ||||||||||
Beginning balance at Mar. 31, 2021 | 3,674,836 | $ 3,945,957 | (741,505) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | 24,782 | 0 | 21,774 | ||||||||
Ending balance at Jun. 30, 2021 | 3,638,538 | 3,949,592 | (784,481) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | 74,702 | 0 | 71,145 | ||||||||
Ending balance at Sep. 30, 2021 | 3,651,242 | 3,952,896 | (778,672) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | (1,616,698) | 0 | (1,620,749) | ||||||||
Share-based compensation plans, net | 3,022 | 3,022 | 0 | ||||||||
Ending balance at Dec. 31, 2021 | $ 1,972,486 | $ 3,955,918 | (2,464,573) | (2,054) | 483,195 | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 432,522 | 432,522 | |||||||||
Ending balance at Dec. 31, 2021 | $ 681,842 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | 84,265 | $ 0 | 80,490 | ||||||||
Share-based compensation plans, net | 4,670 | 4,670 | 0 | ||||||||
Ending balance at Mar. 31, 2022 | $ 1,995,871 | $ 3,960,588 | (2,449,667) | ||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 432,522 | 432,522 | |||||||||
Beginning balance at Dec. 31, 2021 | $ 1,972,486 | $ 3,955,918 | (2,464,573) | (2,054) | 483,195 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | (315,650) | (327,854) | 12,204 | ||||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 722 | 722 | |||||||||
Dividends on common shares | (261,163) | (261,163) | |||||||||
Share-based compensation plans, net (in shares) | 259 | ||||||||||
Share-based compensation plans, net | 18,209 | $ 18,209 | |||||||||
Distributions paid to noncontrolling interest unitholders | (16,000) | (16,000) | |||||||||
Ending balance at Dec. 31, 2022 | $ 1,398,604 | $ 3,974,127 | (3,053,590) | $ (1,332) | $ 479,399 | ||||||
Ending balance (in shares) at Dec. 31, 2022 | 432,781 | 432,781 | |||||||||
Beginning balance at Dec. 31, 2021 | $ 681,842 | ||||||||||
Mezzanine Equity | |||||||||||
Net (loss) income | 58,512 | ||||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | (58,512) | ||||||||||
Ending balance at Dec. 31, 2022 | 681,842 | ||||||||||
Beginning balance at Mar. 31, 2022 | 1,995,871 | $ 3,960,588 | (2,449,667) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | 50,111 | 0 | 46,163 | ||||||||
Ending balance at Jun. 30, 2022 | 1,985,495 | 3,965,058 | (2,468,495) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | (517,561) | 0 | (520,493) | ||||||||
Ending balance at Sep. 30, 2022 | $ 1,390,822 | $ 3,969,591 | $ (3,054,669) |
Statements of Consolidated Sh_2
Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension and other post-retirement benefits liability adjustment, tax expense | $ 236 | $ 62 | $ (70) |
Dividends on common stock (in dollars per share) | $ 0.60 | $ 0.60 | $ 0.90 |
Dividends paid to preferred shares (in dollars per share) | $ 1.9492 | $ 1.9492 | 0.5623 |
EQM | |||
Cash distributions declared per unit (in dollars per share) | 2.0728 | ||
EQM | Series A Preferred Stock | |||
Cash distributions declared per unit (in dollars per share) | $ 1.5475 |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | Summary of Operations and Significant Accounting Policies Organization Equitrans Midstream Corporation (together with its consolidated subsidiaries as applicable, the Company or Equitrans Midstream), a Pennsylvania corporation, is an independent, publicly traded company that owns, operates, acquires and develops midstream assets, in and originating from the Appalachian Basin. The Company's operating subsidiaries hold the majority of the Company's assets and there are substantially no assets at the Equitrans Midstream stand alone entity. On November 12, 2018, the Company, EQT Corporation (EQT) and, for certain limited purposes, EQT Production Company, a wholly owned subsidiary of EQT, entered into a separation and distribution agreement (the Separation and Distribution Agreement), pursuant to which, among other things, EQT effected the separation of its midstream business, which was composed of the assets and liabilities of the separately-operated natural gas gathering, transmission and storage and water services operations of EQT (the Midstream Business), from EQT's upstream business, which was composed of the natural gas, oil and natural gas liquids development, production and sales and commercial operations of EQT (the Separation), and distributed 80.1% of the then-outstanding shares of common stock, no par value, of Equitrans Midstream (Equitrans Midstream common stock) to EQT shareholders of record as of the close of business on November 1, 2018 (the Distribution). As part of the Separation, EQT retained the remaining 19.9% of the then-outstanding shares in Equitrans Midstream. During April 2022, EQT sold the last of its remaining shares in Equitrans Midstream and, based solely on information reported by EQT in a Schedule 13G/A filed with the SEC on April 28, 2022, EQT no longer holds any common stock of the Company. Immediately following the Separation, the Company held investments in the entities then-conducting the Midstream Business, including limited and general partner interests in EQGP Holdings, LP (EQGP), which, as of the date of Separation, owned limited partner interests, the entire general partner interest and all of the incentive distribution rights (IDRs) in EQM Midstream Partners, LP (EQM). On January 10, 2019, following the Company's acquisition of 100% of the limited partner interests in EQGP in January 2019 (the EQGP Buyout), EQGP became an indirect, wholly owned subsidiary of the Company. EQGP Services, LLC is EQM's general partner (the EQM General Partner) and is an indirect, wholly owned subsidiary of Equitrans Midstream. EQM Merger. On June 17, 2020, pursuant to that certain Agreement and Plan of Merger, dated as of February 26, 2020 (the EQM Merger Agreement), by and among the Company, EQM LP LLC (formerly, EQM LP Corporation), a wholly owned subsidiary of the Company (EQM LP), LS Merger Sub, LLC, a wholly owned subsidiary of EQM LP (Merger Sub), EQM and the EQM General Partner, Merger Sub merged with and into EQM (the EQM Merger), with EQM continuing and surviving as an indirect, wholly owned subsidiary of the Company. Upon consummation of the EQM Merger, the Company acquired all of the outstanding EQM common units that the Company and its subsidiaries did not already own. Following the closing of the EQM Merger, EQM was no longer a publicly traded entity. See Note 2 for further information on the EQM Merger. Preferred Restructuring Agreement. On February 26, 2020, Equitrans Midstream and EQM entered into a Preferred Restructuring Agreement (the Restructuring Agreement) with all of the holders of the Series A Perpetual Convertible Preferred Units representing limited partner interests in EQM (such units, EQM Series A Preferred Units and, such investors, collectively, the Investors), pursuant to which, at the effective time of the EQM Merger (the Effective Time): (i) EQM redeemed $600 million aggregate principal amount of the Investors' EQM Series A Preferred Units issued and outstanding immediately prior to the Restructuring Closing (as defined below), which occurred substantially concurrent with the closing of the EQM Merger, for cash at 101% of the EQM Series A Preferred Unit purchase price of $48.77 per such unit (the EQM Series A Preferred Unit Purchase Price) plus any accrued and unpaid distribution amounts and partial period distribution amounts, and (ii) immediately following such redemption, each remaining issued and outstanding EQM Series A Preferred Unit was exchanged for 2.44 shares of a newly authorized and created series of preferred stock, without par value, of Equitrans Midstream, convertible into Equitrans Midstream common stock (the Equitrans Midstream Preferred Shares) on a one for one basis, in each case, in connection with the occurrence of the “Series A Change of Control” (as defined in the Fourth Amended and Restated Agreement of Limited Partnership of EQM (as amended, the Former EQM Partnership Agreement)) that occurred upon the closing of the EQM Merger (collectively, the Restructuring and, the closing of the Restructuring, the Restructuring Closing). See Note 2 for further information on the Restructuring Agreement. Nature of Business The Company's operating subsidiaries provide midstream services to the Company's customers in Pennsylvania, West Virginia and Ohio through 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 activities and produced water handling activities. As of December 31, 2022, the gathering system, inclusive of Eureka Midstream's gathering system, included approximately 1,180 miles of high-pressure gathering lines with total contracted firm reservation capacity of approximately 7.4 billion cubic feet (Bcf) per day, which included contracted firm reservation capacity of approximately 1.8 Bcf per day associated with the Company's high-pressure header pipelines, 135 compressor units with compression of approximately 493,000 horsepower and multiple interconnect points with the Company's transmission and storage system and to other interstate pipelines. As of December 31, 2022, the transmission and storage system included approximately 940 miles of FERC-regulated, interstate pipelines that have interconnect points to seven interstate pipelines and multiple local distribution companies (LDCs). The transmission and storage system is supported by 43 compressor units, with total throughput capacity of approximately 4.4 Bcf per day and compression of approximately 136,000 horsepower, and 18 associated natural gas storage reservoirs, which have a peak withdrawal capacity of approximately 820 million cubic feet (MMcf) per day and a working gas capacity of approximately 43 Bcf, in each case as of December 31, 2022. As of December 31, 2022, the Company's fresh water systems included approximately 201 miles of pipelines that deliver fresh water from local municipal water authorities, the Monongahela River, the Ohio River, local reservoirs and several regional waterways. The fresh water delivery services systems consist of permanent, buried pipelines, surface pipelines, 21 fresh water impoundment facilities, as well as pumping stations, which support water transportation throughout the systems, and take point facilities and measurement facilities, which support well completion activities. The mixed water system, upon completion, is designed to include approximately 70 miles of buried pipeline and two water storage facilities with 350,000 barrels of capacity, as well as two interconnects with the Company’s existing Pennsylvania fresh water systems and provides services to producers in southwestern Pennsylvania. The Company expects the remaining portions of the mixed water system to be substantially complete in 2023. Revisions of Previously Issued Financial Statements In the course of its year-end 2022 process, the Company identified certain corrections in its previously issued consolidated financial statements primarily related to the accounting for the Henry Hub cash bonus payment provision (as defined in Note 11). In accordance with Staff Accounting Bulletin (SAB) No. 99, Materiality , and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements , the Company evaluated the corrections and, based on its analysis of quantitative and qualitative factors, determined that the related impact was not material to the Company's 2021 and 2020 audited consolidated financial statements or those of its affected unaudited interim consolidated financial statements in 2022, 2021 and 2020. The Company has made the appropriate revisions to its previously issued consolidated financial statements in order to correct the Henry Hub cash bonus payment provision. The Company also made other immaterial revisions to its 2021 audited consolidated fina ncial statements, and the fourth quarter of 2021 and first quarter of 2022 unaudited interim consolidated financial statements. The Company has revised its audited consolidated financial statements for the affected prior periods below and its unaudited interim consolidated financial statements for the affected prior periods in Note 16. Statements of Consolidated Comprehensive Income Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised Operating and maintenance $ 153,426 $ (247) $ 153,179 $ 154,109 $ — $ 154,109 Selling, general and administrative 138,647 (1,591) 137,056 129,969 — 129,969 Total operating expenses 683,474 (1,838) 681,636 686,264 — 686,264 Operating income 633,563 1,838 635,401 824,561 — 824,561 Other (expense) income, net (16,104) (31,442) (47,546) 17,225 (6,798) 10,427 (Loss) income before income taxes (1,711,039) (29,604) (1,740,643) 743,375 (6,798) 736,577 Income tax (benefit) expense (345,091) 1,738 (343,353) 105,331 (1,738) 103,593 Net (loss) income (1,365,948) (31,342) (1,397,290) 638,044 (5,060) 632,984 Net (loss) income attributable to Equitrans Midstream (1,380,478) (31,342) (1,411,820) 423,132 (5,060) 418,072 Net (loss) income attributable to Equitrans Midstream common shareholders (1,438,990) (31,342) (1,470,332) 364,372 (5,060) 359,312 (Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders - basic (3.32) (0.08) (3.40) 1.06 (0.02) 1.04 (Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders - diluted (3.32) (0.08) (3.40) 1.06 (0.02) 1.04 Statements of Consolidated Cash Flows Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised Net (loss) income $ (1,365,948) $ (31,342) $ (1,397,290) $ 638,044 $ (5,060) $ 632,984 Deferred income taxes (349,944) 1,738 (348,206) 102,718 (1,738) 100,980 Other expense (income), net 16,043 31,442 47,485 (17,278) 6,798 (10,480) Non-cash long-term compensation expense 14,921 (1,838) 13,083 12,301 — 12,301 Net cash provided by operating activities 1,168,768 — 1,168,768 1,140,886 — 1,140,886 The revisions had no net effect on the Company's previously issued year ended 2021 and 2020 net cash flows from operating activities, investing activities or financing activities. Consolidated Balance Sheets December 31, 2021 (in thousands) As Reported Adjustment As Revised Other assets $ 308,924 $ (38,240) $ 270,684 Total assets 10,920,764 (38,240) 10,882,524 Common stock, no par value 3,957,756 (1,838) 3,955,918 Retained deficit (2,428,171) (36,402) (2,464,573) Total common shareholders' equity 1,527,531 (38,240) 1,489,291 Total shareholders' equity 2,010,726 (38,240) 1,972,486 Total liabilities, mezzanine equity and shareholders' equity 10,920,764 (38,240) 10,882,524 The revisions decreased total assets and retained earnings by approximately $7 million as of December 31, 2020. Statements of Consolidated Shareholders' Equity and Mezzanine Equity Common Stock No Par Value Retained Earnings (Deficit) Total Equity (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Balance at January 1, 2020 $ 1,292,804 $ — $ 1,292,804 $ (618,062) $ — $ (618,062) $ 5,282,080 $ — $ 5,282,080 Net income — — — 391,625 (5,060) 386,565 606,537 (5,060) 601,477 Balance at December 31, 2020 $ 3,941,295 $ — $ 3,941,295 $ (728,959) $ (5,060) $ (734,019) $ 3,681,272 $ (5,060) $ 3,676,212 Net (loss) — — — (1,438,990) (31,342) (1,470,332) (1,424,460) (31,342) (1,455,802) Share-based compensation plans, net 16,461 (1,838) 14,623 — — — 16,461 (1,838) 14,623 Balance at December 31, 2021 $ 3,957,756 $ (1,838) $ 3,955,918 $ (2,428,171) $ (36,402) $ (2,464,573) $ 2,010,726 $ (38,240) $ 1,972,486 Significant Accounting Policies Principles of Consolidation. The consolidated financial statements include the accounts of all entities in which the Company holds a controlling financial interest. For consolidated subsidiaries in which the Company’s ownership is less than 100%, the Company records noncontrolling interest related to the third-party ownership interests in those entities. Investments over which the Company can exert significant influence, but not control, over operating and financial policies are accounted for under the equity method of accounting. Intercompany transactions have been eliminated for purposes of preparing these consolidated financial statements. 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. Segments. Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and is subject to evaluation by the Company's chief operating decision maker in deciding how to allocate resources. The Company reports its operations in three segments that reflect its three lines of business of Gathering, Transmission and Water. The operating segments are evaluated based on their contribution to the Company's operating income and equity income. Transmission also includes the Company's investment in the MVP Joint Venture, which is accounted for as an equity investment as described in Note 8; as a result, Transmission's portion of the MVP Joint Venture's operating results is reflected in equity income and not in Transmission's operating income. All of the Company's operating revenues, income and assets are generated or located in the United States. See Note 4 for financial information by segment. Reclassification. Certain previously reported amounts have been reclassified to conform to current year presentation. Use of Estimates. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in these financial statements. Actual results could differ from those estimates. Cash Equivalents. The Company classifies highly-liquid investments with original maturities of three months or less as cash equivalents. Interest earned on cash equivalents is recorded as a reduction to net interest expense on the statements of consolidated comprehensive income. Accounts Receivables. Trade and other receivables are stated at their historical carrying amount. Judgment is required to determine the ultimate realization of accounts receivable, including assessing the probability of collection and the creditworthiness of customers. The Company evaluates the allowance for credit losses on a quarterly basis in order to estimate uncollectible receivables. Other Current Assets. The following table summarizes the Company's other current assets as of December 31, 2022 and 2021. December 31, 2022 2021 (Thousands) Unbilled revenue $ 24,465 $ 15,931 Prepaid expenses 23,346 21,848 Inventory 19,173 20,347 Other current assets 7,933 1,741 Total other current assets $ 74,917 $ 59,867 Derivative Instruments. Derivative instruments are recorded on the Company’s consolidated balance sheets as either an asset or liability measured at fair value. See Note 11. Fair Value of Financial Instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s assets and liabilities that are measured at fair value at each reporting date are classified according to a hierarchy that prioritizes inputs and assumptions underlying the valuation techniques. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs and consists of three broad levels: • Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable as of the reporting date. • Level 3: Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company prioritizes valuation techniques that maximize the use of observable inputs. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each reporting period. See Note 11 for information regarding the fair value of financial instruments. Property, Plant and Equipment. The Company's property, plant and equipment are stated at depreciated cost. Maintenance projects that do not increase the overall life of the related assets are expensed as incurred. Expenditures that extend the useful life of the asset are capitalized. The Company capitalized internal labor costs of $47.3 million, $50.8 million and $44.9 million in the years ended December 31, 2022, 2021 and 2020, respectively. The Company capitalized interest, including the debt component of Allowance for Funds Used During Construction (AFUDC), of $8.7 million, $4.9 million and $18.6 million in the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes the Company's property, plant and equipment. December 31, 2022 2021 (Thousands) Gathering assets $ 7,176,011 $ 6,911,268 Accumulated depreciation (919,465) (727,735) Net gathering assets 6,256,546 6,183,533 Transmission and storage assets 1,928,894 1,901,756 Accumulated depreciation (475,688) (424,918) Net transmission and storage assets 1,453,206 1,476,838 Water services assets 245,258 176,245 Accumulated depreciation (79,518) (60,379) Net water services assets 165,740 115,866 Other property, plant and equipment 14,888 15,332 Accumulated depreciation (6,049) (4,066) Net other property, plant and equipment 8,839 11,266 Net property, plant and equipment $ 7,884,331 $ 7,787,503 Property, plant and equipment includes capitalized qualified implementation costs incurred in a hosting arrangement that is a service contract of $9.0 million and $10.0 million, respectively, as of December 31, 2022 and 2021. The Company finalized the implementation of certain portions of its enterprise resource planning system throughout 2021 and amortized approximately $1.0 million and $0.9 million of implementation costs in the years ended December 31, 2022 and 2021, respectively. Depreciation is recorded using composite rates on a straight-line basis over the estimated useful life of the asset. The average depreciation rates for the years ended December 31, 2022, 2021 and 2020 were 2.6%, 2.6% and 2.5%, respectively. The Company estimates that gathering and transmission pipelines have useful lives of 20 years to 50 years and compression equipment has useful lives of 20 years to 50 years. The Company estimates that water pipelines, pumping stations and impoundment facilities have useful lives of 10 years to 15 years. As circumstances warrant, depreciation estimates are reviewed to determine if any changes in the underlying assumptions are necessary. Equitrans, L.P., the Company's FERC-regulated subsidiary, re-evaluates depreciation rates for its regulated property, plant and equipment each time it files with the FERC for a change in transmission, storage and gathering rates. Intangible Assets. Intangible assets are recorded under the acquisition method of accounting at their estimated fair values at the acquisition date, which are calculated as the present value of estimated future cash flows using a risk-adjusted discount rate. The Company's intangible assets are amortized on a straight-line basis over each intangible asset's estimated remaining useful life. The estimated annual amortization expense related to the intangible assets for each of the next five years is $64.8 million for years one through four and then $62.5 million in year five and the weighted average amortization period is 9.3 years. The following tables summarize the Company's intangible assets as of December 31, 2022 and 2021: December 31, 2022 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 10 years $ 623,199 $ (213,273) $ 409,926 Eureka Midstream-related customer relationships 8 years 237,000 (69,128) 167,872 Hornet Midstream-related customer relationships 4 years 74,000 (64,846) 9,154 $ 934,199 $ (347,247) $ 586,952 December 31, 2021 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 11 years $ 623,199 $ (171,726) $ 451,473 Eureka Midstream-related customer relationships 9 years 237,000 (48,144) 188,856 Hornet Midstream-related customer relationships 5 years 74,000 (62,558) 11,442 $ 934,199 $ (282,428) $ 651,771 Impairment of Goodwill and Long-Lived Assets. Goodwill is evaluated for impairment at least annually or whenever events or changes in circumstance indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company may perform either a qualitative assessment of potential impairment or proceed directly to a quantitative assessment of potential impairment. The Company's qualitative assessment of potential impairment may result in the determination that a quantitative impairment analysis is not necessary. The Company assesses qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then a quantitative assessment is not required. However, if the Company concludes otherwise, a quantitative impairment analysis is performed. If the Company chooses not to perform a qualitative assessment, or if it chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then the Company will perform a quantitative assessment. The Company estimates the fair value of the reporting unit with which the goodwill is associated and compares it to the carrying value. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. With respect to property, plant and equipment and finite lived intangibles, asset recoverability is measured by comparing the carrying value of the asset or asset group with its expected future pre-tax undiscounted cash flows. These cash flow estimates require the Company to make projections and assumptions for many years into the future for volumes, pricing, demand, competition, operating costs and other factors. If the carrying amount exceeds the expected future undiscounted cash flows, the Company recognizes an impairment equal to the excess of carrying value over fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The determination of the fair value using present value techniques requires the Company to make projections and assumptions regarding the probability of a range of outcomes and the rates of interest used in the present value calculations. Any changes the Company makes to these projections and assumptions could result in significant revisions to its evaluations of recoverability and the recognition of additional impairments. See Note 3 for further detail. Investments in Unconsolidated Entities. The Company accounts for the investments in its unconsolidated entities under the equity method. The Company’s pro-rata share of net income in the unconsolidated entities is included in equity income in the Company’s statements of consolidated comprehensive income. Contributions to or distributions from the unconsolidated entities and the Company’s pro-rata share of net income in the unconsolidated entities are recorded as adjustments to the investment balance. The Company reviews the carrying value of its investments in unconsolidated entities for impairment whenever events or changes in circumstances indicate that the fair value may have declined in value. When there is evidence of loss in value that is other-than-temporary, the Company compares the investment's carrying value to its estimated fair value to determine whether impairment has occurred. If the carrying value exceeds the estimated fair value, the Company estimates and recognizes an impairment charge equal to the difference between the investment's carrying value and fair value. See Notes 3 and 8 for further detail. Preferred Interest. EQT Energy Supply, LLC (EES), a subsidiary of EQT, generates revenue by providing services to a local distribution company. The preferred interest that the Company has in EES (the Preferred Interest) is accounted for as a note receivable and is presented in other assets in the consolidated balance sheets with the current portion reported in other current assets. Distributions received from EES are recorded as a reduction to the Preferred Interest and as interest income, which is included in net interest expense in the Company's statements of consolidated comprehensive income. The EES operating agreement provides for mandatory redemption of the Preferred Interest at the end of the preference period, which is expected to be December 31, 2034. Unamortized Debt Discount and Issuance Costs. The Company amortizes debt discounts and issuance costs over the term of the related borrowing. Costs incurred from the arrangement, issuance and/or extension of revolving credit facilities, including the Amended EQM Credit Facility and the 2021 Eureka Credit Facility (each as defined in Note 10), are presented in other assets in the consolidated balance sheets. Debt discounts and issuance costs for all other debt instruments are presented as a reduction to debt on the consolidated balance sheets. See Note 10 for further detail. Leases . Right-of-use assets represent the right to use the underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized on the consolidated balance sheets at the lease commencement date based on the present value of lease payments over the lease term. The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset during the lease term and accounts for leases in accordance with ASC 842, Leases (ASC 842). Leases in which the Company is the lessee that do not have a readily determinable implicit rate utilize an incremental borrowing rate, based on the information available at the lease commencement date, to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company reassesses the incremental borrowing rate for any new and modified lease contracts as of the contract effective date. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense for finance leases includes the amortization of the right-of-use assets on a straight-line basis and the interest expense recognized on lease liabilities using the effective interest method over the lease term. See Note 6. Other Current Liabilities. The following table summarizes the Company's accrued liabilities as of December 31, 2022 and 2021. December 31, 2022 2021 (Thousands) Accrued employee compensation $ 47,742 $ 50,372 Non-income tax accruals 20,629 19,972 Current portion of operating lease liabilities 7,886 8,253 Other accrued liabilities 7,578 5,255 Total accrued liabilities $ 83,835 $ 83,852 Asset Retirement Obligations (AROs). The Company has AROs related to its water system impoundments and to one of its gathering compressor stations, for which the Company recorded an associated liability and capitalized a corresponding amount to asset retirement costs. The liability relates to the expected future obligation to dismantle, reclaim and dispose of these assets and was estimated using the present value of expected future cash flows, adjusted for inflation, and discounted at the Company's credit-adjusted, risk-free rate. The AROs are recorded in regulatory and other long-term liabilities on the consolidated balance sheets. Beginning in 2020 and continuing throughout 2021 and 2022, the Company undertook the reclamation process for certain water system impoundments. The following table presents changes in the Company's AROs during 2022 and 2021. December 31, 2022 2021 (Thousands) AROs at beginning of period $ 11,241 $ 12,172 Liabilities settled (996) (1,609) Revisions to estimated liabilities (a) 3,153 — Accretion expense 563 678 AROs at end of period $ 13,961 $ 11,241 (a) Revisions to estimated liabilities reflect changes in retirement cost assumptions and the estimated timing of liability settlement. The Company is not legally or contractually obligated to restore or dismantle its transmission and storage systems and its gathering systems, other than the one aforementioned gathering compressor station. The Company is legally required to operate and maintain these assets and intends to do so as long as supply and demand for natural gas exists, which the Company expects to continue into the foreseeable future. Therefore, the Company did not have any AROs related to its transmission and storage and gathering (other than the aforementioned gathering compressor station) assets as of December 31, 2022 and 2021. Contingencies. The Company is, from time to time, involved in various regulatory and legal proceedings. A liability is recorded when the loss is probable and the amount of loss can be reasonably estimated. The Company considers many factors when making such assessments, including historical knowledge and matter specifics. Estimates are developed through consultation with legal counsel and analysis of the potential results. See Note 15. Regulatory Accounting. Equitrans, L.P. owns all of the Company's FERC-regulated transmission and storage operations as well as its FERC-regulated low-pressure gathering assets. Through the rate-setting process, rate regulation allows Equitrans, L.P. to recover the costs of providing regulated servi |
Investments in Consolidated, No
Investments in Consolidated, Non-Wholly-Owned Entities | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Investments in Consolidated, Non-Wholly-Owned Entities | Investments in Consolidated, Non-Wholly Owned Entities EQM Series A Preferred Units. On March 13 , 2019, EQM entered into a Convertible Preferred Unit Purchase Agreement, together with Joinder Agreements entered into on March 18, 2019, with investors to issue and sell in a private placement (the Private Placement) an aggregate of 24,605,291 EQM Series A Preferred Units for a cash purchase price of $48.77 per EQM Series A Preferred Unit, resulting in total gross proceeds of approximately $1.2 billion. See below for a discussion of the Preferred Restructuring Agreement. EQM Merger. As discussed in Note 1, on June 17, 2020, the Company, EQM, EQM LP, Merger Sub and the EQM General Partner completed the EQM Merger, pursuant to which Merger Sub merged with and into EQM, with EQM continuing and surviving as an indirect, wholly owned subsidiary of the Company. As a result of the EQM Merger, EQM is no longer a publicly traded entity. At the Effective Time, subject to applicable tax withholding, (i) each outstanding EQM common unit, other than EQM common units owned by the Company and its subsidiaries, was converted into the right to receive 2.44 shares of Equitrans Midstream common stock (the Merger Consideration); (ii) (x) $600.0 million aggregate principal amount of the EQM Series A Preferred Units issued and outstanding immediately prior to the Effective Time were redeemed by EQM for cash at 101% of the EQM Series A Preferred Unit Purchase Price plus any accrued and unpaid distribution amounts and partial period distribution amounts, and (y) immediately following such redemption, each remaining issued and outstanding EQM Series A Preferred Unit was exchanged for 2.44 Equitrans Midstream Preferred Shares; and (iii) each outstanding phantom unit relating to an EQM common unit issued pursuant to the Amended and Restated EQGP Services, LLC 2012 Long-Term Incentive Plan, dated as of February 22, 2019 (the EQM LTIP), and any other award issued pursuant to the EQM LTIP, whether vested or unvested, was converted into the right to receive, with respect to each EQM common unit subject thereto, the Merger Consideration (plus any accrued but unpaid amounts in relation to distribution equivalent rights). The limited partner interests in EQM owned by the Company and its subsidiaries (including the Class B units) remained outstanding as limited partner interests in the surviving entity. The EQM General Partner continued to own the non-economic general partner interest in the surviving entity. No fractional shares of Equitrans Midstream common stock were issued in the EQM Merger; instead, all fractions of Equitrans Midstream common stock to which an EQM common unitholder otherwise would have been entitled were aggregated and the resulting fraction was rounded up to the nearest whole share of Equitrans Midstream common stock. In connection with the EQM Merger, at the Effective Time, the Company's omnibus and secondment agreements with EQM and certain other subsidiaries of the Company terminated, subject to the survival of certain license rights and indemnification obligations. Because the Company controlled EQM both before and after the EQM Merger, the increase in the Company’s ownership interest in EQM resulting from the EQM Merger was accounted for as an equity transaction and reflected as a reduction of the noncontrolling interest associated with public ownership of EQM common units, offset by an increase in common stock, no par value. No gain or loss was recognized in the Company’s statements of consolidated comprehensive income as a result of the EQM Merger. In addition, the tax effects of the EQM Merger were reported as adjustments to deferred income taxes and Equitrans Midstream common stock, consistent with ASC 740, Income Taxes . As a result of equity transactions relating to the Company's investment in EQM, the Company adjusted its noncontrolling interest and common stock, no par value, balances to reflect the resulting changes in ownership. During the year ended December 31, 2020, as a result of the EQM Merger, the Company recorded, in the aggregate, a $2.7 billion increase of common stock, no par value, a decrease in noncontrolling interest of $3.0 billion and an increase in deferred tax liability of $257.2 million. Immediately prior to the completion of the EQM Merger, the public limited partners collectively owned a 40.1% interest in EQM, excluding the impact of the EQM Series A Preferred Units. The publicly-owned EQM common units, prior to completion of the EQM Merger, were reflected within noncontrolling interest in the Company's consolidated balance sheets as of March 31, 2020. The portion of EQM earnings attributable to publicly-held EQM common units prior to completion of the EQM Merger was reflected in net income attributable to noncontrolling interests in the Company's statements of consolidated comprehensive income. Additionally, for the period from January 1, 2020 to June 17, 2020, the Company determined that EQM was a variable interest entity. Through the Company's ownership and control of the general partner of EQM during that period, the Company had the power to direct the activities that most significantly affected EQM's economic performance. As a result of the EQM Merger, EQM is no longer a variable interest entity. The Company recorded $23.8 million in expenses related to the EQM Merger and the EQT Global GGA (as defined in Note 3) during the year ended December 31, 2020. The expenses consisted of advisor, legal and accounting fees related to the transactions and are included in transaction costs in the statements of consolidated comprehensive income. Preferred Restructuring Agreement. As discussed in Note 1, on June 17, 2020, concurrently with the closing of the EQM Merger: (i) EQM redeemed $600 million aggregate principal amount of the EQM Series A Preferred Units issued and outstanding immediately prior to the Effective Time for cash at 101% of the EQM Series A Preferred Unit Purchase Price plus any accrued and unpaid distribution amounts and partial period distribution amounts, and (ii) immediately following such redemption, each remaining issued and outstanding EQM Series A Preferred Unit was exchanged for 2.44 Equitrans Midstream Preferred Shares, in each case, in connection with the occurrence of the “Series A Change of Control” (as defined in the Former EQM Partnership Agreement) that occurred upon the closing of the EQM Merger. The Equitrans Midstream Preferred Shares issued were not registered under the Securities Act of 1933, as amended (the Securities Act), in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder. On June 17, 2020, the Company paid cash of $617.3 million to redeem $600 million aggregate principal amount of then outstanding EQM Series A Preferred Units and pay partial period distributions on such EQM Series A Preferred Units. At the time of the redemption, the carrying value of the EQM Series A Preferred Units was $590.1 million, resulting in a premium over the carrying value of $27.3 million. The premium represented a return similar to distributions to the holders of the EQM Series A Preferred Units and, as such, reduced net income attributable to Equitrans Midstream common shareholders, and was recorded in retained earnings (deficit) in the statements of consolidated shareholders' equity and mezzanine equity. Pursuant to the Restructuring Agreement, in connection with the Restructuring Closing, the Company filed a statement with respect to shares, attaching a Certificate of Designations (the Certificate of Designations), with the Pennsylvania Department of State on June 17, 2020 to, among other things, authorize and establish the designations, rights and preferences of the Equitrans Midstream Preferred Shares. On August 13, 2020, pursuant to the terms of the Certificate of Designations, the Company paid $10.9 million in the aggregate to holders of Equitrans Midstream Preferred Shares related to forgone partial period distributions on the EQM Series A Preferred Units that were converted into Equitrans Midstream Preferred Shares in connection with the EQM Merger. The Company's Second Amended and Restated Articles of Incorporation (the Restated Articles) set forth the designations, rights and preferences of the Equitrans Midstream Preferred Shares. The Equitrans Midstream Preferred Shares were a new class of security as of June 2020. They rank pari passu with any other outstanding class or series of preferred stock of the Company and senior to Equitrans Midstream common stock with respect to dividend rights and rights upon liquidation. The Equitrans Midstream Preferred Shares vote on an as-converted basis with Equitrans Midstream common stock and have certain other class voting rights with respect to any amendment to the Restated Articles that would be adverse (other than in a de minimis manner) to any of the rights, preferences or privileges of the Equitrans Midstream Preferred Shares. The holders of the Equitrans Midstream Preferred Shares receive cumulative quarterly dividends at a rate per annum of 9.75% for each quarter ending on or before March 31, 2024, and thereafter quarterly dividends at a rate per annum equal to the sum of (i) Three-Month LIBOR (as defined in the Restated Articles) as of the LIBOR Determination Date (as defined in the Restated Articles) in respect of the applicable quarter and (ii) 8.15%; provided that such rate per annum in respect of periods after March 31, 2024 will not be less than 10.50%. The Company is not permitted to pay any dividends on any junior securities, including on Equitrans Midstream common stock, prior to paying the quarterly dividends payable to the Equitrans Midstream Preferred Shares, including any previously accrued and unpaid dividends. Each