Cover
Cover - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38629 | |
Entity Registrant Name | EQUITRANS MIDSTREAM CORPORATION | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 83-0516635 | |
Entity Address, Address Line One | 2200 Energy Drive | |
Entity Address, City or Town | Canonsburg | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15317 | |
City Area Code | 724 | |
Local Phone Number | 271-7600 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | ETRN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Small Business Entity | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 433,183 | |
Entity Central Index Key | 0001747009 | |
Amendment Flag | false | |
Current Fiscal Year End | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | [1] | ||
Income Statement [Abstract] | ||||
Operating revenues | $ 376,337 | $ 342,146 | ||
Operating expenses: | ||||
Operating and maintenance | 42,862 | 33,081 | ||
Selling, general and administrative | 32,622 | 29,717 | ||
Depreciation | 69,404 | 67,043 | ||
Amortization of intangible assets | 16,205 | 16,205 | ||
Total operating expenses | 161,093 | 146,046 | ||
Operating income | 215,244 | 196,100 | ||
Equity income | [2],[3] | 122 | 4 | |
Other (expense) income, net | (8,102) | 1,511 | ||
Net interest expense | (104,957) | (93,121) | ||
Income before income taxes | 102,307 | 104,494 | ||
Income tax (benefit) expense | (3,784) | 5,601 | ||
Net income | 106,091 | 98,893 | ||
Net income attributable to noncontrolling interest | 4,409 | 3,775 | ||
Net income attributable to Equitrans Midstream | 101,682 | 95,118 | ||
Preferred dividends | 14,628 | 14,628 | ||
Net income attributable to Equitrans Midstream common shareholders | $ 87,054 | $ 80,490 | ||
Earnings per share of common stock attributable to Equitrans Midstream common shareholders - basic (in dollars per share) | $ 0.20 | $ 0.19 | ||
Earnings per share of common stock attributable to Equitrans Midstream common shareholders - diluted (in dollars per share) | $ 0.20 | $ 0.19 | ||
Weighted average common shares outstanding - basic (in shares) | 433,707 | 433,318 | ||
Weighted average common shares outstanding - diluted (in shares) | 434,254 | 433,913 | ||
Statement of comprehensive income: | ||||
Net income | $ 106,091 | $ 98,893 | ||
Other comprehensive income, net of tax: | ||||
Pension and other post-retirement benefits liability adjustment, net of tax expense of $7 and $12 | 22 | 34 | ||
Other comprehensive income | 22 | 34 | ||
Comprehensive income | 106,113 | 98,927 | ||
Less: Comprehensive income attributable to noncontrolling interest | 4,409 | 3,775 | ||
Less: Comprehensive income attributable to preferred dividends | 14,628 | 14,628 | ||
Comprehensive income attributable to Equitrans Midstream common shareholders | $ 87,076 | $ 80,524 | ||
Dividends declared per common share (in dollars per share) | $ 0.15 | $ 0.15 | ||
[1]Certain line items of the previously issued unaudited interim consolidated financial statements for the three months ended March 31, 2022 have been revised. See Note 1 for more information.[2]Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 4.[3]Represents equity income from the MVP Joint Venture. See Note 4. |
Statements of Consolidated Co_2
Statements of Consolidated Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Pension and other post-retirement benefits liability adjustments, tax expense | $ 7 | $ 12 |
Statements of Consolidated Cash
Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Cash flows from operating activities: | ||||
Net income | $ 106,091 | $ 98,893 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 69,404 | 67,043 | [1] | |
Amortization of intangible assets | 16,205 | 16,205 | [1] | |
Provision for credit losses on accounts receivable | 2,492 | 0 | [2] | |
Deferred income taxes | (5,260) | 3,943 | [2] | |
Equity income | [3],[4] | (122) | (4) | [1] |
Other expense (income), net | 8,288 | (1,664) | [2] | |
Non-cash long-term compensation expense | 3,468 | 4,828 | [2] | |
Changes in other assets and liabilities: | ||||
Accounts receivable | 41,930 | 34,759 | [2] | |
Accounts payable | (18,419) | (7,679) | [2] | |
Accrued interest | (43,597) | (74,812) | [2] | |
Deferred revenue | 76,317 | 86,652 | [2] | |
Other assets and other liabilities | (32,077) | (42,218) | [2] | |
Net cash provided by operating activities | 224,720 | 185,946 | [2] | |
Cash flows from investing activities: | ||||
Capital expenditures | (75,640) | (71,285) | [2] | |
Capital contributions to the MVP Joint Venture | (34,513) | (72,537) | [2] | |
Principal payments received on the Preferred Interest | 1,429 | 1,351 | [2] | |
Net cash used in investing activities | (108,724) | (142,471) | [2] | |
Cash flows from financing activities: | ||||
Proceeds from revolving credit facility borrowings | 137,500 | 55,000 | [2] | |
Payments on revolving credit facility borrowings | (180,000) | (112,000) | [2] | |
Dividends paid to holders of Equitrans Midstream Preferred Shares | (14,628) | (14,628) | [2] | |
Dividends paid to common shareholders | (64,964) | (64,901) | [2] | |
Distributions paid to noncontrolling interest | (8,000) | 0 | [2] | |
Other items | (1,306) | 0 | [2] | |
Net cash used in financing activities | (131,398) | (136,529) | [2] | |
Net change in cash and cash equivalents | (15,402) | (93,054) | [2] | |
Cash and cash equivalents at beginning of period | 67,898 | 134,661 | [2] | |
Cash and cash equivalents at end of period | 52,496 | 41,607 | [2] | |
Cash paid during the period for: | ||||
Interest, net of amount capitalized | 146,828 | 165,631 | [2] | |
Income taxes | $ 0 | $ 815 | [2] | |
[1]Certain line items of the previously issued unaudited interim consolidated financial statements for the three months ended March 31, 2022 have been revised. See Note 1 for more information.[2]Certain line items of the previously issued unaudited interim consolidated financial statements for the three months ended March 31, 2022 have been revised. See Note 1 for more information.[3]Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 4.[4]Represents equity income from the MVP Joint Venture. See Note 4. |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | $ 52,496 | $ 67,898 | |
Accounts receivable (net of allowance for credit losses of $5,523 and $3,031 as of March 31, 2023 and December 31, 2022, respectively) | 225,703 | 246,887 | |
Other current assets | 43,042 | 74,917 | |
Total current assets | 321,241 | 389,702 | |
Property, plant and equipment | 9,450,553 | 9,365,051 | |
Less: accumulated depreciation | (1,549,810) | (1,480,720) | |
Net property, plant and equipment | 7,900,743 | 7,884,331 | |
Investment in unconsolidated entities | [1] | 852,006 | 819,743 |
Goodwill | 486,698 | 486,698 | |
Net intangible assets | 570,747 | 586,952 | |
Other assets | 267,697 | 278,159 | |
Total assets | 10,399,132 | 10,445,585 | |
Current liabilities: | |||
Current portion of long-term debt | 98,882 | 98,830 | |
Accounts payable | 43,923 | 60,528 | |