holder of the Equitrans Midstream Preferred Shares may elect to convert all or any portion of the Equitrans Midstream Preferred Shares owned by it into Equitrans Midstream common stock initially on a one-for-one basis, subject to certain anti-dilution adjustments and an adjustment for any dividends that have accrued but not been paid when due and partial period dividends (referred to as the conversion rate), at any time (but not more often than once per fiscal quarter), provided that any conversion involves an aggregate number of Equitrans Midstream Preferred Shares of at least $20.0 million (calculated based on the closing price of Equitrans Midstream common stock on the trading day preceding notice of the conversion) or such lesser amount if such conversion relates to all of a holder’s remaining Equitrans Midstream Preferred Shares or if such conversion is approved by the Company's Board of Directors (Board). So long as the holders of the Equitrans Midstream Preferred Shares have not elected to convert all of their Equitrans Midstream Preferred Shares into Equitrans Midstream common stock, the Company may elect to convert all of the Equitrans Midstream Preferred Shares into Equitrans Midstream common stock, at the then-applicable conversion rate, if (i) the shares of Equitrans Midstream common stock are listed for, or admitted to, trading on a national securities exchange, (ii) the closing price per share of Equitrans Midstream common stock on the national securities exchange on which the shares of Equitrans Midstream common stock are listed for, or admitted to, trading exceeds $27.99 for the 20 consecutive trading days immediately preceding notice of the conversion, (iii) the average daily trading volume of the Equitrans Midstream common stock on the national securities exchange on which the shares of Equitrans Midstream common stock are listed for, or admitted to, trading exceeds 1,000,000 shares (subject to certain adjustments) of Equitrans Midstream common stock for the 20 consecutive trading days immediately preceding notice of the conversion, (iv) the Company has an effective registration statement on file with the SEC covering resales of the shares of Equitrans Midstream common stock to be received by such holders upon any such conversion and (v) the Company has paid all prior accumulated and unpaid dividends in cash in full to the holders. Upon certain events involving a Change of Control (as defined in the Restated Articles) in which more than 90% of the consideration payable to the Company, or to the holders of Equitrans Midstream common stock, is payable in cash, the Equitrans Midstream Preferred Shares will automatically convert into Equitrans Midstream common stock at a conversion ratio equal to the greater of (i) the quotient of (a) the sum of (x) $19.99 (such price, the Equitrans Midstream Preferred Share Issue Price) plus (y) any accrued and unpaid dividends as of such date, including any partial period dividends, with respect to the Equitrans Midstream Preferred Shares, divided by (b) the Equitrans Midstream Preferred Share Issue Price and (ii) the quotient of (a) the sum of (x)(1) the Equitrans Midstream Preferred Share Issue Price multiplied by (2) 110% plus (y) any accrued and unpaid dividends on such date, including any partial period dividends with respect to the Equitrans Midstream Preferred Shares, divided by (b) the volume weighted average price of the shares of Equitrans Midstream common stock for the 30-day period ending immediately prior to the execution of definitive documentation relating to the Change of Control. In connection with other Change of Control events that do not satisfy the 90% cash consideration threshold described above, in addition to certain other conditions, each holder of Equitrans Midstream Preferred Shares may elect to (i) convert all, but not less than all, of its Equitrans Midstream Preferred Shares into Equitrans Midstream common stock at the then-applicable conversion rate, (ii) if the Company is not the surviving entity (or if the Company is the surviving entity, but Equitrans Midstream common stock will cease to be listed), require the Company to use commercially reasonable efforts to cause the surviving entity in any such transaction to deliver, in exchange for such holder's Equitrans Midstream Preferred Shares, a substantially equivalent security that has rights, preferences and privileges substantially equivalent to the Equitrans Midstream Preferred Shares (or if the Company is unable to cause such substantially equivalent securities to be issued, to exercise the option described in clause (i) or (iv) hereof or elect to convert such Equitrans Midstream Preferred Shares at a conversion ratio reflecting a multiple of invested capital), (iii) if the Company is the surviving entity, continue to hold the Equitrans Midstream Preferred Shares or (iv) require the Company to redeem the Equitrans Midstream Preferred Shares at a price per share equal to 101% of the Equitrans Midstream Preferred Share Issue Price, plus accrued and unpaid dividends, including any partial period dividends, on the applicable Equitrans Midstream Preferred Shares as of such date, which redemption price may be payable in cash, Equitrans Midstream common stock or a combination thereof at the election of the Board (and, if payable in Equitrans Midstream common stock, such Equitrans Midstream common stock will be issued at 95% of the volume-weighted average price of Equitrans Midstream common stock for the 20-day period ending on the fifth trading day immediately preceding the consummation of the Change of Control). Any holder of Equitrans Midstream Preferred Shares that requires the Company to redeem its Equitrans Midstream Preferred Shares pursuant to clause (iv) above will have the right to withdraw such election with respect to all, but not less than all, of its Equitrans Midstream Preferred Shares at any time prior to the fifth trading day immediately preceding the consummation of the Change of Control and instead elect to be treated in accordance with any of clauses (i), (ii) or (iii) above. At any time on or after January 1, 2024, the Company will have the right, subject to applicable law, to redeem the Equitrans Midstream Preferred Shares, in whole or in part, by paying cash for each Equitrans Midstream Preferred Share to be redeemed in an amount equal to the greater of (a) the sum of (i)(1) the Equitrans Midstream Preferred Share Issue Price multiplied by (2) 110%, plus (ii) any accrued and unpaid dividends, including partial period dividends, with respect to the Equitrans Midstream Preferred Shares as of such date and (b) the amount the holder of such Equitrans Midstream Preferred Share would receive if such holder had converted such Equitrans Midstream Preferred Share into shares of Equitrans Midstream common stock at the then-applicable conversion ratio and the Company liquidated immediately thereafter. Pursuant to the terms of the Restructuring Agreement, in connection with the Restructuring Closing, the Company entered into a registration rights agreement with the Investors (the Registration Rights Agreement) pursuant to which, among other things, the Company gave the Investors certain rights to require the Company to file and maintain one or more registration statements with respect to the resale of the Equitrans Midstream Preferred Shares and the shares of Equitrans Midstream common stock that are issuable upon conversion of the Equitrans Midstream Preferred Shares, and certain Investors have the right to require the Company to initiate underwritten offerings for the Equitrans Midstream Preferred Shares and the shares of Equitrans Midstream common stock that are issuable upon conversion of the Equitrans Midstream Preferred Shares. During the year ended December 31, 2020, as a result of the Restructuring Closing, the Company recorded an increase in mezzanine equity of $667.2 million, a decrease in noncontrolling interest of $579.2 million and a decrease in common stock, no par value, of $100.5 million, net of deferred taxes of $12.5 million. |
Impairments of Long-Lived Asset
Impairments of Long-Lived Assets | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Impairments of Long-Lived Assets | Impairments of Long-Lived Assets Goodwill. The Company's goodwill balance is associated entirely with the reporting unit associated with the gas gathering and compression activities of EQM Gathering Opco, LLC, an indirect wholly owned subsidiary of the Company, and such reporting unit is included within the Gathering segment. The following table summarizes the carrying amount of goodwill associated with the Company's reporting units as of December 31, 2022 and 2021. December 31, 2022 2021 (Thousands) Gross Goodwill $ 1,350,721 $ 1,350,721 Accumulated impairment losses (864,023) (864,023) Balance as of end of period $ 486,698 $ 486,698 There was no impairment to goodwill recorded during the years ended December 31, 2022 and 2021. During the fourth quarter of 2021 and 2022, the Company performed a quantitative impairment assessment as required as part of the annual goodwill impairment assessment. As a result of the annual assessment, the Company determined that the fair value of the EQM Opco reporting unit was greater than its carrying value. No impairment to goodwill was recorded as a result of each impairment assessment. The Company believes the estimates and assumptions used in estimating its reporting unit's fair values are reasonable and appropriate; however, different assumptions and estimates, including those that could be driven by risks associated with future adverse market or economic conditions and Company specific qualitative factors, contractual changes or modifications or other adverse factors such as unexpected production curtailment by customers, could materially affect the calculated fair value of the EQM Opco reporting unit and the resulting conclusions on impairment of goodwill, which could materially affect the Company’s results of operations and financial position. Additionally, actual results could differ from these estimates and assumptions may not be realized. Long-Lived Assets. As of March 31, 2020, the Company performed a recoverability test of the Hornet Midstream long-lived assets due to decreased producer activity. As a result of the recoverability test, management determined that the carrying value of the Hornet Midstream long-lived assets (which consisted of gathering assets and customer-related intangible assets) was not recoverable under ASC 360, Impairment Testing: Long-Lived Assets Classified as Held and Used . The Company estimated the fair value of the Hornet Midstream asset group and determined that the fair value was not in excess of the assets’ carrying value, which resulted in impairment charges of approximately $37.9 million to the gathering assets and approximately $17.7 million to the customer-related intangible assets both within the Company’s Gathering segment. The non-cash impairment charges were recognized during the first quarter of 2020 and are included in the impairments of 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 segment. As a result of the recoverability test, management determined that the carrying value of the Ohio Water long-lived assets 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 impairments of long-lived assets line on the statements of consolidated comprehensive income. Equity Method Investment. The standard for determining whether an impairment must be recorded under ASC 323 is whether there occurred an other-than-temporary decline in value. The Company monitors events or circumstances that may indicate the carrying value of such investment may have experienced an other-than-temporary decline in value. The fair value of an equity method investment is generally estimated using an income approach under which significant judgments and assumptions include expected future cash flows, the appropriate discount rate and probability-weighted scenarios. Events or circumstances that may be indicative of an other-than-temporary decline in value of an equity method investment include, but are not limited to: • a prolonged period of time that the fair value is below the investor’s carrying value; • the current expected financial performance is significantly worse than anticipated when the investor originally invested in the investee; • adverse regulatory action is expected to substantially reduce the investee’s product demand or profitability; • the investee has lost significant customers or suppliers with no immediate prospects for replacement; • the investee’s discounted or undiscounted cash flows are below the investor’s carrying amount; and • the investee’s industry is declining and significantly lags the performance of the economy as a whole. The estimates that the Company makes with respect to its equity method investment are based upon assumptions that management believes are reasonable, and the impact of variations in these estimates or the underlying assumptions could be material. Additionally, if any joint venture to which the investment relates recognizes an impairment under ASC 360, the Company would be required to record its proportionate share of such impairment loss and would also evaluate such investment for an other-than-temporary decline in value under ASC 323. During the fourth quarter of 2021, certain legal challenges before the Fourth Circuit regarding regulatory authorizations previously granted to the MVP Joint Venture were completed, other than the issuance of decisions in those matters. In connection with the completion of those proceedings, the Company identified as an indicator of an other-than-temporary decline in value the various uncertain legal outcomes and the potential impacts that certain unfavorable outcomes could have on the then targeted full in-service date for the MVP project and consequent timing for certain projects related thereto and total targeted MVP project costs. In January 2022, the Fourth Circuit vacated and remanded the MVP Joint Venture's authorizations related to the Jefferson National Forest (JNF) received from the Bureau of Land Management and the U.S. Forest Service and, in February 2022, the Fourth Circuit vacated and remanded the Biological Opinion and Incidental Take Statement issued by the U.S. Department of the Interior’s Fish and Wildlife Service for the MVP project. The Company considered these unfavorable decisions by the Fourth Circuit as supplemental evidence in evaluating its equity method investment in the MVP Joint Venture as of December 31, 2021, to determine if the investment’s carrying value 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 5.5% 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 $1.9 billion. 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. During the third quarter of 2022 assessment, the Company identified an increased risk of further permitting delays resulting primarily from 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 considered 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 exceeded the fair value and, if so, whether that decline in value was other-than-temporary, and thus the equity method investment was impaired under ASC 323. The Company estimated the fair value of its investment in the MVP Joint Venture using an income approach generally consistent with that described above, except that the Company generally used an after-tax discount rate of 7.5% in the analysis derived based on a market participant approach. As a result of the assessment, the Company recognized a pre-tax impairment charge of approximately $583 million. 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 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 | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Financial Information by Business SegmentThe 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. Refer to Note 1 for discussion on business segments. Years Ended December 31, 2022 2021 2020 (Thousands) Revenues from customers: Gathering $ 890,579 $ 862,053 $ 1,012,281 Transmission 404,517 400,202 393,836 Water 62,651 54,782 104,708 Total operating revenues $ 1,357,747 $ 1,317,037 $ 1,510,825 Operating income (loss): Gathering (a) $ 446,917 $ 415,969 $ 535,976 Transmission 277,692 274,526 275,369 Water (b) 14,602 (53,911) 38,756 Headquarters (c) (1,617) (1,183) (25,540) Total operating income $ 737,594 $ 635,401 $ 824,561 Reconciliation of operating income to net (loss) income: Equity income (d) $ 168 $ 17,579 $ 233,833 Impairments of equity method investment (d) (583,057) (1,926,402) — Other income (expense), net (e) 13,871 (47,546) 10,427 Loss on extinguishment of debt (24,937) (41,025) (24,864) Net interest expense (394,333) (378,650) (307,380) Income tax expense (benefit) 6,444 (343,353) 103,593 Net (loss) income $ (257,138) $ (1,397,290) $ 632,984 (a) Impairment of long-lived assets of $55.6 million for the year ended December 31, 2020 was included in Gathering operating income (loss). See Note 3 for further information. (b) Impairments of long-lived assets of $56.2 million for the year ended December 31, 2021 were included in Water operating income (loss). See Note 3 for further information. (c) Includes transaction costs and other unallocated corporate expenses. (d) Equity income and impairment of equity method investment are included in the Transmission segment. (e) Includes unrealized gains (losses) on derivative instruments and, for the year ended December 31, 2022, gain on sale of gathering assets recorded in the Gathering segment. December 31, 2022 2021 2020 (Thousands) Segment assets: Gathering $ 7,610,233 $ 7,600,637 $ 7,733,038 Transmission (a) 2,333,896 2,769,097 4,357,382 Water 218,680 151,151 185,802 Total operating segments 10,162,809 10,520,885 12,276,222 Headquarters, including cash 282,776 361,639 442,832 Total assets $ 10,445,585 $ 10,882,524 $ 12,719,054 (a) The equity investment in the MVP Joint Venture is included in the Transmission segment. Years Ended December 31, 2022 2021 2020 (Thousands) Depreciation: Gathering $ 195,059 $ 188,633 $ 172,967 Transmission 55,614 55,310 54,540 Water 20,016 25,233 30,880 Headquarters 1,506 1,228 1,226 Total $ 272,195 $ 270,404 $ 259,613 Capital expenditures: Gathering (a) $ 265,864 $ 223,807 $ 344,873 Transmission (b) 35,971 25,977 45,219 Water 66,569 34,877 11,905 Headquarters 13 1,494 4,004 Total (c) $ 368,417 $ 286,155 $ 406,001 (a) Includes approximately $20.3 million, $14.1 million and $41.6 million of capital expenditures related to noncontrolling interests in Eureka Midstream for the years ended December 31, 2022, 2021 and 2020, respectively. (b) Transmission capital expenditures do not include capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $199.6 million, $287.7 million and $272.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | Revenue from Contracts with Customers For the years ended December 31, 2022, 2021 and 2020, substantially all revenues recognized on the Company's statements of consolidated comprehensive income were from contracts with customers. As of December 31, 2022 and 2021, all receivables recorded on the Company's consolidated balance sheets represent 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. Year Ended December 31, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 562,947 $ 370,769 $ 33,877 $ 967,593 Volumetric-based fee revenues 327,632 33,748 28,774 390,154 Total operating revenues $ 890,579 $ 404,517 $ 62,651 $ 1,357,747 Year Ended December 31, 2021 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 468,156 $ 366,323 $ 5,063 $ 839,542 Volumetric-based fee revenues 393,897 33,879 49,719 477,495 Total operating revenues $ 862,053 $ 400,202 $ 54,782 $ 1,317,037 Year Ended December 31, 2020 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 595,720 $ 364,533 $ 41,798 $ 1,002,051 Volumetric-based fee revenues 416,561 29,303 62,910 508,774 Total operating revenues $ 1,012,281 $ 393,836 $ 104,708 $ 1,510,825 (a) For the years ended December 31, 2022, 2021 and 2020, firm reservation fee revenues associated with Gathering included approximately $20.2 million, $11.3 million and $15.0 million, respectively, of MVC unbilled revenues. Contract assets. The Company recognizes contract assets primarily in instances where billing occurs subsequent to revenue recognition and the Company's right to invoice the customer is conditioned on something other than the passage of time. The Company's contract assets primarily consist of revenue recognized under contracts containing MVCs (whereby management has concluded (i) it is probable there will be a MVC deficiency payment at the end of the then-current MVC period, which is typically the period beginning at the inception of such contracts through the successive twelve-month periods after that date, and (ii) that a significant reversal of revenue recognized currently for the future MVC deficiency payment will not occur), as well as certain other contractual commitments. As a result, 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 years ended December 31, 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) 30,477 26,779 Minimum volume commitments invoiced (b) (19,256) (28,442) Amortization (c) (500) (183) Balance as of end of period $ 27,493 $ 16,772 (a) Primarily includes revenues associated with MVCs that are generally included in firm reservation fee revenues within the Gathering and Water segments. During the year ended December 31, 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. On February 26, 2020 (the EQT Global GGA Effective Date), the Company (through EQM) entered into a Gas Gathering and Compression Agreement (as amended, the EQT Global GGA) with EQT and certain of its affiliates for the provision of certain gas gathering services to EQT in the Marcellus and Utica Shales of Pennsylvania and West Virginia. The Company's contract liabilities consist 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. Contracts requiring advance payments and the recognition of contract liabilities are evaluated to determine whether the advance payments provide the Company with a significant financing benefit. This determination requires significant judgment and is based on the combined effect of the expected length of time between when the Company transfers the promised goods or services to the customer and when the customer pays for those goods or services and the prevailing interest rates. The Company has assessed the EQT Global GGA and determined that this agreement does not contain a significant financing component. 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 MVC 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 MVC 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. The Company utilized borrowings under the Amended EQM Credit Facility to effect such payment to EQT on October 4, 2022. The following table presents changes in the Company's contract liability balances during the years ended December 31, 2022 and 2021: Contract Liability 2022 2021 (Thousands) Balance as of beginning of period $ 822,416 $ 398,750 Amounts recorded during the period (a) 359,797 300,496 Change in estimated variable consideration (b) (11,761) 123,707 Amounts transferred during the period (c) (1,545) (537) EQT Cash Option (195,820) — Balance as of end of period $ 973,087 $ 822,416 (a) Includes deferred billed revenue during the years ended December 31, 2022 and 2021 primarily associated with the EQT Global GGA. (b) Change in estimated variable consideration represents the change in total deferred revenue required for gathering MVC revenue with a declining rate structure, which change resulted from the EQT Cash Option election that required total estimated gathering consideration to be increased and from contractual amendments that required total estimated gathering consideration to be reduced. See ' EQT Global GGA ' discussion below for additional information on the contractual amendments. (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 December 31, 2022 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2023 2024 2025 2026 2027 Thereafter Total (Thousands) Gathering firm reservation fees $ 109,721 $ 171,320 $ 176,140 $ 166,962 $ 160,376 $ 1,689,332 $ 2,473,851 Gathering revenues supported by MVCs 465,978 434,969 454,094 465,335 460,211 3,060,675 5,341,262 Transmission firm reservation fees 369,509 388,626 366,764 361,032 360,210 2,956,833 4,802,974 Water revenues supported by ARCs 39,910 37,500 37,500 37,500 37,500 156,250 346,160 Total (a) $ 985,118 $ 1,032,415 $ 1,034,498 $ 1,030,829 $ 1,018,297 $ 7,863,090 $ 12,964,247 (a) 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 and/or 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. Based on total projected contractual revenues, including projected contractual revenues from future capacity expected from expansion projects that are not yet fully constructed or not yet fully in-service for which the Company has executed firm contracts, the Company's firm gathering contracts and firm transmission and storage contracts had weighted average remaining terms of approximately 14 years and 12 years, respectively, as of December 31, 2022. EQT Global GGA. On the EQT Global GGA Effective Date, the Company entered into the EQT Global GGA with EQT for the provision by the Company of certain gas gathering services to EQT in the Marcellus and Utica Shales of Pennsylvania and West Virginia. The EQT Global GGA is intended to, among other things, incentivize combo and return-to-pad drilling by EQT. Pursuant to the EQT Global GGA, EQT is subject to an initial annual MVC of 3.0 Bcf per day that gradually steps up to 4.0 Bcf per day through December 2031 following the full in-service date of the MVP (should it be placed in-service) and the dedication of a substantial majority of EQT's core acreage in southwestern Pennsylvania and West Virginia. The EQT Global GGA runs from the EQT Global GGA Effective Date through December 31, 2035, and will renew annually thereafter unless terminated by EQT or the Company pursuant to its terms. Pursuant to the EQT Global GGA, the Company has certain obligations to build connections to connect EQT wells to the Company's gathering system, which are subject to limitations, including geographical limitations in relation to the dedicated area in Pennsylvania and West Virginia, as well as the distance of such connections to the Company's then-existing gathering system, which could provide capital efficiencies to EQM. Management has estimated the total consideration expected to be received over the life of the EQT Global GGA, including gathering MVC revenue that periodically decreases through January 1, 2028 and may be further decreased in certain contract years in connection with MVP in-service (as discussed below), the gathering MVC fee credit for certain gathered volumes that also receive separate transmission services under certain transmission contracts (including the FTS (defined below)), the fair value of the Rate Relief Shares (as defined below) and the initial fair value of the Henry Hub cash bonus payment provision. From time to time, and at a minimum, at each reporting date, management reviews and updates, as necessary, the assumptions utilized to estimate the total consideration of the EQT Global GGA. The total consideration is allocated proportionally to the performance obligation under the contract, which is to provide daily MVC capacity over the life of the contract, in order to recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. The performance obligations will be satisfied during the life of the contract based on a units of production methodology for the daily MVC capacity provided to EQT. Due to the declining rate structure, there will be periods during which the billable gathering MVC revenue will exceed the allocated consideration to the performance obligation, which will result in billable gathering MVC revenue being deferred to the contract liability. The deferred consideration amounts are deferred until recognized in revenue when the associated performance obligation has been satisfied and are classified as current or non-current according to when such amounts are expected to be recognized. In addition to the estimated total consideration allocated to the daily MVC, the EQT Global GGA includes other fees based on variable or volumetric-based services that will be recognized in the period the services are provided. The Company applied judgment in determining the balance sheet classification of the elements of the EQT Global GGA and Share Purchase Agreements (as defined below) under the applicable accounting guidance. The gathering MVC fees periodically decline through January 1, 2028 (with such fees then remaining fixed throughout the remaining term), even if MVP would not achieve full in-service. Before January 1, 2026, beginning the first day of the quarter in which the full in-service date of the MVP occurs, the gathering MVC fees payable by EQT to the Company are subject to more significant potential declines for certain contract years as set forth in the EQT Global GGA, which, prior to EQT's exercise of the EQT Cash Option, provided for estimated aggregate fee relief of up to approximately $270 million in the first twelve-month period, up to approximately $230 million in the second twelve-month period and up to approximately $35 million in the third twelve-month period. Given that the MVP full in-service date did not occur by January 1, 2022, on July 8, 2022, EQT irrevocably elected to exercise the EQT Cash Option, and, as a result, the maximum aggregate potential fee relief applicable under the EQT Global GGA in such first twelve-month period and such second twelve-month period was reduced to be up to approximately $125 million and $140 million, respectively. The Company utilized borrowings under the Amended EQM Credit Facility to effect payment of the EQT Cash Option to EQT on October 4, 2022. Additionally, the EQT Global GGA provides for a fee credit to the gathering rate for certain gathered volumes that also receive separate transmission services under certain transmission contracts. During the fourth quarter of 2021, the Company entered into two amendments to an agreement for firm transportation service (FTS) with EQT that, subject to the satisfaction of certain conditions, would have the effect of extending the primary term of the FTS. As a result of the potential extension, management reassessed the expected gathering MVC fee credit assumptions and, as a result of the impacts to such assumptions, the total consideration expected under the EQT Global GGA was reduced. The Company recognized a cumulative adjustment that decreased revenue and increased contract liability by $123.7 million, respectively, during the year ended December 31, 2021. The cumulative adjustment had no impact to the amount billed to and cash collected from EQT under the EQT Global GGA. 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 meets the definition of an embedded derivative that was required to be bifurcated from the host contract and accounted for separately in accordance with ASC 815, Derivatives and Hedging . The embedded derivative was recorded as a derivative asset at its estimated fair value at inception of approximately $51.5 million and as part of the contract liability to be included in the total consideration to be allocated to the performance obligation under ASC 606. Subsequent changes to the fair value of the derivative instrument through the end of the contract are recognized in other income (expense), net, on the Company's statements of consolidated comprehensive income. Water Services Letter Agreement and 2021 Water Services Agreement. On February 26, 2020, the Company entered into a letter agreement with EQT relating to the provision of water services in Pennsylvania (such letter agreement, the Water Services Letter Agreement). Subject to the effect of the 2021 Water Services Agreement (as defined below), the Water Services Letter Agreement would have been effective as of the first day of the first month following the MVP full in-service date and would have expired on the fifth anniversary of such date. During each year of the Water Services Letter Agreement, EQT had agreed to pay the Company a minimum $60 million per year Annual Revenue Commitment (ARC) for volumetric water services provided in Pennsylvania, all in accordance with existing water service agreements and new water service agreements entered into between the parties pursuant to the Water Services Letter Agreement (or the related agreements). On October 22, 2021, the Company and EQT entered into a new 10-year, mixed-use water services agreement covering operations within a dedicated area in southwestern Pennsylvania (as subsequently amended, the 2021 Water Services Agreement). The 2021 Water Services Agreement became effective on March 1, 2022 and replaced the Water Services Letter Agreement and certain other existing Pennsylvania water services agreements. Pursuant to the 2021 Water Services Agreement, EQT agreed to pay the Company a minimum ARC for water services equal to $40 million in each of the first five years of the 10-year contract term and equal to $35 million per year for the remaining five years of the contract term. Share Purchase Agreements. On February 26, 2020, the Company entered into two share purchase agreements (the Share Purchase Agreements) with EQT, pursuant to which the Company agreed to (i) purchase 4,769,496 shares of Equitrans Midstream common stock (the Cash Shares) from EQT in exchange for approximately $46 million in cash, (ii) purchase 20,530,256 shares of Equitrans Midstream common stock (the Rate Relief Shares and, together with the Cash Shares, the Share Purchases) from EQT in exchange for a promissory note in the aggregate principal amount of approximately $196 million (which EQT subsequently assigned to EQM as consideration for certain commercial terms under the EQT Global GGA), and (iii) pay EQT cash in the amount of approximately $7 million (the Cash Amount). On March 5, 2020, the Company completed the Share Purchases and paid the Cash Amount. The Company used proceeds from the Amended EQM Credit Facility (defined in Note 10) to fund the purchase of the Cash Shares and to pay the Cash Amount in addition to other uses of proceeds. After the closing of the Share Purchases, the Company retired the Cash Shares and the Rate Relief Shares. Additionally, the Company recorded a $17.2 million deferred tax liability in conjunction with the Rate Relief Shares. On September 29, 2020, the Company made a prepayment to EQM of all principal, interest, fees and other obligations outstanding under the promissory note EQT assigned to EQM and the promissory note was terminated. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company has certain facility and compressor operating lease contracts that are classified as operating leases in accordance with ASC 842. The Company entered into one lease contract for the rental of a water storage facility classified as a financing lease during the year ended December 31, 2022. Leases with an initial term of 12 months or less are considered short-term, recognized in expense on a straight-line basis over the lease term and are not recorded on the balance sheet. As of December 31, 2022 and 2021, the Company was not the lessor to any arrangement; however, the Company was party to certain subleasing arrangements whereby the Company, as sublessor, agreed to sublet leased office space to a third party. The following table summarizes lease cost for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (Thousands) Operating lease cost $ 9,540 $ 12,571 $ 14,464 Finance lease cost: Amortization of leased assets 541 — — Interest on lease liabilities 310 — — Short-term lease cost 7,747 6,057 5,075 Variable lease cost 7 7 168 Sublease income (742) (492) (583) Total lease cost $ 17,403 $ 18,143 $ 19,124 Operating lease expense related to the Company's compressor lease contracts and facility lease contracts is reported in operating and maintenance expense and selling, general and administrative expense, respectively, on the Company's statements of consolidated comprehensive income. Finance lease expense related to the Company's water storage facility contract amortization and interest is reported in operating and maintenance expense and net interest expense, respectively, on the Company's statements of consolidated comprehensive income. The following table summarizes the cash paid for operating and finance lease liabilities for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (Thousands) Operating lease liabilities $ 10,484 $ 12,792 $ 14,849 Finance lease liabilities 670 — — The following table summarizes balance sheet information related to our leases is as follows: December 31, Balance Sheet Classification 2022 2021 (Thousands) Assets: Operating lease right-of-use Other assets $ 35,969 $ 43,368 Finance lease Other assets 15,683 — Total right-of-use assets $ 51,652 $ 43,368 Liabilities: Current operating Accrued liabilities $ 6,682 $ 8,253 Current finance Accrued liabilities 1,203 — Non-current operating Regulatory and other long-term liabilities 30,272 36,157 Non-current finance Regulatory and other long-term liabilities 14,660 — Total lease liabilities $ 52,817 $ 44,410 As of December 31, 2022 and 2021, the weighted average remaining operating lease terms, in each case, was seven years and the weighted average discount rates were 5.9% and 5.8%, respectively. As of December 31, 2022, the remaining finance lease term was ten years and the discount rate was 5.9%. The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to noncancelable contractual agreements in effect as of December 31, 2022 and related imputed interest. Operating Leases Finance Leases Year ending December 31, (Thousands) 2023 $ 8,513 $ 2,020 2024 6,387 2,050 2025 4,970 2,081 2026 5,040 2,112 2027 5,111 2,144 Thereafter 15,542 10,435 Total 45,563 20,842 Less: imputed interest 8,609 4,979 Present value of lease liabilities $ 36,954 $ 15,863 |
Leases | Leases The Company has certain facility and compressor operating lease contracts that are classified as operating leases in accordance with ASC 842. The Company entered into one lease contract for the rental of a water storage facility classified as a financing lease during the year ended December 31, 2022. Leases with an initial term of 12 months or less are considered short-term, recognized in expense on a straight-line basis over the lease term and are not recorded on the balance sheet. As of December 31, 2022 and 2021, the Company was not the lessor to any arrangement; however, the Company was party to certain subleasing arrangements whereby the Company, as sublessor, agreed to sublet leased office space to a third party. The following table summarizes lease cost for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (Thousands) Operating lease cost $ 9,540 $ 12,571 $ 14,464 Finance lease cost: Amortization of leased assets 541 — — Interest on lease liabilities 310 — — Short-term lease cost 7,747 6,057 5,075 Variable lease cost 7 7 168 Sublease income (742) (492) (583) Total lease cost $ 17,403 $ 18,143 $ 19,124 Operating lease expense related to the Company's compressor lease contracts and facility lease contracts is reported in operating and maintenance expense and selling, general and administrative expense, respectively, on the Company's statements of consolidated comprehensive income. Finance lease expense related to the Company's water storage facility contract amortization and interest is reported in operating and maintenance expense and net interest expense, respectively, on the Company's statements of consolidated comprehensive income. The following table summarizes the cash paid for operating and finance lease liabilities for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (Thousands) Operating lease liabilities $ 10,484 $ 12,792 $ 14,849 Finance lease liabilities 670 — — The following table summarizes balance sheet information related to our leases is as follows: December 31, Balance Sheet Classification 2022 2021 (Thousands) Assets: Operating lease right-of-use Other assets $ 35,969 $ 43,368 Finance lease Other assets 15,683 — Total right-of-use assets $ 51,652 $ 43,368 Liabilities: Current operating Accrued liabilities $ 6,682 $ 8,253 Current finance Accrued liabilities 1,203 — Non-current operating Regulatory and other long-term liabilities 30,272 36,157 Non-current finance Regulatory and other long-term liabilities 14,660 — Total lease liabilities $ 52,817 $ 44,410 As of December 31, 2022 and 2021, the weighted average remaining operating lease terms, in each case, was seven years and the weighted average discount rates were 5.9% and 5.8%, respectively. As of December 31, 2022, the remaining finance lease term was ten years and the discount rate was 5.9%. The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to noncancelable contractual agreements in effect as of December 31, 2022 and related imputed interest. Operating Leases Finance Leases Year ending December 31, (Thousands) 2023 $ 8,513 $ 2,020 2024 6,387 2,050 2025 4,970 2,081 2026 5,040 2,112 2027 5,111 2,144 Thereafter 15,542 10,435 Total 45,563 20,842 Less: imputed interest 8,609 4,979 Present value of lease liabilities $ 36,954 $ 15,863 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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 and 2020 periods during which EQT was considered a related party. The following table summarizes the Company's related party transactions. Years Ended December 31, 2021 2020 (Thousands) Operating revenues $ 777,276 $ 964,220 Interest income from the Preferred Interest 5,767 6,053 Principal payments received on the Preferred Interest 5,217 5,003 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 |
Investment in Unconsolidated En
Investment in Unconsolidated Entity | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entity | Investment in Unconsolidated Entity The MVP Joint Venture is constructing the Mountain Valley Pipeline (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 47.2% interest in the MVP project as of December 31, 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. If the MVP project were to be completed in 2023 at a total project cost of approximately $6.6 billion (excluding AFUDC), the Company’s equity ownership in the MVP project would progressively increase from approximately 47.2% 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 contemplated interstate pipeline that was approved by the FERC to extend approximately 75 miles 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 December 31, 2022. The MVP Joint Venture continues to evaluate the MVP Southgate project and is focused on its ongoing discussions and negotiations with the project shipper, Dominion Energy North Carolina, and other prospective customers regarding refining the MVP Southgate project's design, scope and/or timing for the benefit of such customers 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 to June 1, 2023 by virtue of previously declared events of force majeure. The Company is unable to ensure the results of the discussions and negotiations between the MVP Joint Venture and Dominion Energy North Carolina and other prospective customers, including the ultimate design, scope, timing, 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 Fourth Circuit 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 legal developments and regulatory uncertainties, as well as macroeconomic pressures primarily due to an increase in interest rates impacting the discount rate, that resulted in a pre-tax impairment charge of $583 million. 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 November 2022, 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 $33.9 million, of which $19.2 million and $11.5 million was paid in January 2023 and February 2023, respectively, with the remaining $3.2 million expected to be paid in March 2023. The capital contributions payable and the corresponding increase to the investment balance are reflected on the consolidated balance sheet as of December 31, 2022. Pursuant to the MVP Joint Venture's limited liability company agreement, MVP Holdco is obligated to provide performance assurances in respect of the MVP project, 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 in the first quarter of 2020, EQM delivered credit support to the MVP Joint Venture in the form of letters of credit in the amounts of approximately $220.2 million and $14.2 million with respect to the MVP and MVP Southgate projects, respectively. In connection with delivering such letters of credit as performance assurances, EQM's prior performance guarantees associated with the MVP and MVP Southgate projects were terminated. As of December 31, 2022, the letter of credit with respect to the MVP project was in the amount of approximately $219.7 million. As of February 15, 2023, given the ongoing discussions and negotiations with respect to the MVP Southgate project as discussed above and absence of forward construction on such project, the MVP Joint Venture for the MVP Southgate project determined to defer MVP Southgate joint venture partners' obligations to post performance assurances temporarily and pending resolution of such matters. Accordingly, EQM is in the process of terminating its $14.2 million letter of credit, which may be reinstituted upon further developments. Upon the FERC's initial release to begin construction of the MVP Southgate project, any EQM letter of credit in effect at such time for the pre-construction period 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 condensed consolidated financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Consolidated Balance Sheets December 31, 2022 2021 (Unaudited) (Thousands) Current assets $ 71,535 $ 148,820 Non-current assets 6,737,064 6,432,288 Total assets $ 6,808,599 $ 6,581,108 Current liabilities $ 118,679 $ 160,331 Equity 6,689,920 6,420,777 Total liabilities and equity $ 6,808,599 $ 6,581,108 Condensed Statements of Consolidated Operations Years Ended December 31, 2022 2021 2020 (Unaudited) (Thousands) Operating income (expenses) $ 20 $ (399) $ (360) Other income 335 18 288 Net interest income — 11,452 150,995 AFUDC – equity — 26,722 352,323 Net income $ 355 $ 37,793 $ 503,246 The Company's ownership interest in the MVP Joint Venture related to the MVP project is significant for the year ended December 31, 2020 as defined by the SEC’s Regulation S-X Rule 1-02(w). Accordingly, as required by Regulation S-X Rule 3-09, the Company has included audited financial statements of the MVP Joint Venture, with respect to the MVP project, as of and for the year ended December 31, 2020 as Exhibit 99.1 to this Annual Report on Form 10-K. |
Share-based Compensation Plans
Share-based Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Compensation Plans | Share-based Compensation Plans The Company maintains employee share-based compensation plans for restricted stock, restricted stock units, performance awards, stock options and other equity or cash-based awards as governed by the Equitrans Midstream Corporation 2018 Long-Term Incentive Plan, as amended (the 2018 Plan), which was effective as of November 12, 2018. Non-employee members of the Company's Board receive phantom units in connection with their board service payable in Company common stock upon the director's termination of services from the Board. The 2018 Plan's term is through the 2028 shareholders' meeting and the maximum number of shares of common stock that may be issued and as to which awards may be granted under the 2018 Plan is 38,592,386 shares. In accordance with an Employee Matters Agreement by and between the Company and EQT entered into on November 12, 2018 in connection with the Separation (Employee Matters Agreement), previously outstanding share-based compensation awards granted under EQT's equity compensation programs prior to the Separation and held by certain executives and employees of the Company and EQT were adjusted to reflect the impact of the Separation on these awards. To preserve the aggregate intrinsic value of EQT awards held prior to the Separation, as measured immediately before and immediately after the Separation (excluding EQT option awards which were converted in accordance with the conversion provisions set forth in the Employee Matters Agreement), each holder of EQT share-based compensation awards generally received an adjusted award consisting of both a share-based compensation award denominated in EQT equity and a share-based compensation award denominated in Company equity. These awards were adjusted in accordance with the basket method, resulting in participants retaining one unit of the existing EQT incentive award while receiving an additional 0.8 units of a Company-based award and included awards that were share-settled and awards satisfied in cash, which were treated as liability awards. The Company recognizes share-based compensation expense related to unvested awards held by its employees, no matter which entity settles the obligation. As of December 31, 2021, all awards granted prior to the Separation were fully vested and the Company's only remaining obligations pertained to the settlement of unexercised stock options of former employees and outstanding phantom unit awards to certain directors. Changes in performance and the number of outstanding awards can impact the ultimate amount of the Company's performance awards to be settled. Share-based awards to be settled in Equitrans Midstream common stock upon settlement are funded by shares acquired by the Company in the open market or from any other person, stock issued directly by the Company or any combination of the foregoing. Share counts for share-based compensation discussed herein represent outstanding shares to be remitted by the Company to (i) its employees in connection with compensation programs adopted by the Company and (ii) employees of the Company and EQT (or, as applicable, former employees of the Company or EQT) pursuant to the Employee Matters Agreement. The following table summarizes the components of share-based compensation expense for the years ended December 31, 2022, 2021 and 2020. Years Ended December 31, 2022 2021 2020 (Thousands) 2022 PSU Program 5,672 — — 2021 PSU Program 1,527 5,940 — 2020 PSU Program (221) 1,297 2,317 2019 PSU Program — 984 4,935 2018 EQT Incentive PSU Program — — 698 Restricted stock awards 7,840 11,268 7,422 Other programs, including non-employee director awards 1,132 1,367 1,577 Total share-based compensation expense $ 15,950 $ 20,856 $ 16,949 The Company capitalizes compensation cost for its share-based compensation awards based on an employee's job function. Capitalized compensation costs for the years ended December 31, 2022, 2021 and 2020 were $2.0 million, $4.2 million and $1.9 million, respectively. The Company recorded $1.0 million, $2.0 million, and $0.2 million for the years ended December 31, 2022, 2021 and 2020, respectively, of tax expense for excess tax benefits related to share-based compensation plans. Performance Share Unit Programs – Equity & Liability The Company assumed portions of the 2018 EQT Incentive Performance Share Unit Program (the 2018 EQT Incentive PSU Program) at the Separation Date. The Human Capital and Compensation Committee of the Company's Board (formerly the Management Development and Compensation Committee and referred to herein as the Compensation Committee) adopted the Equitrans Midstream Corporation 2019 Performance Share Unit Program (the 2019 PSU Program), the Equitrans Midstream Corporation 2020 Performance Share Unit Program (the 2020 PSU Program), the Equitrans Midstream Corporation 2021 Performance Share Unit Program (the 2021 PSU Program) and the Equitrans Midstream Corporation 2022 Performance Share Unit Program (the 2022 PSU Program). The 2019 PSU Program, the 2020 PSU Program, the 2021 PSU Program and the 2022 PSU Program (collectively, the PSU Programs) vest in both equity and liability awards. The Company established the PSU Programs to provide long-term incentive opportunities to key employees to further align their interests with those of the Company's shareholders and with the strategic objectives of the Company. The performance period for each of the awards under the PSU Programs, except for the 2020 PSU Program, is 36 months, with vesting occurring upon payment following the expiration of the performance period, subject to continued service through such vesting date. The awards under the 2020 PSU Program may be earned over four separate performance periods as follows: (i) 20% for each of the three calendar years that occurred following the vesting commencement date (i.e., the 2020, 2021 and 2022 calendar years) and (ii) 40% for the cumulative three-year period following the vesting commencement date (i.e., January 1, 2020 through December 31, 2022), with vesting occurring upon payment following the expiration of the cumulative three-year performance period, subject to continued service through such vesting date. The PSU Program awards granted in 2020, 2021 and 2022 will be earned based on the level of Equitrans Midstream total shareholder return (TSR) relative to a predefined peer group (with respect to the 2020 PSU Program awards not to exceed 100% if the Company's TSR is less than zero percent). The payout factor for the PSU Programs vary between zero and 200% of the number of outstanding units, each contingent on the applicable performance metrics. The Company recorded the portion of the PSU Programs to be settled in stock as equity awards using a grant date fair value determined through a Monte Carlo simulation, which projects the common stock price for the Company and its peers at the ending point of the applicable performance period. The PSU Programs also included awards to be settled in cash and, therefore, were recorded at fair value as of the measurement date determined through a Monte Carlo simulation, which projects the common stock price for the Company and its peers at the ending point of the applicable performance period. The expected share prices were generated using the Company's annual volatility for the expected term and the commensurate three-year or two-year risk-free rates for equity awards and liability awards, respectively. The vesting of units of the PSU Programs occurs upon payment following the expiration of the applicable performance period, subject to continued service through such date, and the satisfaction of the underlying performance or market condition. The following table summarizes all PSU Programs to be settled in stock and classified as equity awards: Non-vested Shares Weighted Average Fair Value Aggregate Fair Value Outstanding at December 31, 2019 627,234 $ 29.46 $ 18,480,257 Granted 737,390 5.59 4,120,535 Vested (35,728) 120.60 (4,308,797) Forfeited (28,329) 12.94 (366,528) Outstanding at December 31, 2020 1,300,567 $ 13.78 $ 17,925,467 Granted 1,540,230 8.77 13,507,817 Vested (85,872) 76.53 (6,571,784) Forfeited (95,729) 8.45 (808,857) Outstanding at December 31, 2021 2,659,196 $ 9.05 $ 24,052,643 Granted 1,274,910 14.86 18,945,163 Vested (474,488) 15.03 (7,131,551) Forfeited — — — Outstanding at December 31, 2022 3,459,618 $ 10.37 $ 35,866,255 The following table summarizes all PSU Programs to be settled in cash and classified as liability awards: Non-vested Units Weighted Average Fair Value Aggregate Fair Value Outstanding at December 31, 2019 409,865 $ 28.84 $ 11,822,175 Granted 427,500 5.59 2,388,870 Vested (84,014) 59.90 (5,032,439) Forfeited (40,756) 18.09 (737,222) Outstanding at December 31, 2020 712,595 $ 11.85 $ 8,441,384 Granted 873,460 8.77 7,660,244 Vested (87,145) 33.87 (2,951,624) Forfeited (27,145) 8.23 (223,349) Outstanding at December 31, 2021 1,471,765 $ 8.78 $ 12,926,655 Granted 717,930 14.86 10,668,440 Vested (226,135) 14.67 (3,318,009) Forfeited (85,758) 10.81 (927,125) Outstanding at December 31, 2022 1,877,802 $ 10.30 $ 19,349,961 Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions: For PSU Programs Issued During the Years Ended December 31, 2022 2021 2020 Accounting Treatment Liability (a) Equity Liability (a) Equity Equity Risk-free rate 4.25 % 1.16 % 4.65 % 0.16 % 0.39 % Dividend yield N/A N/A N/A N/A N/A Volatility factor 58.4 % 54.0 % 58.4 % 61.0 % 53.0 % Expected term 2 years 3 years 1 year 3 years 3 years (a) Information shown for liability plan valuations is as of the measurement date. Restricted Stock Awards – Equity A summary of restricted stock equity award activity during the years ended December 31, 2022, 2021 and 2020 is presented below. Non-vested Shares Weighted Average Fair Value Aggregate Fair Value Outstanding at January 1, 2020 397,117 $ 24.63 $ 9,779,218 Granted 491,640 13.36 6,568,310 Vested (28,375) 57.73 (1,638,044) Forfeited (19,314) 17.77 (343,138) Outstanding at December 31, 2020 841,068 $ 17.08 $ 14,366,346 Granted 660,250 8.04 5,308,410 Vested (58,185) 44.20 (2,572,026) Forfeited (49,732) 11.17 (555,522) Outstanding at December 31, 2021 1,393,401 $ 11.88 $ 16,547,208 Granted 546,520 10.34 5,651,017 Vested (293,281) 17.81 (5,223,311) Forfeited — — — Outstanding at December 31, 2022 1,646,640 $ 10.31 $ 16,974,914 The restricted stock equity grants become fully vested at the end of the three-year period commencing with the vesting commencement date, assuming continued service through such date. As of December 31, 2022, $5.5 million of unrecognized compensation cost related to non-vested restricted stock equity awards was expected to be recognized over a remaining weighted average vesting term of approximately 1.05 years. Restricted Stock Unit Awards – Liability A summary of restricted stock unit liability award activity during the years ended December 31, 2022, 2021 and 2020 is presented below. Non-vested Units Weighted Average Fair Value Aggregate Fair Value Outstanding at January 1, 2020 567,929 $ 19.38 $ 11,005,969 Granted 474,580 12.43 5,899,650 Vested (131,456) 20.86 (2,741,834) Forfeited (33,457) 17.87 (597,890) Outstanding at December 31, 2020 877,596 $ 15.46 $ 13,565,895 Granted 430,800 8.06 3,472,652 Vested (190,036) 20.76 (3,944,942) Forfeited (38,656) 10.73 (414,837) Outstanding at December 31, 2021 1,079,704 $ 11.74 $ 12,678,768 Granted 380,250 9.77 3,716,834 Vested (267,642) 16.82 (4,502,803) Forfeited (45,043) 10.00 (450,504) Outstanding at December 31, 2022 1,147,269 $ 9.97 $ 11,442,295 The restricted stock unit grants become fully vested at the end of the three-year period commencing with the vesting commencement date, assuming continued service through such date. The total liability recorded for these restricted stock units was $6.5 million and $7.9 million as of December 31, 2022 and 2021, respectively. Value Driver Performance Share Unit Award Programs Under the 2018 EQT Value Driver Performance Share Unit Award Program (the 2018 EQT VDA), 50% of the awards confirmed vested upon payment following the first anniversary of the grant date, and the remaining 50% of the awards confirmed vested upon payment following the second anniversary of the grant date subject to continued service through such dates. The following table provides detailed information on the second tranche of the 2018 EQT VDA award: Shares Weighted Average Fair Value Aggregate Fair Value Outstanding at January 1, 2020 174,921 $ 13.36 $ 2,336,952 Granted — — — Vested (174,921) 13.36 (2,336,952) Forfeited — — — Outstanding at December 31, 2020 — $ — $ — Non-Qualified Stock Options In connection with the Separation, the Company assumed stock options related to EQT share-based compensation awards. Stock options outstanding and exercisable expire between 2023 and 2028. There were no unrecognized compensation costs related to outstanding non-vested stock options as of December 31, 2022. A summary of stock option activity during the years ended December 31, 2022, 2021 and 2020 is presented below. Options Outstanding at January 1, 2020 457,910 Vested 6,966 Expired — Outstanding at December 31, 2020 464,876 Vested — Expired — Outstanding at December 31, 2021 464,876 Vested — Expired (94,132) Outstanding at December 31, 2022 370,744 Phantom Units The Company grants phantom unit awards to certain non-employee directors who serve or at the time of grant served on the Board. Director phantom units expected to be satisfied in Company common stock vest on the date of grant and are recorded based on the grant date fair value, which is determined based upon the closing price of the Company’s common stock on the day before the grant date. The value of director phantom units is paid in Company common stock upon the director's termination of service on the Board. Prior to the completion of the EQM Merger, EQM's general partner granted phantom unit awards to certain non-employee directors of EQM's general partner. A summary of phantom units' activity for the years ended December 31, 2022, 2021 and 2020 is presented below. Equitrans Midstream phantom units EQM phantom units Units Weighted Average Fair Value Aggregate Fair Value Units Weighted Average Fair Value Aggregate Fair Value Outstanding at January 1, 2020 200,768 $ 20.78 $ 4,172,769 26,700 $ 53.51 $ 1,428,673 Granted 113,869 11.10 1,264,001 9,540 29.91 285,341 Distributions, net (a) (23,989) 19.08 (457,644) (39,036) 45.36 (1,770,851) Dividends 27,957 9.14 255,583 2,796 20.33 56,837 Outstanding at December 31, 2020 318,605 $ 16.43 $ 5,234,709 — $ — $ — Granted 177,156 8.16 1,445,036 — — — Distributions (16,957) 20.29 (343,982) — — — Dividends 33,636 8.88 298,813 — — — Outstanding at December 31, 2021 512,440 $ 12.95 $ 6,634,576 — $ — $ — Granted 141,778 10.03 1,422,140 — — — Distributions (104,603) 14.75 (1,542,823) — — — Dividends 37,533 7.86 294,990 — — — Outstanding at December 31, 2022 587,148 $ 11.60 $ 6,808,883 — $ — $ — (a) In connection with the closing of the EQM Merger, the non-employee directors of the EQM General Partner received the Merger Consideration for each EQM phantom unit that they held. See Note 2. 2023 Awards Effective in February 2023, the Compensation Committee adopted the Equitrans Midstream Corporation 2023 Performance Share Unit Program (2023 PSU Program) under the 2018 Plan. The 2023 PSU Program was established to align the interests of key employees with the interests of shareholders and the strategic objectives of the Company. Awards under the 2023 PSU Program, consisting of both equity and liability awards, are expected to be granted in the first quarter of 2023. The vesting of the units under the 2023 PSU Program will occur upon payment after the expiration of the Performance Period, which is January 1, 2023 to December 31, 2025, assuming continued employment with the Company. The payout will vary between zero and 200% of the number of outstanding units contingent upon the level of total shareholder return relative to a predefined peer group, the achievement of certain levels of free cash flow before changes in working capital, and the number of ESG-related projects completed, in each case during the Performance Period and, in the case of free cash flow before changes in working capital, on an annual basis within such Performance Period. The Company also expects to grant restricted stock equity and restricted stock unit liability awards in the first quarter of 2023. The restricted stock equity awards and restricted stock unit liability awards will be fully vested at the end of the three-year period commencing on January 1, 2023, assuming continued employment with the Company. Employee Savings Plan For the years ended December 31, 2022, 2021 and 2020, the Company recognized expense related to its defined contribution plan of $8.0 million, $7.6 million and $8.1 million, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table presents the Company's and its consolidated subsidiaries' outstanding debt as of December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Principal Carrying Value (a) Fair Value (b) Principal Carrying Value (a) Fair Value (b) (Thousands) Amended EQM Credit Facility $ 240,000 $ 240,000 $ 240,000 $ 225,000 $ 225,000 $ 225,000 2021 Eureka Credit Facility 295,000 295,000 295,000 280,000 280,000 280,000 Total credit facility borrowings $ 535,000 $ 535,000 $ 535,000 $ 505,000 $ 505,000 $ 505,000 EQM 4.75% Senior Notes due 2023 98,941 98,830 97,086 600,000 598,088 628,380 EQM 4.00% Senior Notes due 2024 300,000 299,270 288,291 500,000 498,014 522,695 EQM 6.00% Senior Notes due 2025 400,000 397,005 386,000 700,000 692,662 763,091 EQM 4.125% Senior Notes due 2026 500,000 496,667 444,700 500,000 495,816 517,695 EQM 6.50% Senior Notes due 2027 900,000 891,417 860,175 900,000 889,510 1,014,417 EQM 7.50% Senior Notes due 2027 500,000 493,130 489,630 — — — EQM 5.50% Senior Notes due 2028 850,000 843,775 760,036 850,000 842,657 939,684 EQM 4.50% Senior Notes due 2029 800,000 792,217 671,936 800,000 790,927 834,856 EQM 7.50% Senior Notes due 2030 500,000 492,799 481,760 — — — EQM 4.75% Senior Notes due 2031 1,100,000 1,088,877 899,250 1,100,000 1,087,493 1,166,220 EQM 6.50% Senior Notes due 2048 550,000 540,163 412,198 550,000 539,778 673,458 Total debt 6,498,941 6,434,150 5,791,062 6,500,000 6,434,945 7,060,496 Less current portion of long-term debt 98,941 98,830 97,086 — — — Total long-term debt $ 6,400,000 $ 6,335,320 $ 5,693,976 $ 6,500,000 $ 6,434,945 $ 7,060,496 (a) Carrying values of the senior notes represent principal amount less unamortized debt issuance costs and debt discounts. (b) See Note 11 for a discussion of fair value measurements. As of December 31, 2022, the combined aggregate amounts of maturities for long-term debt, including the current portion thereof, were as follows: $0.1 billion in 2023, $0.3 billion in 2024, $0.4 billion in 2025, $0.5 billion in 2026, $1.4 billion in 2027 and $3.8 billion in 2028 and thereafter. Equitrans Midstream Term Loan Facility . In December 2018, Equitrans Midstream entered into a term loan credit agreement (as amended in May 2019, the ETRN Term Loan Credit Agreement) that provided for a senior secured term loan facility in an aggregate principal amount of $600 million (the ETRN Term Loans). The Company received net proceeds from the ETRN Term Loans of $568.1 million, inclusive of a discount of $18.0 million and estimated debt issuance costs of $13.9 million. The net proceeds were primarily used to fund the EQGP Buyout, including certain fees, costs and expenses in connection therewith, and the remainder was used for general corporate purposes. On March 3, 2020, EQM drew $650.0 million under the Amended EQM Credit Facility and transferred such funds to the Company, pursuant to a senior unsecured term loan agreement with the Company. The Company utilized a portion of such funds to pay off all of the amounts outstanding under the ETRN Term Loans and the ETRN Term Loan Credit Agreement was terminated. As a result, the Company wrote off $24.4 million of unamortized discount and financing costs related to the ETRN Term Loan Credit Agreement. The write off charge is included in the loss on extinguishment of debt line on the statements of consolidated comprehensive income. On September 29, 2020, the Company made a prepayment to EQM of all principal, interest, fees and other obligations outstanding under the senior unsecured term loan agreement and terminated the agreement. During the period from January 1, 2020 to March 3, 2020, the weighted average annual interest rate was approximately 6.2%. Equitrans Midstream Credit Facility. In October 2018, Equitrans Midstream entered into a senior secured revolving credit facility agreement that provided for $100 million in borrowing capacity (the Equitrans Midstream Credit Facility). Equitrans Midstream amended the Equitrans Midstream Credit Facility on December 31, 2018 to, among other things, permit the incurrence of the borrowings under the ETRN Term Loan Credit Agreement. The Equitrans Midstream Credit Facility, which was available for general corporate purposes and to fund ongoing working capital requirements, was terminated on March 3, 2020 in conjunction with the Company's termination of the ETRN Term Loan Credit Agreement (see above). As a result, the Company wrote off $0.5 million of unamortized financing costs related to the Equitrans Midstream Credit Facility. The write off charge is included in the loss on extinguishment of debt line on the statements of consolidated comprehensive income. The Company had no borrowings and no letters of credit outstanding under the Equitrans Midstream Credit Facility during the period from January 1, 2020 to March 3, 2020. Commitment fees paid to maintain credit availability under the Equitrans Midstream Credit Facility were approximately $0.1 million for the period from January 1, 2020 to March 3, 2020. EQM Revolving Credit Facility. On April 22, 2022 (the Amendment Date), EQM entered into an amendment (the Third 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, which Third Amended and Restated Credit Agreement previously had been 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 Third 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. Each of the First Amendment and Second Amendment, among other things, amended certain defined terms and negative covenants of the Amended EQM Credit Agreement. The Second Amendment also, among other things, reduced the aggregate commitments to $2.25 billion, and the commitment of each lender thereunder was reduced accordingly on a pro rata basis. The Third Amendment, among other things: • Replaced LIBOR with the Secured Overnight Financing Rate (SOFR) as the benchmark rate for borrowings, including a credit spread adjustment of 0.10% for all applicable interest periods as well as for daily swing line borrowings. • Extended the stated maturity date, with such extension only applicable for the lenders approving the Third Amendment, from October 31, 2023 (the Earlier Maturity Date) to April 30, 2025 (the Later Maturity Date). • Reduced the aggregate commitments available under the Amended EQM Credit Facility on a non-pro rata basis to approximately $2.16 billion, with approximately $1.55 billion in aggregate commitments available under the Amended EQM Credit Facility on and after the Earlier Maturity Date and prior to the Later Maturity Date. • Amended the definition of “Applicable Rate” to change the applicable percentages per annum set forth in the “Pricing Grid” for certain pricing levels, which continue to be determined on the basis of EQM’s credit ratings. As of the Amendment Date, (i) Base Rate Loans (as defined in the Amended EQM Credit Facility) bear interest at a base rate plus a margin of 1.750% per annum, (ii) SOFR Loans (as defined in the Amended EQM Credit Facility) bear interest at Adjusted Term SOFR (as defined in the Amended EQM Credit Facility) plus a margin of 2.750% per annum, (iii) Daily Simple Swing Line Loans (as defined in the Amended EQM Credit Facility) bear interest at Adjusted Daily Simple SOFR (as defined in the Amended EQM Credit Facility) plus a margin of 2.750% per annum, (iv) the letter of credit fee payable on the daily maximum amount available under each letter of credit is 2.750% per annum and (v) the commitment fee payable for unused commitments is 0.500% per annum. • Amended the financial covenant, such that the Consolidated Leverage Ratio (as defined in the Amended EQM Credit Facility) as at the end of each fiscal quarter of EQM ending on or after the Amendment Date cannot exceed 5.50 to 1.00; provided that, effective as of the MVP Mobilization Effective Date (as defined in the Amended EQM Credit Facility), the maximum Consolidated Leverage Ratio permitted with respect to the end of the fiscal quarter in which the MVP Mobilization Effective Date occurs and the end of each of the three consecutive fiscal quarters of EQM thereafter shall be 5.85 to 1.00. • Reduced each of the general lien and general subsidiary debt baskets based on Consolidated Net Tangible Assets (as defined in the Amended EQM Credit Facility) from 5.0% to 2.5% of Consolidated Net Tangible Assets. • Added a borrowing condition requiring that, solely to the extent a credit extension is used to repay, redeem or refinance EQM’s senior notes, total outstanding amounts under the Amended EQM Credit Facility must not exceed 85% of the aggregate commitments after giving effect to the use of proceeds. As of December 31, 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 December 31, 2022, EQM had approximately $240 million of borrowings and $234.9 million of letters of credit outstanding under the Amended EQM Credit Facility. As of December 31, 2022, pursuant to the terms of the Amended EQM Credit Facility, EQM had the ability to borrow approximately $0.5 billion under the Amended EQM Credit Facility. The amount the Company is able to borrow under the Amended EQM Credit Facility is bounded by a maximum consolidated leverage ratio. 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 years ended December 31, 2022, 2021 and 2020, the maximum outstanding borrowings were $315 million, $525 million and $2,040 million, respectively, the average daily balances were approximately $193 million, $395 million and $852 million, respectively, and the weighted average annual interest rates were approximately 4.5%, 2.6% and 2.9%, respectively. For the years ended December 31, 2022, 2021 and 2020, commitment fees of $8.4 million, $7.4 million and $7.2 million, respectively, were paid to maintain credit availability under the Amended EQM Credit Facility. As of December 31, 2022, no term loans were outstanding under the Amended EQM Credit Facility. Amended 2019 EQM Term Loan Agreement. In August 2019, EQM entered into a term loan agreement (the 2019 EQM Term Loan Agreement) that provided for unsecured term loans in an aggregate principal amount of $1.4 billion. On March 30, 2020, EQM entered into an amendment to the 2019 EQM Term Loan Agreement (as amended, the Amended 2019 EQM Term Loan Agreement) which, among other things, amended certain defined terms and negative covenants in the 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 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. The Amended 2019 EQM Term Loan Agreement provided EQM with the right to request incremental term loans in an aggregate amount of up to $300 million, subject to, among other things, obtaining additional commitments from existing lenders or commitments from new lenders. As of December 31, 2020, EQM had $1.4 billion of borrowings outstanding under the Amended 2019 EQM Term Loan Agreement. During the period from January 1, 2021 through January 7, 2021, the weighted average annual interest rate was approximately 2.4%. During the year ended December 30, 2020, the weighted average annual interest rates were approximately 2.7%. 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). The 2021 Eureka Credit Facility matures on November 13, 2024, and is available for general business purposes, including financing maintenance and expansion capital expenditures related to the Eureka system and providing working capital for Eureka’s operations. As of December 31, 2022 and 2021, Eureka had approximately $295 million and $280 million, respectively, of borrowings outstanding under the 2021 Eureka Credit Facility. During the year ended December 31, 2022, the maximum amount of outstanding borrowings under the 2021 Eureka Credit Facility at any time was approximately $295 million, the average daily balance was approximately $281 million and Eureka incurred interest at weighted average annual interest rate of approximately 4.4%. For the year ended December 31, 2022, commitment fees of $0.5 million were paid to maintain credit availability under the 2021 Eureka Credit Facility. During the year ended December 31, 2021, the maximum amount of outstanding borrowings under the Former Eureka Credit Facility and the 2021 Eureka Credit Facility at any time was approximately $315 million, the average daily balance was approximately $301 million and Eureka incurred interest at a weighted average annual interest rate of approximately 2.5%. For the year ended December 31, 2021, commitment fees of $0.5 million were paid to maintain credit availability under the Former Eureka Credit Facility and the 2021 Eureka Credit Facility. During the year ended December 31, 2020, the maximum amount of outstanding borrowings under the Former Eureka Credit Facility at any time was approximately $323 million, the average daily balance was approximately $301 million and Eureka incurred interest at weighted average annual interest rates of approximately 2.6%. For the year ended December 31, 2020, commitment fees of $0.6 million were paid to maintain credit availability under the Former Eureka Credit Facility. 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 (excluding costs related to the 2022 Tender Offers discussed below), 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 year ended December 31, 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 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. The 2021 Senior Notes were issued under and are governed by an indenture, dated January 8, 2021 (the 2021 Indenture), between EQM and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2021 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 2029 Notes will mature on January 15, 2029 and interest on the 2029 Notes is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2021. The 2031 Notes will mature on January 15, 2031 and interest on the 2031 Notes is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2021. The 2021 Senior Notes are unsecured and rank equally with all of EQM’s existing and future senior obligations. The 2021 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 2021 Senior Notes. The 2021 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 2021 Senior Notes in the future. EQM may, at its option, redeem some or all of the 2029 Notes and the 2031 Notes, in whole or in part, at any time prior to their maturity at the applicable redemption price as set forth in the 2021 Indenture. Upon the occurrence of a Change of Control Triggering Event (as defined in the 2021 Indenture), EQM may be required to offer to purchase the 2021 Senior Notes at a purchase price equal to 101% of the aggregate principal amount of the 2021 Senior Notes repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The 2021 Indenture contains certain events of default, including the following: (i) default in the payment of interest on such 2021 Senior Notes when due that continues for 30 days; (ii) default in the payment of principal of or premium, if any, on any such 2021 Senior Notes when due, whether at its stated maturity, upon redemption or otherwise; (iii) failure by EQM or any subsidiary guarantor, if any, to comply for 90 days with the other agreements with respect to such 2021 Senior Notes contained in the 2021 Indenture after written notice by the trustee or by the holders of at least 25% in principal amount of the outstanding 2021 Senior Notes of such series; (iv) 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 2021 Indenture); and (v) if such 2021 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 2021 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 2021 Indenture or its guarantee. If an event of default occurs and is continuing with respect to any of the 2021 Senior Notes, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding 2021 Senior Notes of such series may declare the 2021 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 2021 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 2021 Senior Notes will become due and payable immediately without further action or notice on the part of the trustee or any holders of the 2021 Senior Notes. 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 2021 related to the payment of the premium in the 2021 Tender Offers and write off of unamortized discounts and financing costs related to the prepayment of the 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. 2020 Senior Notes. During the second quarter of 2020, EQM issued $700 million aggregate principal amount of new 6.00% senior unsecured notes due July 1, 2025 and $900 million aggregate principal amount of new 6.50% senior unsecured notes due July 1, 2027 (collectively, the 2020 Senior Notes) and received net proceeds from the offering of approximately $1,576.1 million, inclusive of a discount of $20.0 million and debt issuance costs of $3.9 million. A portion of the net proceeds were used to repay a portion of the borrowings outstanding under the Amended EQM Credit Facility, and the remainder was used for general partnership purposes. The 2020 Senior Notes were issued under and are governed by an indenture, dated June 18, 2020 (the 2020 Indenture), between EQM and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2020 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. Upon the occurrence of a Change of Control Triggering Event (as defined in the 2020 Indenture), EQM may be required to offer to purchase the 2020 Senior Notes at a purchase price equal to 101% of the aggregate principal amount of the 2020 Senior Notes repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The 2020 Senior Notes are unsecured and rank equally with all of EQM’s existing and future senior obligations. The 2020 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 2020 Senior Notes. The 2020 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 2020 Senior Notes in the future. The 2020 Indenture contains certain events of default, including the following: (1) default in the payment of interest on such 2020 Senior Notes when due that continues for 30 days; (2) default in the payment of principal of or premium, if any, on any such 2020 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 2020 Senior Notes contained in the 2020 Indenture after written notice by the trustee or by the holders of at least 25% in principal amount of the outstanding 2020 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 2020 Indenture); and (5) if such 2020 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 2020 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 2020 Indenture or its guarantee. If an event of default occurs and is continuing with respect to any of the 2020 Senior Notes, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding 2020 Senior Notes of such series may declare the 2020 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 2020 Senior Notes will be due and payable immediatel |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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, probability-weighted assumptions regarding MVP full in-service timing, 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 probability-weighted assumptions regarding MVP full in-service timing, utilizing internally developed methodologies, 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 62.5% was utilized in the valuation model, which is based on market-quoted volatilities of relevant NYMEX Henry Hub natural gas forward prices. As of December 31, 2022 and 2021, the fair values of the Henry Hub cash bonus payment provision were $23.0 million and $13.4 million, respectively, which were recorded in other assets other income (expense) |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | (Loss) Earnings Per Share The following tables set forth the computation of the basic and diluted (loss) earnings per share attributable to Equitrans Midstream common shareholders for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Basic Diluted Basic Diluted Basic Diluted (In thousands, except per share data) Net (loss) income $ (257,138) $ (257,138) $ (1,397,290) $ (1,397,290) $ 632,984 $ 632,984 Less: Net income attributable to noncontrolling interests (excluding EQM Series A Preferred Units) 12,204 12,204 14,530 14,530 167,553 167,553 Less: EQM Series A Preferred Units interest in net income — — — — 47,359 47,359 Less: Preferred dividends 58,512 58,512 58,512 58,512 58,760 58,760 Net (loss) income attributable to Equitrans Midstream common shareholders $ (327,854) $ (327,854) $ (1,470,332) $ (1,470,332) $ 359,312 $ 359,312 Basic weighted average common shares outstanding 433,341 433,341 433,008 433,008 343,935 343,935 Dilutive securities (a) — — — — — 40 Diluted weighted average common shares outstanding 433,341 433,341 433,008 433,008 343,935 343,975 (Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders $ (0.76) $ (0.76) $ (3.40) $ (3.40) $ 1.04 $ 1.04 (a) For the years ended December 31, 2022, 2021 and 2020, the Company excluded 30,835 (in thousands), 30,556 (in thousands), and 16,512 (in thousands), respectively, of weighted average anti-dilutive securities related to the Equitrans Midstream Preferred Shares and stock-based compensation awards. Preferred dividends include a $27.3 million premium recognized on the redemption of the EQM Series A Preferred Units as part of the Restructuring Closing during the year ended December 31, 2020. 