Capital contributions payable to the MVP Joint Venture | 31,667 | 34,355 | |
Accrued interest | 92,165 | 135,762 | |
Accrued liabilities | 46,215 | 83,835 | |
Total current liabilities | 312,852 | 413,310 | |
Long-term liabilities: | |||
Revolving credit facility borrowings | 492,500 | 535,000 | |
Long-term debt | 6,338,100 | 6,335,320 | |
Contract liability | 1,046,787 | 968,535 | |
Regulatory and other long-term liabilities | 107,033 | 112,974 | |
Total liabilities | 8,297,272 | 8,365,139 | |
Mezzanine equity: | |||
Equitrans Midstream Preferred Shares, 30,018 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 681,842 | 681,842 | |
Shareholders' equity: | |||
Common stock, no par value, 433,183 and 432,781 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 3,977,177 | 3,974,127 | |
Retained deficit | (3,031,657) | (3,053,590) | |
Accumulated other comprehensive loss | (1,310) | (1,332) | |
Total common shareholders' equity | 944,210 | 919,205 | |
Noncontrolling interest | 475,808 | 479,399 | |
Total shareholders' equity | 1,420,018 | 1,398,604 | |
Total liabilities, mezzanine equity and shareholders' equity | $ 10,399,132 | $ 10,445,585 | |
[1]Represents investment in the MVP Joint Venture. See Note 4. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, for doubtful accounts | $ 5,523 | $ 3,031 |
Mezzanine equity, preferred shares outstanding (in shares) | 30,018 | 30,018 |
Mezzanine equity, preferred shares issued (in shares) | 30,018 | 30,018 |
Common stock, shares issued (in shares) | 433,183 | 432,781 |
Common stock, shares outstanding (in shares) | 433,183 | 432,781 |
Statements of Consolidated Shar
Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Retained Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 432,522 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 1,972,486 | [1] | $ 3,955,918 | [1] | $ (2,464,573) | [1] | $ (2,054) | $ 483,195 | |
Increase (Decrease) in Partners' Capital | |||||||||
Net income | 84,265 | [1] | 80,490 | [1] | 3,775 | ||||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 34 | [1] | 34 | ||||||
Dividends on common shares | [1] | (65,584) | (65,584) | ||||||
Share-based compensation plans, net (in shares) | 155 | ||||||||
Share-based compensation plans, net | [1] | 4,670 | $ 4,670 | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 432,677 | ||||||||
Ending balance at Mar. 31, 2022 | 1,995,871 | [1] | $ 3,960,588 | [1] | (2,449,667) | [1] | (2,020) | 486,970 | |
Mezzanine Equity, beginning balance at Dec. 31, 2021 | 681,842 | ||||||||
Mezzanine Equity | |||||||||
Mezzanine Equity, Net income | 14,628 | ||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | (14,628) | ||||||||
Mezzanine Equity, ending balance at Mar. 31, 2022 | $ 681,842 | ||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 432,781 | 432,781 | |||||||
Beginning balance at Dec. 31, 2022 | $ 1,398,604 | $ 3,974,127 | (3,053,590) | (1,332) | 479,399 | ||||
Increase (Decrease) in Partners' Capital | |||||||||
Net income | 91,463 | 87,054 | 4,409 | ||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 22 | 22 | |||||||
Dividends on common shares | (65,121) | (65,121) | |||||||
Share-based compensation plans, net (in shares) | 402 | ||||||||
Share-based compensation plans, net | 3,050 | $ 3,050 | |||||||
Distributions paid to noncontrolling interest in Eureka Midstream Holdings, LLC | $ (8,000) | (8,000) | |||||||
Ending balance (in shares) at Mar. 31, 2023 | 433,183 | 433,183 | |||||||
Ending balance at Mar. 31, 2023 | $ 1,420,018 | $ 3,977,177 | $ (3,031,657) | $ (1,310) | $ 475,808 | ||||
Mezzanine Equity, beginning balance at Dec. 31, 2022 | 681,842 | ||||||||
Mezzanine Equity | |||||||||
Mezzanine Equity, Net income | 14,628 | ||||||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | (14,628) | ||||||||
Mezzanine Equity, ending balance at Mar. 31, 2023 | $ 681,842 | ||||||||
[1]Certain line items of the previously issued unaudited interim consolidated financial statements for the three months ended March 31, 2022 have been revised. See Note 1 for more information. |
Statements of Consolidated Sh_2
Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension and other post-retirement benefits liability adjustments, tax expense | $ 7 | $ 12 |
Dividends (in dollars per share) | $ 0.15 | $ 0.15 |
EQM Midstream Partners, LP | ||
Cash distributions declared (in dollars per unit) | $ 0.4873 | $ 0.4873 |
Financial Statements
Financial Statements | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statements | Financial Statements 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. Basis of Presentation. References in these financial statements to Equitrans Midstream or the Company refer collectively to Equitrans Midstream Corporation and its consolidated subsidiaries for all periods presented, unless otherwise indicated. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements include all adjustments (consisting of only normal, recurring adjustments, unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of the Company as of March 31, 2023, and the results of its operations, cash flows and equity for the three months ended March 31, 2023 and 2022. The consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2022, which includes all disclosures required by GAAP. Due to, among other things, the seasonal nature of the Company's utility customer contracts, as well as producers’ well completion activities and varying needs for fresh and produced water (which are primarily driven by horizontal lateral lengths and the number of completion stages per well), the interim statements for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the Company's consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as well as Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained herein. Revisions of Previously Issued Financial Statements. In the course of its 2022 year-end 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 (as defined in Note 6). 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 affected unaudited interim consolidated financial statements presented within this Quarterly Report on Form 10-Q. The Company has made the appropriate revisions to its previously issued interim consolidated financial statements in order to correct the Henry Hub cash bonus payment provision and also made other immaterial revisions to its first quarter of 2022 unaudited interim consolidated financial statements. For more information, see Notes 1 and 16 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. 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 also 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. |
Financial Information by Busine