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, performance or market conditions related to these awards, 595, 498 and 288 (in thousands) Equitrans Midstream phantom units were included in the computation of basic and diluted weighted average common shares outstanding for the years ended December 31, 2022, 2021 and 2020, respectively. See Note 9 for information on Equitrans Midstream phantom units. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table summarizes income tax (benefit) expense for the years ended December 31, 2022, 2021 and 2020. Years Ended December 31, 2022 2021 2020 (Thousands) Current income tax expense: Federal $ — $ — $ — State 972 4,853 2,613 Total current income tax expense 972 4,853 2,613 Deferred income tax expense (benefit): Federal (5,391) (273,512) 79,861 State 10,863 (74,694) 21,119 Total deferred income tax expense (benefit) 5,472 (348,206) 100,980 Total income tax expense (benefit) $ 6,444 $ (343,353) $ 103,593 The following table summarizes differences between income tax expense (benefit) and amounts computed at the applicable federal statutory rate on pre-tax income for the years ended December 31, 2022, 2021 and 2020. Years Ended December 31, 2022 2021 2020 (Thousands) Income tax (benefit) expense at statutory rate $ (52,646) $ (365,535) $ 154,681 Valuation allowances 49,799 106,886 — State income tax expense (benefit) 9,440 (81,573) 18,748 Noncontrolling interests' share of earnings (2,563) (3,051) (45,132) AFUDC - equity 11 (2,595) (28,346) Other 2,403 2,515 3,642 Income tax expense (benefit) $ 6,444 $ (343,353) $ 103,593 Effective tax rate (2.6) % 19.7 % 14.1 % For the year ended December 31, 2022, the effective tax rate was lower than the federal and state statutory rates 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 and deferred income tax assets. For the year ended December 31, 2022, the effective tax rate was lower than the year ended December 31, 2021, primarily due to the lower 2022 impairment of the Company's equity method investment in the MVP Joint Venture and its impact on the loss before income taxes and deferred income tax assets as compared to the 2021 impairment of the Company's equity method investment in the MVP Joint Venture. For the year ended December 31, 2022, state income tax decreased the effective tax rate before valuation allowances due to the reduction of the future Pennsylvania Corporate Income Tax Rates and reduced the Pennsylvania deferred tax asset. As a result of an offsetting decrease to valuation allowances, the decrease in the Pennsylvania Corporate Income Tax Rates had no net impact on the effective tax rate for the year ended December 31, 2022. For the year ended December 31, 2021, the effective tax rate was lower than the federal and state statutory rates due to valuation allowances that limit tax benefits for the Company's federal and state deferred tax assets primarily due to the increase in the impairment of the Company's equity method investment in the MVP Joint Venture and its impact on the loss before income taxes and deferred income tax assets. For the year ended December 31, 2021, the effective tax rate was higher than the year ended December 31, 2020, primarily due to the EQM Merger impact on noncontrolling interest and the decrease in MVP Joint Venture AFUDC on the construction of MVP. The effective tax rate was also higher for the year ended December 31, 2021, due to the impairment of equity method investment (see Note 3) and its impact on the loss before income taxes. Noncontrolling interest and AFUDC – equity increase the effective tax rate in periods with a loss before income taxes. For the years ended December 31, 2021 and 2020, the effective tax rates also were lower than the federal and state statutory rates because the Company does not record income tax expense for the applicable periods on the portions of its income attributable to the noncontrolling member of Eureka Midstream and for the year ended December 31, 2020, the effective tax rate was lower than the federal and state statutory rate because the Company did not record income tax expense on the portion of its income attributable to noncontrolling limited partners of EQM for the periods prior to the closing of the EQM Merger. The following table summarizes the components of net deferred tax (liabilities) assets. December 31, 2022 2021 (Thousands) Deferred income tax assets: Investment in partnerships $ 65,896 $ 76,405 163(j) interest limitation 36,523 — Net operating loss carryforwards 71,639 51,230 Total deferred tax assets 174,058 127,635 Valuation allowance (156,685) (106,886) Net deferred tax asset 17,373 20,749 Deferred income tax liabilities: Deferred revenue (15,143) (17,120) Other (2,230) (3,629) Total deferred income tax liability (17,373) (20,749) Net deferred income tax asset (liability) $ — $ — As of December 31, 2022, the Company had federal NOL of $61.7 million and state NOL of $9.9 million related to various state jurisdictions with a corresponding valuation allowance of $61.7 million and $9.9 million, respectively. The Company has a valuation allowance related to federal and state interest disallowances under Internal Revenue Code Section 163(j) of $36.5 million. The Company also has a valuation allowance related to its investment in partnership deferred tax assets, net of offsetting deferred tax liability of $48.6 million. As of December 31, 2021, the Company had federal NOL of $34.5 million and state NOL of $16.7 million related to various state jurisdictions with a corresponding valuation allowance of $34.5 million and $16.7 million, respectively. As of December 31, 2021, the Company also had a valuation allowance related to its investment in partnership deferred tax assets, net of offsetting deferred tax liabilities of $55.7 million. The federal and commonwealth of Virginia and state of West Virginia NOL carryforwards have no expiration, but utilization is limited to 80% of taxable income in the year of utilization. The Company's Pennsylvania NOL carryforwards expire between 2038 and 2042 and utilization is limited to 40% of taxable income in the year of utilization. For the year ended December 31, 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. 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 federal and state NOL carryforwards and reversals of the investment in partnership deferred tax asset, 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 valuation allowance would impact the Company's income tax expense in the period in which such a determination is made. The following table summarizes the changes in valuation allowances for the years ended December 31, 2022 and 2021: Deferred income tax asset valuation allowance (Thousands) Balance at January 1, 2021 $ — Valuation allowance provision 106,886 Balance at December 31, 2021 $ 106,886 Valuation allowance provision 49,799 Balance at December 31, 2022 $ 156,685 The Company has not identified any uncertain tax positions for the years ended December 31, 2022, 2021 or 2020. The Company is not subject to federal or state income tax examination by tax authorities for years before 2019. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit Risk | Concentrations of Credit RiskThe Company is exposed to the credit risk of its customers, including EQT, its largest customer, other producers, natural gas marketers, distribution companies and other end users. For the years ended December 31, 2022, 2021 and 2020, EQT accounted for approximately 61%, 59% and 64%, respectively, of the Company's total revenues across all of the Company's operating segments. As of December 31, 2022, EQT had credit ratings of BBB- from S&P (with a stable outlook), Ba1 from Moody's (with a positive outlook) and BBB- from Fitch (with a stable outlook). Each of S&P's and Fitch's ratings were considered investment grade and Moody's rating was considered non-investment grade. As of December 31, 2021, EQT's credit ratings with each of S&P, Moody's and Fitch were considered non-investment grade.As of December 31, 2022 and 2021, EQT accounted for 72% and 75%, respectively, of the Company's accounts receivable balances, while various other natural gas marketers and producers accounted for the majority of the remaining accounts receivable balances. To manage the credit risk related to transactions with marketers, the Company engages with only those that meet specified criteria for credit and liquidity strength and actively monitors accounts with marketers. In connection with its assessment of marketer credit and liquidity strength, the Company may request a letter of credit, guarantee, performance bond or other credit enhancement. The Company did not experience significant defaults on accounts receivable during the years ended December 31, 2022, 2021 and 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, various legal and regulatory claims and proceedings are pending or threatened against the Company and its subsidiaries. While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings. The Company accrues legal and other direct costs related to loss contingencies when incurred. The Company establishes reserves whenever it believes it to be appropriate for pending matters. Furthermore, after consultation with counsel and considering the availability, if any, of insurance, the Company believes, although no assurance can be given, that the ultimate outcome of any matter currently pending against it or any of its consolidated subsidiaries will not materially adversely affect its business, financial condition, results of operations, liquidity or ability to pay dividends to its shareholders. On November 6, 2022, the Company became aware that a storage well at Equitrans, L.P.’s Rager Mountain natural gas storage facility located in Jackson Township, a remote section of Cambria County, Pennsylvania, was venting natural gas. The venting from such well was successfully halted on November 19, 2022. The Company has established a regulatory reserve in connection with the Rager Mountain natural gas storage field incident, which is included in regulatory and other long-term liabilities in the consolidated balance sheets as of December 31, 2022. The Company is incurring and expects to continue to incur costs and expenses as a result of the incident, including beyond such reserve or not foreseen or estimable as of the date of the filing of this Annual Report on Form 10-K, which amounts, if significant individually or in the aggregate, could have a material adverse effect on the Company's business, financial condition, results of operations, liquidity or ability to pay dividends to the Company's shareholders. The Company is subject to federal, state and local environmental laws and regulations. These laws and regulations, which are constantly changing, can require expenditures for remediation and, in certain instances, have resulted and can result in assessment of fines. The Company has established procedures for the ongoing evaluation of its operations to seek to identify potential environmental exposures and to promote compliance with regulatory requirements. The estimated costs associated with identified situations requiring remedial action are accrued; however, when recoverable through future regulated rates, certain of these costs are deferred as regulatory assets. Through December 31, 2022, ongoing expenditures for compliance with environmental laws and regulations, including investments in facilities to meet environmental requirements, have not been material. Based on applicable environmental laws and regulations, management believes that required expenditures in respect thereof will not be significantly different in either nature or amount in the future and, based on such environmental laws and regulations, does not know of any future environmental liabilities that will have a material adverse effect on the Company's business, financial condition, results of operations, liquidity or ability to pay dividends to the Company's shareholders (however, the Company cautions that the ultimate expenditures related to or arising out of the Rager Mountain incident may affect the nature and magnitude of future expenditures, and such expenditures and the ultimate impact of the Rager Mountain incident are not yet known). Nonetheless, the trend in environmental regulation is to place more restrictions and limitations on activities that may affect the environment, and it is generally expected that such trend will likely increase in the future. Thus, compliance with future environmental laws and regulations could result in significant costs and could have a material adverse effect on the Company's business, financial condition, results of operations, liquidity or ability to pay dividends to the Company's shareholders. Purchase obligations represent agreements to purchase goods or services that are enforceable, legally binding and specify all significant terms, including the approximate timing of the transaction. As of December 31, 2022, the Company had approximately $27.2 million of purchase obligations, which included commitments for capital expenditures, operating expenses and service contracts. For information related to operating lease rental payments for office locations and compressors, see Note 6 . |
Selected Quarterly Financial In
Selected Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Selected Quarterly Financial Information (unaudited) | Selected Quarterly Financial Information (unaudited) In the course of its year-end 2022 process, the Company identified certain corrections in its previously issued unaudited interim consolidated financial statements primarily related to the accounting for the Henry Hub cash bonus payment provision. In accordance with SAB No. 99 and SAB No. 108, the Company evaluated the corrections and, based on its analysis of quantitative and qualitative factors, determined that the related impact was not material to those of its affected unaudited interim consolidated financial statements in 2022, 2021 and 2020. The Company also made other immaterial revisions to its fourth quarter of 2021 and first quarter of 2022 unaudited interim consolidated financial statements. The Company has revised its unaudited interim consolidated financial statements for the affected prior periods below. Statements of Consolidated Comprehensive Income Three Months Ended March 31, 2022 Three Months Ended June 30, 2022 Three Months Ended September 30, 2022 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Operating and maintenance $ 32,834 $ 247 $ 33,081 $ 32,442 $ — $ 32,442 $ 35,297 $ — $ 35,297 Selling, general and administrative 28,126 1,591 29,717 29,009 — 29,009 33,348 — 33,348 Total operating expenses 144,208 1,838 146,046 145,313 — 145,313 153,421 — 153,421 Operating income 197,938 (1,838) 196,100 183,298 — 183,298 178,330 — 178,330 Other income (expense), net 6,348 (4,837) 1,511 14,173 (10,025) 4,148 893 1,572 2,465 Income (loss) before income taxes 111,169 (6,675) 104,494 77,456 (10,025) 67,431 (504,871) 1,572 (503,299) Income tax expense (benefit) 6,261 (660) 5,601 3,650 (958) 2,692 (1,275) 909 (366) Net income (loss) 104,908 (6,015) 98,893 73,806 (9,067) 64,739 (503,596) 663 (502,933) Net income (loss) attributable to Equitrans Midstream 101,133 (6,015) 95,118 69,858 (9,067) 60,791 (506,528) 663 (505,865) Net income (loss) attributable to Equitrans Midstream common shareholders 86,505 (6,015) 80,490 55,230 (9,067) 46,163 (521,156) 663 (520,493) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic 0.20 (0.01) 0.19 0.13 (0.02) 0.11 (1.20) 0.00 (1.20) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted 0.20 (0.01) 0.19 0.13 (0.02) 0.11 (1.20) 0.00 (1.20) Three Months Ended March 31, 2021 Three Months Ended June 30, 2021 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised Other income (expense) , net $ 7,599 $ (714) $ 6,885 $ 9,453 $ (943) $ 8,510 Income (loss) before income taxes 97,013 (714) 96,299 52,685 (943) 51,742 Income tax expense (benefit) 20,416 (157) 20,259 12,564 (232) 12,332 Net income (loss) 76,597 (557) 76,040 40,121 (711) 39,410 Net income (loss) attributable to Equitrans Midstream 72,683 (557) 72,126 37,113 (711) 36,402 Net income (loss) attributable to Equitrans Midstream common shareholders 58,055 (557) 57,498 22,485 (711) 21,774 Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic 0.13 0.00 0.13 0.05 0.00 0.05 Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted 0.13 0.00 0.13 0.05 0.00 0.05 Three Months Ended September 30, 2021 Three Months Ended December 31, 2021 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised Operating and maintenance $ 38,743 $ — $ 38,743 $ 42,422 $ (247) $ 42,175 Selling, general and administrative 33,560 — 33,560 34,111 (1,591) 32,520 Total operating expenses 154,528 — 154,528 159,188 (1,838) 157,350 Operating income 187,546 — 187,546 87,484 1,838 89,322 Other income (expense) , net 21,199 (2,133) 19,066 (54,355) (27,652) (82,007) Income (loss) before income taxes 123,105 (2,133) 120,972 (1,983,842) (25,814) (2,009,656) Income tax expense (benefit) 32,200 (558) 31,642 (410,271) 2,685 (407,586) Net income (loss) 90,905 (1,575) 89,330 (1,573,571) (28,499) (1,602,070) Net income (loss) attributable to Equitrans Midstream 87,348 (1,575) 85,773 (1,577,622) (28,499) (1,606,121) Net income (loss) attributable to Equitrans Midstream common shareholders 72,720 (1,575) 71,145 (1,592,250) (28,499) (1,620,749) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic 0.17 (0.01) 0.16 (3.68) (0.06) (3.74) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted 0.17 (0.01) 0.16 (3.68) (0.06) (3.74) Statements of Consolidated Cash Flows Three Months Ended March 31, 2022 Six Months Ended June 30, 2022 Nine Months Ended September 30, 2022 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Net (loss) income $ 104,908 $ (6,015) $ 98,893 $ 178,714 $ (15,082) $ 163,632 $ (324,882) $ (14,419) $ (339,301) Deferred income taxes 4,603 (660) 3,943 6,990 (1,618) 5,372 8,101 (709) 7,392 Other (income) expense, net (6,501) 4,837 (1,664) (20,272) 14,862 (5,410) (21,681) 13,290 (8,391) Non-cash long-term compensation expense 2,990 1,838 4,828 6,646 1,838 8,484 10,304 1,838 12,142 Net cash provided by operating activities 185,946 — 185,946 536,972 — 536,972 746,539 — 746,539 Three Months Ended March 31, 2021 Six Months Ended June 30, 2021 Nine Months Ended September 30, 2021 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Net (loss) income $ 76,597 $ (557) $ 76,040 $ 116,718 $ (1,268) $ 115,450 $ 207,623 $ (2,843) $ 204,780 Deferred income taxes 20,406 (157) 20,249 32,500 (389) 32,111 61,267 (947) 60,320 Other (income) expense, net (7,254) 714 (6,540) (16,750) 1,657 (15,093) (38,160) 3,790 (34,370) Net cash provided by operating activities 229,552 — 229,552 612,147 — 612,147 822,024 — 822,024 Consolidated Balance Sheets March 31, 2022 June 30, 2022 September 30, 2022 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Other assets $ 307,965 $ (43,077) $ 264,888 $ 316,074 $ (53,102) $ 262,972 $ 321,444 $ (51,530) $ 269,914 Total assets 10,818,702 (43,077) 10,775,625 10,961,930 (53,102) 10,908,828 10,386,504 (51,530) 10,334,974 Regulatory and other long-term liabilities 97,156 (660) 96,496 96,742 (1,618) 95,124 108,272 (709) 107,563 Total liabilities 8,098,572 (660) 8,097,912 8,243,109 (1,618) 8,241,491 8,263,019 (709) 8,262,310 Retained deficit (2,407,250) (42,417) (2,449,667) (2,417,011) (51,484) (2,468,495) (3,003,848) (50,821) (3,054,669) Total common shareholders' equity 1,551,318 (42,417) 1,508,901 1,546,061 (51,484) 1,494,577 963,793 (50,821) 912,972 Total shareholders' equity 2,038,288 (42,417) 1,995,871 2,036,979 (51,484) 1,985,495 1,441,643 (50,821) 1,390,822 Total liabilities, mezzanine equity and shareholders' equity 10,818,702 (43,077) 10,775,625 10,961,930 (53,102) 10,908,828 10,386,504 (51,530) 10,334,974 March 31, 2021 June 30, 2021 September 30, 2021 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Other assets $ 343,341 $ (7,512) $ 335,829 $ 351,043 $ (8,455) $ 342,588 $ 365,586 $ (10,588) $ 354,998 Total assets 12,788,847 (7,512) 12,781,335 12,806,331 (8,455) 12,797,876 12,868,402 (10,588) 12,857,814 Regulatory and other long-term liabilities 97,759 (1,895) 95,864 98,122 (2,127) 95,995 98,870 (2,685) 96,185 Total liabilities 8,426,552 (1,895) 8,424,657 8,479,623 (2,127) 8,477,496 8,527,415 (2,685) 8,524,730 Retained deficit (735,888) (5,617) (741,505) (778,153) (6,328) (784,481) (770,769) (7,903) (778,672) Total common shareholders' equity 3,207,874 (5,617) 3,202,257 3,169,279 (6,328) 3,162,951 3,180,001 (7,903) 3,172,098 Total shareholders' equity 3,680,453 (5,617) 3,674,836 3,644,866 (6,328) 3,638,538 3,659,145 (7,903) 3,651,242 Total liabilities, mezzanine equity and shareholders' equity 12,788,847 (7,512) 12,781,335 12,806,331 (8,455) 12,797,876 12,868,402 (10,588) 12,857,814 Statements of Consolidated Shareholders' Equity and Mezzanine Equity Common Stock No Par Value Retained Earnings (Deficit) Total Equity (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Balance at January 1, 2021 $ 3,941,295 $ — $ 3,941,295 $ (728,959) $ (5,060) $ (734,019) $ 3,681,272 $ (5,060) $ 3,676,212 Net income — — — 58,055 (557) 57,498 61,969 (557) 61,412 Balance at March 31, 2021 $ 3,945,957 $ — $ 3,945,957 $ (735,888) $ (5,617) $ (741,505) $ 3,680,453 $ (5,617) $ 3,674,836 Net income — — — 22,485 (711) 21,774 25,493 (711) 24,782 Balance at June 30, 2021 $ 3,949,592 $ — $ 3,949,592 $ (778,153) $ (6,328) $ (784,481) $ 3,644,866 $ (6,328) $ 3,638,538 Net income — — — 72,720 (1,575) 71,145 76,277 (1,575) 74,702 Balance at September 30, 2021 $ 3,952,896 $ — $ 3,952,896 $ (770,769) $ (7,903) $ (778,672) $ 3,659,145 $ (7,903) $ 3,651,242 Net (loss) income — — — (1,592,250) (28,499) (1,620,749) (1,588,199) (28,499) (1,616,698) Share-based compensation plans, net 4,860 (1,838) 3,022 — — — 4,860 (1,838) 3,022 Balance at December 31, 2021 $ 3,957,756 $ (1,838) $ 3,955,918 $ (2,428,171) $ (36,402) $ (2,464,573) $ 2,010,726 $ (38,240) $ 1,972,486 Common Stock No Par Value Retained Earnings (Deficit) Total Equity (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Balance at January 1, 2022 $ 3,957,756 $ (1,838) $ 3,955,918 $ (2,428,171) $ (36,402) $ (2,464,573) $ 2,010,726 $ (38,240) $ 1,972,486 Net income — — — 86,505 (6,015) 80,490 90,280 (6,015) 84,265 Share-based compensation plans, net 2,832 1,838 4,670 — — — 2,832 1,838 4,670 Balance at March 31, 2022 $ 3,960,588 $ — $ 3,960,588 $ (2,407,250) $ (42,417) $ (2,449,667) $ 2,038,288 $ (42,417) $ 1,995,871 Net income — — — 55,230 (9,067) 46,163 59,178 (9,067) 50,111 Balance at June 30, 2022 $ 3,965,058 $ — $ 3,965,058 $ (2,417,011) $ (51,484) $ (2,468,495) $ 2,036,979 $ (51,484) $ 1,985,495 Net (loss) income — — — (521,156) 663 (520,493) (518,224) 663 (517,561) Balance at September 30, 2022 $ 3,969,591 $ — $ 3,969,591 $ (3,003,848) $ (50,821) $ (3,054,669) $ 1,441,643 $ (50,821) $ 1,390,822 |
Summary of Operations and Sig_2
Summary of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of all entities in which the Company holds a controlling financial interest. For consolidated subsidiaries in which the Company’s ownership is less than 100%, the Company records noncontrolling interest related to the third-party ownership interests in those entities. Investments over which the Company can exert significant influence, but not control, over operating and financial policies are accounted for under the equity method of accounting. Intercompany transactions have been eliminated for purposes of preparing these consolidated financial statements. 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. |
Segments | Segments. Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and is subject to evaluation by the Company's chief operating decision maker in deciding how to allocate resources. The Company reports its operations in three segments that reflect its three lines of business of Gathering, Transmission and Water. The operating segments are evaluated based on their contribution to the Company's operating income and equity income. Transmission also includes the Company's investment in the MVP Joint Venture, which is accounted for as an equity investment as described in Note 8; as a result, Transmission's portion of the MVP Joint Venture's operating results is reflected in equity income and not in Transmission's operating income. All of the Company's operating revenues, income and assets are generated or located in the United States. See Note 4 for financial information by segment. |
Reclassification | Reclassification. Certain previously reported amounts have been reclassified to conform to current year presentation. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in these financial statements. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents. The Company classifies highly-liquid investments with original maturities of three months or less as cash equivalents. Interest earned on cash equivalents is recorded as a reduction to net interest expense on the statements of consolidated comprehensive income. |
Accounts Receivables | Accounts Receivables. Trade and other receivables are stated at their historical carrying amount. Judgment is required to determine the ultimate realization of accounts receivable, including assessing the probability of collection and the creditworthiness of customers. |
Derivative Instruments | Derivative Instruments. Derivative instruments are recorded on the Company’s consolidated balance sheets as either an asset or liability measured at fair value. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s assets and liabilities that are measured at fair value at each reporting date are classified according to a hierarchy that prioritizes inputs and assumptions underlying the valuation techniques. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs and consists of three broad levels: • Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable as of the reporting date. • Level 3: Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company prioritizes valuation techniques that maximize the use of observable inputs. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each reporting period. See Note 11 for information regarding the fair value of financial instruments. |
Property, Plant and Equipment | Property, Plant and Equipment. The Company's property, plant and equipment are stated at depreciated cost. Maintenance projects that do not increase the overall life of the related assets are expensed as incurred. Expenditures that extend the useful life of the asset are capitalized. The Company capitalized internal labor costs of $47.3 million, $50.8 million and $44.9 million in the years ended December 31, 2022, 2021 and 2020, respectively. The Company capitalized interest, including the debt component of Allowance for Funds Used During Construction (AFUDC), of $8.7 million, $4.9 million and $18.6 million in the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes the Company's property, plant and equipment. December 31, 2022 2021 (Thousands) Gathering assets $ 7,176,011 $ 6,911,268 Accumulated depreciation (919,465) (727,735) Net gathering assets 6,256,546 6,183,533 Transmission and storage assets 1,928,894 1,901,756 Accumulated depreciation (475,688) (424,918) Net transmission and storage assets 1,453,206 1,476,838 Water services assets 245,258 176,245 Accumulated depreciation (79,518) (60,379) Net water services assets 165,740 115,866 Other property, plant and equipment 14,888 15,332 Accumulated depreciation (6,049) (4,066) Net other property, plant and equipment 8,839 11,266 Net property, plant and equipment $ 7,884,331 $ 7,787,503 Property, plant and equipment includes capitalized qualified implementation costs incurred in a hosting arrangement that is a service contract of $9.0 million and $10.0 million, respectively, as of December 31, 2022 and 2021. The Company finalized the implementation of certain portions of its enterprise resource planning system throughout 2021 and amortized approximately $1.0 million and $0.9 million of implementation costs in the years ended December 31, 2022 and 2021, respectively. |
Intangible Assets | Intangible Assets. Intangible assets are recorded under the acquisition method of accounting at their estimated fair values at the acquisition date, which are calculated as the present value of estimated future cash flows using a risk-adjusted discount rate. The Company's intangible assets are amortized on a straight-line basis over each intangible asset's estimated remaining useful life. The estimated annual amortization expense related to the intangible assets for each of the next five years is $64.8 million for years one through four and then $62.5 million in year five and the weighted average amortization period is 9.3 years. |
Goodwill and Impairment of Long-Lived Assets | Goodwill and Long-Lived Assets. Goodwill is evaluated for impairment at least annually or whenever events or changes in circumstance indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company may perform either a qualitative assessment of potential impairment or proceed directly to a quantitative assessment of potential impairment. The Company's qualitative assessment of potential impairment may result in the determination that a quantitative impairment analysis is not necessary. The Company assesses qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then a quantitative assessment is not required. However, if the Company concludes otherwise, a quantitative impairment analysis is performed. If the Company chooses not to perform a qualitative assessment, or if it chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then the Company will perform a quantitative assessment. The Company estimates the fair value of the reporting unit with which the goodwill is associated and compares it to the carrying value. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. With respect to property, plant and equipment and finite lived intangibles, asset recoverability is measured by comparing the carrying value of the asset or asset group with its expected future pre-tax undiscounted cash flows. These cash flow estimates require the Company to make projections and assumptions for many years into the future for volumes, pricing, demand, competition, operating costs and other factors. If the carrying amount exceeds the expected future undiscounted cash flows, the Company recognizes an impairment equal to the excess of carrying value over fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The determination of the fair value using present value techniques requires the Company to make projections and assumptions regarding the probability of a range of outcomes and the rates of interest used in the present value |
Investment in Unconsolidated Entities and Noncontrolling Interests | Investments in Unconsolidated Entities. The Company accounts for the investments in its unconsolidated entities under the equity method. The Company’s pro-rata share of net income in the unconsolidated entities is included in equity income in the Company’s statements of consolidated comprehensive income. Contributions to or distributions from the unconsolidated entities and the Company’s pro-rata share of net income in the unconsolidated entities are recorded as adjustments to the investment balance. The Company reviews the carrying value of its investments in unconsolidated entities for impairment whenever events or changes in circumstances indicate that the fair value may have declined in value. When there is evidence of loss in value that is other-than-temporary, the Company compares the investment's carrying value to its estimated fair value to determine whether impairment has occurred. If the carrying value exceeds the estimated fair value, the Company estimates and recognizes an impairment charge equal to the difference between the investment's carrying value and fair value. See Notes 3 and 8 for further detail. Noncontrolling Interests . Noncontrolling interests represent the portion of the equity of consolidated entities that are not wholly owned by the Company and are reported as a component of shareholders’ equity in the consolidated balance sheets. Noncontrolling interests are adjusted by the amount of net income earned by the entities with noncontrolling interests, distributions paid to noncontrolling interest holders and any changes in the noncontrolling ownership percentages. As of December 31, 2022 and 2021, the Company's noncontrolling interest consisted of the third-party ownership interest in Eureka Midstream. For all periods presented, the Company's noncontrolling interests included third-party ownership interests in Eureka Midstream. Additionally, for the period from January 1, 2020 through the closing of the EQM Merger, the Company’s noncontrolling interests included the EQM common units not held by the Company or its affiliates and the EQM Series A Preferred Unit holders' interest in EQM's net income. |
Preferred Interest | Preferred Interest. EQT Energy Supply, LLC (EES), a subsidiary of EQT, generates revenue by providing services to a local distribution company. The preferred interest that the Company has in EES (the Preferred Interest) is accounted for as a note receivable and is presented in other assets in the consolidated balance sheets with the current portion reported in other current assets. Distributions received from EES are recorded as a reduction to the Preferred Interest and as interest income, which is included in net interest expense in the Company's statements of consolidated comprehensive income. The EES operating agreement provides for mandatory redemption of the Preferred Interest at the end of the preference period, which is expected to be December 31, 2034. |
Unamortized Debt Discount and Issuance Costs | Unamortized Debt Discount and Issuance Costs. The Company amortizes debt discounts and issuance costs over the term of the related borrowing. Costs incurred from the arrangement, issuance and/or extension of revolving credit facilities, including the Amended EQM Credit Facility and the 2021 Eureka Credit Facility (each as defined in Note 10), are presented in other assets in the consolidated balance sheets. Debt discounts and issuance costs for all other debt instruments are presented as a reduction to debt on the consolidated balance sheets. See Note 10 for further detail. |
Leases | Leases . Right-of-use assets represent the right to use the underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized on the consolidated balance sheets at the lease commencement date based on the present value of lease payments over the lease term. The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset during the lease term and accounts for leases in accordance with ASC 842, Leases (ASC 842). |
Asset Retirement Obligations (AROs) | Asset Retirement Obligations (AROs). The Company has AROs related to its water system impoundments and to one of its gathering compressor stations, for which the Company recorded an associated liability and capitalized a corresponding amount to asset retirement costs. The liability relates to the expected future obligation to dismantle, reclaim and dispose of these assets and was estimated using the present value of expected future cash flows, adjusted for inflation, and discounted at the Company's credit-adjusted, risk-free rate. The AROs are recorded in regulatory and other long-term liabilities on the consolidated balance sheets. Beginning in 2020 and continuing throughout 2021 and 2022, the Company undertook the reclamation process for certain water system impoundments. The following table presents changes in the Company's AROs during 2022 and 2021. December 31, 2022 2021 (Thousands) AROs at beginning of period $ 11,241 $ 12,172 Liabilities settled (996) (1,609) Revisions to estimated liabilities (a) 3,153 — Accretion expense 563 678 AROs at end of period $ 13,961 $ 11,241 (a) Revisions to estimated liabilities reflect changes in retirement cost assumptions and the estimated timing of liability settlement. The Company is not legally or contractually obligated to restore or dismantle its transmission and storage systems and its gathering systems, other than the one aforementioned gathering compressor station. The Company is legally required to operate and maintain these assets and intends to do so as long as supply and demand for natural gas exists, which the Company expects to continue into the foreseeable future. Therefore, the Company did not have any AROs related to its transmission and storage and gathering (other than the aforementioned gathering compressor station) assets as of December 31, 2022 and 2021. |
Contingencies | Contingencies. The Company is, from time to time, involved in various regulatory and legal proceedings. A liability is recorded when the loss is probable and the amount of loss can be reasonably estimated. The Company considers many factors when making such assessments, including historical knowledge and matter specifics. Estimates are developed through consultation with legal counsel and analysis of the potential results. See Note 15. |
Regulatory Accounting | Regulatory Accounting. Equitrans, L.P. owns all of the Company's FERC-regulated transmission and storage operations as well as its FERC-regulated low-pressure gathering assets. Through the rate-setting process, rate regulation allows Equitrans, L.P. to recover the costs of providing regulated services plus an allowed return on invested capital. Regulatory accounting allows Equitrans, L.P. to defer expenses and income to its consolidated balance sheets as regulatory assets and liabilities when it is probable that those expenses and income will be allowed in the rate-setting process for a period other than the period that they would be reflected in a non-regulated entity's statements of consolidated comprehensive income. Regulatory assets and liabilities are recognized in the Company's statements of consolidated comprehensive income in the period that the underlying expenses and income are reflected in the rates charged to shippers and operators. Equitrans, L.P. expects to continue to be subject to rate regulation that will provide for the recovery of deferred costs. |
Revenue Recognition | Revenue Recognition . Revenue is measured based on considerations specific in a contract with a customer. The Company recognizes revenue under gathering, transmission and storage and water services contracts when it satisfies certain performance obligations, as discussed below. The Company provides gathering, transmission and storage services in two manners: firm service and interruptible service. Firm service is provided under firm contracts, which are contracts for gathering, transmission or storage services that generally obligate the customer to pay a fixed, monthly charge to reserve an agreed upon amount of pipeline or storage capacity regardless of the capacity used by the customer during each month. Volumetric-based fees can also be charged under firm contracts for each firm volume transported, gathered or stored, as well as for volumes transported, gathered or stored in excess of the firm contracted volume, if capacity exists. Interruptible service contracts include volumetric-based fees, which are charges for the volume of gas gathered, transported or stored and generally do not guarantee access to the pipeline or storage facility. Firm and interruptible contracts can be short- or long-term in duration. Firm and interruptible transmission and storage service contracts are billed at the end of each calendar month, with payment typically due within 10 days. Firm and interruptible gathering contracts are billed on a one-month lag, with payment typically due within 21 days. Revenue related to gathering services provided but not yet billed is estimated each month. These estimates are generally based on contract data, preliminary throughput and allocation measurements. Under a firm contract, the Company has a stand-ready obligation to provide the service over the life of the contract. The performance obligation for firm reservation fee revenue is satisfied over time as the pipeline capacity is made available to the customer. As such, the Company recognizes firm reservation fee revenue evenly over the contract period using a time-elapsed output method to measure progress. The performance obligation for volumetric-based fee revenue is generally satisfied upon the Company's monthly billing to the customer for volumes gathered, transported or stored during the month. The amount billed generally corresponds directly to the value of the Company's performance to date as the customer obtains value as each volume is gathered, transported or stored. Water service revenues represent fees charged by the Company for the delivery of fresh and produced water to a customer at a specified delivery point and for the collection and recycling or disposal of flowback and produced water. The Company's water service revenues are generated under firm service and interruptible service contracts, which primarily utilize fixed prices per volume delivered. Firm service provides water services under firm contracts to customers with priority. Interruptible service contracts generally do not guarantee access to the water facilities. For fresh and produced water delivery service contracts, the only performance obligation in each contract is for the Company to provide water (usually a minimum daily volume of water) to the customer at a designated delivery point. For flowback and produced water, the performance obligation is collection and disposal of the water, which typically occur within the same day. Water service contracts are billed on a monthly basis, with payment typically due within 30 days. For all contracts, the Company allocates the transaction price to each performance obligation based on the estimated relative standalone selling price. When applicable, the excess of consideration received over revenue recognized results in the deferral of those amounts until future periods based on a units of production or straight-line methodology as these methods appropriately match the consumption of services provided to the customer. The units of production methodology requires the use of production estimates that are uncertain and the use of judgment when developing estimates of future production volumes, thus impacting the rate of revenue recognition. Production estimates are monitored as circumstances and events warrant. |
AFUDC | AFUDC . The Company capitalizes the carrying costs of financing the construction of certain long-lived, regulated assets. Such costs are amortized over the asset's estimated useful life and include interest costs (the debt component of AFUDC) and equity costs (the equity component of AFUDC). The debt component of AFUDC is recorded as a reduction to net interest expense on the statements of consolidated comprehensive income, and the equity component of AFUDC is recorded in other income (expense), net, on the statements of consolidated comprehensive income. |
Share-Based Compensation | Share-Based Compensation. The Company recognizes share-based compensation expense based upon the estimated fair value of awards over the requisite service period. Time-based restricted units expected to be satisfied in cash are accounted for as liability awards recorded over the requisite service period, typically three years. The fair value of liability awards is remeasured at the end of each reporting period based on the closing price of the Company’s common stock. Time-based restricted stock awards expected to be satisfied in Company common stock are accounted for as equity awards and are recorded over the requisite service period, typically three years, based on the grant date fair value. Director phantom units expected to be satisfied in Company common stock vest on the date of grant and are recorded based on the grant date fair value. The grant date fair value, in both cases, is determined based upon the closing price of the Company's common stock on the day before the grant date. The Company accounts for forfeitures as they occur. Performance-based awards expected to be satisfied in cash are accounted for as liability awards and remeasured at fair value at the end of each reporting period, recognizing a proportionate amount of the compensation expense for each period over the vesting period of the award. Performance-based awards expected to be satisfied in Company common stock are accounted for as equity awards and recorded based on an estimated grant date fair value over the vesting period of the award. Determination of the fair value of awards requires judgments and estimates regarding, among other things, the appropriate methodologies to follow in valuing the awards and the related inputs required by those valuation methodologies. The Company obtains a valuation at each reporting date for liability awards and at the grant date for equity awards based upon assumptions regarding risk-free rates of return, expected volatilities, the expected term of the award and dividend yield, as applicable. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of valuation. Expected volatilities are based on historical volatility of the Company's common stock and, where applicable, the common stock of the peer group members at the time of valuation. The expected term represents the period of time elapsing during the applicable performance period. The dividend yield is based on the historical dividend yield of the Company's common stock adjusted for any expected changes and, where applicable, the common stock of the peer group members at the time of valuation. For plans that include a performance condition that affects the number of awards that will ultimately vest, the probability that the performance condition will be achieved is reevaluated at the end of each reporting period and the payout multiplier is applied to the grant date fair value or measurement date fair value to record compensation expense, as applicable. For plans that include a market condition, compensation expense is based on a grant date fair value using a Monte Carlo simulation that |
Income Taxes | Income Taxes. The Company files a consolidated income tax return for federal income taxes and the provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) plus the change in deferred taxes for the current year. EQM is a limited partnership for U.S. federal and state income tax purposes. Eureka Midstream is a limited liability company for such purposes. EQM and Eureka Midstream are not subject to U.S. federal or state income taxes. All of Eureka Midstream's income is, and for the period prior to the closing of the EQM Merger all of EQM's income was, included in the Company's pre-tax income; however, the Company does not record income tax expense on the portions of its income attributable to the noncontrolling member of Eureka Midstream and did not record income tax expense on the portions of its income attributable to the noncontrolling limited partners of EQM for the periods prior to the closing of the EQM Merger. This reduces the Company's effective tax rate in periods when the Company has consolidated pre-tax income and increases the effective tax rate in periods when the Company has consolidated pre-tax losses. Deferred taxes represent the future tax consequences of differences between the financial and tax bases of the Company's assets and liabilities. Deferred tax balances are adjusted for changes in tax rates and tax laws when enacted. Deferred tax assets are reflected on the consolidated balance sheets for net operating losses, credits or other attributes generated by the Company. 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 all potential sources of taxable income, including income available in carry-back periods, future reversals of taxable temporary differences, projections of taxable income and income from tax planning strategies, as well as all available positive and negative evidence. Deferred tax assets for which no valuation allowance is recorded may not be realized and changes in facts and circumstances may result in the establishment of a valuation allowance. Existing valuation allowances are re-examined under the same standards of positive and negative evidence that apply to valuation allowance establishment. If it is determined that it is more likely than not that a deferred tax asset for which a valuation is recorded will be realized, all or a portion of the valuation allowance may be released. Deferred tax assets and liabilities are also re-measured to reflect changes in underlying tax rates from tax law changes. |
Mezzanine Equity | Mezzanine Equity. The Equitrans Midstream Preferred Shares are considered redeemable securities under GAAP due to the possibility of redemption outside the Company’s control. They are therefore presented as temporary equity in the mezzanine equity section of the Company’s consolidated balance sheets and are not considered to be a component of shareholders’ equity on the consolidated balance sheets. The Equitrans Midstream Preferred Shares were recorded at fair value as of the date of issuance, and income allocations increase the carrying value and declared dividends decrease the carrying value of the Equitrans Midstream Preferred Shares. As the Equitrans Midstream Preferred Shares are not currently redeemable and were not probable of becoming redeemable as of December 31, 2022, adjustment to the carrying amount is not necessary and would only be required if it becomes probable that the Equitrans Midstream Preferred Shares would become redeemable. |
Earnings Per Share (EPS) | Earnings Per Share (EPS). Basic EPS is computed by dividing net income (loss) attributable to Equitrans Midstream common shareholders by the weighted average number of shares of Equitrans Midstream common stock outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to Equitrans Midstream common shareholders by the weighted average number of shares of Equitrans Midstream common stock outstanding and the assumed issuance of all potentially dilutive securities. Each issue of potential common shares is evaluated separately in sequence from the most dilutive to the least dilutive. The dilutive effect of share-based payment awards and stock options is calculated using the treasury stock method, which assumes share purchases are calculated using the average share price of Equitrans Midstream common stock during the applicable period. The Company uses the if-converted method to compute potential common shares from potentially dilutive convertible securities. Under the if-converted method, dilutive convertible securities are assumed to be converted from the date of the issuance and the resulting common shares are included in the denominator of the diluted EPS calculation for the period being presented. Income attributable to preferred dividends on convertible preferred stock that accumulated during the period is added back to the numerator for purposes of the if-converted method. Diluted EPS also takes into consideration the potential dilution from securities issued by subsidiaries that enable their holders to obtain the subsidiary's common stock. |
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. In December 2022, the FASB issued ASU 2022-06, which amended Topic 848 to defer the sunset date to apply the practical expedients until 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. |
Summary of Operations and Sig_3
Summary of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The Company has revised its audited consolidated financial statements for the affected prior periods below and its unaudited interim consolidated financial statements for the affected prior periods in Note 16. Statements of Consolidated Comprehensive Income Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised Operating and maintenance $ 153,426 $ (247) $ 153,179 $ 154,109 $ — $ 154,109 Selling, general and administrative 138,647 (1,591) 137,056 129,969 — 129,969 Total operating expenses 683,474 (1,838) 681,636 686,264 — 686,264 Operating income 633,563 1,838 635,401 824,561 — 824,561 Other (expense) income, net (16,104) (31,442) (47,546) 17,225 (6,798) 10,427 (Loss) income before income taxes (1,711,039) (29,604) (1,740,643) 743,375 (6,798) 736,577 Income tax (benefit) expense (345,091) 1,738 (343,353) 105,331 (1,738) 103,593 Net (loss) income (1,365,948) (31,342) (1,397,290) 638,044 (5,060) 632,984 Net (loss) income attributable to Equitrans Midstream (1,380,478) (31,342) (1,411,820) 423,132 (5,060) 418,072 Net (loss) income attributable to Equitrans Midstream common shareholders (1,438,990) (31,342) (1,470,332) 364,372 (5,060) 359,312 (Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders - basic (3.32) (0.08) (3.40) 1.06 (0.02) 1.04 (Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders - diluted (3.32) (0.08) (3.40) 1.06 (0.02) 1.04 Statements of Consolidated Cash Flows Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised Net (loss) income $ (1,365,948) $ (31,342) $ (1,397,290) $ 638,044 $ (5,060) $ 632,984 Deferred income taxes (349,944) 1,738 (348,206) 102,718 (1,738) 100,980 Other expense (income), net 16,043 31,442 47,485 (17,278) 6,798 (10,480) Non-cash long-term compensation expense 14,921 (1,838) 13,083 12,301 — 12,301 Net cash provided by operating activities 1,168,768 — 1,168,768 1,140,886 — 1,140,886 The revisions had no net effect on the Company's previously issued year ended 2021 and 2020 net cash flows from operating activities, investing activities or financing activities. Consolidated Balance Sheets December 31, 2021 (in thousands) As Reported Adjustment As Revised Other assets $ 308,924 $ (38,240) $ 270,684 Total assets 10,920,764 (38,240) 10,882,524 Common stock, no par value 3,957,756 (1,838) 3,955,918 Retained deficit (2,428,171) (36,402) (2,464,573) Total common shareholders' equity 1,527,531 (38,240) 1,489,291 Total shareholders' equity 2,010,726 (38,240) 1,972,486 Total liabilities, mezzanine equity and shareholders' equity 10,920,764 (38,240) 10,882,524 The revisions decreased total assets and retained earnings by approximately $7 million as of December 31, 2020. Statements of Consolidated Shareholders' Equity and Mezzanine Equity Common Stock No Par Value Retained Earnings (Deficit) Total Equity (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Balance at January 1, 2020 $ 1,292,804 $ — $ 1,292,804 $ (618,062) $ — $ (618,062) $ 5,282,080 $ — $ 5,282,080 Net income — — — 391,625 (5,060) 386,565 606,537 (5,060) 601,477 Balance at December 31, 2020 $ 3,941,295 $ — $ 3,941,295 $ (728,959) $ (5,060) $ (734,019) $ 3,681,272 $ (5,060) $ 3,676,212 Net (loss) — — — (1,438,990) (31,342) (1,470,332) (1,424,460) (31,342) (1,455,802) Share-based compensation plans, net 16,461 (1,838) 14,623 — — — 16,461 (1,838) 14,623 Balance at December 31, 2021 $ 3,957,756 $ (1,838) $ 3,955,918 $ (2,428,171) $ (36,402) $ (2,464,573) $ 2,010,726 $ (38,240) $ 1,972,486 Statements of Consolidated Comprehensive Income Three Months Ended March 31, 2022 Three Months Ended June 30, 2022 Three Months Ended September 30, 2022 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Operating and maintenance $ 32,834 $ 247 $ 33,081 $ 32,442 $ — $ 32,442 $ 35,297 $ — $ 35,297 Selling, general and administrative 28,126 1,591 29,717 29,009 — 29,009 33,348 — 33,348 Total operating expenses 144,208 1,838 146,046 145,313 — 145,313 153,421 — 153,421 Operating income 197,938 (1,838) 196,100 183,298 — 183,298 178,330 — 178,330 Other income (expense), net 6,348 (4,837) 1,511 14,173 (10,025) 4,148 893 1,572 2,465 Income (loss) before income taxes 111,169 (6,675) 104,494 77,456 (10,025) 67,431 (504,871) 1,572 (503,299) Income tax expense (benefit) 6,261 (660) 5,601 3,650 (958) 2,692 (1,275) 909 (366) Net income (loss) 104,908 (6,015) 98,893 73,806 (9,067) 64,739 (503,596) 663 (502,933) Net income (loss) attributable to Equitrans Midstream 101,133 (6,015) 95,118 69,858 (9,067) 60,791 (506,528) 663 (505,865) Net income (loss) attributable to Equitrans Midstream common shareholders 86,505 (6,015) 80,490 55,230 (9,067) 46,163 (521,156) 663 (520,493) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic 0.20 (0.01) 0.19 0.13 (0.02) 0.11 (1.20) 0.00 (1.20) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted 0.20 (0.01) 0.19 0.13 (0.02) 0.11 (1.20) 0.00 (1.20) Three Months Ended March 31, 2021 Three Months Ended June 30, 2021 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised Other income (expense) , net $ 7,599 $ (714) $ 6,885 $ 9,453 $ (943) $ 8,510 Income (loss) before income taxes 97,013 (714) 96,299 52,685 (943) 51,742 Income tax expense (benefit) 20,416 (157) 20,259 12,564 (232) 12,332 Net income (loss) 76,597 (557) 76,040 40,121 (711) 39,410 Net income (loss) attributable to Equitrans Midstream 72,683 (557) 72,126 37,113 (711) 36,402 Net income (loss) attributable to Equitrans Midstream common shareholders 58,055 (557) 57,498 22,485 (711) 21,774 Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic 0.13 0.00 0.13 0.05 0.00 0.05 Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted 0.13 0.00 0.13 0.05 0.00 0.05 Three Months Ended September 30, 2021 Three Months Ended December 31, 2021 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised Operating and maintenance $ 38,743 $ — $ 38,743 $ 42,422 $ (247) $ 42,175 Selling, general and administrative 33,560 — 33,560 34,111 (1,591) 32,520 Total operating expenses 154,528 — 154,528 159,188 (1,838) 157,350 Operating income 187,546 — 187,546 87,484 1,838 89,322 Other income (expense) , net 21,199 (2,133) 19,066 (54,355) (27,652) (82,007) Income (loss) before income taxes 123,105 (2,133) 120,972 (1,983,842) (25,814) (2,009,656) Income tax expense (benefit) 32,200 (558) 31,642 (410,271) 2,685 (407,586) Net income (loss) 90,905 (1,575) 89,330 (1,573,571) (28,499) (1,602,070) Net income (loss) attributable to Equitrans Midstream 87,348 (1,575) 85,773 (1,577,622) (28,499) (1,606,121) Net income (loss) attributable to Equitrans Midstream common shareholders 72,720 (1,575) 71,145 (1,592,250) (28,499) (1,620,749) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic 0.17 (0.01) 0.16 (3.68) (0.06) (3.74) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted 0.17 (0.01) 0.16 (3.68) (0.06) (3.74) Statements of Consolidated Cash Flows Three Months Ended March 31, 2022 Six Months Ended June 30, 2022 Nine Months Ended September 30, 2022 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Net (loss) income $ 104,908 $ (6,015) $ 98,893 $ 178,714 $ (15,082) $ 163,632 $ (324,882) $ (14,419) $ (339,301) Deferred income taxes 4,603 (660) 3,943 6,990 (1,618) 5,372 8,101 (709) 7,392 Other (income) expense, net (6,501) 4,837 (1,664) (20,272) 14,862 (5,410) (21,681) 13,290 (8,391) Non-cash long-term compensation expense 2,990 1,838 4,828 6,646 1,838 8,484 10,304 1,838 12,142 Net cash provided by operating activities 185,946 — 185,946 536,972 — 536,972 746,539 — 746,539 Three Months Ended March 31, 2021 Six Months Ended June 30, 2021 Nine Months Ended September 30, 2021 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Net (loss) income $ 76,597 $ (557) $ 76,040 $ 116,718 $ (1,268) $ 115,450 $ 207,623 $ (2,843) $ 204,780 Deferred income taxes 20,406 (157) 20,249 32,500 (389) 32,111 61,267 (947) 60,320 Other (income) expense, net (7,254) 714 (6,540) (16,750) 1,657 (15,093) (38,160) 3,790 (34,370) Net cash provided by operating activities 229,552 — 229,552 612,147 — 612,147 822,024 — 822,024 Consolidated Balance Sheets March 31, 2022 June 30, 2022 September 30, 2022 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Other assets $ 307,965 $ (43,077) $ 264,888 $ 316,074 $ (53,102) $ 262,972 $ 321,444 $ (51,530) $ 269,914 Total assets 10,818,702 (43,077) 10,775,625 10,961,930 (53,102) 10,908,828 10,386,504 (51,530) 10,334,974 Regulatory and other long-term liabilities 97,156 (660) 96,496 96,742 (1,618) 95,124 108,272 (709) 107,563 Total liabilities 8,098,572 (660) 8,097,912 8,243,109 (1,618) 8,241,491 8,263,019 (709) 8,262,310 Retained deficit (2,407,250) (42,417) (2,449,667) (2,417,011) (51,484) (2,468,495) (3,003,848) (50,821) (3,054,669) Total common shareholders' equity 1,551,318 (42,417) 1,508,901 1,546,061 (51,484) 1,494,577 963,793 (50,821) 912,972 Total shareholders' equity 2,038,288 (42,417) 1,995,871 2,036,979 (51,484) 1,985,495 1,441,643 (50,821) 1,390,822 Total liabilities, mezzanine equity and shareholders' equity 10,818,702 (43,077) 10,775,625 10,961,930 (53,102) 10,908,828 10,386,504 (51,530) 10,334,974 March 31, 2021 June 30, 2021 September 30, 2021 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Other assets $ 343,341 $ (7,512) $ 335,829 $ 351,043 $ (8,455) $ 342,588 $ 365,586 $ (10,588) $ 354,998 Total assets 12,788,847 (7,512) 12,781,335 12,806,331 (8,455) 12,797,876 12,868,402 (10,588) 12,857,814 Regulatory and other long-term liabilities 97,759 (1,895) 95,864 98,122 (2,127) 95,995 98,870 (2,685) 96,185 Total liabilities 8,426,552 (1,895) 8,424,657 8,479,623 (2,127) 8,477,496 8,527,415 (2,685) 8,524,730 Retained deficit (735,888) (5,617) (741,505) (778,153) (6,328) (784,481) (770,769) (7,903) (778,672) Total common shareholders' equity 3,207,874 (5,617) 3,202,257 3,169,279 (6,328) 3,162,951 3,180,001 (7,903) 3,172,098 Total shareholders' equity 3,680,453 (5,617) 3,674,836 3,644,866 (6,328) 3,638,538 3,659,145 (7,903) 3,651,242 Total liabilities, mezzanine equity and shareholders' equity 12,788,847 (7,512) 12,781,335 12,806,331 (8,455) 12,797,876 12,868,402 (10,588) 12,857,814 Statements of Consolidated Shareholders' Equity and Mezzanine Equity Common Stock No Par Value Retained Earnings (Deficit) Total Equity (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Balance at January 1, 2021 $ 3,941,295 $ — $ 3,941,295 $ (728,959) $ (5,060) $ (734,019) $ 3,681,272 $ (5,060) $ 3,676,212 Net income — — — 58,055 (557) 57,498 61,969 (557) 61,412 Balance at March 31, 2021 $ 3,945,957 $ — $ 3,945,957 $ (735,888) $ (5,617) $ (741,505) $ 3,680,453 $ (5,617) $ 3,674,836 Net income — — — 22,485 (711) 21,774 25,493 (711) 24,782 Balance at June 30, 2021 $ 3,949,592 $ — $ 3,949,592 $ (778,153) $ (6,328) $ (784,481) $ 3,644,866 $ (6,328) $ 3,638,538 Net income — — — 72,720 (1,575) 71,145 76,277 (1,575) 74,702 Balance at September 30, 2021 $ 3,952,896 $ — $ 3,952,896 $ (770,769) $ (7,903) $ (778,672) $ 3,659,145 $ (7,903) $ 3,651,242 Net (loss) income — — — (1,592,250) (28,499) (1,620,749) (1,588,199) (28,499) (1,616,698) Share-based compensation plans, net 4,860 (1,838) 3,022 — — — 4,860 (1,838) 3,022 Balance at December 31, 2021 $ 3,957,756 $ (1,838) $ 3,955,918 $ (2,428,171) $ (36,402) $ (2,464,573) $ 2,010,726 $ (38,240) $ 1,972,486 Common Stock No Par Value Retained Earnings (Deficit) Total Equity (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Balance at January 1, 2022 $ 3,957,756 $ (1,838) $ 3,955,918 $ (2,428,171) $ (36,402) $ (2,464,573) $ 2,010,726 $ (38,240) $ 1,972,486 Net income — — — 86,505 (6,015) 80,490 90,280 (6,015) 84,265 Share-based compensation plans, net 2,832 1,838 4,670 — — — 2,832 1,838 4,670 Balance at March 31, 2022 $ 3,960,588 $ — $ 3,960,588 $ (2,407,250) $ (42,417) $ (2,449,667) $ 2,038,288 $ (42,417) $ 1,995,871 Net income — — — 55,230 (9,067) 46,163 59,178 (9,067) 50,111 Balance at June 30, 2022 $ 3,965,058 $ — $ 3,965,058 $ (2,417,011) $ (51,484) $ (2,468,495) $ 2,036,979 $ (51,484) $ 1,985,495 Net (loss) income — — — (521,156) 663 (520,493) (518,224) 663 (517,561) Balance at September 30, 2022 $ 3,969,591 $ — $ 3,969,591 $ (3,003,848) $ (50,821) $ (3,054,669) $ 1,441,643 $ (50,821) $ 1,390,822 |
Schedule of Other Current Assets | The following table summarizes the Company's other current assets as of December 31, 2022 and 2021. December 31, 2022 2021 (Thousands) Unbilled revenue $ 24,465 $ 15,931 Prepaid expenses 23,346 21,848 Inventory 19,173 20,347 Other current assets 7,933 1,741 Total other current assets $ 74,917 $ 59,867 |
Schedule of Property, Plant and Equipments | The following table summarizes the Company's property, plant and equipment. December 31, 2022 2021 (Thousands) Gathering assets $ 7,176,011 $ 6,911,268 Accumulated depreciation (919,465) (727,735) Net gathering assets 6,256,546 6,183,533 Transmission and storage assets 1,928,894 1,901,756 Accumulated depreciation (475,688) (424,918) Net transmission and storage assets 1,453,206 1,476,838 Water services assets 245,258 176,245 Accumulated depreciation (79,518) (60,379) Net water services assets 165,740 115,866 Other property, plant and equipment 14,888 15,332 Accumulated depreciation (6,049) (4,066) Net other property, plant and equipment 8,839 11,266 Net property, plant and equipment $ 7,884,331 $ 7,787,503 |
Schedule of Intangible Assets | The following tables summarize the Company's intangible assets as of December 31, 2022 and 2021: December 31, 2022 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 10 years $ 623,199 $ (213,273) $ 409,926 Eureka Midstream-related customer relationships 8 years 237,000 (69,128) 167,872 Hornet Midstream-related customer relationships 4 years 74,000 (64,846) 9,154 $ 934,199 $ (347,247) $ 586,952 December 31, 2021 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 11 years $ 623,199 $ (171,726) $ 451,473 Eureka Midstream-related customer relationships 9 years 237,000 (48,144) 188,856 Hornet Midstream-related customer relationships 5 years 74,000 (62,558) 11,442 $ 934,199 $ (282,428) $ 651,771 |
Summary of Accrued Liabilities | The following table summarizes the Company's accrued liabilities as of December 31, 2022 and 2021. December 31, 2022 2021 (Thousands) Accrued employee compensation $ 47,742 $ 50,372 Non-income tax accruals 20,629 19,972 Current portion of operating lease liabilities 7,886 8,253 Other accrued liabilities 7,578 5,255 Total accrued liabilities $ 83,835 $ 83,852 |
Summary of Changes in Asset Retirement Obligations | The following table presents changes in the Company's AROs during 2022 and 2021. December 31, 2022 2021 (Thousands) AROs at beginning of period $ 11,241 $ 12,172 Liabilities settled (996) (1,609) Revisions to estimated liabilities (a) 3,153 — Accretion expense 563 678 AROs at end of period $ 13,961 $ 11,241 (a) Revisions to estimated liabilities reflect changes in retirement cost assumptions and the estimated timing of liability settlement. |
Schedule of Regulatory Assets | The following table summarizes Equitrans, L.P.'s regulatory assets and liabilities that are included in other assets and regulatory and other long-term liabilities, respectively, in the Company's consolidated balance sheets. December 31, 2022 2021 (Thousands) Regulatory assets: Deferred taxes (a) $ 85,046 $ 91,989 Other recoverable costs (b) 4,608 3,654 Total regulatory assets $ 89,654 $ 95,643 Regulatory liabilities: Deferred taxes (a) $ 9,329 $ 9,727 On-going post-retirement benefits other than pension and other reimbursable costs (c) 19,251 10,094 Total regulatory liabilities $ 28,580 $ 19,821 (a) The regulatory asset from deferred taxes is primarily related to a historical deferred income tax position and taxes on the equity component of AFUDC. The regulatory liability from deferred taxes relates to the revaluation of a historical difference between the regulatory and tax bases of regulated property, plant and equipment. Equitrans, L.P. expects to recover the amortization of the deferred tax positions ratably over the depreciable lives of the underlying assets. Equitrans, L.P. also expects to recover the taxes on the equity component of AFUDC through future rates over the depreciable lives of the underlying long-lived assets. (b) The regulatory asset from other recoverable costs is primarily related to the costs associated with the Company's legacy post-retirement benefits plan. (c) Equitrans, L.P. defers expenses for on-going post-retirement benefits other than pensions, which are subject to recovery in approved rates. The regulatory liability reflects lower cumulative actuarial expenses than the amounts recovered through rates. |
Schedule of Regulatory Liabilities | The following table summarizes Equitrans, L.P.'s regulatory assets and liabilities that are included in other assets and regulatory and other long-term liabilities, respectively, in the Company's consolidated balance sheets. December 31, 2022 2021 (Thousands) Regulatory assets: Deferred taxes (a) $ 85,046 $ 91,989 Other recoverable costs (b) 4,608 3,654 Total regulatory assets $ 89,654 $ 95,643 Regulatory liabilities: Deferred taxes (a) $ 9,329 $ 9,727 On-going post-retirement benefits other than pension and other reimbursable costs (c) 19,251 10,094 Total regulatory liabilities $ 28,580 $ 19,821 (a) The regulatory asset from deferred taxes is primarily related to a historical deferred income tax position and taxes on the equity component of AFUDC. The regulatory liability from deferred taxes relates to the revaluation of a historical difference between the regulatory and tax bases of regulated property, plant and equipment. Equitrans, L.P. expects to recover the amortization of the deferred tax positions ratably over the depreciable lives of the underlying assets. Equitrans, L.P. also expects to recover the taxes on the equity component of AFUDC through future rates over the depreciable lives of the underlying long-lived assets. (b) The regulatory asset from other recoverable costs is primarily related to the costs associated with the Company's legacy post-retirement benefits plan. (c) Equitrans, L.P. defers expenses for on-going post-retirement benefits other than pensions, which are subject to recovery in approved rates. The regulatory liability reflects lower cumulative actuarial expenses than the amounts recovered through rates. |
Schedule of Regulated Operating Revenues, Expenses, Property, Plant and Equipment | The following tables present Equitrans, L.P.'s regulated operating revenues and operating expenses and property, plant and equipment included in the Company's statements of consolidated comprehensive income and consolidated balance sheets, respectively. Years Ended December 31, 2022 2021 2020 (Thousands) Operating revenues $ 407,884 $ 403,634 $ 397,319 Operating expenses 137,782 135,888 124,206 December 31, 2022 2021 (Thousands) Property, plant and equipment $ 1,928,898 $ 1,901,924 Accumulated depreciation (475,689) (424,918) Net property, plant and equipment $ 1,453,209 $ 1,477,006 |
Impairments of Long-Lived Ass_2
Impairments of Long-Lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Goodwill | The following table summarizes the carrying amount of goodwill associated with the Company's reporting units as of December 31, 2022 and 2021. December 31, 2022 2021 (Thousands) Gross Goodwill $ 1,350,721 $ 1,350,721 Accumulated impairment losses (864,023) (864,023) Balance as of end of period $ 486,698 $ 486,698 |
Financial Information by Busi_2
Financial Information by Business Segment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Operating Income and Reconciliation to Net Income | Years Ended December 31, 2022 2021 2020 (Thousands) Revenues from customers: Gathering $ 890,579 $ 862,053 $ 1,012,281 Transmission 404,517 400,202 393,836 Water 62,651 54,782 104,708 Total operating revenues $ 1,357,747 $ 1,317,037 $ 1,510,825 Operating income (loss): Gathering (a) $ 446,917 $ 415,969 $ 535,976 Transmission 277,692 274,526 275,369 Water (b) 14,602 (53,911) 38,756 Headquarters (c) (1,617) (1,183) (25,540) Total operating income $ 737,594 $ 635,401 $ 824,561 Reconciliation of operating income to net (loss) income: Equity income (d) $ 168 $ 17,579 $ 233,833 Impairments of equity method investment (d) (583,057) (1,926,402) — Other income (expense), net (e) 13,871 (47,546) 10,427 Loss on extinguishment of debt (24,937) (41,025) (24,864) Net interest expense (394,333) (378,650) (307,380) Income tax expense (benefit) 6,444 (343,353) 103,593 Net (loss) income $ (257,138) $ (1,397,290) $ 632,984 (a) Impairment of long-lived assets of $55.6 million for the year ended December 31, 2020 was included in Gathering operating income (loss). See Note 3 for further information. (b) Impairments of long-lived assets of $56.2 million for the year ended December 31, 2021 were included in Water operating income (loss). See Note 3 for further information. (c) Includes transaction costs and other unallocated corporate expenses. (d) Equity income and impairment of equity method investment are included in the Transmission segment. |
Schedule of Segment Assets | December 31, 2022 2021 2020 (Thousands) Segment assets: Gathering $ 7,610,233 $ 7,600,637 $ 7,733,038 Transmission (a) 2,333,896 2,769,097 4,357,382 Water 218,680 151,151 185,802 Total operating segments 10,162,809 10,520,885 12,276,222 Headquarters, including cash 282,776 361,639 442,832 Total assets $ 10,445,585 $ 10,882,524 $ 12,719,054 (a) The equity investment in the MVP Joint Venture is included in the Transmission segment. |
Schedule of Depreciation and Amortization and Expenditures for Segment Assets | Years Ended December 31, 2022 2021 2020 (Thousands) Depreciation: Gathering $ 195,059 $ 188,633 $ 172,967 Transmission 55,614 55,310 54,540 Water 20,016 25,233 30,880 Headquarters 1,506 1,228 1,226 Total $ 272,195 $ 270,404 $ 259,613 Capital expenditures: Gathering (a) $ 265,864 $ 223,807 $ 344,873 Transmission (b) 35,971 25,977 45,219 Water 66,569 34,877 11,905 Headquarters 13 1,494 4,004 Total (c) $ 368,417 $ 286,155 $ 406,001 (a) Includes approximately $20.3 million, $14.1 million and $41.6 million of capital expenditures related to noncontrolling interests in Eureka Midstream for the years ended December 31, 2022, 2021 and 2020, respectively. (b) Transmission capital expenditures do not include capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $199.6 million, $287.7 million and $272.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenue Information, by Business Segment | The tables below provide disaggregated revenue information by business segment. Year Ended December 31, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 562,947 $ 370,769 $ 33,877 $ 967,593 Volumetric-based fee revenues 327,632 33,748 28,774 390,154 Total operating revenues $ 890,579 $ 404,517 $ 62,651 $ 1,357,747 Year Ended December 31, 2021 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 468,156 $ 366,323 $ 5,063 $ 839,542 Volumetric-based fee revenues 393,897 33,879 49,719 477,495 Total operating revenues $ 862,053 $ 400,202 $ 54,782 $ 1,317,037 Year Ended December 31, 2020 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 595,720 $ 364,533 $ 41,798 $ 1,002,051 Volumetric-based fee revenues 416,561 29,303 62,910 508,774 Total operating revenues $ 1,012,281 $ 393,836 $ 104,708 $ 1,510,825 (a) For the years ended December 31, 2022, 2021 and 2020, firm reservation fee revenues associated with Gathering included approximately $20.2 million, $11.3 million and $15.0 million, respectively, of MVC unbilled revenues. |
Schedule of Receivables | The following table presents changes in the Company's unbilled revenue balance during the years ended December 31, 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) 30,477 26,779 Minimum volume commitments invoiced (b) (19,256) (28,442) Amortization (c) (500) (183) Balance as of end of period $ 27,493 $ 16,772 (a) Primarily includes revenues associated with MVCs that are generally included in firm reservation fee revenues within the Gathering and Water segments. During the year ended December 31, 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 years ended December 31, 2022 and 2021: Contract Liability 2022 2021 (Thousands) Balance as of beginning of period $ 822,416 $ 398,750 Amounts recorded during the period (a) 359,797 300,496 Change in estimated variable consideration (b) (11,761) 123,707 Amounts transferred during the period (c) (1,545) (537) EQT Cash Option (195,820) — Balance as of end of period $ 973,087 $ 822,416 (a) Includes deferred billed revenue during the years ended December 31, 2022 and 2021 primarily associated with the EQT Global GGA. (b) Change in estimated variable consideration represents the change in total deferred revenue required for gathering MVC revenue with a declining rate structure, which change resulted from the EQT Cash Option election that required total estimated gathering consideration to be increased and from contractual amendments that required total estimated gathering consideration to be reduced. See ' EQT Global GGA ' discussion below for additional information on the contractual amendments. (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 December 31, 2022 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2023 2024 2025 2026 2027 Thereafter Total (Thousands) Gathering firm reservation fees $ 109,721 $ 171,320 $ 176,140 $ 166,962 $ 160,376 $ 1,689,332 $ 2,473,851 Gathering revenues supported by MVCs 465,978 434,969 454,094 465,335 460,211 3,060,675 5,341,262 Transmission firm reservation fees 369,509 388,626 366,764 361,032 360,210 2,956,833 4,802,974 Water revenues supported by ARCs 39,910 37,500 37,500 37,500 37,500 156,250 346,160 Total (a) $ 985,118 $ 1,032,415 $ 1,034,498 $ 1,030,829 $ 1,018,297 $ 7,863,090 $ 12,964,247 (a) 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 and/or 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. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Cost | The following table summarizes lease cost for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (Thousands) Operating lease cost $ 9,540 $ 12,571 $ 14,464 Finance lease cost: Amortization of leased assets 541 — — Interest on lease liabilities 310 — — Short-term lease cost 7,747 6,057 5,075 Variable lease cost 7 7 168 Sublease income (742) (492) (583) Total lease cost $ 17,403 $ 18,143 $ 19,124 The following table summarizes the cash paid for operating and finance lease liabilities for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (Thousands) Operating lease liabilities $ 10,484 $ 12,792 $ 14,849 Finance lease liabilities 670 — — |
Operating And Finance Lease, Liability, Balance Sheet Information | The following table summarizes balance sheet information related to our leases is as follows: December 31, Balance Sheet Classification 2022 2021 (Thousands) Assets: Operating lease right-of-use Other assets $ 35,969 $ 43,368 Finance lease Other assets 15,683 — Total right-of-use assets $ 51,652 $ 43,368 Liabilities: Current operating Accrued liabilities $ 6,682 $ 8,253 Current finance Accrued liabilities 1,203 — Non-current operating Regulatory and other long-term liabilities 30,272 36,157 Non-current finance Regulatory and other long-term liabilities 14,660 — Total lease liabilities $ 52,817 $ 44,410 |
Schedule of Lease Liability Maturities | The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to noncancelable contractual agreements in effect as of December 31, 2022 and related imputed interest. Operating Leases Finance Leases Year ending December 31, (Thousands) 2023 $ 8,513 $ 2,020 2024 6,387 2,050 2025 4,970 2,081 2026 5,040 2,112 2027 5,111 2,144 Thereafter 15,542 10,435 Total 45,563 20,842 Less: imputed interest 8,609 4,979 Present value of lease liabilities $ 36,954 $ 15,863 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the Company's related party transactions. Years Ended December 31, 2021 2020 (Thousands) Operating revenues $ 777,276 $ 964,220 Interest income from the Preferred Interest 5,767 6,053 Principal payments received on the Preferred Interest 5,217 5,003 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 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entity (Tables) | 12 Months Ended |
Dec. 31, 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 condensed consolidated financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Consolidated Balance Sheets December 31, 2022 2021 (Unaudited) (Thousands) Current assets $ 71,535 $ 148,820 Non-current assets 6,737,064 6,432,288 Total assets $ 6,808,599 $ 6,581,108 Current liabilities $ 118,679 $ 160,331 Equity 6,689,920 6,420,777 Total liabilities and equity $ 6,808,599 $ 6,581,108 Condensed Statements of Consolidated Operations Years Ended December 31, 2022 2021 2020 (Unaudited) (Thousands) Operating income (expenses) $ 20 $ (399) $ (360) Other income 335 18 288 Net interest income — 11,452 150,995 AFUDC – equity — 26,722 352,323 Net income $ 355 $ 37,793 $ 503,246 |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense | The following table summarizes the components of share-based compensation expense for the years ended December 31, 2022, 2021 and 2020. Years Ended December 31, 2022 2021 2020 (Thousands) 2022 PSU Program 5,672 — — 2021 PSU Program 1,527 5,940 — 2020 PSU Program (221) 1,297 2,317 2019 PSU Program — 984 4,935 2018 EQT Incentive PSU Program — — 698 Restricted stock awards 7,840 11,268 7,422 Other programs, including non-employee director awards 1,132 1,367 1,577 Total share-based compensation expense $ 15,950 $ 20,856 $ 16,949 |