Financial Information by Business Segment | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Financial Information by Business Segment The Company reports its operations in three segments that reflect its three lines of business of Gathering, Transmission and Water, which reflects the manner in which management evaluates the business for making operating decisions and assessing performance. Three Months Ended March 31, 2023 2022 (Thousands) Revenues from customers: Gathering $ 210,752 $ 219,790 Transmission 138,906 110,795 Water 26,679 11,561 Total operating revenues $ 376,337 $ 342,146 Operating income (loss): Gathering $ 104,294 $ 113,852 Transmission 98,922 84,562 Water 12,373 (1,925) Headquarters (a) (345) (389) Total operating income $ 215,244 $ 196,100 Reconciliation of operating income to net income: Equity income (b) $ 122 $ 4 Other (expense) income, net (c) (8,102) 1,511 Net interest expense (104,957) (93,121) Income tax (benefit) expense (3,784) 5,601 Net income $ 106,091 $ 98,893 (a) Includes certain unallocated corporate expenses. (b) Equity income is included in the Transmission segment. (c) Includes unrealized (losses) gains on derivative instruments recorded in the Gathering segment. March 31, 2023 December 31, 2022 (Thousands) Segment assets: Gathering $ 7,563,621 $ 7,610,233 Transmission (a) 2,356,505 2,333,896 Water 212,059 218,680 Total operating segments 10,132,185 10,162,809 Headquarters, including cash 266,947 282,776 Total assets $ 10,399,132 $ 10,445,585 (a) The equity method investment in the MVP Joint Venture is included in the Transmission segment. Three Months Ended March 31, 2023 2022 (Thousands) Depreciation: Gathering $ 49,349 $ 48,255 Transmission 13,888 13,894 Water 5,863 4,517 Headquarters 304 377 Total $ 69,404 $ 67,043 Capital expenditures: Gathering (a) $ 59,713 $ 53,147 Transmission (b) 9,189 4,226 Water 11,076 9,565 Headquarters — 12 Total (c) $ 79,978 $ 66,950 (a) Includes capital expenditures related to the noncontrolling interest in Eureka Midstream Holdings, LLC (Eureka Midstream) of approximately $3.2 million and $3.0 million for the three months ended March 31, 2023 and 2022, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $34.5 million and $72.5 million for the three months ended March 31, 2023 and 2022, respectively. (c) The Company accrues capital expenditures when the work has been completed but the associated bills have not yet been paid. Accrued capital expenditures are excluded from the statements of consolidated cash flows until they are paid. The net impact of non-cash capital expenditures, including the effect of accrued capital expenditures, transfers to/from inventory as assets are completed/assigned to a project and capitalized share-based compensation costs were $(4.3) million and $4.3 million for the three months ended March 31, 2023 and 2022, respectively. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | Revenue from Contracts with Customers For the three months ended March 31, 2023 and 2022, substantially all revenues recognized on the Company's statements of consolidated comprehensive income were from contracts with customers. As of March 31, 2023 and December 31, 2022, all receivables recorded on the Company's consolidated balance sheets represented performance obligations that have been satisfied and for which an unconditional right to consideration exists. Summary of disaggregated revenues. The tables below provide disaggregated revenue information by business segment. Three Months Ended March 31, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 140,071 $ 101,722 $ 9,375 $ 251,168 Volumetric-based fee revenues (b) 70,681 37,184 17,304 125,169 Total operating revenues $ 210,752 $ 138,906 $ 26,679 $ 376,337 Three Months Ended March 31, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 132,597 $ 102,870 $ 5,752 $ 241,219 Volumetric-based fee revenues 87,193 7,925 5,809 100,927 Total operating revenues $ 219,790 $ 110,795 $ 11,561 $ 342,146 (a) Firm reservation fee revenues associated with Gathering included MVC unbilled revenues of approximately $3.3 million and $2.7 million for the three months ended March 31, 2023 and 2022, respectively. (b) Volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively. Contract assets. The Company's contract assets related to the Company's future MVC deficiency payments are generally expected to be collected within the next twelve months and are primarily included in other current assets in the Company's consolidated balance sheets until such time as the MVC deficiency payments are invoiced to the customer. The following table presents changes in the Company's unbilled revenue balance: Three Months Ended March 31, 2023 2022 (Thousands) Balance as of beginning of period $ 27,493 $ 16,772 Revenue recognized in excess of amounts invoiced (a) 3,262 4,692 Minimum volume commitments invoiced (b) (23,558) (14,884) Amortization (c) (165) (110) Balance as of end of period $ 7,032 $ 6,470 (a) Primarily includes revenues associated with MVCs that are generally included in firm reservation fee revenues within the Gathering and Water segments. (b) Unbilled revenues are transferred to accounts receivable once the Company has an unconditional right to consideration from the customer. (c) Amortization of capitalized contract costs paid to customers over the expected life of the agreement. Contract liabilities. The Company's contract liabilities 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. The following table presents changes in the Company's contract liability balances: Three Months Ended March 31, 2023 2022 (Thousands) Balance as of beginning of period $ 973,087 $ 822,416 Amounts recorded during the period (a) 81,930 86,920 Change in estimated variable consideration (b) (3,392) — Amounts transferred during the period (c) (2,221) (268) Balance as of end of period $ 1,049,404 $ 909,068 (a) Includes deferred billed revenue during the three months ended March 31, 2023 and 2022 primarily associated with the EQT Global GGA. (b) Change in estimated variable consideration represents the decrease in total deferred revenue due to changes in assumptions. (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 March 31, 2023 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2023 (a) 2024 2025 2026 2027 Thereafter Total (Thousands) Gathering firm reservation fees $ 68,977 $ 171,548 $ 176,322 $ 166,939 $ 160,370 $ 1,707,106 $ 2,451,262 Gathering revenues supported by MVCs 342,483 430,865 450,036 467,632 462,437 3,074,122 5,227,575 Transmission firm reservation fees 258,269 389,182 371,825 367,783 366,162 2,980,011 4,733,232 Water revenues supported by ARCs 32,130 37,500 37,500 37,500 37,500 156,250 338,380 Total (b) $ 701,859 $ 1,029,095 $ 1,035,683 $ 1,039,854 $ 1,026,469 $ 7,917,489 $ 12,750,449 (a) April 1, 2023 through December 31, 2023. (b) Includes assumptions regarding timing for placing certain project s in-service. Such assumptions may not be realized and d elays in the in-service dates for projects have substantially altered, and additional delays may further substantially alter, the remaining performance obligations for certain contracts with firm reservation fees, MVCs and/or ARCs. The MVP Joint Venture is accounted for as an equity method investment and those amounts are not included in the table above. |
Investments in Unconsolidated E