Schedule of Nonvested Share Activity | The following table summarizes all PSU Programs to be settled in stock and classified as equity awards: Non-vested Shares Weighted Average Fair Value Aggregate Fair Value Outstanding at December 31, 2019 627,234 $ 29.46 $ 18,480,257 Granted 737,390 5.59 4,120,535 Vested (35,728) 120.60 (4,308,797) Forfeited (28,329) 12.94 (366,528) Outstanding at December 31, 2020 1,300,567 $ 13.78 $ 17,925,467 Granted 1,540,230 8.77 13,507,817 Vested (85,872) 76.53 (6,571,784) Forfeited (95,729) 8.45 (808,857) Outstanding at December 31, 2021 2,659,196 $ 9.05 $ 24,052,643 Granted 1,274,910 14.86 18,945,163 Vested (474,488) 15.03 (7,131,551) Forfeited — — — Outstanding at December 31, 2022 3,459,618 $ 10.37 $ 35,866,255 The following table summarizes all PSU Programs to be settled in cash and classified as liability awards: Non-vested Units Weighted Average Fair Value Aggregate Fair Value Outstanding at December 31, 2019 409,865 $ 28.84 $ 11,822,175 Granted 427,500 5.59 2,388,870 Vested (84,014) 59.90 (5,032,439) Forfeited (40,756) 18.09 (737,222) Outstanding at December 31, 2020 712,595 $ 11.85 $ 8,441,384 Granted 873,460 8.77 7,660,244 Vested (87,145) 33.87 (2,951,624) Forfeited (27,145) 8.23 (223,349) Outstanding at December 31, 2021 1,471,765 $ 8.78 $ 12,926,655 Granted 717,930 14.86 10,668,440 Vested (226,135) 14.67 (3,318,009) Forfeited (85,758) 10.81 (927,125) Outstanding at December 31, 2022 1,877,802 $ 10.30 $ 19,349,961 A summary of restricted stock equity award activity during the years ended December 31, 2022, 2021 and 2020 is presented below. Non-vested Shares Weighted Average Fair Value Aggregate Fair Value Outstanding at January 1, 2020 397,117 $ 24.63 $ 9,779,218 Granted 491,640 13.36 6,568,310 Vested (28,375) 57.73 (1,638,044) Forfeited (19,314) 17.77 (343,138) Outstanding at December 31, 2020 841,068 $ 17.08 $ 14,366,346 Granted 660,250 8.04 5,308,410 Vested (58,185) 44.20 (2,572,026) Forfeited (49,732) 11.17 (555,522) Outstanding at December 31, 2021 1,393,401 $ 11.88 $ 16,547,208 Granted 546,520 10.34 5,651,017 Vested (293,281) 17.81 (5,223,311) Forfeited — — — Outstanding at December 31, 2022 1,646,640 $ 10.31 $ 16,974,914 A summary of restricted stock unit liability award activity during the years ended December 31, 2022, 2021 and 2020 is presented below. Non-vested Units Weighted Average Fair Value Aggregate Fair Value Outstanding at January 1, 2020 567,929 $ 19.38 $ 11,005,969 Granted 474,580 12.43 5,899,650 Vested (131,456) 20.86 (2,741,834) Forfeited (33,457) 17.87 (597,890) Outstanding at December 31, 2020 877,596 $ 15.46 $ 13,565,895 Granted 430,800 8.06 3,472,652 Vested (190,036) 20.76 (3,944,942) Forfeited (38,656) 10.73 (414,837) Outstanding at December 31, 2021 1,079,704 $ 11.74 $ 12,678,768 Granted 380,250 9.77 3,716,834 Vested (267,642) 16.82 (4,502,803) Forfeited (45,043) 10.00 (450,504) Outstanding at December 31, 2022 1,147,269 $ 9.97 $ 11,442,295 |
Schedule of Details of Award Types | The following table provides detailed information on the second tranche of the 2018 EQT VDA award: Shares Weighted Average Fair Value Aggregate Fair Value Outstanding at January 1, 2020 174,921 $ 13.36 $ 2,336,952 Granted — — — Vested (174,921) 13.36 (2,336,952) Forfeited — — — Outstanding at December 31, 2020 — $ — $ — A summary of phantom units' activity for the years ended December 31, 2022, 2021 and 2020 is presented below. Equitrans Midstream phantom units EQM phantom units Units Weighted Average Fair Value Aggregate Fair Value Units Weighted Average Fair Value Aggregate Fair Value Outstanding at January 1, 2020 200,768 $ 20.78 $ 4,172,769 26,700 $ 53.51 $ 1,428,673 Granted 113,869 11.10 1,264,001 9,540 29.91 285,341 Distributions, net (a) (23,989) 19.08 (457,644) (39,036) 45.36 (1,770,851) Dividends 27,957 9.14 255,583 2,796 20.33 56,837 Outstanding at December 31, 2020 318,605 $ 16.43 $ 5,234,709 — $ — $ — Granted 177,156 8.16 1,445,036 — — — Distributions (16,957) 20.29 (343,982) — — — Dividends 33,636 8.88 298,813 — — — Outstanding at December 31, 2021 512,440 $ 12.95 $ 6,634,576 — $ — $ — Granted 141,778 10.03 1,422,140 — — — Distributions (104,603) 14.75 (1,542,823) — — — Dividends 37,533 7.86 294,990 — — — Outstanding at December 31, 2022 587,148 $ 11.60 $ 6,808,883 — $ — $ — (a) In connection with the closing of the EQM Merger, the non-employee directors of the EQM General Partner received the Merger Consideration for each EQM phantom unit that they held. See Note 2. |
Non-Qualified Stock Options, Assumptions Used to Value Share-based Compensation | Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions: For PSU Programs Issued During the Years Ended December 31, 2022 2021 2020 Accounting Treatment Liability (a) Equity Liability (a) Equity Equity Risk-free rate 4.25 % 1.16 % 4.65 % 0.16 % 0.39 % Dividend yield N/A N/A N/A N/A N/A Volatility factor 58.4 % 54.0 % 58.4 % 61.0 % 53.0 % Expected term 2 years 3 years 1 year 3 years 3 years (a) Information shown for liability plan valuations is as of the measurement date. |
Schedule of Stock Options Roll Forward | A summary of stock option activity during the years ended December 31, 2022, 2021 and 2020 is presented below. Options Outstanding at January 1, 2020 457,910 Vested 6,966 Expired — Outstanding at December 31, 2020 464,876 Vested — Expired — Outstanding at December 31, 2021 464,876 Vested — Expired (94,132) Outstanding at December 31, 2022 370,744 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | The following table presents the Company's and its consolidated subsidiaries' outstanding debt as of December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Principal Carrying Value (a) Fair Value (b) Principal Carrying Value (a) Fair Value (b) (Thousands) Amended EQM Credit Facility $ 240,000 $ 240,000 $ 240,000 $ 225,000 $ 225,000 $ 225,000 2021 Eureka Credit Facility 295,000 295,000 295,000 280,000 280,000 280,000 Total credit facility borrowings $ 535,000 $ 535,000 $ 535,000 $ 505,000 $ 505,000 $ 505,000 EQM 4.75% Senior Notes due 2023 98,941 98,830 97,086 600,000 598,088 628,380 EQM 4.00% Senior Notes due 2024 300,000 299,270 288,291 500,000 498,014 522,695 EQM 6.00% Senior Notes due 2025 400,000 397,005 386,000 700,000 692,662 763,091 EQM 4.125% Senior Notes due 2026 500,000 496,667 444,700 500,000 495,816 517,695 EQM 6.50% Senior Notes due 2027 900,000 891,417 860,175 900,000 889,510 1,014,417 EQM 7.50% Senior Notes due 2027 500,000 493,130 489,630 — — — EQM 5.50% Senior Notes due 2028 850,000 843,775 760,036 850,000 842,657 939,684 EQM 4.50% Senior Notes due 2029 800,000 792,217 671,936 800,000 790,927 834,856 EQM 7.50% Senior Notes due 2030 500,000 492,799 481,760 — — — EQM 4.75% Senior Notes due 2031 1,100,000 1,088,877 899,250 1,100,000 1,087,493 1,166,220 EQM 6.50% Senior Notes due 2048 550,000 540,163 412,198 550,000 539,778 673,458 Total debt 6,498,941 6,434,150 5,791,062 6,500,000 6,434,945 7,060,496 Less current portion of long-term debt 98,941 98,830 97,086 — — — Total long-term debt $ 6,400,000 $ 6,335,320 $ 5,693,976 $ 6,500,000 $ 6,434,945 $ 7,060,496 (a) Carrying values of the senior notes represent principal amount less unamortized debt issuance costs and debt discounts. (b) See Note 11 for a discussion of fair value measurements. |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following tables set forth the computation of the basic and diluted (loss) earnings per share attributable to Equitrans Midstream common shareholders for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Basic Diluted Basic Diluted Basic Diluted (In thousands, except per share data) Net (loss) income $ (257,138) $ (257,138) $ (1,397,290) $ (1,397,290) $ 632,984 $ 632,984 Less: Net income attributable to noncontrolling interests (excluding EQM Series A Preferred Units) 12,204 12,204 14,530 14,530 167,553 167,553 Less: EQM Series A Preferred Units interest in net income — — — — 47,359 47,359 Less: Preferred dividends 58,512 58,512 58,512 58,512 58,760 58,760 Net (loss) income attributable to Equitrans Midstream common shareholders $ (327,854) $ (327,854) $ (1,470,332) $ (1,470,332) $ 359,312 $ 359,312 Basic weighted average common shares outstanding 433,341 433,341 433,008 433,008 343,935 343,935 Dilutive securities (a) — — — — — 40 Diluted weighted average common shares outstanding 433,341 433,341 433,008 433,008 343,935 343,975 (Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders $ (0.76) $ (0.76) $ (3.40) $ (3.40) $ 1.04 $ 1.04 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Summary of Income Tax Expense | The following table summarizes income tax (benefit) expense for the years ended December 31, 2022, 2021 and 2020. Years Ended December 31, 2022 2021 2020 (Thousands) Current income tax expense: Federal $ — $ — $ — State 972 4,853 2,613 Total current income tax expense 972 4,853 2,613 Deferred income tax expense (benefit): Federal (5,391) (273,512) 79,861 State 10,863 (74,694) 21,119 Total deferred income tax expense (benefit) 5,472 (348,206) 100,980 Total income tax expense (benefit) $ 6,444 $ (343,353) $ 103,593 |
Schedule of Income Tax Expense Reconciliation | The following table summarizes differences between income tax expense (benefit) and amounts computed at the applicable federal statutory rate on pre-tax income for the years ended December 31, 2022, 2021 and 2020. Years Ended December 31, 2022 2021 2020 (Thousands) Income tax (benefit) expense at statutory rate $ (52,646) $ (365,535) $ 154,681 Valuation allowances 49,799 106,886 — State income tax expense (benefit) 9,440 (81,573) 18,748 Noncontrolling interests' share of earnings (2,563) (3,051) (45,132) AFUDC - equity 11 (2,595) (28,346) Other 2,403 2,515 3,642 Income tax expense (benefit) $ 6,444 $ (343,353) $ 103,593 Effective tax rate (2.6) % 19.7 % 14.1 % |
Schedule of Components of Net Deferred Tax Assets and Liabilities | The following table summarizes the components of net deferred tax (liabilities) assets. December 31, 2022 2021 (Thousands) Deferred income tax assets: Investment in partnerships $ 65,896 $ 76,405 163(j) interest limitation 36,523 — Net operating loss carryforwards 71,639 51,230 Total deferred tax assets 174,058 127,635 Valuation allowance (156,685) (106,886) Net deferred tax asset 17,373 20,749 Deferred income tax liabilities: Deferred revenue (15,143) (17,120) Other (2,230) (3,629) Total deferred income tax liability (17,373) (20,749) Net deferred income tax asset (liability) $ — $ — |
Summary of Valuation Allowance | The following table summarizes the changes in valuation allowances for the years ended December 31, 2022 and 2021: Deferred income tax asset valuation allowance (Thousands) Balance at January 1, 2021 $ — Valuation allowance provision 106,886 Balance at December 31, 2021 $ 106,886 Valuation allowance provision 49,799 Balance at December 31, 2022 $ 156,685 |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The Company has revised its audited consolidated financial statements for the affected prior periods below and its unaudited interim consolidated financial statements for the affected prior periods in Note 16. Statements of Consolidated Comprehensive Income Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised Operating and maintenance $ 153,426 $ (247) $ 153,179 $ 154,109 $ — $ 154,109 Selling, general and administrative 138,647 (1,591) 137,056 129,969 — 129,969 Total operating expenses 683,474 (1,838) 681,636 686,264 — 686,264 Operating income 633,563 1,838 635,401 824,561 — 824,561 Other (expense) income, net (16,104) (31,442) (47,546) 17,225 (6,798) 10,427 (Loss) income before income taxes (1,711,039) (29,604) (1,740,643) 743,375 (6,798) 736,577 Income tax (benefit) expense (345,091) 1,738 (343,353) 105,331 (1,738) 103,593 Net (loss) income (1,365,948) (31,342) (1,397,290) 638,044 (5,060) 632,984 Net (loss) income attributable to Equitrans Midstream (1,380,478) (31,342) (1,411,820) 423,132 (5,060) 418,072 Net (loss) income attributable to Equitrans Midstream common shareholders (1,438,990) (31,342) (1,470,332) 364,372 (5,060) 359,312 (Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders - basic (3.32) (0.08) (3.40) 1.06 (0.02) 1.04 (Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders - diluted (3.32) (0.08) (3.40) 1.06 (0.02) 1.04 Statements of Consolidated Cash Flows Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised Net (loss) income $ (1,365,948) $ (31,342) $ (1,397,290) $ 638,044 $ (5,060) $ 632,984 Deferred income taxes (349,944) 1,738 (348,206) 102,718 (1,738) 100,980 Other expense (income), net 16,043 31,442 47,485 (17,278) 6,798 (10,480) Non-cash long-term compensation expense 14,921 (1,838) 13,083 12,301 — 12,301 Net cash provided by operating activities 1,168,768 — 1,168,768 1,140,886 — 1,140,886 The revisions had no net effect on the Company's previously issued year ended 2021 and 2020 net cash flows from operating activities, investing activities or financing activities. Consolidated Balance Sheets December 31, 2021 (in thousands) As Reported Adjustment As Revised Other assets $ 308,924 $ (38,240) $ 270,684 Total assets 10,920,764 (38,240) 10,882,524 Common stock, no par value 3,957,756 (1,838) 3,955,918 Retained deficit (2,428,171) (36,402) (2,464,573) Total common shareholders' equity 1,527,531 (38,240) 1,489,291 Total shareholders' equity 2,010,726 (38,240) 1,972,486 Total liabilities, mezzanine equity and shareholders' equity 10,920,764 (38,240) 10,882,524 The revisions decreased total assets and retained earnings by approximately $7 million as of December 31, 2020. Statements of Consolidated Shareholders' Equity and Mezzanine Equity Common Stock No Par Value Retained Earnings (Deficit) Total Equity (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Balance at January 1, 2020 $ 1,292,804 $ — $ 1,292,804 $ (618,062) $ — $ (618,062) $ 5,282,080 $ — $ 5,282,080 Net income — — — 391,625 (5,060) 386,565 606,537 (5,060) 601,477 Balance at December 31, 2020 $ 3,941,295 $ — $ 3,941,295 $ (728,959) $ (5,060) $ (734,019) $ 3,681,272 $ (5,060) $ 3,676,212 Net (loss) — — — (1,438,990) (31,342) (1,470,332) (1,424,460) (31,342) (1,455,802) Share-based compensation plans, net 16,461 (1,838) 14,623 — — — 16,461 (1,838) 14,623 Balance at December 31, 2021 $ 3,957,756 $ (1,838) $ 3,955,918 $ (2,428,171) $ (36,402) $ (2,464,573) $ 2,010,726 $ (38,240) $ 1,972,486 Statements of Consolidated Comprehensive Income Three Months Ended March 31, 2022 Three Months Ended June 30, 2022 Three Months Ended September 30, 2022 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Operating and maintenance $ 32,834 $ 247 $ 33,081 $ 32,442 $ — $ 32,442 $ 35,297 $ — $ 35,297 Selling, general and administrative 28,126 1,591 29,717 29,009 — 29,009 33,348 — 33,348 Total operating expenses 144,208 1,838 146,046 145,313 — 145,313 153,421 — 153,421 Operating income 197,938 (1,838) 196,100 183,298 — 183,298 178,330 — 178,330 Other income (expense), net 6,348 (4,837) 1,511 14,173 (10,025) 4,148 893 1,572 2,465 Income (loss) before income taxes 111,169 (6,675) 104,494 77,456 (10,025) 67,431 (504,871) 1,572 (503,299) Income tax expense (benefit) 6,261 (660) 5,601 3,650 (958) 2,692 (1,275) 909 (366) Net income (loss) 104,908 (6,015) 98,893 73,806 (9,067) 64,739 (503,596) 663 (502,933) Net income (loss) attributable to Equitrans Midstream 101,133 (6,015) 95,118 69,858 (9,067) 60,791 (506,528) 663 (505,865) Net income (loss) attributable to Equitrans Midstream common shareholders 86,505 (6,015) 80,490 55,230 (9,067) 46,163 (521,156) 663 (520,493) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic 0.20 (0.01) 0.19 0.13 (0.02) 0.11 (1.20) 0.00 (1.20) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted 0.20 (0.01) 0.19 0.13 (0.02) 0.11 (1.20) 0.00 (1.20) Three Months Ended March 31, 2021 Three Months Ended June 30, 2021 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised Other income (expense) , net $ 7,599 $ (714) $ 6,885 $ 9,453 $ (943) $ 8,510 Income (loss) before income taxes 97,013 (714) 96,299 52,685 (943) 51,742 Income tax expense (benefit) 20,416 (157) 20,259 12,564 (232) 12,332 Net income (loss) 76,597 (557) 76,040 40,121 (711) 39,410 Net income (loss) attributable to Equitrans Midstream 72,683 (557) 72,126 37,113 (711) 36,402 Net income (loss) attributable to Equitrans Midstream common shareholders 58,055 (557) 57,498 22,485 (711) 21,774 Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic 0.13 0.00 0.13 0.05 0.00 0.05 Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted 0.13 0.00 0.13 0.05 0.00 0.05 Three Months Ended September 30, 2021 Three Months Ended December 31, 2021 (in thousands, except per share amounts) As Reported Adjustment As Revised As Reported Adjustment As Revised Operating and maintenance $ 38,743 $ — $ 38,743 $ 42,422 $ (247) $ 42,175 Selling, general and administrative 33,560 — 33,560 34,111 (1,591) 32,520 Total operating expenses 154,528 — 154,528 159,188 (1,838) 157,350 Operating income 187,546 — 187,546 87,484 1,838 89,322 Other income (expense) , net 21,199 (2,133) 19,066 (54,355) (27,652) (82,007) Income (loss) before income taxes 123,105 (2,133) 120,972 (1,983,842) (25,814) (2,009,656) Income tax expense (benefit) 32,200 (558) 31,642 (410,271) 2,685 (407,586) Net income (loss) 90,905 (1,575) 89,330 (1,573,571) (28,499) (1,602,070) Net income (loss) attributable to Equitrans Midstream 87,348 (1,575) 85,773 (1,577,622) (28,499) (1,606,121) Net income (loss) attributable to Equitrans Midstream common shareholders 72,720 (1,575) 71,145 (1,592,250) (28,499) (1,620,749) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic 0.17 (0.01) 0.16 (3.68) (0.06) (3.74) Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted 0.17 (0.01) 0.16 (3.68) (0.06) (3.74) Statements of Consolidated Cash Flows Three Months Ended March 31, 2022 Six Months Ended June 30, 2022 Nine Months Ended September 30, 2022 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Net (loss) income $ 104,908 $ (6,015) $ 98,893 $ 178,714 $ (15,082) $ 163,632 $ (324,882) $ (14,419) $ (339,301) Deferred income taxes 4,603 (660) 3,943 6,990 (1,618) 5,372 8,101 (709) 7,392 Other (income) expense, net (6,501) 4,837 (1,664) (20,272) 14,862 (5,410) (21,681) 13,290 (8,391) Non-cash long-term compensation expense 2,990 1,838 4,828 6,646 1,838 8,484 10,304 1,838 12,142 Net cash provided by operating activities 185,946 — 185,946 536,972 — 536,972 746,539 — 746,539 Three Months Ended March 31, 2021 Six Months Ended June 30, 2021 Nine Months Ended September 30, 2021 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Net (loss) income $ 76,597 $ (557) $ 76,040 $ 116,718 $ (1,268) $ 115,450 $ 207,623 $ (2,843) $ 204,780 Deferred income taxes 20,406 (157) 20,249 32,500 (389) 32,111 61,267 (947) 60,320 Other (income) expense, net (7,254) 714 (6,540) (16,750) 1,657 (15,093) (38,160) 3,790 (34,370) Net cash provided by operating activities 229,552 — 229,552 612,147 — 612,147 822,024 — 822,024 Consolidated Balance Sheets March 31, 2022 June 30, 2022 September 30, 2022 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Other assets $ 307,965 $ (43,077) $ 264,888 $ 316,074 $ (53,102) $ 262,972 $ 321,444 $ (51,530) $ 269,914 Total assets 10,818,702 (43,077) 10,775,625 10,961,930 (53,102) 10,908,828 10,386,504 (51,530) 10,334,974 Regulatory and other long-term liabilities 97,156 (660) 96,496 96,742 (1,618) 95,124 108,272 (709) 107,563 Total liabilities 8,098,572 (660) 8,097,912 8,243,109 (1,618) 8,241,491 8,263,019 (709) 8,262,310 Retained deficit (2,407,250) (42,417) (2,449,667) (2,417,011) (51,484) (2,468,495) (3,003,848) (50,821) (3,054,669) Total common shareholders' equity 1,551,318 (42,417) 1,508,901 1,546,061 (51,484) 1,494,577 963,793 (50,821) 912,972 Total shareholders' equity 2,038,288 (42,417) 1,995,871 2,036,979 (51,484) 1,985,495 1,441,643 (50,821) 1,390,822 Total liabilities, mezzanine equity and shareholders' equity 10,818,702 (43,077) 10,775,625 10,961,930 (53,102) 10,908,828 10,386,504 (51,530) 10,334,974 March 31, 2021 June 30, 2021 September 30, 2021 (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Other assets $ 343,341 $ (7,512) $ 335,829 $ 351,043 $ (8,455) $ 342,588 $ 365,586 $ (10,588) $ 354,998 Total assets 12,788,847 (7,512) 12,781,335 12,806,331 (8,455) 12,797,876 12,868,402 (10,588) 12,857,814 Regulatory and other long-term liabilities 97,759 (1,895) 95,864 98,122 (2,127) 95,995 98,870 (2,685) 96,185 Total liabilities 8,426,552 (1,895) 8,424,657 8,479,623 (2,127) 8,477,496 8,527,415 (2,685) 8,524,730 Retained deficit (735,888) (5,617) (741,505) (778,153) (6,328) (784,481) (770,769) (7,903) (778,672) Total common shareholders' equity 3,207,874 (5,617) 3,202,257 3,169,279 (6,328) 3,162,951 3,180,001 (7,903) 3,172,098 Total shareholders' equity 3,680,453 (5,617) 3,674,836 3,644,866 (6,328) 3,638,538 3,659,145 (7,903) 3,651,242 Total liabilities, mezzanine equity and shareholders' equity 12,788,847 (7,512) 12,781,335 12,806,331 (8,455) 12,797,876 12,868,402 (10,588) 12,857,814 Statements of Consolidated Shareholders' Equity and Mezzanine Equity Common Stock No Par Value Retained Earnings (Deficit) Total Equity (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Balance at January 1, 2021 $ 3,941,295 $ — $ 3,941,295 $ (728,959) $ (5,060) $ (734,019) $ 3,681,272 $ (5,060) $ 3,676,212 Net income — — — 58,055 (557) 57,498 61,969 (557) 61,412 Balance at March 31, 2021 $ 3,945,957 $ — $ 3,945,957 $ (735,888) $ (5,617) $ (741,505) $ 3,680,453 $ (5,617) $ 3,674,836 Net income — — — 22,485 (711) 21,774 25,493 (711) 24,782 Balance at June 30, 2021 $ 3,949,592 $ — $ 3,949,592 $ (778,153) $ (6,328) $ (784,481) $ 3,644,866 $ (6,328) $ 3,638,538 Net income — — — 72,720 (1,575) 71,145 76,277 (1,575) 74,702 Balance at September 30, 2021 $ 3,952,896 $ — $ 3,952,896 $ (770,769) $ (7,903) $ (778,672) $ 3,659,145 $ (7,903) $ 3,651,242 Net (loss) income — — — (1,592,250) (28,499) (1,620,749) (1,588,199) (28,499) (1,616,698) Share-based compensation plans, net 4,860 (1,838) 3,022 — — — 4,860 (1,838) 3,022 Balance at December 31, 2021 $ 3,957,756 $ (1,838) $ 3,955,918 $ (2,428,171) $ (36,402) $ (2,464,573) $ 2,010,726 $ (38,240) $ 1,972,486 Common Stock No Par Value Retained Earnings (Deficit) Total Equity (in thousands) As Reported Adjustment As Revised As Reported Adjustment As Revised As Reported Adjustment As Revised Balance at January 1, 2022 $ 3,957,756 $ (1,838) $ 3,955,918 $ (2,428,171) $ (36,402) $ (2,464,573) $ 2,010,726 $ (38,240) $ 1,972,486 Net income — — — 86,505 (6,015) 80,490 90,280 (6,015) 84,265 Share-based compensation plans, net 2,832 1,838 4,670 — — — 2,832 1,838 4,670 Balance at March 31, 2022 $ 3,960,588 $ — $ 3,960,588 $ (2,407,250) $ (42,417) $ (2,449,667) $ 2,038,288 $ (42,417) $ 1,995,871 Net income — — — 55,230 (9,067) 46,163 59,178 (9,067) 50,111 Balance at June 30, 2022 $ 3,965,058 $ — $ 3,965,058 $ (2,417,011) $ (51,484) $ (2,468,495) $ 2,036,979 $ (51,484) $ 1,985,495 Net (loss) income — — — (521,156) 663 (520,493) (518,224) 663 (517,561) Balance at September 30, 2022 $ 3,969,591 $ — $ 3,969,591 $ (3,003,848) $ (50,821) $ (3,054,669) $ 1,441,643 $ (50,821) $ 1,390,822 |
Summary of Operations and Sig_4
Summary of Operations and Significant Accounting Policies - Organization Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Jun. 17, 2020 | Feb. 26, 2020 | Mar. 13, 2019 | Nov. 12, 2018 | Dec. 31, 2020 | Jun. 18, 2020 | Jan. 10, 2019 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Percent of cash distributions paid | 80.10% | ||||||
Principal amount redeemed | $ 679,681 | ||||||
Sale of units, convertible common stock, conversion basis | 100% | ||||||
EQGP | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Indirect ownership percentage | 100% | ||||||
EQM Merger | Series A Preferred Units | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Principal amount redeemed | $ 600,000 | $ 600,000 | |||||
Redemption rate | 101% | 101% | |||||
Unit purchase price (in dollars per share) | $ 48.77 | $ 48.77 | |||||
EQM Merger | Preferred Stock | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Redemption rate | 244% | ||||||
Equity instrument redemption (in shares) | 2.44 | 2.44 | |||||
Equitrans Midstream | EQT Corporation | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Limited partner ownership interest | 19.90% |
Summary of Operations and Sig_5
Summary of Operations and Significant Accounting Policies - Nature of Business Narrative (Details) | Dec. 31, 2022 Bcf / d MMcf / d compressorUnit waterStorageFacility primaryAsset interconnect facility gasReserve interstatePipeline mi hp Bcf bbl |
Public Utilities, General Disclosures [Line Items] | |
Number of primary assets through which services are provided | primaryAsset | 3 |
Gathering assets | |
Public Utilities, General Disclosures [Line Items] | |
Length of pipeline | 1,180 |
Daily capacity (in Bcf per day) | Bcf / d | 7.4 |
Number of compressor units | compressorUnit | 135 |
Compression capacity (in hp) | hp | 493,000 |
High Pressure Header Pipelines Member | |
Public Utilities, General Disclosures [Line Items] | |
Daily capacity (in Bcf per day) | Bcf / d | 1.8 |
Transmission and storage assets | |
Public Utilities, General Disclosures [Line Items] | |
Daily capacity (in Bcf per day) | Bcf / d | 4.4 |
Number of compressor units | compressorUnit | 43 |
Compression capacity (in hp) | hp | 136,000 |
Length of FERC-regulated lines (in miles) | 940 |
Number of connection points | interstatePipeline | 7 |
Number of gas reservoirs | gasReserve | 18 |
Peak withdrawal capacity (in Bcf per day) | MMcf / d | 820 |
Working gas capacity (in Bcf) | Bcf | 43 |
Water services assets | |
Public Utilities, General Disclosures [Line Items] | |
Length of pipeline | 70 |
Length of water pipeline | 201 |
Number of fresh water impoundment facilities | facility | 21 |
Number of water storage facilities | waterStorageFacility | 2 |
Barrels of capacity | bbl | 350,000 |
Number of interconnects | interconnect | 2 |
Summary of Operations and Sig_6
Summary of Operations and Significant Accounting Policies - Revision of Previously Issued Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Operating and maintenance | $ 35,297 | $ 32,442 | $ 33,081 | $ 42,175 | $ 38,743 | $ 154,667 | $ 153,179 | $ 154,109 | ||||||
Selling, general and administrative | 33,348 | 29,009 | 29,717 | 32,520 | 33,560 | 128,472 | 137,056 | 129,969 | ||||||
Total operating expenses | 153,421 | 145,313 | 146,046 | 157,350 | 154,528 | 620,153 | 681,636 | 686,264 | ||||||
Total operating income | 178,330 | 183,298 | 196,100 | 89,322 | 187,546 | 737,594 | 635,401 | 824,561 | ||||||
Other income (expense), net | 2,465 | 4,148 | 1,511 | (82,007) | 19,066 | $ 8,510 | $ 6,885 | 13,871 | (47,546) | 10,427 | ||||
(Loss) income before income taxes | (503,299) | 67,431 | 104,494 | (2,009,656) | 120,972 | 51,742 | 96,299 | (250,694) | (1,740,643) | 736,577 | ||||
Income tax expense (benefit) | (366) | 2,692 | 5,601 | (407,586) | 31,642 | 12,332 | 20,259 | 6,444 | (343,353) | 103,593 | ||||
Net (loss) income | (502,933) | 64,739 | 98,893 | (1,602,070) | 89,330 | 39,410 | 76,040 | $ 163,632 | $ 115,450 | $ (339,301) | $ 204,780 | (257,138) | (1,397,290) | 632,984 |
Net income (loss) attributable to Equitrans Midstream | (505,865) | 60,791 | 95,118 | (1,606,121) | 85,773 | 36,402 | 72,126 | (269,342) | (1,411,820) | 418,072 | ||||
Net (loss) income attributable to Equitrans Midstream common shareholders | $ (520,493) | $ 46,163 | $ 80,490 | $ (1,620,749) | $ 71,145 | $ 21,774 | $ 57,498 | $ (327,854) | $ (1,470,332) | $ 359,312 | ||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ (1.20) | $ 0.11 | $ 0.19 | $ (3.74) | $ 0.16 | $ 0.05 | $ 0.13 | $ (0.76) | $ (3.40) | $ 1.04 | ||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ (1.20) | $ 0.11 | $ 0.19 | $ (3.74) | $ 0.16 | $ 0.05 | $ 0.13 | $ (0.76) | $ (3.40) | $ 1.04 | ||||
Deferred income taxes | $ 3,943 | $ 20,249 | 5,372 | 32,111 | 7,392 | 60,320 | $ 5,472 | $ (348,206) | $ 100,980 | |||||
Other expense (income), net | (1,664) | (6,540) | (5,410) | (15,093) | (8,391) | (34,370) | (13,644) | 47,485 | (10,480) | |||||
Non-cash long-term compensation expense | 4,828 | 8,484 | 12,142 | 15,800 | 13,083 | 12,301 | ||||||||
Net cash provided by operating activities | 185,946 | 229,552 | 536,972 | 612,147 | 746,539 | 822,024 | 845,775 | 1,168,768 | 1,140,886 | |||||
Other assets | $ 269,914 | $ 262,972 | 264,888 | $ 270,684 | $ 354,998 | $ 342,588 | 335,829 | 262,972 | 342,588 | 269,914 | 354,998 | 278,159 | 270,684 | |
Total assets | 10,334,974 | 10,908,828 | 10,775,625 | 10,882,524 | 12,857,814 | 12,797,876 | 12,781,335 | 10,908,828 | 12,797,876 | 10,334,974 | 12,857,814 | 10,445,585 | 10,882,524 | 12,719,054 |
Common stock, no par value | 3,955,918 | 3,974,127 | 3,955,918 | |||||||||||
Retained deficit | (3,054,669) | (2,468,495) | (2,449,667) | (2,464,573) | (778,672) | (784,481) | (741,505) | (2,468,495) | (784,481) | (3,054,669) | (778,672) | (3,053,590) | (2,464,573) | |
Total common shareholders' equity | 912,972 | 1,494,577 | 1,508,901 | 1,489,291 | 3,172,098 | 3,162,951 | 3,202,257 | 1,494,577 | 3,162,951 | 912,972 | 3,172,098 | 919,205 | 1,489,291 | |
Total shareholders' equity | 1,390,822 | 1,985,495 | 1,995,871 | 1,972,486 | 3,651,242 | 3,638,538 | 3,674,836 | 1,985,495 | 3,638,538 | 1,390,822 | 3,651,242 | 1,398,604 | 1,972,486 | 3,676,212 |
Total liabilities, mezzanine equity and shareholders' equity | 10,334,974 | 10,908,828 | 10,775,625 | 10,882,524 | 12,857,814 | 12,797,876 | 12,781,335 | 10,908,828 | 12,797,876 | 10,334,974 | 12,857,814 | 10,445,585 | 10,882,524 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance | 1,985,495 | 1,995,871 | 1,972,486 | 3,651,242 | 3,638,538 | 3,674,836 | 3,676,212 | 1,972,486 | 3,676,212 | 1,972,486 | 3,676,212 | 1,972,486 | 3,676,212 | 5,282,080 |
Net (loss) income | (517,561) | 50,111 | 84,265 | (1,616,698) | 74,702 | 24,782 | 61,412 | (315,650) | (1,455,802) | 601,477 | ||||
Share-based compensation plans, net | 4,670 | 3,022 | 18,209 | 14,623 | 13,071 | |||||||||
Ending balance | 1,390,822 | 1,985,495 | 1,995,871 | 1,972,486 | 3,651,242 | 3,638,538 | 3,674,836 | 1,985,495 | 3,638,538 | 1,390,822 | 3,651,242 | 1,398,604 | 1,972,486 | 3,676,212 |
Common Stock | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Total shareholders' equity | 3,969,591 | 3,965,058 | 3,960,588 | 3,955,918 | 3,952,896 | 3,949,592 | 3,945,957 | 3,965,058 | 3,949,592 | 3,969,591 | 3,952,896 | 3,974,127 | 3,955,918 | 3,941,295 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance | 3,965,058 | 3,960,588 | 3,955,918 | 3,952,896 | 3,949,592 | 3,945,957 | 3,941,295 | 3,955,918 | 3,941,295 | 3,955,918 | 3,941,295 | 3,955,918 | 3,941,295 | 1,292,804 |
Net (loss) income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Share-based compensation plans, net | 4,670 | 3,022 | 18,209 | 14,623 | 12,786 | |||||||||
Ending balance | 3,969,591 | 3,965,058 | 3,960,588 | 3,955,918 | 3,952,896 | 3,949,592 | 3,945,957 | 3,965,058 | 3,949,592 | 3,969,591 | 3,952,896 | 3,974,127 | 3,955,918 | 3,941,295 |
Retained Earnings | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Total shareholders' equity | (3,054,669) | (2,468,495) | (2,449,667) | (2,464,573) | (778,672) | (784,481) | (741,505) | (2,468,495) | (784,481) | (3,054,669) | (778,672) | (3,053,590) | (2,464,573) | (734,019) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance | (2,468,495) | (2,449,667) | (2,464,573) | (778,672) | (784,481) | (741,505) | (734,019) | (2,464,573) | (734,019) | (2,464,573) | (734,019) | (2,464,573) | (734,019) | (618,062) |
Net (loss) income | (520,493) | 46,163 | 80,490 | (1,620,749) | 71,145 | 21,774 | 57,498 | (327,854) | (1,470,332) | 386,565 | ||||
Share-based compensation plans, net | 0 | 0 | 0 | |||||||||||
Ending balance | (3,054,669) | (2,468,495) | (2,449,667) | (2,464,573) | (778,672) | (784,481) | (741,505) | (2,468,495) | (784,481) | (3,054,669) | (778,672) | (3,053,590) | (2,464,573) | (734,019) |
As Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Operating and maintenance | 35,297 | 32,442 | 32,834 | 42,422 | 38,743 | 153,426 | 154,109 | |||||||
Selling, general and administrative | 33,348 | 29,009 | 28,126 | 34,111 | 33,560 | 138,647 | 129,969 | |||||||
Total operating expenses | 153,421 | 145,313 | 144,208 | 159,188 | 154,528 | 683,474 | 686,264 | |||||||
Total operating income | 178,330 | 183,298 | 197,938 | 87,484 | 187,546 | 633,563 | 824,561 | |||||||
Other income (expense), net | 893 | 14,173 | 6,348 | (54,355) | 21,199 | 9,453 | 7,599 | (16,104) | 17,225 | |||||
(Loss) income before income taxes | (504,871) | 77,456 | 111,169 | (1,983,842) | 123,105 | 52,685 | 97,013 | (1,711,039) | 743,375 | |||||
Income tax expense (benefit) | (1,275) | 3,650 | 6,261 | (410,271) | 32,200 | 12,564 | 20,416 | (345,091) | 105,331 | |||||
Net (loss) income | (503,596) | 73,806 | 104,908 | (1,573,571) | 90,905 | 40,121 | 76,597 | 178,714 | 116,718 | (324,882) | 207,623 | (1,365,948) | 638,044 | |
Net income (loss) attributable to Equitrans Midstream | (506,528) | 69,858 | 101,133 | (1,577,622) | 87,348 | 37,113 | 72,683 | (1,380,478) | 423,132 | |||||
Net (loss) income attributable to Equitrans Midstream common shareholders | $ (521,156) | $ 55,230 | $ 86,505 | $ (1,592,250) | $ 72,720 | $ 22,485 | $ 58,055 | $ (1,438,990) | $ 364,372 | |||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ (1.20) | $ 0.13 | $ 0.20 | $ (3.68) | $ 0.17 | $ 0.05 | $ 0.13 | $ (3.32) | $ 1.06 | |||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ (1.20) | $ 0.13 | $ 0.20 | $ (3.68) | $ 0.17 | $ 0.05 | $ 0.13 | $ (3.32) | $ 1.06 | |||||
Deferred income taxes | $ 4,603 | $ 20,406 | 6,990 | 32,500 | 8,101 | 61,267 | $ (349,944) | $ 102,718 | ||||||
Other expense (income), net | (6,501) | (7,254) | (20,272) | (16,750) | (21,681) | (38,160) | 16,043 | (17,278) | ||||||
Non-cash long-term compensation expense | 2,990 | 6,646 | 10,304 | 14,921 | 12,301 | |||||||||
Net cash provided by operating activities | 185,946 | 229,552 | 536,972 | 612,147 | 746,539 | 822,024 | 1,168,768 | 1,140,886 | ||||||
Other assets | $ 321,444 | $ 316,074 | 307,965 | $ 308,924 | $ 365,586 | $ 351,043 | 343,341 | 316,074 | 351,043 | 321,444 | 365,586 | 308,924 | ||
Total assets | 10,386,504 | 10,961,930 | 10,818,702 | 10,920,764 | 12,868,402 | 12,806,331 | 12,788,847 | 10,961,930 | 12,806,331 | 10,386,504 | 12,868,402 | 10,920,764 | ||
Common stock, no par value | 3,957,756 | 3,957,756 | ||||||||||||
Retained deficit | (3,003,848) | (2,417,011) | (2,407,250) | (2,428,171) | (770,769) | (778,153) | (735,888) | (2,417,011) | (778,153) | (3,003,848) | (770,769) | (2,428,171) | ||
Total common shareholders' equity | 963,793 | 1,546,061 | 1,551,318 | 1,527,531 | 3,180,001 | 3,169,279 | 3,207,874 | 1,546,061 | 3,169,279 | 963,793 | 3,180,001 | 1,527,531 | ||
Total shareholders' equity | 1,441,643 | 2,036,979 | 2,038,288 | 2,010,726 | 3,659,145 | 3,644,866 | 3,680,453 | 2,036,979 | 3,644,866 | 1,441,643 | 3,659,145 | 2,010,726 | 3,681,272 | |
Total liabilities, mezzanine equity and shareholders' equity | 10,386,504 | 10,961,930 | 10,818,702 | 10,920,764 | 12,868,402 | 12,806,331 | 12,788,847 | 10,961,930 | 12,806,331 | 10,386,504 | 12,868,402 | 10,920,764 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance | 2,036,979 | 2,038,288 | 2,010,726 | 3,659,145 | 3,644,866 | 3,680,453 | 3,681,272 | 2,010,726 | 3,681,272 | 2,010,726 | 3,681,272 | 2,010,726 | 3,681,272 | 5,282,080 |
Net (loss) income | (518,224) | 59,178 | 90,280 | (1,588,199) | 76,277 | 25,493 | 61,969 | (1,424,460) | 606,537 | |||||
Share-based compensation plans, net | 2,832 | 4,860 | 16,461 | |||||||||||
Ending balance | 1,441,643 | 2,036,979 | 2,038,288 | 2,010,726 | 3,659,145 | 3,644,866 | 3,680,453 | 2,036,979 | 3,644,866 | 1,441,643 | 3,659,145 | 2,010,726 | 3,681,272 | |
As Reported | Common Stock | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Total shareholders' equity | 3,969,591 | 3,965,058 | 3,960,588 | 3,957,756 | 3,952,896 | 3,949,592 | 3,945,957 | 3,965,058 | 3,949,592 | 3,969,591 | 3,952,896 | 3,957,756 | 3,941,295 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance | 3,965,058 | 3,960,588 | 3,957,756 | 3,952,896 | 3,949,592 | 3,945,957 | 3,941,295 | 3,957,756 | 3,941,295 | 3,957,756 | 3,941,295 | 3,957,756 | 3,941,295 | 1,292,804 |
Net (loss) income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Share-based compensation plans, net | 2,832 | 4,860 | 16,461 | |||||||||||
Ending balance | 3,969,591 | 3,965,058 | 3,960,588 | 3,957,756 | 3,952,896 | 3,949,592 | 3,945,957 | 3,965,058 | 3,949,592 | 3,969,591 | 3,952,896 | 3,957,756 | 3,941,295 | |
As Reported | Retained Earnings | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Total shareholders' equity | (3,003,848) | (2,417,011) | (2,407,250) | (2,428,171) | (770,769) | (778,153) | (735,888) | (2,417,011) | (778,153) | (3,003,848) | (770,769) | (2,428,171) | (728,959) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance | (2,417,011) | (2,407,250) | (2,428,171) | (770,769) | (778,153) | (735,888) | (728,959) | (2,428,171) | (728,959) | (2,428,171) | (728,959) | (2,428,171) | (728,959) | (618,062) |
Net (loss) income | (521,156) | 55,230 | 86,505 | (1,592,250) | 72,720 | 22,485 | 58,055 | (1,438,990) | 391,625 | |||||
Share-based compensation plans, net | 0 | 0 | 0 | |||||||||||
Ending balance | (3,003,848) | (2,417,011) | (2,407,250) | (2,428,171) | (770,769) | (778,153) | (735,888) | (2,417,011) | (778,153) | (3,003,848) | (770,769) | (2,428,171) | (728,959) | |
Adjustment | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Operating and maintenance | 0 | 0 | 247 | (247) | 0 | (247) | 0 | |||||||
Selling, general and administrative | 0 | 0 | 1,591 | (1,591) | 0 | (1,591) | 0 | |||||||
Total operating expenses | 0 | 0 | 1,838 | (1,838) | 0 | (1,838) | 0 | |||||||
Total operating income | 0 | 0 | (1,838) | 1,838 | 0 | 1,838 | 0 | |||||||
Other income (expense), net | 1,572 | (10,025) | (4,837) | (27,652) | (2,133) | (943) | (714) | (31,442) | (6,798) | |||||
(Loss) income before income taxes | 1,572 | (10,025) | (6,675) | (25,814) | (2,133) | (943) | (714) | (29,604) | (6,798) | |||||
Income tax expense (benefit) | 909 | (958) | (660) | 2,685 | (558) | (232) | (157) | 1,738 | (1,738) | |||||
Net (loss) income | 663 | (9,067) | (6,015) | (28,499) | (1,575) | (711) | (557) | (15,082) | (1,268) | (14,419) | (2,843) | (31,342) | (5,060) | |
Net income (loss) attributable to Equitrans Midstream | 663 | (9,067) | (6,015) | (28,499) | (1,575) | (711) | (557) | (31,342) | (5,060) | |||||
Net (loss) income attributable to Equitrans Midstream common shareholders | $ 663 | $ (9,067) | $ (6,015) | $ (28,499) | $ (1,575) | $ (711) | $ (557) | $ (31,342) | $ (5,060) | |||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ 0 | $ (0.02) | $ (0.01) | $ (0.06) | $ (0.01) | $ 0 | $ 0 | $ (0.08) | $ (0.02) | |||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ 0 | $ (0.02) | $ (0.01) | $ (0.06) | $ (0.01) | $ 0 | $ 0 | $ (0.08) | $ (0.02) | |||||
Deferred income taxes | $ (660) | $ (157) | (1,618) | (389) | (709) | (947) | $ 1,738 | $ (1,738) | ||||||
Other expense (income), net | 4,837 | 714 | 14,862 | 1,657 | 13,290 | 3,790 | 31,442 | 6,798 | ||||||
Non-cash long-term compensation expense | 1,838 | 1,838 | 1,838 | (1,838) | 0 | |||||||||
Net cash provided by operating activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Other assets | $ (51,530) | $ (53,102) | (43,077) | $ (38,240) | $ (10,588) | $ (8,455) | (7,512) | (53,102) | (8,455) | (51,530) | (10,588) | (38,240) | ||
Total assets | (51,530) | (53,102) | (43,077) | (38,240) | (10,588) | (8,455) | (7,512) | (53,102) | (8,455) | (51,530) | (10,588) | (38,240) | (7,000) | |
Common stock, no par value | (1,838) | (1,838) | ||||||||||||
Retained deficit | (50,821) | (51,484) | (42,417) | (36,402) | (7,903) | (6,328) | (5,617) | (51,484) | (6,328) | (50,821) | (7,903) | (36,402) | 7,000 | |
Total common shareholders' equity | (50,821) | (51,484) | (42,417) | (38,240) | (7,903) | (6,328) | (5,617) | (51,484) | (6,328) | (50,821) | (7,903) | (38,240) | ||
Total shareholders' equity | (50,821) | (51,484) | (42,417) | (38,240) | (7,903) | (6,328) | (5,617) | (51,484) | (6,328) | (50,821) | (7,903) | (38,240) | (5,060) | |
Total liabilities, mezzanine equity and shareholders' equity | (51,530) | (53,102) | (43,077) | (38,240) | (10,588) | (8,455) | (7,512) | (53,102) | (8,455) | (51,530) | (10,588) | (38,240) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance | (51,484) | (42,417) | (38,240) | (7,903) | (6,328) | (5,617) | (5,060) | (38,240) | (5,060) | (38,240) | (5,060) | (38,240) | (5,060) | 0 |
Net (loss) income | 663 | (9,067) | (6,015) | (28,499) | (1,575) | (711) | (557) | (31,342) | (5,060) | |||||
Share-based compensation plans, net | 1,838 | (1,838) | (1,838) | |||||||||||
Ending balance | (50,821) | (51,484) | (42,417) | (38,240) | (7,903) | (6,328) | (5,617) | (51,484) | (6,328) | (50,821) | (7,903) | (38,240) | (5,060) | |
Adjustment | Common Stock | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Total shareholders' equity | 0 | 0 | 0 | (1,838) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,838) | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance | 0 | 0 | (1,838) | 0 | 0 | 0 | 0 | (1,838) | 0 | (1,838) | 0 | (1,838) | 0 | 0 |
Net (loss) income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Share-based compensation plans, net | 1,838 | (1,838) | (1,838) | |||||||||||
Ending balance | 0 | 0 | 0 | (1,838) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,838) | 0 | |
Adjustment | Retained Earnings | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Total shareholders' equity | (50,821) | (51,484) | (42,417) | (36,402) | (7,903) | (6,328) | (5,617) | (51,484) | (6,328) | (50,821) | (7,903) | (36,402) | (5,060) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance | (51,484) | (42,417) | (36,402) | (7,903) | (6,328) | (5,617) | (5,060) | (36,402) | (5,060) | (36,402) | (5,060) | $ (36,402) | (5,060) | 0 |
Net (loss) income | 663 | (9,067) | (6,015) | (28,499) | (1,575) | (711) | (557) | (31,342) | (5,060) | |||||
Share-based compensation plans, net | 0 | 0 | 0 | |||||||||||
Ending balance | $ (50,821) | $ (51,484) | $ (42,417) | $ (36,402) | $ (7,903) | $ (6,328) | $ (5,617) | $ (51,484) | $ (6,328) | $ (50,821) | $ (7,903) | $ (36,402) | $ (5,060) |
Summary of Operations and Sig_7
Summary of Operations and Significant Accounting Policies - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Unbilled revenue | $ 24,465 | $ 15,931 |
Prepaid expenses | 23,346 | 21,848 |
Inventory | 19,173 | 20,347 |
Other current assets | 7,933 | 1,741 |
Total other current assets | $ 74,917 | $ 59,867 |
Summary of Operations and Sig_8
Summary of Operations and Significant Accounting Policies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment lineOfBusiness | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of business segments | segment | 3 | ||
Number of lines of business | lineOfBusiness | 3 | ||
Property, plant and equipment, cost capitalization | $ 47.3 | $ 50.8 | $ 44.9 |
Property, plant and equipment, interest capitalization | 8.7 | 4.9 | $ 18.6 |
Implementation costs incurred in hosting arrangement | 9 | 10 | |
Implementation costs amortized | $ 1 | $ 0.9 | |
Property, plant and equipment, depreciation rates | 2.60% | 2.60% | 2.50% |
Finite-lived intangible assets, amortization expense, year one | $ 64.8 | ||
Finite-lived intangible assets, amortization expense, year two | 64.8 | ||
Finite-lived intangible assets, amortization expense, year three | 64.8 | ||
Finite-lived intangible assets, amortization expense, year four | 64.8 | ||
Finite-lived intangible assets, amortization expense, year five | $ 62.5 | ||
Useful life | 9 years 3 months 18 days | ||
Gas imbalance receivable | $ 7 | $ 1.9 | |
Contract billing cycle | 10 days | ||
Restricted stock awards | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Period after which the shares granted will be fully vested | 3 years | ||
Restricted Stock Units, Liability | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Period after which the shares granted will be fully vested | 3 years | ||
Water | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract billing cycle | 30 days | ||
Gathering | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract billing cycle | 21 days | ||
Minimum | Gathering assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, estimated useful lives | 20 years | ||
Minimum | Transmission and storage assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, estimated useful lives | 20 years | ||
Minimum | Water services assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, estimated useful lives | 10 years | ||
Maximum | Gathering assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, estimated useful lives | 50 years | ||
Maximum | Transmission and storage assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, estimated useful lives | 50 years | ||
Maximum | Water services assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, estimated useful lives | 15 years |
Summary of Operations and Sig_9
Summary of Operations and Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Net property, plant and equipment | $ 7,884,331 | $ 7,787,503 |
Gathering assets | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Assets | 7,176,011 | 6,911,268 |
Accumulated depreciation | (919,465) | (727,735) |
Net property, plant and equipment | 6,256,546 | 6,183,533 |
Transmission and storage assets | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Assets | 1,928,894 | 1,901,756 |
Accumulated depreciation | (475,688) | (424,918) |
Net property, plant and equipment | 1,453,206 | 1,476,838 |
Water services assets | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Assets | 245,258 | 176,245 |
Accumulated depreciation | (79,518) | (60,379) |
Net property, plant and equipment | 165,740 | 115,866 |
Other property, plant and equipment | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Assets | 14,888 | 15,332 |
Accumulated depreciation | (6,049) | (4,066) |
Net property, plant and equipment | $ 8,839 | $ 11,266 |
Summary of Operations and Si_10
Summary of Operations and Significant Accounting Policies - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 9 years 3 months 18 days | |
Gross | $ 934,199 | $ 934,199 |
Accumulated Amortization | (347,247) | (282,428) |
Net | $ 586,952 | $ 651,771 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 10 years | 11 years |
Gross | $ 623,199 | $ 623,199 |
Accumulated Amortization | (213,273) | (171,726) |
Net | $ 409,926 | $ 451,473 |
Customer Relationships | Eureka Midstream Holdings, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 8 years | 9 years |
Gross | $ 237,000 | $ 237,000 |
Accumulated Amortization | (69,128) | (48,144) |
Net | $ 167,872 | $ 188,856 |
Customer Relationships | Hornet Midstream Holdings, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 4 years | 5 years |
Gross | $ 74,000 | $ 74,000 |
Accumulated Amortization | (64,846) | (62,558) |
Net | $ 9,154 | $ 11,442 |
Summary of Operations and Si_11
Summary of Operations and Significant Accounting Policies - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Accrued employee compensation | $ 47,742 | $ 50,372 |
Non-income tax accruals | 20,629 | 19,972 |
Current portion of operating lease liabilities | 7,886 | 8,253 |
Other accrued liabilities | 7,578 | 5,255 |
Total accrued liabilities | $ 83,835 | $ 83,852 |
Summary of Operations and Si_12
Summary of Operations and Significant Accounting Policies - Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
AROs at beginning of period | $ 11,241 | $ 12,172 |
Liabilities settled | (996) | (1,609) |
Revisions to estimated liabilities | 3,153 | 0 |
Accretion expense | 563 | 678 |
AROs at end of period | $ 13,961 | $ 11,241 |
Summary of Operations and Si_13
Summary of Operations and Significant Accounting Policies - Regulatory Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | ||
Total regulatory assets | $ 89,654 | $ 95,643 |
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 28,580 | 19,821 |
Deferred taxes | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 9,329 | 9,727 |
On-going post-retirement benefits other than pension | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 19,251 | 10,094 |
Deferred taxes | ||
Regulatory Assets [Line Items] | ||
Total regulatory assets | 85,046 | 91,989 |
Other recoverable costs | ||
Regulatory Assets [Line Items] | ||
Total regulatory assets | $ 4,608 | $ 3,654 |
Summary of Operations and Si_14
Summary of Operations and Significant Accounting Policies - Regulatory Operations and Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement Related Disclosures [Abstract] | |||
Operating revenues | $ 407,884 | $ 403,634 | $ 397,319 |
Operating expenses | 137,782 | 135,888 | $ 124,206 |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Net property, plant and equipment | 7,884,331 | 7,787,503 | |
Regulated Operation | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,928,898 | 1,901,924 | |
Accumulated depreciation | (475,689) | (424,918) | |
Net property, plant and equipment | $ 1,453,209 | $ 1,477,006 |
Investments in Consolidated, _2
Investments in Consolidated, Non-Wholly-Owned Entities - Investment in EQM (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Aug. 13, 2020 USD ($) | Jun. 18, 2020 USD ($) shares | Jun. 17, 2020 USD ($) shares | Jun. 16, 2020 | Feb. 26, 2020 USD ($) day $ / shares shares | Mar. 13, 2019 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Principal amount redeemed | $ 679,681 | |||||||
Increase (decrease) in ownership as a result of merger | 257,200 | |||||||
Sale of units, convertible common stock, conversion basis | 100% | |||||||
Minimum convertible amount | $ 20,000 | |||||||
Conversion price threshold (in dollars per share) | $ / shares | $ 27.99 | |||||||
Consecutive trading days | day | 20 | |||||||
Threshold share amount (in shares) | shares | 1,000,000 | |||||||
Consecutive threshold trading days | day | 20 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 19.99 | |||||||
Conversion ratio | 110% | |||||||
Noncontrolling Interests | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Principal amount redeemed | 579,157 | |||||||
Increase (decrease) in ownership as a result of merger | (3,000,000) | |||||||
Common Stock | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Principal amount redeemed | 100,524 | |||||||
Increase (decrease) in ownership as a result of merger | 2,700,000 | |||||||
Minimum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Convertible threshold percentage | 90% | |||||||
Redemption rate | 101% | |||||||
Convertible debt issuance price, percent of weighted average price of common stock | 95% | |||||||
Private Placement | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Sale of stock, consideration received on transaction | $ 1,200,000 | |||||||
Preferred stock, dividend rate | 9.75% | |||||||
Quarterly distribution rate | 8.15% | |||||||
Private Placement | Minimum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Preferred stock, dividend rate | 10.50% | |||||||
EQM | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Increase in mezzanine equity | 667,200 | |||||||
Decrease in deferred taxes | 12,500 | |||||||
EQM | Noncontrolling Interests | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Increase (decrease) in ownership as a result of merger | 579,200 | |||||||
EQM | Common Stock | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Increase (decrease) in ownership as a result of merger | 100,500 | |||||||
EQT | Private Placement | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Private placement (in shares) | shares | 24,605,291 | |||||||
EQM | Public Owned | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Limited partner ownership interest | 40.10% | |||||||
EQM Merger | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Separation-related adjustments | $ 23,800 | |||||||
EQM Merger | Preferred Stock | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity instrument redemption (in shares) | shares | 2.44 | 2.44 | ||||||
Redemption rate | 244% | |||||||
EQM Merger | Series A Preferred Units | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Unit purchase price (in dollars per share) | $ / shares | $ 48.77 | $ 48.77 | ||||||
Principal amount redeemed | $ 600,000 | $ 600,000 | ||||||
Redemption rate | 101% | 101% | ||||||
Cash paid to redeem preferred units | $ 617,300 | |||||||
Partners' capital | $ 590,100 | |||||||
Redemption premium | $ 27,300 | $ 27,300 | ||||||
Cumulative distribution | $ 10,900 |
Impairments of Long-Lived Ass_3
Impairments of Long-Lived Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Gross Goodwill | $ 1,350,721 | $ 1,350,721 |
Accumulated impairment losses | (864,023) | (864,023) |
Goodwill | $ 486,698 | $ 486,698 |
Impairments of Long-Lived Ass_4
Impairments of Long-Lived Assets - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Property, Plant and Equipment | ||||||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairments of long-lived assets and equity method investments | Impairments of long-lived assets and equity method investments | Impairments of long-lived assets and equity method investments | |||
Impairments of long-lived assets and equity method investments | $ 0 | $ 56,178 | $ 55,581 | |||
Equity method investment, fair value assumption, discount rate | 5.50% | |||||
Impairments of equity method investment | $ 583,057 | $ 1,926,402 | $ 0 | |||
MVP Joint Venture | ||||||
Property, Plant and Equipment | ||||||
Impairments of equity method investment | $ 583,000 | |||||
MVP Joint Venture | Measurement Input, Discount Rate | ||||||
Property, Plant and Equipment | ||||||
Fair value measurement input | 0.075 | |||||
Gathering | ||||||
Property, Plant and Equipment | ||||||
Impairment of oil and gas properties | $ 37,900 | |||||
Impairment of intangible assets | $ 17,700 | |||||
Water | ||||||
Property, Plant and Equipment | ||||||
Impairments of long-lived assets and equity method investments | $ 56,200 |
Financial Information by Busi_3
Financial Information by Business Segment - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 segment lineOfBusiness | |
Segment Reporting [Abstract] | |
Number of business segments | segment | 3 |
Number of lines of business | lineOfBusiness | 3 |
Financial Information by Busi_4
Financial Information by Business Segment - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenues from customers: | |||||||||||||||
Total operating revenues | $ 1,357,747 | $ 1,317,037 | $ 1,510,825 | ||||||||||||
Operating income (loss): | |||||||||||||||
Total operating income | $ 178,330 | $ 183,298 | $ 196,100 | $ 89,322 | $ 187,546 | 737,594 | 635,401 | 824,561 | |||||||
Reconciliation of operating income to net (loss) income: | |||||||||||||||
Equity income | [1],[2] | 168 | 17,579 | 233,833 | |||||||||||
Impairments of equity method investment | (583,057) | (1,926,402) | 0 | ||||||||||||
Other income (expense), net | 2,465 | 4,148 | 1,511 | (82,007) | 19,066 | $ 8,510 | $ 6,885 | 13,871 | (47,546) | 10,427 | |||||
Loss on extinguishment of debt | (24,937) | (41,025) | (24,864) | ||||||||||||
Net interest expense | (394,333) | (378,650) | (307,380) | ||||||||||||
Income tax expense (benefit) | (366) | 2,692 | 5,601 | (407,586) | 31,642 | 12,332 | 20,259 | 6,444 | (343,353) | 103,593 | |||||
Net (loss) income | (502,933) | 64,739 | 98,893 | (1,602,070) | 89,330 | 39,410 | 76,040 | $ 163,632 | $ 115,450 | $ (339,301) | $ 204,780 | (257,138) | (1,397,290) | 632,984 | |
Segment assets: | |||||||||||||||
Total assets | $ 10,334,974 | $ 10,908,828 | $ 10,775,625 | 10,882,524 | $ 12,857,814 | $ 12,797,876 | $ 12,781,335 | $ 10,908,828 | $ 12,797,876 | $ 10,334,974 | $ 12,857,814 | 10,445,585 | 10,882,524 | 12,719,054 | |
Depreciation: | |||||||||||||||
Total | 272,195 | 270,404 | 259,613 | ||||||||||||
Capital expenditures: | |||||||||||||||
Total | 368,417 | 286,155 | 406,001 | ||||||||||||
Bolt-on Acquisition | |||||||||||||||
Capital expenditures: | |||||||||||||||
Accrued capital expenditures | 4,400 | 8,200 | 4,400 | 56,000 | |||||||||||
Gathering | |||||||||||||||
Revenues from customers: | |||||||||||||||
Total operating revenues | 890,579 | 862,053 | 1,012,281 | ||||||||||||
Gathering | RMP | |||||||||||||||
Reconciliation of operating income to net (loss) income: | |||||||||||||||
Impairment of long-lived assets | 55,600 | ||||||||||||||
Transmission | |||||||||||||||
Revenues from customers: | |||||||||||||||
Total operating revenues | 404,517 | 400,202 | 393,836 | ||||||||||||
Water | |||||||||||||||
Revenues from customers: | |||||||||||||||
Total operating revenues | 62,651 | 54,782 | 104,708 | ||||||||||||
Water | RMP | |||||||||||||||
Reconciliation of operating income to net (loss) income: | |||||||||||||||
Impairment of long-lived assets | 56,200 | ||||||||||||||
Operating segments | |||||||||||||||
Segment assets: | |||||||||||||||
Total assets | 10,520,885 | 10,162,809 | 10,520,885 | 12,276,222 | |||||||||||
Operating segments | Gathering | |||||||||||||||
Revenues from customers: | |||||||||||||||
Total operating revenues | 890,579 | 862,053 | 1,012,281 | ||||||||||||
Operating income (loss): | |||||||||||||||
Total operating income | 446,917 | 415,969 | 535,976 | ||||||||||||
Segment assets: | |||||||||||||||
Total assets | 7,600,637 | 7,610,233 | 7,600,637 | 7,733,038 | |||||||||||
Depreciation: | |||||||||||||||
Total | 195,059 | 188,633 | 172,967 | ||||||||||||
Capital expenditures: | |||||||||||||||
Total | 265,864 | 223,807 | 344,873 | ||||||||||||
Operating segments | Gathering | Eureka Midstream Holdings, LLC | |||||||||||||||
Capital expenditures: | |||||||||||||||
Total | 20,300 | 14,100 | 41,600 | ||||||||||||
Operating segments | Transmission | |||||||||||||||
Revenues from customers: | |||||||||||||||
Total operating revenues | 404,517 | 400,202 | 393,836 | ||||||||||||
Operating income (loss): | |||||||||||||||
Total operating income | 277,692 | 274,526 | 275,369 | ||||||||||||
Segment assets: | |||||||||||||||
Total assets | 2,769,097 | 2,333,896 | 2,769,097 | 4,357,382 | |||||||||||
Depreciation: | |||||||||||||||
Total | 55,614 | 55,310 | 54,540 | ||||||||||||
Capital expenditures: | |||||||||||||||
Total | 35,971 | 25,977 | 45,219 | ||||||||||||
Operating segments | Transmission | MVP Southgate Project | |||||||||||||||
Capital expenditures: | |||||||||||||||
Total | 199,600 | 287,700 | 272,800 | ||||||||||||
Operating segments | Water | |||||||||||||||
Revenues from customers: | |||||||||||||||
Total operating revenues | 62,651 | 54,782 | 104,708 | ||||||||||||
Operating income (loss): | |||||||||||||||
Total operating income | 14,602 | (53,911) | 38,756 | ||||||||||||
Segment assets: | |||||||||||||||
Total assets | 151,151 | 218,680 | 151,151 | 185,802 | |||||||||||
Depreciation: | |||||||||||||||
Total | 20,016 | 25,233 | 30,880 | ||||||||||||
Capital expenditures: | |||||||||||||||
Total | 66,569 | 34,877 | 11,905 | ||||||||||||
Other/Headquarters | |||||||||||||||
Operating income (loss): | |||||||||||||||
Total operating income | (1,617) | (1,183) | (25,540) | ||||||||||||
Segment assets: | |||||||||||||||
Total assets | $ 361,639 | 282,776 | 361,639 | 442,832 | |||||||||||
Depreciation: | |||||||||||||||
Total | 1,506 | 1,228 | 1,226 | ||||||||||||
Capital expenditures: | |||||||||||||||
Total | $ 13 | $ 1,494 | $ 4,004 | ||||||||||||
[1]Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 8.[2]Represents equity income from the MVP Joint Venture. See Note 8. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 1,357,747 | $ 1,317,037 | $ 1,510,825 |
Firm reservation fee revenues (a) | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 967,593 | 839,542 | 1,002,051 |
Volumetric-based fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 390,154 | 477,495 | 508,774 |
Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 890,579 | 862,053 | 1,012,281 |
Gathering | Gathering revenues supported by MVCs | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 20,200 | 11,300 | 15,000 |
Gathering | Firm reservation fee revenues (a) | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 562,947 | 468,156 | 595,720 |
Gathering | Volumetric-based fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 327,632 | 393,897 | 416,561 |
Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 404,517 | 400,202 | 393,836 |
Transmission | Firm reservation fee revenues (a) | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 370,769 | 366,323 | 364,533 |
Transmission | Volumetric-based fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 33,748 | 33,879 | 29,303 |
Water | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 62,651 | 54,782 | 104,708 |
Water | Firm reservation fee revenues (a) | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 33,877 | 5,063 | 41,798 |
Water | Volumetric-based fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 28,774 | $ 49,719 | $ 62,910 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Changes in Unbilled Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Deferred Revenue [Roll Forward] | ||
Balance as of beginning of period | $ 16,772 | $ 18,618 |
Revenue recognized in excess of amounts invoiced | 30,477 | 26,779 |
Minimum volume commitments invoiced | (19,256) | (28,442) |
Amortization | (500) | (183) |
Balance as of end of period | $ 27,493 | 16,772 |
Other contractual commitments | $ 6,400 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||
Jul. 08, 2022 USD ($) | Oct. 22, 2021 USD ($) | Mar. 05, 2020 USD ($) shares | Feb. 26, 2020 USD ($) agreement | Dec. 31, 2022 USD ($) Bcf | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disaggregation of Revenue [Line Items] | |||||||
Contract liability | $ 973,087 | $ 822,416 | $ 398,750 | ||||
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 | 195,820 | 0 | 0 | |||
Contract liability reduction | $ 195,800 | 0 | 0 | (121,483) | |||
Estimated aggregate fee relief, year one | 270,000 | ||||||
Estimated aggregate fee relief, year two | 230,000 | ||||||
Estimated aggregate fee relief, year three | 35,000 | ||||||
Aggregate fee relief, year one | 125,000 | ||||||
Aggregate fee relief, year two | 140,000 | ||||||
Decrease in revenue | $ (1,357,747) | $ (1,317,037) | (1,510,825) | ||||
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |||||
Deferred tax liability | 17,200 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Contract liability | $ 123,700 | ||||||
Decrease in revenue | 123,700 | ||||||
Common Stock, Cash Shares | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Number of shares purchased (in shares) | shares | 4,769,496 | ||||||
Common Stock, Cash Shares | Share Purchase Agreement | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Value of shares purchased | $ 46,000 | ||||||
Common Stock, Rate Relief Shares And Cash Shares | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Number of shares purchased (in shares) | shares | 20,530,256 | ||||||
EQM | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Number of share purchase agreements | agreement | 2 | ||||||
Water Services Letter Agreement | EES | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Cash amount | $ 60,000 | ||||||
Contract term | 10 years | ||||||
Water Services Letter Agreement | EES | Long-Term Contract With Customer, Period One | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Cash amount | $ 40,000 | ||||||
Water Services Letter Agreement | EES | Long-Term Contract With Customer, Period Two | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Cash amount | $ 35,000 | ||||||
EQT Corporation | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Firm reservation capacity, per day | Bcf | 3 | ||||||
Firm reservation capacity, step up per day | Bcf | 4 | ||||||
Derivative instrument at fair value | $ 51,500 | ||||||
EQT Corporation | Share Purchase Agreement | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Value of shares purchased | $ 7,000 | ||||||
EQT Corporation | Common Stock, Rate Relief Shares And Cash Shares | Share Purchase Agreement | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Value of shares purchased | $ 196,000 | ||||||
Gathering | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Weighted average remaining term | 14 years | ||||||
Decrease in revenue | $ (890,579) | (862,053) | (1,012,281) | ||||
Transmission | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Weighted average remaining term | 12 years | ||||||
Decrease in revenue | $ (404,517) | $ (400,202) | $ (393,836) |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Changes in Deferred Revenue Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 08, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Deferred Revenue [Roll Forward] | ||||
Balance as of beginning of period | $ 822,416 | $ 398,750 | ||
Amounts recorded during the period | 359,797 | 300,496 | ||
Change in estimated variable consideration | (11,761) | 123,707 | ||
Amounts transferred during the period | (1,545) | (537) | ||
EQT Cash Option | $ (195,800) | (195,820) | 0 | $ 0 |
Balance as of end of period | $ 973,087 | $ 822,416 | $ 398,750 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Summary of Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 12,964,247 |
Transmission | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | 4,802,974 |
Water | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | 346,160 |
Volumetric-based fee revenues | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | 2,473,851 |
Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | 5,341,262 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | 985,118 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Transmission | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 369,509 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Water | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 39,910 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Volumetric-based fee revenues | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 109,721 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 465,978 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 1,032,415 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Transmission | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 388,626 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Water | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Volumetric-based fee revenues | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 171,320 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 434,969 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 1,034,498 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Transmission | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 366,764 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Water | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Volumetric-based fee revenues | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 176,140 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 454,094 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 1,030,829 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Transmission | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 361,032 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Water | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Volumetric-based fee revenues | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 166,962 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 465,335 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 1,018,297 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Transmission | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 360,210 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Water | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Volumetric-based fee revenues | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 160,376 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 460,211 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 7,863,090 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Transmission | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 2,956,833 |
Remaining performance obligations, expected timing | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Water | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 156,250 |
Remaining performance obligations, expected timing | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Volumetric-based fee revenues | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 1,689,332 |
Remaining performance obligations, expected timing | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 3,060,675 |
Remaining performance obligations, expected timing |
Leases - Narrative (Details)
Leases - Narrative (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease weighted average remaining lease term | 7 years | 7 years |
Operating lease weighted average discount rate | 5.90% | 5.80% |
Finance lease weighted average remaining lease term | 10 years | |
Finance lease weighted average discount rate | 5.90% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 9,540 | $ 12,571 | $ 14,464 |
Amortization of leased assets | 541 | 0 | 0 |
Interest on lease liabilities | 310 | 0 | 0 |
Short-term lease cost | 7,747 | 6,057 | 5,075 |
Variable lease cost | 7 | 7 | 168 |
Sublease income | (742) | (492) | (583) |
Total lease cost | $ 17,403 | $ 18,143 | $ 19,124 |
Leases - Cash Paid on Leases (D
Leases - Cash Paid on Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease liabilities | $ 10,484 | $ 12,792 | $ 14,849 |
Finance lease liabilities | $ 670 | $ 0 | $ 0 |
Leases - Balance Sheet Informat
Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use | $ 35,969 | $ 43,368 |
Finance lease | 15,683 | 0 |
Total right-of-use assets | 51,652 | 43,368 |
Current operating | 6,682 | 8,253 |
Current finance | 1,203 | 0 |
Non-current operating | 30,272 | 36,157 |
Non-current finance | 14,660 | 0 |
Total lease liabilities | $ 52,817 | $ 44,410 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Regulatory and other long-term liabilities | Regulatory and other long-term liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Regulatory and other long-term liabilities | Regulatory and other long-term liabilities |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liability Maturities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Operating Leases | |
2023 | $ 8,513 |
2024 | 6,387 |
2025 | 4,970 |
2026 | 5,040 |
2027 | 5,111 |
Thereafter | 15,542 |
Total | 45,563 |
Less: imputed interest | 8,609 |
Present value of lease liabilities | 36,954 |
Finance Leases | |
2023 | 2,020 |
2024 | 2,050 |
2025 | 2,081 |
2026 | 2,112 |
2027 | 2,144 |
Thereafter | 10,435 |
Total | 20,842 |
Less: imputed interest | 4,979 |
Present value of lease liabilities | $ 15,863 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |||
Operating revenues | $ 777,276 | $ 964,220 | |
Interest income from the Preferred Interest | 5,767 | 6,053 | |
Principal payments received on the Preferred Interest | $ 5,518 | $ 5,217 | $ 5,003 |
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 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entity - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2023 USD ($) | Feb. 28, 2023 USD ($) | Jan. 31, 2023 USD ($) | Nov. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) mi | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 | Feb. 15, 2023 USD ($) | Mar. 31, 2020 USD ($) | Nov. 04, 2019 USD ($) | Apr. 30, 2018 mi | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Impairments of equity method investment | $ 583,057 | $ 1,926,402 | $ 0 | |||||||||||
MVP | Variable Interest Entity, Not Primary Beneficiary | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Length of pipeline | mi | 300 | |||||||||||||
Issuance of performance guarantee, remaining capital obligation, percentage | 33% | |||||||||||||
MVP Southgate Project | Variable Interest Entity, Not Primary Beneficiary | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Length of pipeline | mi | 75 | |||||||||||||
MVP Joint Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Impairments of equity method investment | $ 583,000 | |||||||||||||
Reduction in investment | $ 1,200,000 | |||||||||||||
MVP Joint Venture | Beneficial Owner | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Percentage of ownership interest | 66.67% | |||||||||||||
MVP Joint Venture | Variable Interest Entity, Not Primary Beneficiary | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Impairments of equity method investment | $ 1,900,000 | |||||||||||||
Capital call notice | $ 33,900 | |||||||||||||
MVP Joint Venture | Variable Interest Entity, Not Primary Beneficiary | Scenario, Forecast | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Capital call notice | $ 3,200 | |||||||||||||
MVP Joint Venture | Variable Interest Entity, Not Primary Beneficiary | Subsequent Event | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Capital call notice | $ 11,500 | $ 19,200 | ||||||||||||
MVP Southgate Project | Variable Interest Entity, Not Primary Beneficiary | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Letters of credit | $ 14,200 | |||||||||||||
MVP Southgate Project | Variable Interest Entity, Not Primary Beneficiary | Subsequent Event | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Letters of credit | $ 14,200 | |||||||||||||
MVP Project | Variable Interest Entity, Not Primary Beneficiary | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Letters of credit | $ 219,700 | $ 220,200 | ||||||||||||
EQT | MVP Joint Venture | Variable Interest Entity, Not Primary Beneficiary | Equitrans Midstream | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest | 47.20% | |||||||||||||
EQT | MVP Southgate Project | Variable Interest Entity, Not Primary Beneficiary | Equitrans Midstream | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest | 47.20% | |||||||||||||
ConEdison | Variable Interest Entity, Not Primary Beneficiary | Maximum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Option to cap investment amount | $ 530,000 | |||||||||||||
ConEdison | MVP Project | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Project targeted cost | $ 6,600,000 | |||||||||||||
EQM | MVP Joint Venture | Variable Interest Entity, Not Primary Beneficiary | Scenario, Forecast | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest | 48.10% |
Investment in Unconsolidated _4
Investment in Unconsolidated Entity - Schedule of Unaudited Condensed Financial Statements for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Consolidated Balance Sheets | |||||||||||||||
Current assets | $ 446,829 | $ 389,702 | $ 446,829 | ||||||||||||
Total assets | $ 10,334,974 | $ 10,908,828 | $ 10,775,625 | 10,882,524 | $ 12,857,814 | $ 12,797,876 | $ 12,781,335 | $ 10,908,828 | $ 12,797,876 | $ 10,334,974 | $ 12,857,814 | 10,445,585 | 10,882,524 | $ 12,719,054 | |
Current liabilities | 367,576 | 413,310 | 367,576 | ||||||||||||
Total shareholders' equity | 1,390,822 | 1,985,495 | 1,995,871 | 1,972,486 | 3,651,242 | 3,638,538 | 3,674,836 | 1,985,495 | 3,638,538 | 1,390,822 | 3,651,242 | 1,398,604 | 1,972,486 | 3,676,212 | $ 5,282,080 |
Total liabilities, mezzanine equity and shareholders' equity | 10,334,974 | 10,908,828 | 10,775,625 | 10,882,524 | 12,857,814 | 12,797,876 | 12,781,335 | 10,908,828 | 12,797,876 | 10,334,974 | 12,857,814 | 10,445,585 | 10,882,524 | ||
Condensed Statements of Consolidated Operations | |||||||||||||||
Net (loss) income | $ (502,933) | $ 64,739 | $ 98,893 | (1,602,070) | $ 89,330 | $ 39,410 | $ 76,040 | $ 163,632 | $ 115,450 | $ (339,301) | $ 204,780 | (257,138) | (1,397,290) | 632,984 | |
Variable Interest Entity, Not Primary Beneficiary | |||||||||||||||
Condensed Statements of Consolidated Operations | |||||||||||||||
Operating income (expenses) | 20 | (399) | (360) | ||||||||||||
Other income | 335 | 18 | 288 | ||||||||||||
Net interest income | 0 | 11,452 | 150,995 | ||||||||||||
AFUDC – equity | 0 | 26,722 | 352,323 | ||||||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Variable Interest Entity, Not Primary Beneficiary | |||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||
Current assets | 148,820 | 71,535 | 148,820 | ||||||||||||
Non-current assets | 6,432,288 | 6,737,064 | 6,432,288 | ||||||||||||
Total assets | 6,581,108 | 6,808,599 | 6,581,108 | ||||||||||||
Current liabilities | 160,331 | 118,679 | 160,331 | ||||||||||||
Total shareholders' equity | 6,420,777 | 6,689,920 | 6,420,777 | ||||||||||||
Total liabilities, mezzanine equity and shareholders' equity | $ 6,581,108 | 6,808,599 | 6,581,108 | ||||||||||||
Condensed Statements of Consolidated Operations | |||||||||||||||
Net (loss) income | $ 355 | $ 37,793 | $ 503,246 |
Share-based Compensation Plan_2
Share-based Compensation Plans - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Nov. 12, 2018 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Conversion rate for share-based compensation awards transferred | 0.8 | ||||
Total compensation costs capitalized | $ 2,000,000 | $ 4,200,000 | $ 1,900,000 | ||
Share-based payment arrangement, tax expense for excess tax benefits | 1,000,000 | 2,000,000 | 200,000 | ||
Total liability awards | 47,742,000 | 50,372,000 | |||
Defined contribution plan expense | $ 8,000,000 | 7,600,000 | $ 8,100,000 | ||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award requisite service period | 36 months | ||||
Equity | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term for risk-free rate | 3 years | ||||
Liability | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term for risk-free rate | 2 years | ||||
Restricted Stock Awards, Equity Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period after which the shares granted will be fully vested | 3 years | ||||
Unrecognized compensation cost | $ 5,500,000 | ||||
Weighted average vesting term | 1 year 18 days | ||||
Restricted Stock Awards, Liability Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period after which the shares granted will be fully vested | 3 years | ||||
Total liability awards | $ 6,500,000 | $ 7,900,000 | |||
Non-qualified stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 0 | ||||
Restricted Stock Units, Liability | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period after which the shares granted will be fully vested | 3 years | ||||
Restricted Stock Units, Liability | Subsequent Event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period after which the shares granted will be fully vested | 3 years | ||||
Equitrans Midstream Corporation 2018 Long-Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares of common stock that may be issued and granted (in shares) | shares | 38,592,386 | ||||
2020 PSU Program | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award requisite service period | 3 years | ||||
Per year vest award percentage | 20% | ||||
Cumulative vest award percent | 40% | ||||
2020 PSU Program | Performance Shares | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payout factor | 0% | ||||
2020 PSU Program | Performance Shares | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payout factor | 100% | ||||
2019 Equitrans Midstream Performance Share Unit Program | Performance Shares | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payout factor | 0% | ||||
2019 Equitrans Midstream Performance Share Unit Program | Performance Shares | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payout factor | 200% | ||||
VDPSU Programs | First Tranche | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 50% | ||||
VDPSU Programs | Second Tranche | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 50% | ||||
2022 Performance Share Unit Awards | Performance Shares | Minimum | Subsequent Event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payout factor | 0% | ||||
2022 Performance Share Unit Awards | Performance Shares | Maximum | Subsequent Event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payout factor | 200% |
Share-based Compensation Plan_3
Share-based Compensation Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 15,950 | $ 20,856 | $ 16,949 |
Restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 7,840 | 11,268 | 7,422 |
Other programs, including non-employee director awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,132 | 1,367 | 1,577 |
2022 PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 5,672 | 0 | 0 |
2021 PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,527 | 5,940 | 0 |
2020 PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | (221) | 1,297 | 2,317 |
2019 PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 0 | 984 | 4,935 |
2018 EQT Incentive PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 0 | $ 0 | $ 698 |
Share-based Compensation Plan_4
Share-based Compensation Plans - Summary of Awards Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2018 EQT Value Driver Performance Share Unit Award Program | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 0 | 174,921 | |
Granted (in shares) | 0 | ||
Vested (in shares) | (174,921) | ||
Forfeited (in shares) | 0 | ||
Outstanding, ending balance (in shares) | 0 | ||
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 0 | $ 13.36 | |
Granted (in dollars per share) | 0 | ||
Vested (in dollars per share) | 13.36 | ||
Forfeited (in dollars per share) | 0 | ||
Outstanding, ending balance (in dollars per share) | $ 0 | ||
Aggregate Fair Value | |||
Outstanding beginning balance | $ 0 | $ 2,336,952 | |
Granted | 0 | ||
Vested | (2,336,952) | ||
Forfeited | 0 | ||
Outstanding ending balance | $ 0 | ||
Equity | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 2,659,196 | 1,300,567 | 627,234 |
Granted (in shares) | 1,274,910 | 1,540,230 | 737,390 |
Vested (in shares) | (474,488) | (85,872) | (35,728) |
Forfeited (in shares) | 0 | (95,729) | (28,329) |
Outstanding, ending balance (in shares) | 3,459,618 | 2,659,196 | 1,300,567 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 9.05 | $ 13.78 | $ 29.46 |
Granted (in dollars per share) | 14.86 | 8.77 | 5.59 |
Vested (in dollars per share) | 15.03 | 76.53 | 120.60 |
Forfeited (in dollars per share) | 0 | 8.45 | 12.94 |
Outstanding, ending balance (in dollars per share) | $ 10.37 | $ 9.05 | $ 13.78 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 24,052,643 | $ 17,925,467 | $ 18,480,257 |
Granted | 18,945,163 | 13,507,817 | 4,120,535 |
Vested | (7,131,551) | (6,571,784) | (4,308,797) |
Forfeited | 0 | (808,857) | (366,528) |
Outstanding ending balance | $ 35,866,255 | $ 24,052,643 | $ 17,925,467 |
Liability | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 1,471,765 | 712,595 | 409,865 |
Granted (in shares) | 717,930 | 873,460 | 427,500 |
Vested (in shares) | (226,135) | (87,145) | (84,014) |
Forfeited (in shares) | (85,758) | (27,145) | (40,756) |
Outstanding, ending balance (in shares) | 1,877,802 | 1,471,765 | 712,595 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 8.78 | $ 11.85 | $ 28.84 |
Granted (in dollars per share) | 14.86 | 8.77 | 5.59 |
Vested (in dollars per share) | 14.67 | 33.87 | 59.90 |
Forfeited (in dollars per share) | 10.81 | 8.23 | 18.09 |
Outstanding, ending balance (in dollars per share) | $ 10.30 | $ 8.78 | $ 11.85 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 12,926,655 | $ 8,441,384 | $ 11,822,175 |
Granted | 10,668,440 | 7,660,244 | 2,388,870 |
Vested | (3,318,009) | (2,951,624) | (5,032,439) |
Forfeited | (927,125) | (223,349) | (737,222) |
Outstanding ending balance | $ 19,349,961 | $ 12,926,655 | $ 8,441,384 |
Restricted Stock Awards, Equity Awards | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 1,393,401 | 841,068 | 397,117 |
Granted (in shares) | 546,520 | 660,250 | 491,640 |
Vested (in shares) | (293,281) | (58,185) | (28,375) |
Forfeited (in shares) | 0 | (49,732) | (19,314) |
Outstanding, ending balance (in shares) | 1,646,640 | 1,393,401 | 841,068 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 11.88 | $ 17.08 | $ 24.63 |
Granted (in dollars per share) | 10.34 | 8.04 | 13.36 |
Vested (in dollars per share) | 17.81 | 44.20 | 57.73 |
Forfeited (in dollars per share) | 0 | 11.17 | 17.77 |
Outstanding, ending balance (in dollars per share) | $ 10.31 | $ 11.88 | $ 17.08 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 16,547,208 | $ 14,366,346 | $ 9,779,218 |
Granted | 5,651,017 | 5,308,410 | 6,568,310 |
Vested | (5,223,311) | (2,572,026) | (1,638,044) |
Forfeited | 0 | (555,522) | (343,138) |
Outstanding ending balance | $ 16,974,914 | $ 16,547,208 | $ 14,366,346 |
Restricted Stock Awards, Liability Awards | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 1,079,704 | 877,596 | 567,929 |
Granted (in shares) | 380,250 | 430,800 | 474,580 |
Vested (in shares) | (267,642) | (190,036) | (131,456) |
Forfeited (in shares) | (45,043) | (38,656) | (33,457) |
Outstanding, ending balance (in shares) | 1,147,269 | 1,079,704 | 877,596 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 11.74 | $ 15.46 | $ 19.38 |
Granted (in dollars per share) | 9.77 | 8.06 | 12.43 |
Vested (in dollars per share) | 16.82 | 20.76 | 20.86 |
Forfeited (in dollars per share) | 10 | 10.73 | 17.87 |