Investments in Unconsolidated Entity | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments 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 47.3% interest in the MVP project as of March 31, 2023. 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 47.3% 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 March 31, 2023. The MVP Joint Venture continues to evaluate the MVP Southgate project and is focused on its active negotiations with the project shipper, Dominion Energy North Carolina, and a prospective customer 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 negotiations between the MVP Joint Venture and Dominion Energy North Carolina and a prospective customer, including the ultimate design, scope, timing, undertaking or completion of the project. 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. There is risk that the Company's equity method 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 March 2023, 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 $31.6 million, of which $12.3 million and $19.3 million were paid in April 2023 and May 2023, respectively. The capital contributions payable and the corresponding increase to the investment balance are reflected on the consolidated balance sheet as of March 31, 2023. 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. As of March 31, 2023, the letter of credit with respect to the MVP project was in the amount of approximately $219.7 million. On April 6, 2023, EQM’s $14.2 million letter of credit with respect to the MVP Southgate project was terminated, following the determination to temporarily defer partners’ obligations to post performance assurances with respect to the MVP Southgate project, which may be reinstated upon further developments. Upon the FERC’s initial release to begin construction of the MVP Southgate project, the Company will be obligated to deliver an allowable form of performance assurance in an amount equal to 33% of MVP Holdco’s proportionate share of the remaining capital obligations under the applicable construction budget. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Amended EQM Credit Facility. As of March 31, 2023, the Company had aggregate commitments available under the Amended EQM Credit Facility of approximately $2.16 billion before October 31, 2023 (the Earlier Maturity Date), with approximately $1.55 billion in aggregate commitments available on and after the Earlier Maturity Date and prior to April 30, 2025 (the Later Maturity Date). As of March 31, 2023, EQM had approximately $190 million of borrowings and $234.9 million of letters of credit outstanding under the Amended EQM Credit Facility. As of March 31, 2023, pursuant to the terms of the Amended EQM Credit Facility, EQM had the ability to borrow approximately $0.7 billion under the Amended EQM Credit Facility. The amount EQM is able to borrow under the Amended EQM Credit Facility is bounded by a maximum consolidated leverage ratio. 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. During the three months ended March 31, 2023, the maximum outstanding borrowings at any time was approximately $315 million and the average daily balance was approximately $262 million. EQM incurred interest at a weighted average annual interest rate of approximately 7.5% for the three months ended March 31, 2023. For the three months ended March 31, 2023, commitment fees of $2.1 million were paid to maintain credit availability under the Amended EQM Credit Facility. During the three months ended March 31, 2022, the maximum outstanding borrowings at any time was approximately $280 million and the average daily balance was approximately $260 million. EQM incurred interest at a weighted average annual interest rate of approximately 2.8% for the three months ended March 31, 2022. For the three months ended March 31, 2022, commitment fees of $1.8 million were paid to maintain credit availability under the Amended EQM Credit Facility. As of March 31, 2023, no term loans were outstanding under the Amended EQM Credit Facility. Eureka Credit Facility. On May 13, 2021, Eureka Midstream, LLC (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). On March 29, 2023, Eureka entered into an amendment (the Amendment) to the 2021 Eureka Credit Facility. The Amendment replaced the London Interbank Offered Rate with the Secured Overnight Financing Rate 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. Any reference to the 2021 Eureka Credit Facility as of any particular date shall mean the 2021 Eureka Credit Facility as in effect on such date. As of March 31, 2023, and December 31, 2022, Eureka had approximately $303 million and $295 million, respectively, of borrowings outstanding under the 2021 Eureka Credit Facility. For the three months ended March 31, 2023, the maximum amount of outstanding borrowings under the 2021 Eureka Credit Facility at any time was approximately $303 million and the average daily balance was approximately $299 million and Eureka incurred interest at a weighted average annual interest rate of approximately 7.1%. For the three months ended March 31, 2022, the maximum amount of outstanding borrowings under the 2021 Eureka Credit Facility at any time was approximately $280 million, the average daily balance was approximately $277 million and Eureka incurred interest at a weighted average annual interest rate of approximately 2.9%. For the three months ended March 31, 2023 and 2022, commitment fees of $0.1 million were paid to maintain credit availability under the 2021 Eureka Credit Facility. As of March 31, 2023, EQM and Eureka were in compliance with all debt provisions and covenants. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022, the fair values of the Henry Hub cash bonus payment provision were $14.5 million and $23.0 million, respectively, which were recorded in other assets on the Company's consolidated balance sheets. During the three months ended March 31, 2023 and 2022, the Company recognized a loss of $8.5 million and a gain of $1.6 million, respectively, representing the change in estimated fair value of the derivative instrument during the respective periods and are recorded in other (expense) income, net in the Company's statements of consolidated comprehensive income. Other Financial Instruments. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short maturity of the instruments. The carrying values of borrowings under the Amended EQM Credit Facility and the 2021 Eureka Credit Facility approximate fair value as the interest rates are based on prevailing market rates. As EQM's borrowings under its senior notes are not actively traded, their fair values are estimated using an income approach model that applies a discount rate based on prevailing market rates for debt with similar remaining time-to-maturity and credit risk; as such, their fair values are Level 2 fair value measurements. The fair value of the Preferred Interest is a Level 3 fair value measurement and is estimated using an income approach model that applies a market-based discount rate. As of March 31, 2023, and December 31, 2022, the estimated fair values of the Preferred Interest were approximately $95.4 million and $95.2 million, respectively, and the carrying values of the Preferred Interest were approximately $92.9 million and $94.3 million, respectively. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareThe Company excluded 30,136 and 30,137 (in thousands) of weighted average anti-dilutive securities related to the Equitrans Midstream Preferred Shares and stock-based compensation awards from the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2023 and 2022, respectively.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 from the Company's Board of Directors. As there are no remaining service, performance or market conditions related to these awards, 603 and 642 (in thousands) Equitrans Midstream phantom units were included in the computation of basic and diluted weighted average common shares outstanding for the three months ended March 31, 2023 and 2022, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective tax rate was (3.7)% for the three months ended March 31, 2023, compared to 5.4% for the three months ended March 31, 2022. For the three months ended March 31, 2023 and 2022, the Company calculated the provision for income taxes for interim periods by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (income (loss) before income taxes excluding unusual or infrequently occurring items) for the periods. The effective tax rate was lower for the three months ended March 31, 2023 compared to the three months ended March 31, 2022 primarily due to the impact of projected AFUDC – equity on the MVP project and the impact of changes in the valuation allowance that limit tax benefits for the Company’s federal and state deferred tax assets. The effective tax rate for the three months ended March 31, 2023 was lower than the statutory rate primarily due to the impact of changes in valuation allowances that limit tax benefits for the Company’s federal and state deferred tax assets and the impact of projected AFUDC – equity on the MVP project. The effective tax rate for the three months ended March 31, 2022 was lower than the statutory rate primarily due to the impact of changes in the valuation allowances that limit tax benefits for the Company's federal and state deferred tax assets. For the three months ended March 31, 2023, the Company believes that it is more likely than not that the benefit from a portion of its federal and state net operating loss (NOL) carryforwards, deferred tax assets related to interest disallowance under Internal Revenue Code Section 163(j), and certain state deferred tax assets, net of offsetting deferred tax liabilities, will not be realized and accordingly, the Company maintains related valuation allowances. For the three months ended March 31, 2023, the Company recorded approximately $22.8 million income tax benefit related to changes in valuation allowances because of decreases in federal and state deferred tax assets. As of March 31, 2023 and December 31, 2022, the valuation allowances related to federal and state deferred tax assets were approximately $133.9 million and $156.7 million, respectively. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers available evidence, both positive and negative, including potential sources of taxable income, income available in carry-back periods, future reversals of taxable temporary differences, projections of taxable income and income from tax planning strategies. Positive evidence includes reversing temporary differences and projection of future profitability within the carry-forward period, including from tax planning strategies. Negative evidence includes historical pre-tax book losses and Pennsylvania NOL expirations. A review of positive and negative evidence regarding these tax benefits resulted in the conclusion that valuation allowances on a portion of the Company’s federal and state NOL carryforwards, deferred tax assets related to interest disallowance under Internal Revenue Code Section 163(j), and certain state deferred tax assets, net of offsetting deferred tax liabilities, were warranted as it was more likely than not that these assets will not be realized. Any determination to change the beginning of the year valuation allowance resulting from a change in the judgment about realizability of deferred tax assets in future years would impact the Company's income tax expense in the period in which such a determination is made. |
Financial Statements (Policies)
Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation. References in these financial statements to Equitrans Midstream or the Company refer collectively to Equitrans Midstream Corporation and its consolidated subsidiaries for all periods presented, unless otherwise indicated. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements include all adjustments (consisting of only normal, recurring adjustments, unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of the Company as of March 31, 2023, and the results of its operations, cash flows and equity for the three months ended March 31, 2023 and 2022. The consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2022, which includes all disclosures required by GAAP. Due to, among other things, the seasonal nature of the Company's utility customer contracts, as well as producers’ well completion activities and varying needs for fresh and produced water (which are primarily driven by horizontal lateral lengths and the number of completion stages per well), the interim statements for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the Company's consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as well as Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained herein. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable to the calculation of each dividend following March 31, 2024 for the Equitrans Midstream Preferred Shares pursuant to the Company's Second Amended and Restated Articles of Incorporation, as well as any Company contracts that use the London Inter-Bank Offered Rate as a reference rate. In December 2022, the FASB also 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. |
Financial Information by Busi_2
Financial Information by Business Segment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Operating Income and Reconciliation to Net Income | Three Months Ended March 31, 2023 2022 (Thousands) Revenues from customers: Gathering $ 210,752 $ 219,790 Transmission 138,906 110,795 Water 26,679 11,561 Total operating revenues $ 376,337 $ 342,146 Operating income (loss): Gathering $ 104,294 $ 113,852 Transmission 98,922 84,562 Water 12,373 (1,925) Headquarters (a) (345) (389) Total operating income $ 215,244 $ 196,100 Reconciliation of operating income to net income: Equity income (b) $ 122 $ 4 Other (expense) income, net (c) (8,102) 1,511 Net interest expense (104,957) (93,121) Income tax (benefit) expense (3,784) 5,601 Net income $ 106,091 $ 98,893 (a) Includes certain unallocated corporate expenses. (b) Equity income is included in the Transmission segment. |
Schedule of Segment Assets | March 31, 2023 December 31, 2022 (Thousands) Segment assets: Gathering $ 7,563,621 $ 7,610,233 Transmission (a) 2,356,505 2,333,896 Water 212,059 218,680 Total operating segments 10,132,185 10,162,809 Headquarters, including cash 266,947 282,776 Total assets $ 10,399,132 $ 10,445,585 |
Schedule of Depreciation and Amortization and Expenditures for Segment Assets | Three Months Ended March 31, 2023 2022 (Thousands) Depreciation: Gathering $ 49,349 $ 48,255 Transmission 13,888 13,894 Water 5,863 4,517 Headquarters 304 377 Total $ 69,404 $ 67,043 Capital expenditures: Gathering (a) $ 59,713 $ 53,147 Transmission (b) 9,189 4,226 Water 11,076 9,565 Headquarters — 12 Total (c) $ 79,978 $ 66,950 (a) Includes capital expenditures related to the noncontrolling interest in Eureka Midstream Holdings, LLC (Eureka Midstream) of approximately $3.2 million and $3.0 million for the three months ended March 31, 2023 and 2022, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $34.5 million and $72.5 million for the three months ended March 31, 2023 and 2022, respectively. (c) The Company accrues capital expenditures when the work has been completed but the associated bills have not yet been paid. Accrued capital expenditures are excluded from the statements of consolidated cash flows until they are paid. The net impact of non-cash capital expenditures, including the effect of accrued capital expenditures, transfers to/from inventory as assets are completed/assigned to a project and capitalized share-based compensation costs were $(4.3) million and $4.3 million for the three months ended March 31, 2023 and 2022, respectively. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenue Information, By Segment | The tables below provide disaggregated revenue information by business segment. Three Months Ended March 31, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 140,071 $ 101,722 $ 9,375 $ 251,168 Volumetric-based fee revenues (b) 70,681 37,184 17,304 125,169 Total operating revenues $ 210,752 $ 138,906 $ 26,679 $ 376,337 Three Months Ended March 31, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 132,597 $ 102,870 $ 5,752 $ 241,219 Volumetric-based fee revenues 87,193 7,925 5,809 100,927 Total operating revenues $ 219,790 $ 110,795 $ 11,561 $ 342,146 (a) Firm reservation fee revenues associated with Gathering included MVC unbilled revenues of approximately $3.3 million and $2.7 million for the three months ended March 31, 2023 and 2022, respectively. (b) Volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively. |
Contract with Customer, Asset and Liability | The following table presents changes in the Company's unbilled revenue balance: Three Months Ended March 31, 2023 2022 (Thousands) Balance as of beginning of period $ 27,493 $ 16,772 Revenue recognized in excess of amounts invoiced (a) 3,262 4,692 Minimum volume commitments invoiced (b) (23,558) (14,884) Amortization (c) (165) (110) Balance as of end of period $ 7,032 $ 6,470 (a) Primarily includes revenues associated with MVCs that are generally included in firm reservation fee revenues within the Gathering and Water segments. (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: Three Months Ended March 31, 2023 2022 (Thousands) Balance as of beginning of period $ 973,087 $ 822,416 Amounts recorded during the period (a) 81,930 86,920 Change in estimated variable consideration (b) (3,392) — Amounts transferred during the period (c) (2,221) (268) Balance as of end of period $ 1,049,404 $ 909,068 (a) Includes deferred billed revenue during the three months ended March 31, 2023 and 2022 primarily associated with the EQT Global GGA. (b) Change in estimated variable consideration represents the decrease in total deferred revenue due to changes in assumptions. (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 March 31, 2023 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2023 (a) 2024 2025 2026 2027 Thereafter Total (Thousands) Gathering firm reservation fees $ 68,977 $ 171,548 $ 176,322 $ 166,939 $ 160,370 $ 1,707,106 $ 2,451,262 Gathering revenues supported by MVCs 342,483 430,865 450,036 467,632 462,437 3,074,122 5,227,575 Transmission firm reservation fees 258,269 389,182 371,825 367,783 366,162 2,980,011 4,733,232 Water revenues supported by ARCs 32,130 37,500 37,500 37,500 37,500 156,250 338,380 Total (b) $ 701,859 $ 1,029,095 $ 1,035,683 $ 1,039,854 $ 1,026,469 $ 7,917,489 $ 12,750,449 (a) April 1, 2023 through December 31, 2023. (b) Includes assumptions regarding timing for placing certain project s in-service. Such assumptions may not be realized and d elays in the in-service dates for projects have substantially altered, and additional delays may further substantially alter, the remaining performance obligations for certain contracts with firm reservation fees, MVCs and/or ARCs. The MVP Joint Venture is accounted for as an equity method investment and those amounts are not included in the table above. |
Financial Information by Busi_3
Financial Information by Business Segment - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 lineOfBusiness segment | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 3 |
Number of lines of business | lineOfBusiness | 3 |
Financial Information by Busi_4
Financial Information by Business Segment - Schedule of Segment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Revenues from customers: | ||||
Operating revenues | $ 376,337 | $ 342,146 | [1] | |
Operating income (loss): | ||||
Total operating income | 215,244 | 196,100 | [1] | |
Reconciliation of operating income to net income: | ||||
Equity income | [2],[3] | 122 | 4 | [1] |
Other (expense) income, net | (8,102) | 1,511 | [1] | |
Net interest expense | (104,957) | (93,121) | [1] | |
Income tax (benefit) expense | (3,784) | 5,601 | [1] | |
Net income | 106,091 | 98,893 | [1] | |
Gathering | ||||
Revenues from customers: | ||||
Operating revenues | 210,752 | 219,790 | ||
Transmission | ||||
Revenues from customers: | ||||
Operating revenues | 138,906 | 110,795 | ||
Water | ||||
Revenues from customers: | ||||
Operating revenues | 26,679 | 11,561 | ||
Operating segments | Gathering | ||||
Revenues from customers: | ||||
Operating revenues | 210,752 | 219,790 | ||
Operating income (loss): | ||||
Total operating income | 104,294 | 113,852 | ||
Operating segments | Transmission | ||||
Revenues from customers: | ||||
Operating revenues | 138,906 | 110,795 | ||
Operating income (loss): | ||||
Total operating income | 98,922 | 84,562 | ||
Operating segments | Water | ||||
Revenues from customers: | ||||
Operating revenues | 26,679 | 11,561 | ||
Operating income (loss): | ||||
Total operating income | 12,373 | (1,925) | ||
Headquarters | ||||
Operating income (loss): | ||||
Total operating income | $ (345) | $ (389) | ||
[1]Certain line items of the previously issued unaudited interim consolidated financial statements for the three months ended March 31, 2022 have been revised. See Note 1 for more information.[2]Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 4.[3]Represents equity income from the MVP Joint Venture. See Note 4. |
Financial Information by Busi_5
Financial Information by Business Segment - Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Long-Lived Assets | ||
Total assets | $ 10,399,132 | $ 10,445,585 |
Operating segments | ||
Long-Lived Assets | ||
Total assets | 10,132,185 | 10,162,809 |
Operating segments | Gathering | ||
Long-Lived Assets | ||
Total assets | 7,563,621 | 7,610,233 |
Operating segments | Transmission | ||
Long-Lived Assets | ||
Total assets | 2,356,505 | 2,333,896 |
Operating segments | Water | ||
Long-Lived Assets | ||
Total assets | 212,059 | 218,680 |
Headquarters | ||
Long-Lived Assets | ||
Total assets | $ 266,947 | $ 282,776 |
Financial Information by Busi_6
Financial Information by Business Segment - Depreciation and Capital Expenditures for Segment Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Segment Information | |||
Depreciation | $ 69,404 | $ 67,043 | [1] |
Capital expenditures for segment assets | 79,978 | 66,950 | |
Capitalized share-based compensation cost | (4,300) | 4,300 | |
Operating segments | Gathering | |||
Segment Information | |||
Depreciation | 49,349 | 48,255 | |
Capital expenditures for segment assets | 59,713 | 53,147 | |
Operating segments | Gathering | Eureka Midstream Holdings, LLC | |||
Segment Information | |||
Capital expenditures for segment assets | 3,200 | 3,000 | |
Operating segments | Transmission | |||
Segment Information | |||
Depreciation | 13,888 | 13,894 | |
Capital expenditures for segment assets | 9,189 | 4,226 | |
Operating segments | Transmission | MVP Southgate Project | |||
Segment Information | |||
Capital expenditures for segment assets | 34,500 | 72,500 | |
Operating segments | Water | |||
Segment Information | |||
Depreciation | 5,863 | 4,517 | |
Capital expenditures for segment assets | 11,076 | 9,565 | |
Headquarters | |||
Segment Information | |||
Depreciation | 304 | 377 | |
Capital expenditures for segment assets | $ 0 | $ 12 | |
[1]Certain line items of the previously issued unaudited interim consolidated financial statements for the three months ended March 31, 2022 have been revised. See Note 1 for more information. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Disaggregated Revenue Information, by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Disaggregation of Revenue | |||
Operating revenues | $ 376,337 | $ 342,146 | [1] |
Contract Buyouts | |||
Disaggregation of Revenue | |||
Operating revenues | 5,000 | 23,800 | |
Firm reservation fee revenues | |||
Disaggregation of Revenue | |||
Operating revenues | 251,168 | 241,219 | |
Volumetric-based fee revenues | |||
Disaggregation of Revenue | |||
Operating revenues | 125,169 | 100,927 | |
Gathering | |||
Disaggregation of Revenue | |||
Operating revenues | 210,752 | 219,790 | |
Gathering | MVC | |||
Disaggregation of Revenue | |||
Operating revenues | 3,300 | 2,700 | |
Gathering | Firm reservation fee revenues | |||
Disaggregation of Revenue | |||
Operating revenues | 140,071 | 132,597 | |
Gathering | Volumetric-based fee revenues | |||
Disaggregation of Revenue | |||
Operating revenues | 70,681 | 87,193 | |
Transmission | |||
Disaggregation of Revenue | |||
Operating revenues | 138,906 | 110,795 | |
Transmission | Firm reservation fee revenues | |||
Disaggregation of Revenue | |||
Operating revenues | 101,722 | 102,870 | |
Transmission | Volumetric-based fee revenues | |||
Disaggregation of Revenue | |||
Operating revenues | 37,184 | 7,925 | |
Water | |||
Disaggregation of Revenue | |||
Operating revenues | 26,679 | 11,561 | |
Water | Firm reservation fee revenues | |||
Disaggregation of Revenue | |||
Operating revenues | 9,375 | 5,752 | |
Water | Volumetric-based fee revenues | |||
Disaggregation of Revenue | |||
Operating revenues | $ 17,304 | $ 5,809 | |
[1]Certain line items of the previously issued unaudited interim consolidated financial statements for the three months ended March 31, 2022 have been revised. See Note 1 for more information. |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Unbilled Revenue Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Movement in Deferred Revenue [Roll Forward] | ||
Balance as of beginning of period | $ 27,493 | $ 16,772 |
Revenue recognized in excess of amounts invoiced | 3,262 | 4,692 |
Minimum volume commitments invoiced | (23,558) | (14,884) |
Amortization | (165) | (110) |
Balance as of end of period | $ 7,032 | $ 6,470 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue | ||||
Contract liability | $ 1,049,404 | $ 973,087 | $ 909,068 | $ 822,416 |
Gathering | ||||
Disaggregation of Revenue | ||||
Weighted average remaining term | 13 years | |||
Transmission firm reservation fees | ||||
Disaggregation of Revenue | ||||
Weighted average remaining term | 12 years |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Deferred Revenue Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Change in Contract with Customer, Liability | ||
Balance as of beginning of period | $ 973,087 | $ 822,416 |
Amounts recorded during the period | 81,930 | 86,920 |
Change in estimated variable consideration | (3,392) | 0 |
Amounts transferred during the period | (2,221) | (268) |
Balance as of end of period | $ 1,049,404 | $ 909,068 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Summary of Remaining Performance Obligations (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 12,750,449 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 701,859 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 1,029,095 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 1,035,683 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 1,039,854 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 1,026,469 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 7,917,489 |
Transmission firm reservation fees | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | 4,733,232 |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 258,269 |
Remaining performance obligations, expected timing | 9 months |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 389,182 |
Remaining performance obligations, expected timing | 1 year |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 371,825 |
Remaining performance obligations, expected timing | 1 year |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 367,783 |
Remaining performance obligations, expected timing | 1 year |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 366,162 |
Remaining performance obligations, expected timing | 1 year |
Transmission firm reservation fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 2,980,011 |
Remaining performance obligations, expected timing | |
Water revenues supported by ARCs | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 338,380 |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 32,130 |
Remaining performance obligations, expected timing | 9 months |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 37,500 |
Remaining performance obligations, expected timing | 1 year |
Water revenues supported by ARCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 156,250 |
Remaining performance obligations, expected timing | |
Gathering firm reservation fees | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 2,451,262 |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 68,977 |
Remaining performance obligations, expected timing | 9 months |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 171,548 |
Remaining performance obligations, expected timing | 1 year |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 176,322 |
Remaining performance obligations, expected timing | 1 year |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 166,939 |
Remaining performance obligations, expected timing | 1 year |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 160,370 |
Remaining performance obligations, expected timing | 1 year |
Gathering firm reservation fees | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 1,707,106 |
Remaining performance obligations, expected timing | |
Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 5,227,575 |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 342,483 |
Remaining performance obligations, expected timing | 9 months |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 430,865 |
Remaining performance obligations, expected timing | 1 year |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 450,036 |
Remaining performance obligations, expected timing | 1 year |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 467,632 |
Remaining performance obligations, expected timing | 1 year |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 462,437 |
Remaining performance obligations, expected timing | 1 year |
Gathering revenues supported by MVCs | Gathering | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Total | $ 3,074,122 |
Remaining performance obligations, expected timing |
Investments in Unconsolidated_2
Investments in Unconsolidated Entity - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | ||||||
May 31, 2023 USD ($) | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) mi | Mar. 31, 2023 USD ($) mi | Dec. 31, 2023 | Feb. 15, 2023 USD ($) | Nov. 04, 2019 USD ($) | Apr. 30, 2018 mi | |
Con Edison | Maximum | ||||||||
Schedule of Equity Method Investments | ||||||||
Investment cap | $ 530 | |||||||
MVP Joint Venture | Beneficial Owner | ||||||||
Schedule of Equity Method Investments | ||||||||
Percentage of ownership interest | 66.67% | |||||||
MVP Project | Con Edison | ||||||||
Schedule of Equity Method Investments | ||||||||
Project target cost | $ 6,600 | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | EQM | ||||||||
Schedule of Equity Method Investments | ||||||||
Ownership interest | 47.30% | 47.30% | ||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | EQM | Scenario, Forecast | ||||||||
Schedule of Equity Method Investments | ||||||||
Ownership interest | 48.10% | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Project | ||||||||
Schedule of Equity Method Investments | ||||||||
Capital contribution payable to MVP Joint Venture | $ 31.6 | |||||||
Letter of credit outstanding | $ 219.7 | $ 219.7 | ||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Southgate Project | ||||||||
Schedule of Equity Method Investments | ||||||||
Ownership interest | 47.20% | 47.20% | ||||||
Letter of credit outstanding | $ 14.2 | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Holdco Project | Subsequent Event | ||||||||
Schedule of Equity Method Investments | ||||||||
Payments to acquire investments | $ 19.3 | $ 12.3 | ||||||
MVP | ||||||||
Schedule of Equity Method Investments | ||||||||
Length of pipeline (in miles) | mi | 300 | 300 | ||||||
MVP | Variable Interest Entity, Not Primary Beneficiary | ||||||||
Schedule of Equity Method Investments | ||||||||
Issuance of performance guarantee, remaining capital obligation, percentage | 33% | 33% | ||||||
MVP Southgate Project | ||||||||
Schedule of Equity Method Investments | ||||||||
Length of pipeline (in miles) | mi | 75 |
Debt - Amended EQM Revolving Cr
Debt - Amended EQM Revolving Credit Facility and 2019 EQM Term Loan Agreement (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt Instrument | |||
Letters of credit outstanding | $ 492,500,000 | $ 535,000,000 | |
EQM Credit Facility | |||
Debt Instrument | |||
Maximum borrowing capacity | 2,160,000,000 | ||
EQM | EQM Credit Facility | Revolving Credit Facility | |||
Debt Instrument | |||
Borrowings outstanding | 190,000,000 | 240,000,000 | |
Letters of credit outstanding | $ 234,900,000 | $ 234,900,000 | |
Weighted average annual interest rate | 7.50% | 2.80% | |
EQM | Line of credit | EQM Credit Facility | |||
Debt Instrument | |||
Maximum borrowing capacity | $ 1,550,000,000 | ||
Current borrowing capacity | 700,000,000 | ||
Maximum amount of short term loans outstanding | 315,000,000 | $ 280,000,000 | |
Average daily balance of short term loans outstanding | 262,000,000 | 260,000,000 | |
Payment commitment fees | 2,100,000 | $ 1,800,000 | |
EQM | Letter of credit | EQM Credit Facility | |||
Debt Instrument | |||
Maximum amount of short term loans outstanding | $ 0 |
Debt - Eureka Credit Facility (
Debt - Eureka Credit Facility (Details) - Eureka Credit Facility - Line of Credit [Member] - Eureka Midstream, LLC - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 29, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | May 13, 2021 | |
Debt Instrument | |||||
Maximum borrowing capacity | $ 400 | ||||
Credit spread adjustment | 0.10% | ||||
Borrowings outstanding | $ 303 | $ 295 | |||
Maximum amount of short term loans outstanding | 303 | $ 280 | |||
Average daily balance of short term loans outstanding | $ 299 | $ 277 | |||
Weighted average annual interest rate | 7.10% | 2.90% | |||
Payment commitment fees | $ 0.1 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Gain (loss) on derivative instrument | $ (8.5) | $ 1.6 | |
EQM | Fair Value | Level 3 | EES | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Preferred interest | 95.4 | $ 95.2 | |
EQM | Carrying Value | Level 3 | EES | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Preferred interest | 92.9 | 94.3 | |
Henry Hub cash payment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative instrument, at fair value | $ 14.5 | $ 23 | |
Market quoted volatility | Volatility | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Volatility rate | 0.625 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock | ||
Potentially dilutive securities (in shares) | 30,136 | 30,137 |
Phantom Share Units (PSUs) | ||
Class of Stock | ||
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 603 | 642 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | (3.70%) | 5.40% | |
Income tax expense related to changes in valuation allowances | $ 22.8 | ||
Valuation allowance | $ 133.9 | $ 156.7 |