Outstanding, ending balance (in dollars per share) | $ 9.97 | $ 11.74 | $ 15.46 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 12,678,768 | $ 13,565,895 | $ 11,005,969 |
Granted | 3,716,834 | 3,472,652 | 5,899,650 |
Vested | (4,502,803) | (3,944,942) | (2,741,834) |
Forfeited | (450,504) | (414,837) | (597,890) |
Outstanding ending balance | $ 11,442,295 | $ 12,678,768 | $ 13,565,895 |
Equitrans Midstream Phantom Units | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 512,440 | 318,605 | 200,768 |
Granted (in shares) | 141,778 | 177,156 | 113,869 |
Distributions, net (in shares) | (104,603) | (16,957) | (23,989) |
Dividends (in shares) | 37,533 | 33,636 | 27,957 |
Outstanding, ending balance (in shares) | 587,148 | 512,440 | 318,605 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 12.95 | $ 16.43 | $ 20.78 |
Granted (in dollars per share) | 10.03 | 8.16 | 11.10 |
Distributions, net (in dollars per share) | 14.75 | 20.29 | 19.08 |
Dividends (in dollars per share) | 7.86 | 8.88 | 9.14 |
Outstanding, ending balance (in dollars per share) | $ 11.60 | $ 12.95 | $ 16.43 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 6,634,576,000,000 | $ 5,234,709,000,000 | $ 4,172,769,000,000 |
Granted | 1,422,140,000,000 | 1,445,036,000,000 | 1,264,001,000,000 |
Distributions, net | (1,542,823,000,000) | (343,982,000,000) | (457,644,000,000) |
Dividends | 294,990,000,000 | 298,813,000,000 | 255,583,000,000 |
Outstanding ending balance | $ 6,808,883,000,000 | $ 6,634,576,000,000 | $ 5,234,709,000,000 |
EQM Phantom Units | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 0 | 26,700 | |
Granted (in shares) | 9,540 | ||
Distributions, net (in shares) | (39,036) | ||
Dividends (in shares) | 2,796 | ||
Outstanding, ending balance (in shares) | 0 | ||
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 0 | $ 53.51 | |
Granted (in dollars per share) | 29.91 | ||
Distributions, net (in dollars per share) | 45.36 | ||
Dividends (in dollars per share) | 20.33 | ||
Outstanding, ending balance (in dollars per share) | $ 0 | ||
Aggregate Fair Value | |||
Outstanding beginning balance | $ 0 | $ 1,428,673,000,000 | |
Granted | 285,341,000,000 | ||
Distributions, net | (1,770,851,000,000) | ||
Dividends | 56,837,000,000 | ||
Outstanding ending balance | $ 0 |
Share-based Compensation Plan_5
Share-based Compensation Plans - Monte Carlo Simulation Valuation Method (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free rate | 4.25% | 4.65% | |
Volatility factor | 58.40% | 58.40% | |
Expected term | 2 years | 1 year | |
Equity | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free rate | 1.16% | 0.16% | 0.39% |
Volatility factor | 54% | 61% | 53% |
Expected term | 3 years | 3 years | 3 years |
Share-based Compensation Plan_6
Share-based Compensation Plans - Summary of Non-Qualified Option Activity (Details) - Nonqualified Stock Options - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options | |||
Outstanding, beginning balance (in shares) | 464,876 | 464,876 | 457,910 |
Vested (in shares) | 0 | 0 | 6,966 |
Expired (in shares) | (94,132) | 0 | 0 |
Outstanding, ending balance (in shares) | 370,744 | 464,876 | 464,876 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | Dec. 31, 2022 | Jun. 10, 2022 | Jun. 07, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Jan. 15, 2021 | Jan. 08, 2021 | Aug. 31, 2019 |
Debt Instrument [Line Items] | ||||||||
Current portion of long-term debt | $ 98,830,000 | $ 0 | ||||||
Notes and Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Current portion of long-term debt | 98,941,000 | 0 | ||||||
Eureka Credit Facility | Revolving Credit Facility | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | 295,000,000 | 280,000,000 | ||||||
Amended 2019 EQM Term Loan Agreement | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 1,400,000,000 | $ 1,400,000,000 | ||||||
Line of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 535,000,000 | 505,000,000 | ||||||
Line of credit | Amended EQM Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 240,000,000 | 225,000,000 | ||||||
EQM Senior notes | EQM 4.75% Senior Notes due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.75% | |||||||
Principal | $ 98,941,000 | 600,000,000 | ||||||
EQM Senior notes | EQM 4.75% Senior Notes due 2023 | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 300,000,000 | $ 4,300,000 | $ 496,800,000 | $ 500,000,000 | $ 500,000,000 | |||
EQM Senior notes | EQM 4.00% Senior Notes due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4% | |||||||
Principal | $ 300,000,000 | 500,000,000 | ||||||
EQM Senior notes | EQM 6.00% Senior Notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6% | |||||||
Principal | $ 400,000,000 | 700,000,000 | ||||||
EQM Senior notes | EQM 4.125% Senior Notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.125% | |||||||
Principal | $ 500,000,000 | 500,000,000 | ||||||
EQM Senior notes | EQM 6.50% Senior Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.50% | |||||||
Principal | $ 900,000,000 | 900,000,000 | ||||||
EQM Senior notes | EQM 7.50% Senior Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 7.50% | |||||||
Principal | $ 500,000,000 | 0 | ||||||
EQM Senior notes | EQM 5.50% Senior Notes due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.50% | |||||||
Principal | $ 850,000,000 | 850,000,000 | ||||||
EQM Senior notes | EQM 4.50% Senior Notes due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.50% | |||||||
Principal | $ 800,000,000 | 800,000,000 | ||||||
Borrowings | 792,217,000 | 790,927,000 | ||||||
Fair Value | $ 671,936,000 | 834,856,000 | ||||||
EQM Senior notes | EQM 7.50% Senior Notes due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 7.50% | |||||||
Principal | $ 500,000,000 | 0 | ||||||
EQM Senior notes | EQM 4.75% Senior Notes due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.75% | |||||||
Principal | $ 1,100,000,000 | 1,100,000,000 | ||||||
Borrowings | 1,088,877,000 | 1,087,493,000 | ||||||
Fair Value | $ 899,250,000 | 1,166,220,000 | ||||||
EQM Senior notes | EQM 6.50% Senior Notes due 2048 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.50% | |||||||
Principal | $ 550,000,000 | 550,000,000 | ||||||
Notes and Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 6,498,941,000 | 6,500,000,000 | ||||||
Total long-term debt | 6,400,000,000 | 6,500,000,000 | ||||||
Carrying Value | Notes and Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Current portion of long-term debt | 98,830,000 | 0 | ||||||
Carrying Value | Line of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 535,000,000 | 505,000,000 | ||||||
Carrying Value | Line of credit | Amended EQM Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 240,000,000 | 225,000,000 | ||||||
Carrying Value | Line of credit | Eureka Credit Facility | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 295,000,000 | 280,000,000 | ||||||
Carrying Value | EQM Senior notes | EQM 4.75% Senior Notes due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 98,830,000 | 598,088,000 | ||||||
Carrying Value | EQM Senior notes | EQM 4.00% Senior Notes due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 299,270,000 | 498,014,000 | ||||||
Carrying Value | EQM Senior notes | EQM 6.00% Senior Notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 397,005,000 | 692,662,000 | ||||||
Carrying Value | EQM Senior notes | EQM 4.125% Senior Notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 496,667,000 | 495,816,000 | ||||||
Carrying Value | EQM Senior notes | EQM 6.50% Senior Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 891,417,000 | 889,510,000 | ||||||
Carrying Value | EQM Senior notes | EQM 7.50% Senior Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 493,130,000 | 0 | ||||||
Carrying Value | EQM Senior notes | EQM 5.50% Senior Notes due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 843,775,000 | 842,657,000 | ||||||
Carrying Value | EQM Senior notes | EQM 7.50% Senior Notes due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 492,799,000 | 0 | ||||||
Carrying Value | EQM Senior notes | EQM 6.50% Senior Notes due 2048 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 540,163,000 | 539,778,000 | ||||||
Carrying Value | Notes and Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | 6,434,150,000 | 6,434,945,000 | ||||||
Total long-term debt | 6,335,320,000 | 6,434,945,000 | ||||||
Fair Value | Notes and Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Current portion of long-term debt | 97,086,000 | 0 | ||||||
Fair Value | Line of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 535,000,000 | 505,000,000 | ||||||
Fair Value | Line of credit | Amended EQM Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 240,000,000 | 225,000,000 | ||||||
Fair Value | Line of credit | Eureka Credit Facility | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 295,000,000 | 280,000,000 | ||||||
Fair Value | EQM Senior notes | EQM 4.75% Senior Notes due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 97,086,000 | 628,380,000 | ||||||
Fair Value | EQM Senior notes | EQM 4.00% Senior Notes due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 288,291,000 | 522,695,000 | ||||||
Fair Value | EQM Senior notes | EQM 6.00% Senior Notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 386,000,000 | 763,091,000 | ||||||
Fair Value | EQM Senior notes | EQM 4.125% Senior Notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 444,700,000 | 517,695,000 | ||||||
Fair Value | EQM Senior notes | EQM 6.50% Senior Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 860,175,000 | 1,014,417,000 | ||||||
Fair Value | EQM Senior notes | EQM 7.50% Senior Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 489,630,000 | 0 | ||||||
Fair Value | EQM Senior notes | EQM 5.50% Senior Notes due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 760,036,000 | 939,684,000 | ||||||
Fair Value | EQM Senior notes | EQM 7.50% Senior Notes due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 481,760,000 | 0 | ||||||
Fair Value | EQM Senior notes | EQM 6.50% Senior Notes due 2048 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 412,198,000 | 673,458,000 | ||||||
Fair Value | Notes and Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | 5,791,062,000 | 7,060,496,000 | ||||||
Total long-term debt | $ 5,693,976,000 | $ 7,060,496,000 |
Debt - Debt Maturity (Details)
Debt - Debt Maturity (Details) | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Combined aggregate amounts of maturities for long-term debt in 2023 | $ 100,000,000 |
Combined aggregate amounts of maturities for long-term debt in 2024 | 300,000,000 |
Combined aggregate amounts of maturities for long-term debt in 2025 | 400,000,000 |
Combined aggregate amounts of maturities for long-term debt in 2026 | 500,000,000 |
Combined aggregate amounts of maturities for long-term debt in 2027 | 1,400,000,000 |
Combined aggregate amounts of maturities for long-term debt in 2028 and thereafter | $ 3,800,000,000 |
Debt - Equitrans Midstream Term
Debt - Equitrans Midstream Term Loan Facility (Details) - ETRN Term Loan Credit Agreement - Term Loans - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | |
Mar. 03, 2020 | Dec. 31, 2018 | Mar. 03, 2020 | |
Debt Instrument [Line Items] | |||
Principal | $ 600 | ||
Net proceeds from offering | $ 650 | 568.1 | |
Discount | 18 | ||
Debt issuance costs | $ 13.9 | ||
Write off of unamortized debt | $ 24.4 | ||
Weighted average annual interest rate | 6.20% |
Debt - Equitrans Midstream Cred
Debt - Equitrans Midstream Credit Facility (Details) - USD ($) | 2 Months Ended | |||||
Mar. 03, 2020 | Mar. 03, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Oct. 31, 2018 | |
Debt Instrument [Line Items] | ||||||
Revolving credit facility borrowings | $ 535,000,000 | $ 505,000,000 | ||||
Equitrans Midstream Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 100,000,000 | |||||
Write off of unamortized debt | $ 500,000 | |||||
Long-term Line of Credit | $ 0 | |||||
Commitment fees paid | $ 100,000 | |||||
Equitrans Midstream Credit Facility | Letter of credit | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility borrowings | $ 0 | $ 0 | $ 0 |
Debt - EQM Revolving Credit Fac
Debt - EQM Revolving Credit Facility and Amended 2019 EQM Term Loan Agreement (Details) | 12 Months Ended | ||||||||
Apr. 22, 2022 USD ($) | Jan. 07, 2021 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 21, 2022 | Apr. 16, 2021 USD ($) | Jan. 08, 2021 USD ($) | Aug. 31, 2019 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Revolving credit facility borrowings | $ 535,000,000 | $ 505,000,000 | |||||||
Line of credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal | 535,000,000 | 505,000,000 | |||||||
Amended EQM Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 2,160,000,000 | 2,160,000,000 | |||||||
Amended EQM Credit Facility | EQM | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Borrowings | 240,000,000 | 225,000,000 | |||||||
Revolving credit facility borrowings | 234,900,000 | 234,900,000 | |||||||
Amended EQM Credit Facility | Line of credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal | 240,000,000 | 225,000,000 | |||||||
Amended EQM Credit Facility | Line of credit | EQM | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit spread adjustment | 0.10% | ||||||||
Maximum borrowing capacity | $ 1,550,000,000 | 1,550,000,000 | $ 2,250,000,000 | ||||||
Commitment fee percentage for unused commitments | 0.50% | ||||||||
Consolidated Net Tangible Assets ratio | 2.50% | 5% | |||||||
Current borrowing capacity | 500,000,000 | ||||||||
Debt related commitment fees | 8,400,000 | 7,400,000 | $ 7,200,000 | ||||||
Amended EQM Credit Facility | Line of credit | EQM | Debt Covenant Period One | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated leverage ratio | 5.50 | ||||||||
Amended EQM Credit Facility | Line of credit | EQM | Debt Covenant Period Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated leverage ratio | 5.85 | ||||||||
Amended EQM Credit Facility | Line of credit | EQM | Alternate Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread above commitment fee | 1.75% | ||||||||
Amended EQM Credit Facility | Line of credit | EQM | Secured Overnight Financing Rate (SOFR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread above commitment fee | 2.75% | ||||||||
Amended EQM Credit Facility | Line of credit | EQT | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum amount of short term loans outstanding | 315,000,000 | 525,000,000 | 2,040,000,000 | ||||||
Average daily balance of short term loans outstanding | $ 193,000,000 | $ 395,000,000 | $ 852,000,000 | ||||||
Weighted average annual interest rate | 4.50% | 2.60% | 2.90% | ||||||
Amended EQM Credit Facility | Letter of credit | EQM | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum amount of short term loans outstanding | $ 0 | ||||||||
2019 Term Loan Facility | Unsecured debt | EQM | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average annual interest rate | 2.40% | 2.70% | |||||||
Borrowings outstanding | $ 1,400,000,000 | ||||||||
Amended 2019 EQM Term Loan Agreement | EQT | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal | $ 1,400,000,000 | $ 1,400,000,000 | |||||||
Amended 2019 EQM Term Loan Agreement | Unsecured debt | EQM | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal | $ 300,000,000 |
Debt - Eureka Credit Facility (
Debt - Eureka Credit Facility (Details) - Eureka Credit Facility - Line of Credit - Eureka Midstream, LLC - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 13, 2021 | |
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 400 | |||
Borrowings | $ 295 | $ 280 | ||
Maximum amount of short term loans outstanding | 295 | 315 | $ 323 | |
Average daily balance of short term loans outstanding | $ 281 | $ 301 | $ 301 | |
Weighted average annual interest rate | 4.40% | 2.50% | 2.60% | |
Commitment fees paid | $ 0.5 | $ 0.5 | $ 0.6 |
Debt - 2022 Senior Notes (Detai
Debt - 2022 Senior Notes (Details) - EQM Senior notes - USD ($) | 3 Months Ended | |||||||
Jun. 07, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Jun. 14, 2022 | Jun. 10, 2022 | Dec. 31, 2021 | Jan. 15, 2021 | Jan. 08, 2021 | |
7.50% Senior Notes Due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 500,000,000 | |||||||
Interest rate | 7.50% | |||||||
7.50% Senior Notes Due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 500,000,000 | |||||||
Interest rate | 7.50% | |||||||
6.00% Senior Notes Due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6% | |||||||
6.00% Senior Notes Due 2025 | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 200,000,000 | $ 300,000,000 | ||||||
4.00% Senior Notes Due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4% | |||||||
4.00% Senior Notes Due 2024 | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 200,000,000 | |||||||
EQM 4.75% Senior Notes due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 98,941,000 | $ 600,000,000 | ||||||
Interest rate | 4.75% | |||||||
EQM 4.75% Senior Notes due 2023 | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
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 [Line Items] | ||||||||
Net proceeds from offering | 984,500,000 | |||||||
Discount | 12,500,000 | |||||||
Debt issuance costs | $ 3,000,000 | |||||||
Redemption rate | 101% | |||||||
2022 Senior Notes | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 501,100,000 | |||||||
2021 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Net proceeds from offering | 1,876,500,000 | |||||||
Discount | 19,000,000 | |||||||
Debt issuance costs | $ 4,500,000 | |||||||
Redemption rate | 101% | |||||||
4.00% Senior Notes Due 2024 and 6.00% Senior Notes Due 2025 | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 500,000,000 | |||||||
Debt issuance costs | $ 509,000,000 |
Debt - 2022 Tender Offers (Deta
Debt - 2022 Tender Offers (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 14, 2022 | Jun. 10, 2022 | Jun. 07, 2022 | Jan. 15, 2021 | |
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 24,937,000 | $ 41,025,000 | $ 24,864,000 | |||||
EQM Senior notes | EQM 4.75% Senior Notes due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 98,941,000 | $ 600,000,000 | ||||||
EQT | EQM Senior notes | 4.00% Senior Notes Due 2024 and 6.00% Senior Notes Due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 500,000,000 | |||||||
Debt issuance costs | $ 509,000,000 | |||||||
EQT | EQM Senior notes | EQM 4.75% Senior Notes due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
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 | |||||
Loss on extinguishment of debt | $ 41,000,000 | 24,900,000 | ||||||
EQT | EQM Senior notes | 4.00% Senior Notes Due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 200,000,000 | |||||||
EQT | EQM Senior notes | 6.00% Senior Notes Due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 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 | Dec. 31, 2022 | Jun. 10, 2022 | Jun. 07, 2022 | Dec. 31, 2021 | Jan. 15, 2021 | Jan. 08, 2021 | |
4.50% Senior Notes Due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Principal | $ 800,000,000 | ||||||
Interest rate | 4.50% | ||||||
4.75% Senior Notes Notes Due 2031 | |||||||
Debt Instrument [Line Items] | |||||||
Principal | $ 1,100,000,000 | ||||||
Interest rate | 4.75% | ||||||
2021 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Net proceeds from offering | $ 1,876,500,000 | ||||||
Discount | 19,000,000 | ||||||
Debt issuance costs | 4,500,000 | ||||||
Redemption rate | 101% | ||||||
EQM 4.75% Senior Notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Principal | $ 98,941,000 | $ 600,000,000 | |||||
Interest rate | 4.75% | ||||||
EQM 4.75% Senior Notes due 2023 | EQT | |||||||
Debt Instrument [Line Items] | |||||||
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 Offers (Details)
Debt - Tender Offers (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 10, 2022 | Jun. 07, 2022 | Jan. 15, 2021 | |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 24,937,000 | $ 41,025,000 | $ 24,864,000 | ||||
EQM Senior notes | EQM 4.75% Senior Notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 98,941,000 | $ 600,000,000 | |||||
EQM Senior notes | EQM 4.75% Senior Notes due 2023 | EQT | |||||||
Debt Instrument [Line Items] | |||||||
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 | ||||
Loss on extinguishment of debt | $ 41,000,000 | $ 24,900,000 |
Debt - 2020 Senior Notes (Detai
Debt - 2020 Senior Notes (Details) - EQM Senior notes - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Jun. 18, 2020 | |
6.00% Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Principal | $ 700 | |
Interest rate | 6% | |
6.50% Senior Note Due 2027 | ||
Debt Instrument [Line Items] | ||
Principal | $ 900 | |
Interest rate | 6.50% | |
2020 Senior Notes | ||
Debt Instrument [Line Items] | ||
Net proceeds from offering | $ 1,576.1 | |
Discount | 20 | |
Debt issuance costs | $ 3.9 | |
Redemption rate | 101% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Gain (loss) on derivative instrument | $ 9.6 | $ (47.8) | $ 9.7 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other income (expense), net | Other income (expense), net | Other income (expense), net |
Measurement Input, Price Volatility | Valuation, Market Approach | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative asset, measurement input | 0.625 | ||
EQM | Fair Value | Level 3 | EES | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Preferred interest | $ 95.2 | $ 116.5 | |
EQM | Carrying Value | Level 3 | EES | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Preferred interest | 94.3 | 99.8 | |
Henry Hub cash payment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instrument at fair value | $ 23 | $ 13.4 |
(Loss) Earnings Per Share (Deta
(Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jun. 18, 2020 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||||||||||||
Net (loss) income | $ (502,933) | $ 64,739 | $ 98,893 | $ (1,602,070) | $ 89,330 | $ 39,410 | $ 76,040 | $ 163,632 | $ 115,450 | $ (339,301) | $ 204,780 | $ (257,138) | $ (1,397,290) | $ 632,984 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 12,204 | 14,530 | 214,912 | ||||||||||||
Less: Preferred dividends | 58,512 | 58,512 | 58,760 | ||||||||||||
Net (loss) income attributable to Equitrans Midstream common shareholders | $ (520,493) | $ 46,163 | $ 80,490 | $ (1,620,749) | $ 71,145 | $ 21,774 | $ 57,498 | $ (327,854) | $ (1,470,332) | $ 359,312 | |||||
Weighted average common shares outstanding (in shares) | 433,341 | 433,008 | 343,935 | ||||||||||||
Dilutive securities (in shares) | 0 | 0 | 40 | ||||||||||||
Diluted weighted average common shares outstanding - diluted (in shares) | 433,341 | 433,008 | 343,975 | ||||||||||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ (1.20) | $ 0.11 | $ 0.19 | $ (3.74) | $ 0.16 | $ 0.05 | $ 0.13 | $ (0.76) | $ (3.40) | $ 1.04 | |||||
(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share) | $ (1.20) | $ 0.11 | $ 0.19 | $ (3.74) | $ 0.16 | $ 0.05 | $ 0.13 | $ (0.76) | $ (3.40) | $ 1.04 | |||||
Potentially dilutive securities (in shares) | 30,835 | 30,556 | 16,512 | ||||||||||||
Series A Preferred Units | EQM Merger | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred Stock Redemption Premium | $ 27,300 | $ 27,300 | |||||||||||||
Excluding Series A Preferred Units | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 12,204 | 14,530 | $ 167,553 | ||||||||||||
Series A Preferred Units | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 47,359 | ||||||||||||
Equitrans Preferred Shares | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Less: Preferred dividends | $ 58,512 | $ 58,512 | $ 58,760 | ||||||||||||
Phantom Units | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Potentially dilutive securities related to stock options and awards (shares) | 595 | 498 | 288 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current income tax expense: | ||||||||||
Federal | $ 0 | $ 0 | $ 0 | |||||||
State | 972 | 4,853 | 2,613 | |||||||
Total current income tax expense | 972 | 4,853 | 2,613 | |||||||
Deferred income tax expense (benefit): | ||||||||||
Federal | (5,391) | (273,512) | 79,861 | |||||||
State | 10,863 | (74,694) | 21,119 | |||||||
Total deferred income tax expense (benefit) | 5,472 | (348,206) | 100,980 | |||||||
Total income tax expense (benefit) | $ (366) | $ 2,692 | $ 5,601 | $ (407,586) | $ 31,642 | $ 12,332 | $ 20,259 | $ 6,444 | $ (343,353) | $ 103,593 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||||||||
Income tax (benefit) expense at statutory rate | $ (52,646) | $ (365,535) | $ 154,681 | |||||||
Valuation allowances | 49,799 | 106,886 | 0 | |||||||
State income tax expense (benefit) | 9,440 | (81,573) | 18,748 | |||||||
Noncontrolling interests' share of earnings | (2,563) | (3,051) | (45,132) | |||||||
AFUDC - equity | 11 | (2,595) | (28,346) | |||||||
Other | 2,403 | 2,515 | 3,642 | |||||||
Total income tax expense (benefit) | $ (366) | $ 2,692 | $ 5,601 | $ (407,586) | $ 31,642 | $ 12,332 | $ 20,259 | $ 6,444 | $ (343,353) | $ 103,593 |
Effective tax rate | (2.60%) | 19.70% | 14.10% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $ 156,685 | $ 106,886 | $ 0 |
Valuation allowance related to federal and state interest disallowances | 36,523 | 0 | |
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss | 61,700 | 34,500 | |
Valuation allowance | 61,700 | ||
Operating loss valuation allowance | 34,500 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss | 9,900 | 16,700 | |
Valuation allowance | 9,900 | ||
Operating loss valuation allowance | 16,700 | ||
State and Local Jurisdiction | PENNSYLVANIA | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $ 48,600 | $ 55,700 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Gross [Abstract] | |||
Investment in partnerships | $ 65,896 | $ 76,405 | |
163(j) interest limitation | 36,523 | 0 | |
Net operating loss carryforwards | 71,639 | 51,230 | |
Total deferred tax assets | 174,058 | 127,635 | |
Valuation allowance | (156,685) | (106,886) | $ 0 |
Total net deferred income tax asset | 17,373 | 20,749 | |
Deferred income tax liabilities: | |||
Deferred revenue | (15,143) | (17,120) | |
Other | (2,230) | (3,629) | |
Total deferred income tax liability | (17,373) | (20,749) | |
Net deferred income tax asset (liability) | $ 0 | $ 0 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance For Deferred Tax Assets [Roll Forward] | ||
Beginning balance | $ 106,886 | $ 0 |
Valuation allowance provision | 49,799 | 106,886 |
Ending balance | $ 156,685 | $ 106,886 |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Details) - EQT Corporation | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 61% | 59% | 64% |
Accounts receivable | Credit Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 72% | 75% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligation | $ 27.2 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (unaudited) - Statements of Consolidated Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Operating and maintenance | $ 35,297 | $ 32,442 | $ 33,081 | $ 42,175 | $ 38,743 | $ 154,667 | $ 153,179 | $ 154,109 | ||||||
Selling, general and administrative | 33,348 | 29,009 | 29,717 | 32,520 | 33,560 | 128,472 | 137,056 | 129,969 | ||||||
Total operating expenses | 153,421 | 145,313 | 146,046 | 157,350 | 154,528 | 620,153 | 681,636 | 686,264 | ||||||
Total operating income | 178,330 | 183,298 | 196,100 | 89,322 | 187,546 | 737,594 | 635,401 | 824,561 | ||||||
Other income (expense), net | 2,465 | 4,148 | 1,511 | (82,007) | 19,066 | $ 8,510 | $ 6,885 | 13,871 | (47,546) | 10,427 | ||||
(Loss) income before income taxes | (503,299) | 67,431 | 104,494 | (2,009,656) | 120,972 | 51,742 | 96,299 | (250,694) | (1,740,643) | 736,577 | ||||
Income tax expense (benefit) | (366) | 2,692 | 5,601 | (407,586) | 31,642 | 12,332 | 20,259 | 6,444 | (343,353) | 103,593 | ||||
Net (loss) income | (502,933) | 64,739 | 98,893 | (1,602,070) | 89,330 | 39,410 | 76,040 | $ 163,632 | $ 115,450 | $ (339,301) | $ 204,780 | (257,138) | (1,397,290) | 632,984 |
Net income (loss) attributable to Equitrans Midstream | (505,865) | 60,791 | 95,118 | (1,606,121) | 85,773 | 36,402 | 72,126 | (269,342) | (1,411,820) | 418,072 | ||||
Net (loss) income attributable to Equitrans Midstream common shareholders | $ (520,493) | $ 46,163 | $ 80,490 | $ (1,620,749) | $ 71,145 | $ 21,774 | $ 57,498 | $ (327,854) | $ (1,470,332) | $ 359,312 | ||||
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic (in dollars per share) | $ (1.20) | $ 0.11 | $ 0.19 | $ (3.74) | $ 0.16 | $ 0.05 | $ 0.13 | $ (0.76) | $ (3.40) | $ 1.04 | ||||
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted (in dollars per share) | $ (1.20) | $ 0.11 | $ 0.19 | $ (3.74) | $ 0.16 | $ 0.05 | $ 0.13 | $ (0.76) | $ (3.40) | $ 1.04 | ||||
As Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Operating and maintenance | $ 35,297 | $ 32,442 | $ 32,834 | $ 42,422 | $ 38,743 | $ 153,426 | $ 154,109 | |||||||
Selling, general and administrative | 33,348 | 29,009 | 28,126 | 34,111 | 33,560 | 138,647 | 129,969 | |||||||
Total operating expenses | 153,421 | 145,313 | 144,208 | 159,188 | 154,528 | 683,474 | 686,264 | |||||||
Total operating income | 178,330 | 183,298 | 197,938 | 87,484 | 187,546 | 633,563 | 824,561 | |||||||
Other income (expense), net | 893 | 14,173 | 6,348 | (54,355) | 21,199 | $ 9,453 | $ 7,599 | (16,104) | 17,225 | |||||
(Loss) income before income taxes | (504,871) | 77,456 | 111,169 | (1,983,842) | 123,105 | 52,685 | 97,013 | (1,711,039) | 743,375 | |||||
Income tax expense (benefit) | (1,275) | 3,650 | 6,261 | (410,271) | 32,200 | 12,564 | 20,416 | (345,091) | 105,331 | |||||
Net (loss) income | (503,596) | 73,806 | 104,908 | (1,573,571) | 90,905 | 40,121 | 76,597 | 178,714 | 116,718 | (324,882) | 207,623 | (1,365,948) | 638,044 | |
Net income (loss) attributable to Equitrans Midstream | (506,528) | 69,858 | 101,133 | (1,577,622) | 87,348 | 37,113 | 72,683 | (1,380,478) | 423,132 | |||||
Net (loss) income attributable to Equitrans Midstream common shareholders | $ (521,156) | $ 55,230 | $ 86,505 | $ (1,592,250) | $ 72,720 | $ 22,485 | $ 58,055 | $ (1,438,990) | $ 364,372 | |||||
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic (in dollars per share) | $ (1.20) | $ 0.13 | $ 0.20 | $ (3.68) | $ 0.17 | $ 0.05 | $ 0.13 | $ (3.32) | $ 1.06 | |||||
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted (in dollars per share) | $ (1.20) | $ 0.13 | $ 0.20 | $ (3.68) | $ 0.17 | $ 0.05 | $ 0.13 | $ (3.32) | $ 1.06 | |||||
Adjustment | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Operating and maintenance | $ 0 | $ 0 | $ 247 | $ (247) | $ 0 | $ (247) | $ 0 | |||||||
Selling, general and administrative | 0 | 0 | 1,591 | (1,591) | 0 | (1,591) | 0 | |||||||
Total operating expenses | 0 | 0 | 1,838 | (1,838) | 0 | (1,838) | 0 | |||||||
Total operating income | 0 | 0 | (1,838) | 1,838 | 0 | 1,838 | 0 | |||||||
Other income (expense), net | 1,572 | (10,025) | (4,837) | (27,652) | (2,133) | $ (943) | $ (714) | (31,442) | (6,798) | |||||
(Loss) income before income taxes | 1,572 | (10,025) | (6,675) | (25,814) | (2,133) | (943) | (714) | (29,604) | (6,798) | |||||
Income tax expense (benefit) | 909 | (958) | (660) | 2,685 | (558) | (232) | (157) | 1,738 | (1,738) | |||||
Net (loss) income | 663 | (9,067) | (6,015) | (28,499) | (1,575) | (711) | (557) | $ (15,082) | $ (1,268) | $ (14,419) | $ (2,843) | (31,342) | (5,060) | |
Net income (loss) attributable to Equitrans Midstream | 663 | (9,067) | (6,015) | (28,499) | (1,575) | (711) | (557) | (31,342) | (5,060) | |||||
Net (loss) income attributable to Equitrans Midstream common shareholders | $ 663 | $ (9,067) | $ (6,015) | $ (28,499) | $ (1,575) | $ (711) | $ (557) | $ (31,342) | $ (5,060) | |||||
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic (in dollars per share) | $ 0 | $ (0.02) | $ (0.01) | $ (0.06) | $ (0.01) | $ 0 | $ 0 | $ (0.08) | $ (0.02) | |||||
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted (in dollars per share) | $ 0 | $ (0.02) | $ (0.01) | $ (0.06) | $ (0.01) | $ 0 | $ 0 | $ (0.08) | $ (0.02) |
Selected Quarterly Financial _4
Selected Quarterly Financial Information (unaudited) - Statements of Consolidated Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net (loss) income | $ (502,933) | $ 64,739 | $ 98,893 | $ (1,602,070) | $ 89,330 | $ 39,410 | $ 76,040 | $ 163,632 | $ 115,450 | $ (339,301) | $ 204,780 | $ (257,138) | $ (1,397,290) | $ 632,984 |
Deferred income taxes | 3,943 | 20,249 | 5,372 | 32,111 | 7,392 | 60,320 | 5,472 | (348,206) | 100,980 | |||||
Other expense (income), net | (1,664) | (6,540) | (5,410) | (15,093) | (8,391) | (34,370) | (13,644) | 47,485 | (10,480) | |||||
Non-cash long-term compensation expense | 4,828 | 8,484 | 12,142 | 15,800 | 13,083 | 12,301 | ||||||||
Net cash provided by operating activities | 185,946 | 229,552 | 536,972 | 612,147 | 746,539 | 822,024 | $ 845,775 | 1,168,768 | 1,140,886 | |||||
As Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net (loss) income | (503,596) | 73,806 | 104,908 | (1,573,571) | 90,905 | 40,121 | 76,597 | 178,714 | 116,718 | (324,882) | 207,623 | (1,365,948) | 638,044 | |
Deferred income taxes | 4,603 | 20,406 | 6,990 | 32,500 | 8,101 | 61,267 | (349,944) | 102,718 | ||||||
Other expense (income), net | (6,501) | (7,254) | (20,272) | (16,750) | (21,681) | (38,160) | 16,043 | (17,278) | ||||||
Non-cash long-term compensation expense | 2,990 | 6,646 | 10,304 | 14,921 | 12,301 | |||||||||
Net cash provided by operating activities | 185,946 | 229,552 | 536,972 | 612,147 | 746,539 | 822,024 | 1,168,768 | 1,140,886 | ||||||
Adjustment | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net (loss) income | $ 663 | $ (9,067) | (6,015) | $ (28,499) | $ (1,575) | $ (711) | (557) | (15,082) | (1,268) | (14,419) | (2,843) | (31,342) | (5,060) | |
Deferred income taxes | (660) | (157) | (1,618) | (389) | (709) | (947) | 1,738 | (1,738) | ||||||
Other expense (income), net | 4,837 | 714 | 14,862 | 1,657 | 13,290 | 3,790 | 31,442 | 6,798 | ||||||
Non-cash long-term compensation expense | 1,838 | 1,838 | 1,838 | (1,838) | 0 | |||||||||
Net cash provided by operating activities | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Selected Quarterly Financial _5
Selected Quarterly Financial Information (unaudited) - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Other assets | $ 278,159 | $ 269,914 | $ 262,972 | $ 264,888 | $ 270,684 | $ 354,998 | $ 342,588 | $ 335,829 | ||
Total assets | 10,445,585 | 10,334,974 | 10,908,828 | 10,775,625 | 10,882,524 | 12,857,814 | 12,797,876 | 12,781,335 | $ 12,719,054 | |
Regulatory and other long-term liabilities | 112,974 | 107,563 | 95,124 | 96,496 | 99,333 | 96,185 | 95,995 | 95,864 | ||
Total liabilities | 8,365,139 | 8,262,310 | 8,241,491 | 8,097,912 | 8,228,196 | 8,524,730 | 8,477,496 | 8,424,657 | ||
Retained deficit | (3,053,590) | (3,054,669) | (2,468,495) | (2,449,667) | (2,464,573) | (778,672) | (784,481) | (741,505) | ||
Total common shareholders' equity | 919,205 | 912,972 | 1,494,577 | 1,508,901 | 1,489,291 | 3,172,098 | 3,162,951 | 3,202,257 | ||
Total shareholders' equity | 1,398,604 | 1,390,822 | 1,985,495 | 1,995,871 | 1,972,486 | 3,651,242 | 3,638,538 | 3,674,836 | 3,676,212 | $ 5,282,080 |
Total liabilities, mezzanine equity and shareholders' equity | $ 10,445,585 | 10,334,974 | 10,908,828 | 10,775,625 | 10,882,524 | 12,857,814 | 12,797,876 | 12,781,335 | ||
As Reported | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Other assets | 321,444 | 316,074 | 307,965 | 308,924 | 365,586 | 351,043 | 343,341 | |||
Total assets | 10,386,504 | 10,961,930 | 10,818,702 | 10,920,764 | 12,868,402 | 12,806,331 | 12,788,847 | |||
Regulatory and other long-term liabilities | 108,272 | 96,742 | 97,156 | 98,870 | 98,122 | 97,759 | ||||
Total liabilities | 8,263,019 | 8,243,109 | 8,098,572 | 8,527,415 | 8,479,623 | 8,426,552 | ||||
Retained deficit | (3,003,848) | (2,417,011) | (2,407,250) | (2,428,171) | (770,769) | (778,153) | (735,888) | |||
Total common shareholders' equity | 963,793 | 1,546,061 | 1,551,318 | 1,527,531 | 3,180,001 | 3,169,279 | 3,207,874 | |||
Total shareholders' 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 | 5,282,080 | |
Total liabilities, mezzanine equity and shareholders' equity | 10,386,504 | 10,961,930 | 10,818,702 | 10,920,764 | 12,868,402 | 12,806,331 | 12,788,847 | |||
Adjustment | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Other assets | (51,530) | (53,102) | (43,077) | (38,240) | (10,588) | (8,455) | (7,512) | |||
Total assets | (51,530) | (53,102) | (43,077) | (38,240) | (10,588) | (8,455) | (7,512) | (7,000) | ||
Regulatory and other long-term liabilities | (709) | (1,618) | (660) | (2,685) | (2,127) | (1,895) | ||||
Total liabilities | (709) | (1,618) | (660) | (2,685) | (2,127) | (1,895) | ||||
Retained deficit | (50,821) | (51,484) | (42,417) | (36,402) | (7,903) | (6,328) | (5,617) | 7,000 | ||
Total common shareholders' equity | (50,821) | (51,484) | (42,417) | (38,240) | (7,903) | (6,328) | (5,617) | |||
Total shareholders' equity | (50,821) | (51,484) | (42,417) | (38,240) | (7,903) | (6,328) | (5,617) | $ (5,060) | $ 0 | |
Total liabilities, mezzanine equity and shareholders' equity | $ (51,530) | $ (53,102) | $ (43,077) | $ (38,240) | $ (10,588) | $ (8,455) | $ (7,512) |
Selected Quarterly Financial _6
Selected Quarterly Financial Information (unaudited) - Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | $ 1,985,495 | $ 1,995,871 | $ 1,972,486 | $ 3,651,242 | $ 3,638,538 | $ 3,674,836 | $ 3,676,212 | $ 1,972,486 | $ 3,676,212 | $ 5,282,080 |
Net (loss) income | (517,561) | 50,111 | 84,265 | (1,616,698) | 74,702 | 24,782 | 61,412 | (315,650) | (1,455,802) | 601,477 |
Share-based compensation plans, net | 4,670 | 3,022 | 18,209 | 14,623 | 13,071 | |||||
Ending balance | 1,390,822 | 1,985,495 | 1,995,871 | 1,972,486 | 3,651,242 | 3,638,538 | 3,674,836 | 1,398,604 | 1,972,486 | 3,676,212 |
Common Stock | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | 3,965,058 | 3,960,588 | 3,955,918 | 3,952,896 | 3,949,592 | 3,945,957 | 3,941,295 | 3,955,918 | 3,941,295 | 1,292,804 |
Net (loss) income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Share-based compensation plans, net | 4,670 | 3,022 | 18,209 | 14,623 | 12,786 | |||||
Ending balance | 3,969,591 | 3,965,058 | 3,960,588 | 3,955,918 | 3,952,896 | 3,949,592 | 3,945,957 | 3,974,127 | 3,955,918 | 3,941,295 |
Retained Earnings | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | (2,468,495) | (2,449,667) | (2,464,573) | (778,672) | (784,481) | (741,505) | (734,019) | (2,464,573) | (734,019) | (618,062) |
Net (loss) income | (520,493) | 46,163 | 80,490 | (1,620,749) | 71,145 | 21,774 | 57,498 | (327,854) | (1,470,332) | 386,565 |
Share-based compensation plans, net | 0 | 0 | 0 | |||||||
Ending balance | (3,054,669) | (2,468,495) | (2,449,667) | (2,464,573) | (778,672) | (784,481) | (741,505) | (3,053,590) | (2,464,573) | (734,019) |
As Reported | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | 2,036,979 | 2,038,288 | 2,010,726 | 3,659,145 | 3,644,866 | 3,680,453 | 3,681,272 | 2,010,726 | 3,681,272 | 5,282,080 |
Net (loss) income | (518,224) | 59,178 | 90,280 | (1,588,199) | 76,277 | 25,493 | 61,969 | (1,424,460) | 606,537 | |
Share-based compensation plans, net | 2,832 | 4,860 | 16,461 | |||||||
Ending balance | 1,441,643 | 2,036,979 | 2,038,288 | 2,010,726 | 3,659,145 | 3,644,866 | 3,680,453 | 2,010,726 | 3,681,272 | |
As Reported | Common Stock | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | 3,965,058 | 3,960,588 | 3,957,756 | 3,952,896 | 3,949,592 | 3,945,957 | 3,941,295 | 3,957,756 | 3,941,295 | 1,292,804 |
Net (loss) income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Share-based compensation plans, net | 2,832 | 4,860 | 16,461 | |||||||
Ending balance | 3,969,591 | 3,965,058 | 3,960,588 | 3,957,756 | 3,952,896 | 3,949,592 | 3,945,957 | 3,957,756 | 3,941,295 | |
As Reported | Retained Earnings | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | (2,417,011) | (2,407,250) | (2,428,171) | (770,769) | (778,153) | (735,888) | (728,959) | (2,428,171) | (728,959) | (618,062) |
Net (loss) income | (521,156) | 55,230 | 86,505 | (1,592,250) | 72,720 | 22,485 | 58,055 | (1,438,990) | 391,625 | |
Share-based compensation plans, net | 0 | 0 | 0 | |||||||
Ending balance | (3,003,848) | (2,417,011) | (2,407,250) | (2,428,171) | (770,769) | (778,153) | (735,888) | (2,428,171) | (728,959) | |
Adjustment | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | (51,484) | (42,417) | (38,240) | (7,903) | (6,328) | (5,617) | (5,060) | (38,240) | (5,060) | 0 |
Net (loss) income | 663 | (9,067) | (6,015) | (28,499) | (1,575) | (711) | (557) | (31,342) | (5,060) | |
Share-based compensation plans, net | 1,838 | (1,838) | (1,838) | |||||||
Ending balance | (50,821) | (51,484) | (42,417) | (38,240) | (7,903) | (6,328) | (5,617) | (38,240) | (5,060) | |
Adjustment | Common Stock | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | 0 | 0 | (1,838) | 0 | 0 | 0 | 0 | (1,838) | 0 | 0 |
Net (loss) income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Share-based compensation plans, net | 1,838 | (1,838) | (1,838) | |||||||
Ending balance | 0 | 0 | 0 | (1,838) | 0 | 0 | 0 | (1,838) | 0 | |
Adjustment | Retained Earnings | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | (51,484) | (42,417) | (36,402) | (7,903) | (6,328) | (5,617) | (5,060) | $ (36,402) | (5,060) | 0 |
Net (loss) income | 663 | (9,067) | (6,015) | (28,499) | (1,575) | (711) | (557) | (31,342) | (5,060) | |
Share-based compensation plans, net | 0 | 0 | 0 | |||||||
Ending balance | $ (50,821) | $ (51,484) | $ (42,417) | $ (36,402) | $ (7,903) | $ (6,328) | $ (5,617) | $ (36,402) | $ (5,060) |
Uncategorized Items - etrn-2022
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |