Cover
Cover - USD ($) shares in Thousands, $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4.1 | ||
Entity Common Units, Unit Outstanding | 433,661 | ||
Entity Central Index Key | 0001747009 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference | The Company's definitive proxy statement relating to the 2024 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, 2023 and is incorporated by reference in Part III to the extent described therein. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Statement [Abstract] | ||||
Operating revenues | $ 1,393,929 | $ 1,357,747 | $ 1,317,037 | |
Operating expenses: | ||||
Operating and maintenance | 177,972 | 154,667 | 153,179 | |
Selling, general and administrative | 187,374 | 128,472 | 137,056 | |
Depreciation | 279,386 | 272,195 | 270,404 | |
Amortization of intangible assets | 64,819 | 64,819 | 64,819 | |
Impairment of long-lived assets | 0 | 0 | 56,178 | |
Total operating expenses | 709,551 | 620,153 | 681,636 | |
Operating income | 684,378 | 737,594 | 635,401 | |
Equity income | [1],[2] | 175,215 | 168 | 17,579 |
Impairments of equity method investment | 0 | (583,057) | (1,926,402) | |
Other income (expense), net | 3,222 | 13,871 | (47,546) | |
Loss on extinguishment of debt | 0 | (24,937) | (41,025) | |
Net interest expense | (426,884) | (394,333) | (378,650) | |
Income (loss) before income taxes | 435,931 | (250,694) | (1,740,643) | |
Income tax (benefit) expense | (18,823) | 6,444 | (343,353) | |
Net income (loss) | 454,754 | (257,138) | (1,397,290) | |
Net income attributable to noncontrolling interest | 9,525 | 12,204 | 14,530 | |
Net income (loss) attributable to Equitrans Midstream | 445,229 | (269,342) | (1,411,820) | |
Preferred dividends | 58,512 | 58,512 | 58,512 | |
Net income (loss) attributable to Equitrans Midstream common shareholders | $ 386,717 | $ (327,854) | $ (1,470,332) | |
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic (in dollars per share) | $ 0.89 | $ (0.76) | $ (3.40) | |
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted (in dollars per share) | $ 0.89 | $ (0.76) | $ (3.40) | |
Weighted average common shares outstanding - basic (in shares) | 433,963 | 433,341 | 433,008 | |
Weighted average common shares outstanding - diluted (in shares) | 436,132 | 433,341 | 433,008 | |
Statement of comprehensive income (loss): | ||||
Net income (loss) | $ 454,754 | $ (257,138) | $ (1,397,290) | |
Other comprehensive income, net of tax: | ||||
Pension and other post-retirement benefits liability adjustment, net of tax expense of $19, $236 and $62 | 60 | 722 | 175 | |
Other comprehensive income | 60 | 722 | 175 | |
Comprehensive income (loss) | 454,814 | (256,416) | (1,397,115) | |
Less: Comprehensive income attributable to noncontrolling interest | 9,525 | 12,204 | 14,530 | |
Less: Comprehensive income attributable to preferred dividends | 58,512 | 58,512 | 58,512 | |
Comprehensive income (loss) attributable to Equitrans Midstream common shareholders | $ 386,777 | $ (327,132) | $ (1,470,157) | |
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 7. |
Statements of Consolidated Co_2
Statements of Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Pension and other post-retirement benefits liability adjustment, tax expense | $ 19 | $ 236 | $ 62 |
Statements of Consolidated Cash
Statements of Consolidated Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities: | ||||
Net income (loss) | $ 454,754 | $ (257,138) | $ (1,397,290) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation | 279,386 | 272,195 | 270,404 | |
Amortization of intangible assets | 64,819 | 64,819 | 64,819 | |
Provision for (recovery of) credit losses on accounts receivable and contract asset write-down | 11,198 | 335 | (2,004) | |
Deferred income tax (benefit) expense | (38,061) | 5,472 | (348,206) | |
Impairments of long-lived assets and equity method investment | 0 | 583,057 | 1,982,580 | |
Equity income | [1],[2] | (175,215) | (168) | (17,579) |
Other (income) expense, net | (2,599) | (13,644) | 47,485 | |
Loss on extinguishment of debt | 0 | 24,937 | 41,025 | |
Non-cash long-term compensation expense | 39,313 | 15,800 | 13,083 | |
Changes in other assets and liabilities: | ||||
Accounts receivable | 21,947 | 22,523 | 66,176 | |
Accounts payable | (4,156) | 12,667 | (2,709) | |
Accrued interest | (1,432) | (16,147) | 25,718 | |
Deferred revenue | 328,013 | 346,491 | 423,666 | |
EQT Cash Option | 0 | (195,820) | 0 | |
Other assets and other liabilities | 38,111 | (19,604) | 1,600 | |
Net cash provided by operating activities | 1,016,078 | 845,775 | 1,168,768 | |
Cash flows from investing activities: | ||||
Capital expenditures | (386,514) | (376,661) | (290,521) | |
Capital contributions to the MVP Joint Venture | (689,405) | (199,613) | (287,665) | |
Principal payments received on the Preferred Interest (defined in Note 1) | 5,837 | 5,518 | 5,217 | |
Proceeds from sale of gathering assets | 0 | 3,719 | 0 | |
Net cash used in investing activities | (1,070,082) | (567,037) | (572,969) | |
Cash flows from financing activities: | ||||
Proceeds from revolving credit facility borrowings | 1,177,000 | 554,500 | 467,500 | |
Payments on revolving credit facility borrowings | (482,000) | (524,500) | (750,000) | |
Proceeds from the issuance of long-term debt | 0 | 1,000,000 | 1,900,000 | |
Debt discounts, debt issuance costs and credit facility arrangement fees | (3,362) | (19,880) | (29,904) | |
Payments for retirement of long-term debt | (98,941) | (1,021,459) | (1,936,250) | |
Dividends paid to common shareholders | (259,920) | (259,650) | (259,495) | |
Dividends paid to holders of Equitrans Midstream Preferred Shares | (58,512) | (58,512) | (58,512) | |
Distributions paid to noncontrolling interest | (26,320) | (16,000) | (2,500) | |
Other items | (2,962) | 0 | 0 | |
Net cash provided by (used in) financing activities | 244,983 | (345,501) | (669,161) | |
Net change in cash and cash equivalents | 190,979 | (66,763) | (73,362) | |
Cash and cash equivalents at beginning of year | 67,898 | 134,661 | 208,023 | |
Cash and cash equivalents at end of year | 258,877 | 67,898 | 134,661 | |
Cash paid during the year for: | ||||
Interest, net of amount capitalized | 422,817 | 401,156 | 343,351 | |
Income taxes, net | $ 7,201 | $ 1,243 | $ 3,500 | |
[1] Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 7. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | $ 258,877 | $ 67,898 | |
Accounts receivable (net of allowance for credit losses of $6,429 and $3,031 as of December 31, 2023 and 2022, respectively) | 258,264 | 246,887 | |
Other current assets | 78,356 | 74,917 | |
Total current assets | 595,497 | 389,702 | |
Property, plant and equipment | 9,745,298 | 9,365,051 | |
Less: accumulated depreciation | (1,752,914) | (1,480,720) | |
Net property, plant and equipment | 7,992,384 | 7,884,331 | |
Investment in unconsolidated entity | [1] | 1,832,282 | 819,743 |
Goodwill | 486,698 | 486,698 | |
Net intangible assets | 522,133 | 586,952 | |
Other assets | 280,432 | 278,159 | |
Total assets | 11,709,426 | 10,445,585 | |
Current liabilities: | |||
Current portion of long-term debt | 299,731 | 98,830 | |
Accounts payable | 60,884 | 60,528 | |
Capital contributions payable to the MVP Joint Venture | 181,051 | 34,355 | |
Accrued interest | 134,330 | 135,762 | |
Accrued liabilities | 106,870 | 83,835 | |
Total current liabilities | 782,866 | 413,310 | |
Long-term liabilities: | |||
Revolving credit facility borrowings | 1,230,000 | 535,000 | |
Long-term debt | 6,046,709 | 6,335,320 | |
Contract liability | 1,296,039 | 968,535 | |
Regulatory and other long-term liabilities | 165,695 | 112,974 | |
Total liabilities | 9,521,309 | 8,365,139 | |
Mezzanine equity: | |||
Equitrans Midstream Preferred Shares, 30,018 shares issued and outstanding as of December 31, 2023 and 2022 | 681,842 | 681,842 | |
Shareholders' equity: | |||
Common stock, no par value, 433,505 and 432,781 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 3,977,149 | 3,974,127 | |
Retained deficit | (2,932,206) | (3,053,590) | |
Accumulated other comprehensive loss | (1,272) | (1,332) | |
Total common shareholders' equity | 1,043,671 | 919,205 | |
Noncontrolling interest | 462,604 | 479,399 | |
Total shareholders' equity | 1,506,275 | 1,398,604 | |
Total liabilities, mezzanine equity and shareholders' equity | $ 11,709,426 | $ 10,445,585 | |
[1]Represents investment in the MVP Joint Venture. See Note 7. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, for doubtful accounts | $ 6,429 | $ 3,031 |
Mezzanine equity, preferred shares issued (in shares) | 30,018 | 30,018 |
Mezzanine equity, preferred shares outstanding (in shares) | 30,018 | 30,018 |
Common stock, shares issued (In shares) | 433,505 | 432,781 |
Common stock, shares outstanding (in shares) | 433,505 | 432,781 |
Statements of Consolidated Shar
Statements of Consolidated Shareholders' Equity and Mezzanine Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Retained Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
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) | (1,470,332) | 14,530 | ||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 175 | 175 | |||
Dividends on common shares (in shares) | 0 | ||||
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 | ||||
Mezzanine Equity, beginning balance at Dec. 31, 2020 | 681,842 | ||||
Mezzanine Equity | |||||
Mezzanine Equity, Net (loss) income | 58,512 | ||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | (58,512) | ||||
Mezzanine Equity, ending balance at Dec. 31, 2021 | 681,842 | ||||
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 | |||
Mezzanine Equity | |||||
Mezzanine Equity, Net (loss) income | $ 58,512 | ||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | (58,512) | ||||
Mezzanine Equity, ending balance at Dec. 31, 2022 | 681,842 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net (loss) income | 396,242 | 386,717 | 9,525 | ||
Pension and other post-retirement benefits liability adjustment, net of tax expense | 60 | 60 | |||
Dividends on common shares | (265,333) | (265,333) | |||
Share-based compensation plans, net (in shares) | 724 | ||||
Share-based compensation plans, net | 40,558 | $ 40,558 | |||
Distributions paid to noncontrolling interest unitholders | (26,320) | (26,320) | |||
Other items | (37,536) | (37,536) | |||
Ending balance at Dec. 31, 2023 | $ 1,506,275 | $ 3,977,149 | $ (2,932,206) | $ (1,272) | $ 462,604 |
Ending balance (in shares) at Dec. 31, 2023 | 433,505 | 433,505 | |||
Mezzanine Equity | |||||
Mezzanine Equity, Net (loss) income | $ 58,512 | ||||
Dividends paid to holders of Equitrans Midstream Preferred Shares | (58,512) | ||||
Mezzanine Equity, ending balance at Dec. 31, 2023 | $ 681,842 |
Statements of Consolidated Sh_2
Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension and other post-retirement benefits liability adjustment, tax expense | $ 19 | $ 236 | $ 62 |
Dividends on common shares (in dollars per share) | $ 0.60 | $ 0.60 | $ 0.60 |
Dividends paid to holders of Equitrans Midstream Preferred Shares (in dollars per share) | $ 1.9492 | ||
EQM Midstream Partners, LP | |||
Dividends paid to holders of Equitrans Midstream Preferred Shares (in dollars per share) | $ 1.9492 | $ 1.9492 |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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. 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 Federal Energy Regulatory Commission (FERC) regulated interstate pipelines and storage systems; and the water network, which primarily consists of water pipelines, storage, and other facilities that support well completion activities and produced water handling activities. As of December 31, 2023, the gathering system, inclusive of Eureka Midstream Holdings, LLC's (Eureka Midstream) gathering system, included approximately 1,220 miles of high-pressure gathering lines with total contracted firm reservation capacity of approximately 7.7 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, 138 compressor units with compression of approximately 491,000 horsepower and multiple interconnect points with the Company's transmission and storage system and to other interstate pipelines. As of December 31, 2023, 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 42 compressor units, with total throughput capacity of approximately 4.4 Bcf per day and compression of approximately 135,000 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, 2023. As of December 31, 2023, 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, 17 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. As of December 31, 2023, the mixed water system included approximately 53 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 plans to continue to expand its mixed water system in 2024, including the completion of a pipeline to serve a producer in West Virginia and an interconnect to access another producer's West Virginia water network. 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 method investment as described in Note 7. 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 3 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, 2023 and 2022. December 31, 2023 2022 (Thousands) Prepaid expenses $ 26,795 $ 23,346 Henry Hub cash bonus payment provision 24,503 — Inventory 15,851 19,173 Unbilled revenue 8,753 24,465 Other current assets 2,454 7,933 Total other current assets $ 78,356 $ 74,917 Derivative Instruments. Derivative instruments are recorded on the Company’s consolidated balance sheets as either an asset or liability measured at fair value. Cash flows associated with derivative instruments and the related gains and losses are recorded as cash flows from operating activities on the Company's statement of consolidated cash flows. See Note 10. 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 10 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 overhead, including internal labor costs, of $52.2 million, $47.3 million and $50.8 million in the years ended December 31, 2023, 2022 and 2021, respectively. The Company capitalized interest, including the debt component of Allowance for Funds Used During Construction (AFUDC), of $11.4 million, $8.7 million and $4.9 million in the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes the Company's property, plant and equipment. December 31, 2023 2022 (Thousands) Gathering assets $ 7,440,220 $ 7,176,011 Accumulated depreciation (1,113,967) (919,465) Net gathering assets 6,326,253 6,256,546 Transmission and storage assets 2,001,489 1,928,894 Accumulated depreciation (531,259) (475,688) Net transmission and storage assets 1,470,230 1,453,206 Water services assets 289,891 245,258 Accumulated depreciation (101,541) (79,518) Net water services assets 188,350 165,740 Other property, plant and equipment 13,698 14,888 Accumulated depreciation (6,147) (6,049) Net other property, plant and equipment 7,551 8,839 Net property, plant and equipment $ 7,992,384 $ 7,884,331 Property, plant and equipment includes capitalized qualified implementation costs incurred in a hosting arrangement that is a service contract of $7.9 million and $9.0 million, respectively, as of December 31, 2023 and 2022. The Company finalized the implementation of certain portions of its enterprise resource planning system throughout 2021 and amortized approximately $1.1 million, $1.0 million, and $0.9 million of implementation costs in the years ended December 31, 2023, 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, 2023, 2022 and 2021 were 2.6%, 2.6% and 2.6%, 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 and storage 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 three and then $62.5 million in years four and five. The weighted average amortization period is approximately eight years. The following tables summarize the Company's intangible assets as of December 31, 2023 and 2022: December 31, 2023 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 9 years $ 623,199 $ (254,819) $ 368,380 Eureka Midstream-related customer relationships 7 years 237,000 (90,112) 146,888 Hornet Midstream-related customer relationships 3 years 74,000 (67,135) 6,865 $ 934,199 $ (412,066) $ 522,133 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 Impairment of Goodwill and Long-Lived Assets. Goodwill is evaluated for impairment at least annually or whenever events or changes in circumstance indicate, in management's judgment, 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 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. When the Company performs 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 2 for further detail. Investment in Unconsolidated Entity. The Company accounts for investments in unconsolidated entities under the equity method. The Company’s pro-rata share of net income in unconsolidated entities is included in equity income in the Company’s statements of consolidated comprehensive income. Contributions to or distributions from unconsolidated entities and the Company’s pro-rata share of net income in unconsolidated entities are recorded as adjustments to the investment balance. The Company reviews the carrying value of investments in unconsolidated entities for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such investment 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 Note 2 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. See Note 10 for further detail. 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 9), 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 9 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 5 for further detail. Other Current Liabilities. The following table summarizes the Company's accrued liabilities as of December 31, 2023 and 2022. December 31, 2023 2022 (Thousands) Accrued employee compensation $ 52,263 $ 47,742 Non-income tax accruals 21,851 20,629 Current portion of lease liabilities 11,581 7,886 Current portion of contract liability 5,061 4,552 Other accrued liabilities 16,114 3,026 Total accrued liabilities $ 106,870 $ 83,835 Asset Retirement Obligations (AROs). The Company has AROs related to its water system impoundments and facilities 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. The following table presents changes in the Company's AROs during 2023 and 2022. December 31, 2023 2022 (Thousands) AROs at beginning of period $ 13,961 $ 11,241 Liabilities incurred 2,154 — Liabilities settled (3,028) (996) Revisions to estimated liabilities (a) 306 3,153 Accretion expense 862 563 AROs at end of period $ 14,255 $ 13,961 (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, 2023 and 2022. 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 14. Regulatory Accounting. Equitrans, L.P. owns all of the Company's FERC-regulated transmission and storage operations. 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. 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, 2023 2022 (Thousands) Regulatory assets: Deferred taxes (a) $ 123,128 $ 85,046 Other recoverable costs (b) 3,834 4,608 Total regulatory assets $ 126,962 $ 89,654 Regulatory liabilities: Deferred taxes (a) $ 8,931 $ 9,329 On-going post-retirement benefits other than pension and other reimbursable costs (c) 19,862 19,251 Total regulatory liabilities $ 28,793 $ 28,580 (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. Equitrans, L.P. expects to continue to recover these costs over the remaining 8.5 years. (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. Equitrans, L.P. expects to continue to recover costs as long as the existing recourse rates provide for recovery. 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, 2023 2022 2021 (Thousands) Operating revenues $ 446,184 $ 407,884 $ 403,634 Operating expenses 169,449 137,782 135,888 December 31, 2023 2022 (Thousands) Property, plant and equipment $ 2,001,489 $ 1,928,898 Accumulated depreciation (531,259) (475,689) Net property, plant and equipment $ 1,470,230 $ 1,453,209 Gas imbalances occur when the actual amount of gas delivered from a pipeline system or storage facility varies from the amount of gas scheduled for delivery. The Company values gas imbalances due to/from shippers and operators at current index prices. Gas imbalances are settled in-kind, subject to the terms of the applicable FERC tariffs. As of December 31, 2023 and 2022, gas imbalance receivables were $1.3 million and $7.0 million, respectively, and are presented in other current assets, with offsetting amounts recorded to system gas, a component of property, plant and equipment, on the consolidated balance sheets. The Company classifies gas imbalances as current because they are expected to settle within one year. 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. Certain of the Company's gas gathering and water services agreements, including the EQT Global GGA and the 2021 Water Services Agreement, are structured with MVCs or ARCs, as applicable, which specify minimum quantities for which a customer will be charged regardless of quantities gathered or delivered under the contract. Revenue is recognized for MVCs or ARCs when the performance obligation has been met, which is the earlier of when the gas is gathered or water provided, or when it is remote that the producer will be able to meet its MVC or ARC. If a customer under such an agreement fails to meet its MVC or ARC for a specified period (thus not exercising all the contractual rights to gathering and water services within the specified period, herein referred to as “breakage”), it is obligated to pay a contractually determined fee based upon the shortfall between the actual volumes and the MVC or ARC for the period contained in the contract. See Note 4. 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 |
Impairments of Long-Lived Asset
Impairments of Long-Lived Assets and Equity Method Investment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Impairments of Long-Lived Assets and Equity Method Investment | Impairments of Long-Lived Assets and Equity Method Investment 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, 2023 and 2022. December 31, 2023 2022 (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, 2023, 2022 and 2021. During the fourth quarter of 2023, the Company performed a qualitative impairment assessment. As a result of the assessment, it was determined that it was not more likely than not that the fair value of the EQM Opco reporting unit was less than its carrying amount and as such, no further impairment testing was necessary. During the fourth quarter of 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. 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 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 impairment of long-lived assets Equity Method Investment. The standard for determining whether an impairment must be recorded under ASC 323, Investments: Equity Method Investments and Joint Ventures (ASC 323) is whether there occurred an other-than-temporary decline in value. The Company reviews the carrying value of investments in unconsolidated entities for impairment recorded under ASC 323 whenever events or changes in circumstances indicate, in management's judgment, that 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 U.S. Court of Appeals for the Fourth Circuit (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 then-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 then-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 then-ongoing legal and regulatory matters affecting the MVP and MVP Southgate projects (as defined herein). 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 then-ongoing or new legal and regulatory matters furthered delay the completion and increased 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 $583.1 million. Future adverse developments, as well as potential macroeconomic factors, including other-than-temporary market fluctuations, changes in interest rates, cost increases and other unanticipated events could result in additional impairment of the Company's equity method investment in the MVP Joint Venture. While macroeconomic factors in and of themselves may not be a direct indicator of impairment, should an impairment indicator be identified in the future, these macroeconomic factors could ultimately impact the size and scope of any potential impairment. |
Financial Information by Busine
Financial Information by Business Segment | 12 Months Ended |
Dec. 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. Refer to Note 1 for discussion on business segments. Years Ended December 31, 2023 2022 2021 (Thousands) Revenues from customers: Gathering (a) $ 870,167 $ 890,579 $ 862,053 Transmission (a) 443,119 404,517 400,202 Water 80,643 62,651 54,782 Total operating revenues $ 1,393,929 $ 1,357,747 $ 1,317,037 Operating income (loss): Gathering $ 398,228 $ 446,917 $ 415,969 Transmission 274,437 277,692 274,526 Water (b) 13,269 14,602 (53,911) Headquarters (c) (1,556) (1,617) (1,183) Total operating income $ 684,378 $ 737,594 $ 635,401 Reconciliation of operating income to net (loss) income: Equity income (d) $ 175,215 $ 168 $ 17,579 Impairments of equity method investment (d) — (583,057) (1,926,402) Other income (expense), net (e) 3,222 13,871 (47,546) Loss on extinguishment of debt — (24,937) (41,025) Net interest expense (426,884) (394,333) (378,650) Income tax (benefit) expense (18,823) 6,444 (343,353) Net income (loss) $ 454,754 $ (257,138) $ (1,397,290) (a) For the year ended December 31, 2023, 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. (b) Impairment of long-lived assets of $56.2 million for the year ended December 31, 2021 were included in Water operating income (loss). See Note 2 for further information. (c) Includes certain unallocated corporate expenses. (d) Equity income and impairments 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, 2023 2022 2021 (Thousands) Segment assets: Gathering $ 7,612,820 $ 7,610,233 $ 7,600,637 Transmission (a) 3,369,718 2,333,896 2,769,097 Water 217,225 218,680 151,151 Total operating segments 11,199,763 10,162,809 10,520,885 Headquarters, including cash 509,663 282,776 361,639 Total assets $ 11,709,426 $ 10,445,585 $ 10,882,524 (a) The equity investment in the MVP Joint Venture is included in the Transmission segment. Years Ended December 31, 2023 2022 2021 (Thousands) Depreciation: Gathering $ 196,547 $ 195,059 $ 188,633 Transmission 56,056 55,614 55,310 Water 26,043 20,016 25,233 Headquarters 740 1,506 1,228 Total $ 279,386 $ 272,195 $ 270,404 Capital expenditures: Gathering (a) $ 267,748 $ 265,864 $ 223,807 Transmission (b) 84,224 35,971 25,977 Water 45,691 66,569 34,877 Headquarters — 13 1,494 Total (c) $ 397,663 $ 368,417 $ 286,155 (a) Includes approximately $14.3 million, $20.3 million and $14.1 million of capital expenditures related to noncontrolling interest in Eureka Midstream for the years ended December 31, 2023, 2022 and 2021, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $689.4 million, $199.6 million and $287.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. (c) |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | Revenue from Contracts with Customers For the years ended December 31, 2023, 2022 and 2021, substantially all revenues recognized on the Company's statements of consolidated comprehensive income were from contracts with customers. As of December 31, 2023 and 2022, 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, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 572,899 $ 361,416 $ 39,168 $ 973,483 Volumetric-based fee revenues (b) 297,268 81,703 41,475 420,446 Total operating revenues $ 870,167 $ 443,119 $ 80,643 $ 1,393,929 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 (b) 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 (b) 393,897 33,879 49,719 477,495 Total operating revenues $ 862,053 $ 400,202 $ 54,782 $ 1,317,037 (a) For the years ended December 31, 2023, 2022 and 2021, firm reservation fee revenues associated with Gathering included approximately $4.1 million, $20.2 million and $11.3 million, respectively, of MVC unbilled revenues. (b) For the year ended December 31, 2023, 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. For the years ended December 31, 2023, 2022 and 2021, volumetric-based fee revenues associated with Gathering included approximately $4.6 million, $4.2 million and $3.5 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 contract assets balance during the years ended December 31, 2023 and 2022: Contract Assets 2023 2022 (Thousands) Balance as of beginning of period $ 27,493 $ 16,772 Revenue recognized in excess of amounts invoiced (a) 12,233 30,477 Minimum volume commitments invoiced (b) (27,945) (19,256) Amortization (c) (658) (500) Balance as of end of period $ 11,123 $ 27,493 (a) Primarily includes revenues associated with MVCs that are included in 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. On February 26, 2020 (the EQT Global GGA Effective Date), the Company 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. 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. 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. On October 22, 2021, the Company and EQT entered into a 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 letter agreement for water services entered into with EQT in February 2020 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. The following table presents changes in the Company's contract liability balances during the years ended December 31, 2023 and 2022: Contract Liability 2023 2022 (Thousands) Balance as of beginning of period $ 973,087 $ 822,416 Amounts recorded during the period (a) 338,860 359,797 Change in estimated variable consideration (b) (5,331) (11,761) Amounts transferred during the period (c) (5,516) (1,545) EQT Cash Option — (195,820) Balance as of end of period $ 1,301,100 $ 973,087 (a) Includes deferred billed revenue during the years ended December 31, 2023 and 2022 primarily associated with the EQT Global GGA. (b) For the year ended December 31, 2023, the change in estimated variable consideration represents the decrease in total deferred revenue due to changes in MVP timing assumptions. For the year ended December 31, 2022, the change in estimated variable consideration represents the decrease in total deferred revenue required for gathering MVC revenue with a declining rate structure, resulting from the EQT Cash Option election that required total estimated gathering consideration to be increased and from contractual amendments that required total estimated gathering consideration to be reduced. (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, 2023 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2024 2025 2026 2027 2028 Thereafter Total (Thousands) Gathering firm reservation fees $ 162,177 $ 176,657 $ 167,163 $ 160,370 $ 156,747 $ 1,568,133 $ 2,391,247 Gathering revenues supported by MVCs 427,513 457,339 489,679 487,710 485,079 2,685,762 5,033,082 Transmission firm reservation fees 397,514 400,073 400,429 399,680 396,999 2,765,237 4,759,932 Water revenues supported by ARCs/MVCs 45,706 48,441 45,159 44,065 45,706 120,938 350,015 Total (a) $ 1,032,910 $ 1,082,510 $ 1,102,430 $ 1,091,825 $ 1,084,531 $ 7,140,070 $ 12,534,276 (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 method 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 13 years and 12 years, respectively, as of December 31, 2023. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company has certain facility and compressor operating lease contracts that are classified as operating leases and one lease contract for the rental of a water storage facility classified as a financing lease in accordance with ASC 842. 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, 2023 and 2022, 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, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease cost $ 10,613 $ 9,540 $ 12,571 Finance lease cost: Amortization of leased assets 1,622 541 — Interest on lease liabilities 888 310 — Short-term lease cost 5,786 7,747 6,057 Variable lease cost 102 7 7 Sublease income (1,155) (742) (492) Total lease cost $ 17,856 $ 17,403 $ 18,143 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, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease liabilities $ 10,923 $ 10,484 $ 12,792 Finance lease liabilities 2,021 670 — The following table summarizes balance sheet information related to our leases is as follows: December 31, Balance Sheet Classification 2023 2022 (Thousands) Assets: Operating lease right-of-use Other assets $ 37,598 $ 35,969 Finance lease Other assets 14,061 15,683 Total right-of-use assets $ 51,659 $ 51,652 Liabilities: Current operating Accrued liabilities $ 10,284 $ 6,682 Current finance Accrued liabilities 1,297 1,203 Non-current operating Regulatory and other long-term liabilities 28,889 30,272 Non-current finance Regulatory and other long-term liabilities 13,434 14,660 Total lease liabilities $ 53,904 $ 52,817 As of December 31, 2023 and 2022, the weighted average remaining operating lease terms were six years and seven years, respectively, and the weighted average discount rates were 6.1% and 5.9%, respectively. As of December 31, 2023 and 2022, the remaining finance lease term was nine years and ten years, respectively, and the discount rate was 5.8% and 5.9%, respectively. The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to noncancelable contractual agreements in effect as of December 31, 2023 and related imputed interest. Operating Leases Finance Leases Year ending December 31, (Thousands) 2024 $ 12,170 $ 2,050 2025 8,344 2,081 2026 5,040 2,112 2027 5,111 2,144 2028 5,183 2,176 Thereafter 10,359 8,258 Total 46,207 18,821 Less: imputed interest 7,034 4,090 Present value of lease liabilities $ 39,173 $ 14,731 |
Leases | Leases The Company has certain facility and compressor operating lease contracts that are classified as operating leases and one lease contract for the rental of a water storage facility classified as a financing lease in accordance with ASC 842. 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, 2023 and 2022, 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, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease cost $ 10,613 $ 9,540 $ 12,571 Finance lease cost: Amortization of leased assets 1,622 541 — Interest on lease liabilities 888 310 — Short-term lease cost 5,786 7,747 6,057 Variable lease cost 102 7 7 Sublease income (1,155) (742) (492) Total lease cost $ 17,856 $ 17,403 $ 18,143 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, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease liabilities $ 10,923 $ 10,484 $ 12,792 Finance lease liabilities 2,021 670 — The following table summarizes balance sheet information related to our leases is as follows: December 31, Balance Sheet Classification 2023 2022 (Thousands) Assets: Operating lease right-of-use Other assets $ 37,598 $ 35,969 Finance lease Other assets 14,061 15,683 Total right-of-use assets $ 51,659 $ 51,652 Liabilities: Current operating Accrued liabilities $ 10,284 $ 6,682 Current finance Accrued liabilities 1,297 1,203 Non-current operating Regulatory and other long-term liabilities 28,889 30,272 Non-current finance Regulatory and other long-term liabilities 13,434 14,660 Total lease liabilities $ 53,904 $ 52,817 As of December 31, 2023 and 2022, the weighted average remaining operating lease terms were six years and seven years, respectively, and the weighted average discount rates were 6.1% and 5.9%, respectively. As of December 31, 2023 and 2022, the remaining finance lease term was nine years and ten years, respectively, and the discount rate was 5.8% and 5.9%, respectively. The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to noncancelable contractual agreements in effect as of December 31, 2023 and related imputed interest. Operating Leases Finance Leases Year ending December 31, (Thousands) 2024 $ 12,170 $ 2,050 2025 8,344 2,081 2026 5,040 2,112 2027 5,111 2,144 2028 5,183 2,176 Thereafter 10,359 8,258 Total 46,207 18,821 Less: imputed interest 7,034 4,090 Present value of lease liabilities $ 39,173 $ 14,731 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
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 period during which EQT was considered a related party. The following table summarizes the Company's related party transactions. Year Ended December 31, 2021 (Thousands) Operating revenues $ 777,276 Interest income from the Preferred Interest 5,767 Principal payments received on the Preferred Interest 5,217 |
Investment in Unconsolidated En
Investment in Unconsolidated Entity | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entity | Investment in Unconsolidated Entity The MVP Joint Venture. The Company has an equity method investment in the MVP Joint Venture. The MVP Joint Venture is constructing the Mountain Valley Pipeline and is developing the MVP Southgate project, each discussed in more detail below. The Company maintains separate ownership interests in and is expected to operate the two MVP Joint Venture projects. Mountain Valley Pipeline. 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 48.4% interest in the MVP project as of December 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). On May 4, 2023, RGC Resources, Inc. (RGC) also exercised an option for the Company to fund RGC's portion of future capital contributions with respect to the MVP project, which funding the Company commenced in June 2023 and will continue through the full in-service date of the MVP. The Company and NextEra Energy, Inc. are obligated to, and RGC prior to the exercise of its option described above had opted to, fund the shortfall in Con Edison's capital contributions, on a pro rata basis. Following RGC's exercise of its option, the Company is also funding RGC's portion of Con Edison's shortfall. Such funding by the Company in respect of the Con Edison shortfall and RGC's portion of capital contributions has and will correspondingly increase the Company's interests in the MVP project and decrease Con Edison's and RGC's respective interests, as applicable, in the MVP project. On June 3, 2023, the President of the United States signed into law the Fiscal Responsibility Act of 2023 that, among other things, ratified and approved all permits and authorizations necessary for the construction and initial operation of the MVP, directed the applicable federal officials and agencies to maintain such authorizations, required the Secretary of the Army to issue not later than June 24, 2023 all permits or verifications necessary to complete construction of the MVP and allow for the MVP’s operation and maintenance, and divested courts of jurisdiction to review agency actions on approvals necessary for MVP construction and initial operation. Thereafter, certain necessary authorizations were issued to the MVP Joint Venture, and the FERC authorized the MVP Joint Venture to resume all construction activities in all MVP project locations. After the Fourth Circuit issued a stay halting MVP project construction in the Jefferson National Forest and a stay of the 2023 Biological Opinion and Incidental Take Statement, the U.S. Supreme Court vacated the stays on July 27, 2023. The MVP Joint Venture recommenced forward construction activity in August 2023. Construction on the MVP project occurred throughout the late summer, fall and into the 2023-2024 winter season, and as of the filing of this Annual Report on Form 10-K is continuing. The MVP project made substantial progress after resuming construction in late summer 2023. Forward progress, however, slowed at the end of 2023 through early 2024 as a result of unforeseen challenging construction conditions, combined with unexpected and substantially adverse winter weather conditions throughout much of January. As a result, the MVP Joint Venture retained a higher than planned contractor headcount through January into February to maintain the right of way and address weather-induced issues and also to be in a position to improve forward progress as soon as conditions became more favorable. While productivity has since improved at the end of January and into February, the combined effect of these unforeseen challenges significantly slowed the previously anticipated pace of construction and adversely affected project cost. As a result, the Company is now targeting MVP project completion and commissioning in the second quarter of 2024, at a total estimated project cost ranging from approximately $7.57 billion to approximately $7.63 billion (excluding allowance for funds used during construction (AFUDC)). Based on such targeted completion timing and following in-service authorization from the FERC, the Company expects that MVP and MVP-related firm capacity contractual obligations would commence on June 1, 2024 (with certain MVC step ups and more significant gathering MVC fee declines under the EQT Global GGA commencing April 1, 2024). Such targeted completion timing and cost, and accordingly the commencement of contractual obligations, are subject to certain factors, including the physical construction conditions including hard rock and steep terrain, weather and productivity, many of which are beyond the Company’s control. If the project were to be completed in the second quarter of 2024 and at a total estimated project cost ranging from approximately $7.57 billion to approximately $7.63 billion (excluding AFUDC), the Company expects its equity ownership in the MVP project would progressively increase from approximately 48.4% to approximately 49.0%. 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. Upon completion of the MVP project, the Company expects the MVP Joint Venture to no longer be a variable interest entity because it will have sufficient equity to finance its activities, including accessing capital markets and returning a portion of invested capital to its owners. In December 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 $181.1 million, which was paid in January 2024. The capital contributions payable and the corresponding increase to the investment balance are reflected on the consolidated balance sheet as of December 31, 2023. In January 2024, the MVP Joint Venture issued a capital call notice for the funding of the MVP project to MVP Holdco for $113.6 million, which was paid in February 2024. 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. As of December 31, 2023, the letter of credit with respect to the MVP project was in the amount of approximately $104.7 million. The letter of credit with respect to the MVP project is expected to be further reduced as the Company contributes capital to fund MVP Holdco's remaining proportionate share of the construction budget, subject to a minimum-required level to be maintained through in-service of the MVP project. The following tables summarize the condensed financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Balance Sheets December 31, 2023 2022 (Thousands) Current assets $ 349,417 $ 71,535 Non-current assets 8,480,539 6,737,064 Total assets $ 8,829,956 $ 6,808,599 Current liabilities $ 371,508 $ 118,679 Equity 8,458,448 6,689,920 Total liabilities and equity $ 8,829,956 $ 6,808,599 Condensed Statements of Operations Years Ended December 31, 2023 2022 2021 (Thousands) Operating (expenses) income $ (199) $ 20 $ (399) Other income 4,792 335 18 AFUDC – debt 108,681 — 11,452 AFUDC – equity 253,602 — 26,722 Net income $ 366,876 $ 355 $ 37,793 The Company's ownership interest in the MVP Joint Venture related to the MVP project is significant for the year ended December 31, 2023 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, 2023 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, 2023 | |
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 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. The Company also has remaining obligations pertaining to the settlement of unexercised stock options of former employees and outstanding phantom unit awards to certain directors, which were granted 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). Pursuant to the 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. Changes in performance and the number of outstanding awards can impact the ultimate number 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. The following table summarizes the components of share-based compensation expense for the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) 2023 PSU Program 4,800 — — 2022 PSU Program 6,077 5,672 — 2021 MVP PSU Program 20,576 — — 2021 PSU Program 2,083 1,527 5,940 2020 PSU Program — (221) 1,297 2019 PSU Program — — 984 Restricted stock awards 15,186 7,840 11,268 Other programs, including non-employee director awards 1,416 1,132 1,367 Total share-based compensation expense $ 50,138 $ 15,950 $ 20,856 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, 2023, 2022 and 2021 were $5.0 million, $2.0 million and $4.2 million, respectively. The Company recorded $2.9 million, $1.0 million, and $2.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, of tax expense for excess tax benefits related to share-based compensation plans. Performance Share Unit Programs – Equity & Liability The Human Capital and Compensation Committee of the Company's Board (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), the Equitrans Midstream Corporation 2022 Performance Share Unit Program (the 2022 PSU Program) and the Equitrans Midstream Corporation 2023 Performance Share Unit Program (the 2023 PSU Program). The 2019 PSU Program, the 2020 PSU Program, the 2021 PSU Program, the 2022 PSU Program and the 2023 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 were 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 were or will be earned based on the level of Equitrans Midstream total shareholder return (TSR) relative to a predefined peer group. The PSU Program awards granted in 2023 will be earned based upon the level of TSR 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 commences recording compensation cost for the free cash flow before changes in working capital performance condition when the targets have been established for each annual period. The payout factor for the PSU Programs varies 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 containing a market condition that are 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 containing a market condition 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 Per Share Aggregate Fair Value 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) Outstanding at December 31, 2022 3,459,618 $ 10.37 $ 35,866,255 Granted 1,523,826 8.04 12,247,293 Vested (703,583) 5.59 (3,931,628) Outstanding at December 31, 2023 4,279,861 $ 10.32 $ 44,181,920 As of December 31, 2023, $15.6 million of unrecognized compensation cost related to non-vested PSU Programs to be settled in stock was expected to be recognized over a remaining weighted average vesting term of approximately one year. The following table summarizes all PSU Programs to be settled in cash and classified as liability awards: Non-vested Units Weighted Average Fair Value Per Unit Aggregate Fair Value 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 Granted 625,009 8.04 5,023,320 Vested (389,160) 5.59 (2,174,332) Forfeited (82,236) 10.69 (878,913) Outstanding at December 31, 2023 2,031,415 $ 10.50 $ 21,320,036 The payout factor of the free cash flow before changes in working capital performance metric covering the first annual period of the 2023 PSU Program was achieved at a performance of 200%, subject to final certification by the Compensation Committee. The total liability recorded for the cash-settled PSU Programs was $6.9 million and $3.9 million as of December 31, 2023 and 2022, respectively. 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, 2023 2022 2021 Accounting Treatment Liability (a) Equity Liability (a) Equity Liability (a) Equity Risk-free rate 4.20 % 4.48 % 4.25 % 1.16 % 4.65 % 0.16 % Dividend yield N/A N/A N/A N/A N/A N/A Volatility factor 47.7 % 57.8 % 58.4 % 54.0 % 58.4 % 61.0 % Expected term 2 years 3 years 2 years 3 years 1 year 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, 2023, 2022 and 2021 is presented below. Non-vested Shares Weighted Average Fair Value Per Share Aggregate Fair Value Outstanding at January 1, 2021 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) Outstanding at December 31, 2022 1,646,640 $ 10.31 $ 16,974,914 Granted 1,646,000 6.23 10,254,580 Vested (870,970) 10.89 (9,481,533) Outstanding at December 31, 2023 2,421,670 $ 7.33 $ 17,747,961 The restricted stock equity grants generally become fully vested at the end of the service period commencing with the vesting commencement date, assuming continued service through such date. As of December 31, 2023, $9.1 million of unrecognized compensation cost related to non-vested restricted stock awards was expected to be recognized over a remaining weighted average vesting term of approximately 1.6 years. Restricted Stock Unit Awards – Liability A summary of restricted stock unit liability award activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Non-vested Units Weighted Average Aggregate Fair Value Outstanding at January 1, 2021 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 Granted 1,136,000 6.25 7,102,647 Vested (403,261) 11.98 (4,832,392) Forfeited (79,118) 7.26 (574,614) Outstanding at December 31, 2023 1,800,890 $ 7.30 $ 13,137,936 The restricted stock unit grants generally become fully vested at the end of the service period commencing with the vesting commencement date, assuming continued service through such date. The total liability recorded for these restricted stock units was $10.9 million and $6.5 million as of December 31, 2023 and 2022, respectively. MVP PSU Program In December 2021, at the recommendation of the Compensation Committee and approval of the Board, the Company granted a special, one-time, performance award program designed to reward all employees should the Company’s most complex and strategically significant project, the MVP project, be placed in-service (the MVP PSU Program). The Company granted 1,450,110 shares to all participants in the 2018 Plan as of November 1, 2021 (LTIP Participants), except the Company’s named executive officers (NEOs) and certain other senior leaders (collectively, the Senior Executives), and 1,158,030 shares to the Senior Executives. The MVP PSU Program awards were granted on December 6, 2021 and will be paid in Company common stock, contingent on the MVP Joint Venture being authorized by the FERC to commence service on the MVP (such authorization, the In-Service Date) on or before a specified expiration date of January 1, 2024 (the Expiration Date, the now inapplicability of which is discussed below), subject to continued service through the applicable payment date: • As to shares issued to the LTIP Participants, 100% will be paid on the date selected by the Company that is not later than 90 days after the In-Service Date; • As to shares issued to the Senior Executives: • 50% will be paid on the date selected by the Company that is not later than 90 days after the In-Service Date; • 25% will be paid on the date selected by the Company that is not later than 30 days after the first anniversary of the In-Service Date; and • 25% will be paid on the date selected by the Company that is not later than 30 days after the second anniversary of the In-Service Date. The achievement of the MVP Joint Venture being authorized by the FERC to commence service on the MVP on or before the Expiration Date represented a performance condition as defined by ASC 718, Share-based Compensation , that should be assessed at the end of each reporting period as to whether the performance condition is probable of being achieved. Due to the graded vesting of the MVP PSU Program awards to the Senior Executives, the Company recognizes compensation cost over the requisite service period for each separately vested tranche of the award as though each award was, in substance, its own award. In June 2023, the performance condition associated with the MVP PSU Program awards was deemed to be probable. During the year ended December 31, 2023, the Company recognized compensation cost of approximately $20.6 million that includes the impact of a cumulative catch-up to reflect the requisite service period of each award that has been provided to date. As of December 31, 2023, there was approximately $3.6 million of unrecognized compensation cost related to non-vested MVP PSU Program awards that is expected to be recognized over a remaining weighted average vesting term of approximately 0.6 years. In connection with considering the Company’s ongoing efforts to complete the MVP project, the Board took note of the significant legal and regulatory obstacles that delayed progress on the MVP project that were outside of the control of the Company, particularly since the inception of the MVP PSU Program, the efforts undertaken by many of the Company’s employees, including the NEOs, to overcome these obstacles, and ongoing risks. The Board also was focused on and sought to promote the Company's top priority of completing the MVP project safely and in compliance with applicable environmental standards. Taking into account these factors, the proximity of the Expiration Date, and noting the potential that the Expiration Date could distract from, or be cited by project opponents as a distraction from, a focus on safety and environmental compliance, the Board, on July 26, 2023, with the recommendation of the Compensation Committee, approved an amendment to the MVP PSU Program to eliminate the Expiration Date as a term of the MVP PSU Program and all award agreements thereunder (the MVP PSU Amendment). Accordingly, the Equitrans Midstream Corporation Senior Executive 2021 MVP Performance Share Units Award Agreements to which the NEOs are parties and the Equitrans Midstream Corporation LTIP Participant 2021 MVP Performance Share Units Award Agreements were amended to reflect the elimination of the Expiration Date, and the calculation of shares retained in the event of a participant’s termination due to death, disability or retirement also was clarified. All other terms of the award agreements remain in full force and effect. The MVP PSU Amendment resulted in a change to the original performance condition of the MVP PSU Program. As such, the Company accounted for the MVP PSU Amendment as a Type Ι modification in accordance with ASC 718, which did not result in any additional compensation cost related to the awards. The following table provides detailed information on the MVP PSU Program as of December 31, 2023: MVP PSU Program Non-vested Shares Grant Date Fair Value (a) Fair Value (Thousands) Requisite Service Period Unrecognized Compensation Cost (Thousands) LTIP Participants 1,362,243 $9.59 $ 13,064 28 months $ 883 Senior Executives T1 579,015 $9.59 5,553 28 months 381 Senior Executives T2 289,511 $9.59 2,776 40 months 948 Senior Executives T3 289,504 $9.59 2,776 52 months 1,382 (a) Determined based upon the closing price of the Company's common stock on the day before the grant date. 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 2024 and 2028 and there are no unrecognized compensation costs remaining related to these options. A summary of stock option activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Options Outstanding at January 1, 2021 464,876 Expired — Outstanding at December 31, 2021 464,876 Expired (94,132) Outstanding at December 31, 2022 370,744 Expired (83,207) Outstanding at December 31, 2023 287,537 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. A summary of phantom units' activity for the years ended December 31, 2023, 2022 and 2021 is presented below. Equitrans Midstream phantom units Units Weighted Average Aggregate Fair Value Outstanding at January 1, 2021 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 Granted 265,115 5.17 1,371,610 Distributions (78,840) 7.56 (595,686) Dividends 63,591 7.30 464,084 Outstanding at December 31, 2023 837,014 $ 9.62 $ 8,048,891 2024 Awards Effective in February 2024, the Compensation Committee adopted the Equitrans Midstream Corporation 2024 Performance Share Unit Program (2024 PSU Program) under the 2018 Plan. The 2024 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 2024 PSU Program, consisting of both equity and liability awards, are expected to be granted in the first quarter of 2024. The vesting of the units under the 2024 PSU Program will occur upon payment after the expiration of the performance period, which is January 1, 2024 to December 31, 2026, 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 planning and executing on certain methane emissions mitigation projects, 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 2024. The restricted stock equity awards and restricted stock unit liability awards will be fully vested January 1, 2027, assuming continued employment with the Company. Employee Savings Plan For the years ended December 31, 2023, 2022 and 2021, the Company recognized expense related to its defined contribution plan of $8.2 million, $8.0 million and $7.6 million, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table presents the Company's and its consolidated subsidiaries' outstanding debt as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Principal Carrying Value (a) Fair Value (b) Principal Carrying Value (a) Fair Value (b) (Thousands) Amended EQM Credit Facility $ 915,000 $ 915,000 $ 915,000 $ 240,000 $ 240,000 $ 240,000 2021 Eureka Credit Facility 315,000 315,000 315,000 295,000 295,000 295,000 Total credit facility borrowings $ 1,230,000 $ 1,230,000 $ 1,230,000 $ 535,000 $ 535,000 $ 535,000 EQM 4.75% Senior Notes due 2023 (c) — — — 98,941 98,830 97,086 EQM 4.00% Senior Notes due 2024 300,000 299,731 297,150 300,000 299,270 288,291 EQM 6.00% Senior Notes due 2025 400,000 398,203 399,816 400,000 397,005 386,000 EQM 4.125% Senior Notes due 2026 500,000 497,518 482,940 500,000 496,667 444,700 EQM 6.50% Senior Notes due 2027 900,000 893,324 916,407 900,000 891,417 860,175 EQM 7.50% Senior Notes due 2027 500,000 494,686 515,200 500,000 493,130 489,630 EQM 5.50% Senior Notes due 2028 850,000 844,893 842,206 850,000 843,775 760,036 EQM 4.50% Senior Notes due 2029 800,000 793,506 755,784 800,000 792,217 671,936 EQM 7.50% Senior Notes due 2030 500,000 493,770 537,510 500,000 492,799 481,760 EQM 4.75% Senior Notes due 2031 1,100,000 1,090,261 1,023,715 1,100,000 1,088,877 899,250 EQM 6.50% Senior Notes due 2048 550,000 540,548 563,580 550,000 540,163 412,198 Total debt 6,400,000 6,346,440 6,334,308 6,498,941 6,434,150 5,791,062 Less current portion of long-term debt 300,000 299,731 297,150 98,941 98,830 97,086 Total long-term debt $ 6,100,000 $ 6,046,709 $ 6,037,158 $ 6,400,000 $ 6,335,320 $ 5,693,976 (a) Carrying values of the senior notes represent principal amount less unamortized debt issuance costs and debt discounts. (b) See Note 10 for a discussion of fair value measurements. (c) See "2023 Senior Notes Redemption" below for discussion of the redemption of the then-outstanding 2023 Notes (defined herein). As of December 31, 2023, the combined aggregate amounts of maturities for long-term debt, including the current portion thereof, were as follows: $0.3 billion in 2024, $0.4 billion in 2025, $0.5 billion in 2026, $1.4 billion in 2027, $0.85 billion in 2028 and $2.95 billion in 2029 and thereafter. EQM Revolving Credit Facility. On October 6, 2023 (the Fourth Amendment Date), EQM entered into an amendment (the Fourth Amendment) to the Third Amended and Restated Credit Agreement, dated as of October 31, 2018 (as amended, supplemented or otherwise modified, the Amended EQM Credit Facility), 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. The Fourth Amendment extended the stated maturity date of the Amended EQM Credit Facility with such extension only applicable for the lenders approving the Fourth Amendment, from April 30, 2025 to April 30, 2026. After giving effect to such extension contemplated by the Fourth Amendment, EQM had or, as applicable, has aggregate commitments available under the Amended EQM Credit Facility of approximately $2.16 billion before October 31, 2023, approximately $1.55 billion in aggregate commitments available on and after October 31, 2023 and prior to April 30, 2025, and approximately $1.45 billion in aggregate commitments available on and after April 30, 2025 and prior to April 30, 2026. As of December 31, 2023, the Company had aggregate commitments available under the Amended EQM Credit Facility of approximately $1.55 billion. As of December 31, 2023, EQM had $915 million of borrowings and approximately $105.8 million of letters of credit outstanding 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 defined in the Amended EQM Credit Facility), and as of October 1, 2023 (the MVP Mobilization Effective Date), such maximum Consolidated Leverage Ratio permitted with respect to the fiscal quarter ending December 31, 2023 and the end of each of EQM's three consecutive fiscal quarters thereafter was 5.85 to 1.00, with the then-applicable ratio being tested as of the end of the applicable fiscal quarter. As of December 31, 2023, EQM had the ability to borrow approximately $0.4 billion under the Amended EQM Credit Facility. As of December 31, 2022, EQM had $240 million of borrowings and approximately $234.9 million of letters of credit outstanding under 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. See Note 15 for discussion of the Fifth Amendment to the Amended EQM Credit Facility. During the years ended December 31, 2023, 2022 and 2021, the maximum outstanding borrowings were $915 million, $315 million and $525 million, respectively, the average daily balances were approximately $354 million, $193 million and $395 million, respectively, and the weighted average annual interest rates were approximately 8.1%, 4.5% and 2.6%, respectively. For the years ended December 31, 2023, 2022 and 2021, commitment fees of $7.6 million, $8.4 million and $7.4 million, respectively, were paid to maintain credit availability under the Amended EQM Credit Facility. As of December 31, 2023 and 2022, no term loans were outstanding under the Amended EQM Credit Facility. 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). On March 29, 2023, Eureka entered into an amendment (the First Eureka Amendment) to the 2021 Eureka Credit Facility that 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. On October 5, 2023, Eureka entered into an amendment (the Second Eureka Amendment) to the 2021 Eureka Credit Facility that extended the stated maturity date of the 2021 Eureka Credit Facility, with such extension only applicable for the lenders approving the Second Eureka Amendment, from November 13, 2024 to November 13, 2025. 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 December 31, 2023 and 2022, Eureka had $315 million and $295 million, respectively, of borrowings outstanding under the 2021 Eureka Credit Facility. During the years ended December 31, 2023 and 2022, the maximum amount of outstanding borrowings under the 2021 Eureka Credit Facility at any time was approximately $315 million and $295 million, the average daily balance was approximately $310 million and $281 million, and Eureka incurred interest at a weighted average annual interest rate of approximately 7.8% and 4.4%, respectively. For the years ended December 31, 2023 and 2022, commitment fees of $0.4 million and $0.5 million were paid to maintain credit availability under the 2021 Eureka Credit Facility, respectively. 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. 2023 Senior Notes Redemption. On June 21, 2023 (the Redemption Date), EQM redeemed in full its then-outstanding 4.75% Senior Notes due 2023 (the 2023 Notes) in the aggregate principal amount of $98.9 million, pursuant the Indenture, dated as of August 1, 2014, by and between EQM, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A. (BNYMTC), as trustee, as supplemented by that certain Third Supplemental Indenture, dated as of June 25, 2018, by and between the EQM and BNYMTC, at a redemption price equal to 100% of the principal amount of the 2023 Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. Upon the redemption by EQM of the 2023 Notes, the Third Supplemental Indenture was discharged and ceased to be of further effect except as to rights thereunder. EQM utilized cash on hand to effect the redemption on the Redemption Date. 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. 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 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 term loan agreement EQM entered into in August 2019 (as amended, 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. 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. As of December 31, 2023, EQM and Eureka were in compliance with all debt provisions and covenants. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 project completion, 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 project completion, 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 47.5% 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, 2023, the fair value of the Henry Hub cash bonus payment provision was $24.5 million, which was recorded in other current assets other assets other income (expense) 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, the Former Eureka Credit Facility (prior to its termination) 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. See Note 9 for further information on the fair value of the Company’s outstanding debt. 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 December 31, 2023 and 2022, the estimated fair values of the Preferred Interest were approximately $90.7 million and $95.2 million, respectively, and the carrying values of the Preferred Interest were approximately $88.5 million and $94.3 million, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share For the years ended December 31, 2023, 2022 and 2021, the Company excluded 30,278 (in thousands), 30,835 (in thousands), and 30,556 (in thousands), respectively, 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. 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, 750, 595 and 498 (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, 2023, 2022 and 2021, respectively. See Note 8 for information on Equitrans Midstream phantom units. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table summarizes income tax (benefit) expense for the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) Current income tax expense: Federal $ 4,323 $ — $ — State 14,915 972 4,853 Total current income tax expense 19,238 972 4,853 Deferred income tax expense (benefit): Federal (15,403) (5,391) (273,512) State (22,658) 10,863 (74,694) Total deferred income tax (benefit) expense (38,061) 5,472 (348,206) Total income tax (benefit) expense $ (18,823) $ 6,444 $ (343,353) 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, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) Income tax expense (benefit) at statutory rate $ 91,546 $ (52,646) $ (365,535) Valuation allowances (99,802) 49,799 106,886 State income tax expense (benefit) 17,738 9,440 (81,573) Noncontrolling interest share of earnings (2,000) (2,563) (3,051) AFUDC - equity (25,575) 11 (2,595) Unrecognized tax benefit - statute of limitations lapse (7,426) — — Other 6,696 2,403 2,515 Income tax (benefit) expense $ (18,823) $ 6,444 $ (343,353) Effective tax rate (4.3) % (2.6) % 19.7 % For the year ended December 31, 2023, the effective tax rate was lower than the federal and state statutory rates primarily due to the impact of changes in the valuation allowance that limit tax benefits for the Company's federal and state deferred tax assets and the impact of projected AFUDC - equity from the MVP project. For the year ended December 31, 2023, the effective tax rate was lower than the year ended December 31, 2022, primarily due to the impact of projected AFUDC - equity from the MVP project and the impact of changes in the valuation allowance, partially offset by higher state tax expense caused by the effects of a difference between the current and deferred applicable rates. 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 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. The following table summarizes the components of net deferred tax (liabilities) assets. December 31, 2023 2022 (Thousands) Deferred income tax assets: Investment in partnerships $ — $ 65,896 Section 163(j) interest limitation 45,822 36,523 Net operating loss carryforwards 36,668 71,639 Other 2,557 — Total deferred tax assets 85,047 174,058 Valuation allowance (56,883) (156,685) Net deferred tax asset 28,164 17,373 Deferred income tax liabilities: Investment in partnerships (18,716) — Deferred revenue (14,166) (15,143) Other — (2,230) Total deferred income tax liabilities (32,882) (17,373) Net deferred income tax liability $ (4,718) $ — During the year ended December 31, 2023, the change in the Company's investment in partnerships was primarily impacted by tax depreciation in excess of book depreciation and certain state tax items, partially offset by the impacts of capitalized interest and deferred revenue. The change in certain state tax items had a corresponding reduction to common stock, no par value of $37.5 million. The following table provides details related to our net operating losses (NOL) and valuation allowances as of: December 31, Expiration Period 2023 2022 (Thousands) NOL carryforwards U.S. federal net operating losses Indefinite $ 35,161 $ 61,710 Pennsylvania net operating losses 2040 - 2042 — 6,792 Other state net operating losses Indefinite 1,507 3,137 Total NOL carryforwards 36,668 71,639 Valuation allowance on NOL carryforwards Federal $ (18,061) $ (61,710) State (1,150) (9,929) Total valuation allowance on NOL carryforwards (19,211) (71,639) For the years ended December 31, 2023 and 2022, the Company had a valuation allowance related to federal and state interest disallowances under Internal Revenue Code (Code) Section 163(j) of $36.5 million in each case. The Company also had a valuation allowance related to certain investment in partnership deferred tax assets, net of offsetting deferred tax liability, for the years ended December 31, 2023 and 2022, of $1.2 million and $48.5 million, respectively. For the year ended December 31, 2023, the Company believes that it is more likely than not that the benefit from a portion of its federal and state NOL carryforwards, deferred tax assets related to interest disallowance under 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. 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 difference in the valuation allowance for the years ended December 31, 2023, 2022 and 2021: Additions Beginning Balance Credited to Costs and Expenses Ending Balance (Thousands) 2023 Deferred tax asset valuation allowance (a) $ 156,685 $ (99,802) $ 56,883 2022 Deferred tax asset valuation allowance (a) $ 106,886 $ 49,799 $ 156,685 2021 Deferred tax asset valuation allowance (a) $ — $ 106,886 $ 106,886 (a) Deducted from related assets. The following table sets forth the reconciliation of gross unrecognized tax benefits and summarizes specific line items as of: December 31, 2023 (Thousands) Beginning balance, January 1 $ — Additions for tax positions taken in current year 17,465 Additions for tax positions taken in prior year 55,612 Lapse in statute of limitations (7,782) Ending balance, December 31 $ 65,295 If recognized, affects the effective tax rate (including valuation allowances) $ 31,378 Recorded as an offset to related deferred tax assets and liabilities in Consolidated Balance Sheets $ 32,557 There were no gross unrecognized tax benefits during the years ended December 31, 2022 and 2021. During the year ended December 31, 2023, the Company recorded unrecognized tax benefits related to the deductibility of capitalized interest and certain state tax items. As of December 31, 2023, it is reasonably possible that the amount of unrecognized tax benefits will decrease by approximately $3.6 million within the next twelve months due to the expiration of statutes of limitation and is anticipated to impact the effective tax rate before considering the impact of valuation allowances. The Company recorded interest and penalties associated with unrecognized tax benefits of approximately $1.7 million for the year ended December 31, 2023. The Company did not recognize interest and penalties related to unrecognized tax benefits for the years ended December 31, 2022 and 2021. The Company is not subject to federal or state income tax examination by tax authorities for years before 2020. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit Risk | Concentrations of Credit Risk The 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, 2023, 2022 and 2021, EQT accounted for approximately 61%, 61% and 59%, respectively, of the Company's total revenues across all of the Company's operating segments. As of December 31, 2023, EQT's public debt had investment grade credit ratings from S&P, Fitch and Moody's. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, various legal and regulatory claims, investigations and proceedings are pending or threatened against the Company and its subsidiaries. While to the extent applicable the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims, investigations and proceedings. The Company accrues legal and other direct costs related to loss contingencies when incurred. The Company establishes reserves whenever it believes a reserve is 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 as of the filing of this Annual Report on Form 10-K will not materially adversely affect its business, financial condition, results of operations, liquidity or ability to pay dividends to its shareholders. 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, 2023 and 2022. The ultimate regulatory costs and expenses as a result of the Rager Mountain natural gas storage field incident, may exceed such reserve and, 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, 2023, 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 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 environmental laws and regulations in the future 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, 2023, the Company had approximately $5.2 million of purchase obligations, which included commitments for capital expenditures, operating expenses and service contracts. For information related to operating lease rental payments for office locations and compressors, see Note 5 . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Fifth Amendment to EQM Revolving Credit Facility. On February 15, 2024 (the Fifth Amendment Date), EQM entered into an amendment (the Fifth Amendment) to the Amended EQM Credit Facility. The Fifth Amendment, among other things, amended the financial covenant, such that the Consolidated Leverage Ratio (as defined in the Amended EQM Credit Facility) (i) as of March 31, 2024, cannot exceed 6.00 to 1.00, (ii) as of June 30, 2024, cannot exceed 6.25 to 1.00, (iii) as of September 30, 2024, cannot exceed 5.85 to 1.00 and (iv) as of the end of each fiscal quarter thereafter, cannot exceed 5.50 to 1.00. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 445,229 | $ (269,342) | $ (1,411,820) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Operations and Sig_2
Summary of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. |
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 method investment as described in Note 7. 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 3 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. |
Derivative Instruments | Derivative Instruments. |
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 10 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 overhead, including internal labor costs, of $52.2 million, $47.3 million and $50.8 million in the years ended December 31, 2023, 2022 and 2021, respectively. The Company capitalized interest, including the debt component of Allowance for Funds Used During Construction (AFUDC), of $11.4 million, $8.7 million and $4.9 million in the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes the Company's property, plant and equipment. December 31, 2023 2022 (Thousands) Gathering assets $ 7,440,220 $ 7,176,011 Accumulated depreciation (1,113,967) (919,465) Net gathering assets 6,326,253 6,256,546 Transmission and storage assets 2,001,489 1,928,894 Accumulated depreciation (531,259) (475,688) Net transmission and storage assets 1,470,230 1,453,206 Water services assets 289,891 245,258 Accumulated depreciation (101,541) (79,518) Net water services assets 188,350 165,740 Other property, plant and equipment 13,698 14,888 Accumulated depreciation (6,147) (6,049) Net other property, plant and equipment 7,551 8,839 Net property, plant and equipment $ 7,992,384 $ 7,884,331 Property, plant and equipment includes capitalized qualified implementation costs incurred in a hosting arrangement that is a service contract of $7.9 million and $9.0 million, respectively, as of December 31, 2023 and 2022. The Company finalized the implementation of certain portions of its enterprise resource planning system throughout 2021 and amortized approximately $1.1 million, $1.0 million, and $0.9 million of implementation costs in the years ended December 31, 2023, 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, 2023, 2022 and 2021 were 2.6%, 2.6% and 2.6%, 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 and storage rates. |
Intangible Assets | Intangible Assets. |
Impairment of Goodwill and Long-Lived Assets | Impairment of Goodwill and Long-Lived Assets. Goodwill is evaluated for impairment at least annually or whenever events or changes in circumstance indicate, in management's judgment, 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 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. When the Company performs 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 2 for further detail. |
Investment in Unconsolidated Entity and Noncontrolling Interest | Investment in Unconsolidated Entity. The Company accounts for investments in unconsolidated entities under the equity method. The Company’s pro-rata share of net income in unconsolidated entities is included in equity income in the Company’s statements of consolidated comprehensive income. Contributions to or distributions from unconsolidated entities and the Company’s pro-rata share of net income in unconsolidated entities are recorded as adjustments to the investment balance. The Company reviews the carrying value of investments in unconsolidated entities for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such investment 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 Note 2 for further detail. Noncontrolling Interest |
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. See Note 10 for further detail. |
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 9), 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 9 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 facilities 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. The following table presents changes in the Company's AROs during 2023 and 2022. December 31, 2023 2022 (Thousands) AROs at beginning of period $ 13,961 $ 11,241 Liabilities incurred 2,154 — Liabilities settled (3,028) (996) Revisions to estimated liabilities (a) 306 3,153 Accretion expense 862 563 AROs at end of period $ 14,255 $ 13,961 (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, 2023 and 2022. |
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 14. |
Regulatory Accounting | Regulatory Accounting. Equitrans, L.P. owns all of the Company's FERC-regulated transmission and storage operations. 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. Certain of the Company's gas gathering and water services agreements, including the EQT Global GGA and the 2021 Water Services Agreement, are structured with MVCs or ARCs, as applicable, which specify minimum quantities for which a customer will be charged regardless of quantities gathered or delivered under the contract. Revenue is recognized for MVCs or |
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 cost 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 cost 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. 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 cost, as applicable. 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 for plans that include a market condition 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. Each plan subject to a market condition is accounted for separately for each vesting tranche of the award. |
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 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. 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 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. The Company records the impact of valuation allowances or any uncertain tax position within income tax expense (benefit) on the statements of consolidated comprehensive income. 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. |
Earnings Per Share (EPS) | Earnings Per Share (EPS). |
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 adopted this standard on April 1, 2023 and it had no impact on the Company's financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides improvements to reportable segment disclosures and is intended to enhance the disclosures regarding significant segment expenses. The guidance is applicable to all public entities that are required to report segment information in accordance with Topic 280 and is to be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures , which provides improvements to income tax disclosures and is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is applicable to all public entities required to report income taxes in accordance with ASC 740 and should be applied prospectively, but retrospective application is permitted. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation, information on income taxes paid, and various other disclosure changes. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures. |
Summary of Operations and Sig_3
Summary of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Other Current Assets | The following table summarizes the Company's other current assets as of December 31, 2023 and 2022. December 31, 2023 2022 (Thousands) Prepaid expenses $ 26,795 $ 23,346 Henry Hub cash bonus payment provision 24,503 — Inventory 15,851 19,173 Unbilled revenue 8,753 24,465 Other current assets 2,454 7,933 Total other current assets $ 78,356 $ 74,917 |
Schedule of Property, Plant and Equipments | The following table summarizes the Company's property, plant and equipment. December 31, 2023 2022 (Thousands) Gathering assets $ 7,440,220 $ 7,176,011 Accumulated depreciation (1,113,967) (919,465) Net gathering assets 6,326,253 6,256,546 Transmission and storage assets 2,001,489 1,928,894 Accumulated depreciation (531,259) (475,688) Net transmission and storage assets 1,470,230 1,453,206 Water services assets 289,891 245,258 Accumulated depreciation (101,541) (79,518) Net water services assets 188,350 165,740 Other property, plant and equipment 13,698 14,888 Accumulated depreciation (6,147) (6,049) Net other property, plant and equipment 7,551 8,839 Net property, plant and equipment $ 7,992,384 $ 7,884,331 |
Schedule of Intangible Assets | The following tables summarize the Company's intangible assets as of December 31, 2023 and 2022: December 31, 2023 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 9 years $ 623,199 $ (254,819) $ 368,380 Eureka Midstream-related customer relationships 7 years 237,000 (90,112) 146,888 Hornet Midstream-related customer relationships 3 years 74,000 (67,135) 6,865 $ 934,199 $ (412,066) $ 522,133 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 |
Schedule of Accrued Liabilities | The following table summarizes the Company's accrued liabilities as of December 31, 2023 and 2022. December 31, 2023 2022 (Thousands) Accrued employee compensation $ 52,263 $ 47,742 Non-income tax accruals 21,851 20,629 Current portion of lease liabilities 11,581 7,886 Current portion of contract liability 5,061 4,552 Other accrued liabilities 16,114 3,026 Total accrued liabilities $ 106,870 $ 83,835 |
Schedule of Changes in Asset Retirement Obligations | The following table presents changes in the Company's AROs during 2023 and 2022. December 31, 2023 2022 (Thousands) AROs at beginning of period $ 13,961 $ 11,241 Liabilities incurred 2,154 — Liabilities settled (3,028) (996) Revisions to estimated liabilities (a) 306 3,153 Accretion expense 862 563 AROs at end of period $ 14,255 $ 13,961 (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, 2023 2022 (Thousands) Regulatory assets: Deferred taxes (a) $ 123,128 $ 85,046 Other recoverable costs (b) 3,834 4,608 Total regulatory assets $ 126,962 $ 89,654 Regulatory liabilities: Deferred taxes (a) $ 8,931 $ 9,329 On-going post-retirement benefits other than pension and other reimbursable costs (c) 19,862 19,251 Total regulatory liabilities $ 28,793 $ 28,580 (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. Equitrans, L.P. expects to continue to recover these costs over the remaining 8.5 years. (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. Equitrans, L.P. expects to continue to recover costs as long as the existing recourse rates provide for recovery. |
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, 2023 2022 (Thousands) Regulatory assets: Deferred taxes (a) $ 123,128 $ 85,046 Other recoverable costs (b) 3,834 4,608 Total regulatory assets $ 126,962 $ 89,654 Regulatory liabilities: Deferred taxes (a) $ 8,931 $ 9,329 On-going post-retirement benefits other than pension and other reimbursable costs (c) 19,862 19,251 Total regulatory liabilities $ 28,793 $ 28,580 (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. Equitrans, L.P. expects to continue to recover these costs over the remaining 8.5 years. (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. Equitrans, L.P. expects to continue to recover costs as long as the existing recourse rates provide for recovery. |
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, 2023 2022 2021 (Thousands) Operating revenues $ 446,184 $ 407,884 $ 403,634 Operating expenses 169,449 137,782 135,888 December 31, 2023 2022 (Thousands) Property, plant and equipment $ 2,001,489 $ 1,928,898 Accumulated depreciation (531,259) (475,689) Net property, plant and equipment $ 1,470,230 $ 1,453,209 |
Impairments of Long-Lived Ass_2
Impairments of Long-Lived Assets and Equity Method Investment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022. December 31, 2023 2022 (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, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Operating Income and Reconciliation to Net Income | Years Ended December 31, 2023 2022 2021 (Thousands) Revenues from customers: Gathering (a) $ 870,167 $ 890,579 $ 862,053 Transmission (a) 443,119 404,517 400,202 Water 80,643 62,651 54,782 Total operating revenues $ 1,393,929 $ 1,357,747 $ 1,317,037 Operating income (loss): Gathering $ 398,228 $ 446,917 $ 415,969 Transmission 274,437 277,692 274,526 Water (b) 13,269 14,602 (53,911) Headquarters (c) (1,556) (1,617) (1,183) Total operating income $ 684,378 $ 737,594 $ 635,401 Reconciliation of operating income to net (loss) income: Equity income (d) $ 175,215 $ 168 $ 17,579 Impairments of equity method investment (d) — (583,057) (1,926,402) Other income (expense), net (e) 3,222 13,871 (47,546) Loss on extinguishment of debt — (24,937) (41,025) Net interest expense (426,884) (394,333) (378,650) Income tax (benefit) expense (18,823) 6,444 (343,353) Net income (loss) $ 454,754 $ (257,138) $ (1,397,290) (a) For the year ended December 31, 2023, 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. (b) Impairment of long-lived assets of $56.2 million for the year ended December 31, 2021 were included in Water operating income (loss). See Note 2 for further information. (c) Includes certain unallocated corporate expenses. (d) Equity income and impairments of equity method investment are included in the Transmission segment. (e) |
Schedule of Segment Assets | December 31, 2023 2022 2021 (Thousands) Segment assets: Gathering $ 7,612,820 $ 7,610,233 $ 7,600,637 Transmission (a) 3,369,718 2,333,896 2,769,097 Water 217,225 218,680 151,151 Total operating segments 11,199,763 10,162,809 10,520,885 Headquarters, including cash 509,663 282,776 361,639 Total assets $ 11,709,426 $ 10,445,585 $ 10,882,524 (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, 2023 2022 2021 (Thousands) Depreciation: Gathering $ 196,547 $ 195,059 $ 188,633 Transmission 56,056 55,614 55,310 Water 26,043 20,016 25,233 Headquarters 740 1,506 1,228 Total $ 279,386 $ 272,195 $ 270,404 Capital expenditures: Gathering (a) $ 267,748 $ 265,864 $ 223,807 Transmission (b) 84,224 35,971 25,977 Water 45,691 66,569 34,877 Headquarters — 13 1,494 Total (c) $ 397,663 $ 368,417 $ 286,155 (a) Includes approximately $14.3 million, $20.3 million and $14.1 million of capital expenditures related to noncontrolling interest in Eureka Midstream for the years ended December 31, 2023, 2022 and 2021, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $689.4 million, $199.6 million and $287.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. (c) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 572,899 $ 361,416 $ 39,168 $ 973,483 Volumetric-based fee revenues (b) 297,268 81,703 41,475 420,446 Total operating revenues $ 870,167 $ 443,119 $ 80,643 $ 1,393,929 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 (b) 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 (b) 393,897 33,879 49,719 477,495 Total operating revenues $ 862,053 $ 400,202 $ 54,782 $ 1,317,037 (a) For the years ended December 31, 2023, 2022 and 2021, firm reservation fee revenues associated with Gathering included approximately $4.1 million, $20.2 million and $11.3 million, respectively, of MVC unbilled revenues. (b) For the year ended December 31, 2023, 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. For the years ended December 31, 2023, 2022 and 2021, volumetric-based fee revenues associated with Gathering included approximately $4.6 million, $4.2 million and $3.5 million, respectively, of MVC unbilled revenues. |
Schedule of Receivables | The following table presents changes in the Company's contract assets balance during the years ended December 31, 2023 and 2022: Contract Assets 2023 2022 (Thousands) Balance as of beginning of period $ 27,493 $ 16,772 Revenue recognized in excess of amounts invoiced (a) 12,233 30,477 Minimum volume commitments invoiced (b) (27,945) (19,256) Amortization (c) (658) (500) Balance as of end of period $ 11,123 $ 27,493 (a) Primarily includes revenues associated with MVCs that are included in 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 during the years ended December 31, 2023 and 2022: Contract Liability 2023 2022 (Thousands) Balance as of beginning of period $ 973,087 $ 822,416 Amounts recorded during the period (a) 338,860 359,797 Change in estimated variable consideration (b) (5,331) (11,761) Amounts transferred during the period (c) (5,516) (1,545) EQT Cash Option — (195,820) Balance as of end of period $ 1,301,100 $ 973,087 (a) Includes deferred billed revenue during the years ended December 31, 2023 and 2022 primarily associated with the EQT Global GGA. (b) For the year ended December 31, 2023, the change in estimated variable consideration represents the decrease in total deferred revenue due to changes in MVP timing assumptions. For the year ended December 31, 2022, the change in estimated variable consideration represents the decrease in total deferred revenue required for gathering MVC revenue with a declining rate structure, resulting from the EQT Cash Option election that required total estimated gathering consideration to be increased and from contractual amendments that required total estimated gathering consideration to be reduced. (c) Deferred revenues are recognized as revenue upon satisfaction of the Company's performance obligation to the customer. |
Schedule 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, 2023 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2024 2025 2026 2027 2028 Thereafter Total (Thousands) Gathering firm reservation fees $ 162,177 $ 176,657 $ 167,163 $ 160,370 $ 156,747 $ 1,568,133 $ 2,391,247 Gathering revenues supported by MVCs 427,513 457,339 489,679 487,710 485,079 2,685,762 5,033,082 Transmission firm reservation fees 397,514 400,073 400,429 399,680 396,999 2,765,237 4,759,932 Water revenues supported by ARCs/MVCs 45,706 48,441 45,159 44,065 45,706 120,938 350,015 Total (a) $ 1,032,910 $ 1,082,510 $ 1,102,430 $ 1,091,825 $ 1,084,531 $ 7,140,070 $ 12,534,276 (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 method investment and those amounts are not included in the table above. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Cost | The following table summarizes lease cost for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease cost $ 10,613 $ 9,540 $ 12,571 Finance lease cost: Amortization of leased assets 1,622 541 — Interest on lease liabilities 888 310 — Short-term lease cost 5,786 7,747 6,057 Variable lease cost 102 7 7 Sublease income (1,155) (742) (492) Total lease cost $ 17,856 $ 17,403 $ 18,143 The following table summarizes the cash paid for operating and finance lease liabilities for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease liabilities $ 10,923 $ 10,484 $ 12,792 Finance lease liabilities 2,021 670 — |
Schedule of 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 2023 2022 (Thousands) Assets: Operating lease right-of-use Other assets $ 37,598 $ 35,969 Finance lease Other assets 14,061 15,683 Total right-of-use assets $ 51,659 $ 51,652 Liabilities: Current operating Accrued liabilities $ 10,284 $ 6,682 Current finance Accrued liabilities 1,297 1,203 Non-current operating Regulatory and other long-term liabilities 28,889 30,272 Non-current finance Regulatory and other long-term liabilities 13,434 14,660 Total lease liabilities $ 53,904 $ 52,817 |
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, 2023 and related imputed interest. Operating Leases Finance Leases Year ending December 31, (Thousands) 2024 $ 12,170 $ 2,050 2025 8,344 2,081 2026 5,040 2,112 2027 5,111 2,144 2028 5,183 2,176 Thereafter 10,359 8,258 Total 46,207 18,821 Less: imputed interest 7,034 4,090 Present value of lease liabilities $ 39,173 $ 14,731 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the Company's related party transactions. Year Ended December 31, 2021 (Thousands) Operating revenues $ 777,276 Interest income from the Preferred Interest 5,767 Principal payments received on the Preferred Interest 5,217 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Balance Sheets December 31, 2023 2022 (Thousands) Current assets $ 349,417 $ 71,535 Non-current assets 8,480,539 6,737,064 Total assets $ 8,829,956 $ 6,808,599 Current liabilities $ 371,508 $ 118,679 Equity 8,458,448 6,689,920 Total liabilities and equity $ 8,829,956 $ 6,808,599 Condensed Statements of Operations Years Ended December 31, 2023 2022 2021 (Thousands) Operating (expenses) income $ (199) $ 20 $ (399) Other income 4,792 335 18 AFUDC – debt 108,681 — 11,452 AFUDC – equity 253,602 — 26,722 Net income $ 366,876 $ 355 $ 37,793 |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) 2023 PSU Program 4,800 — — 2022 PSU Program 6,077 5,672 — 2021 MVP PSU Program 20,576 — — 2021 PSU Program 2,083 1,527 5,940 2020 PSU Program — (221) 1,297 2019 PSU Program — — 984 Restricted stock awards 15,186 7,840 11,268 Other programs, including non-employee director awards 1,416 1,132 1,367 Total share-based compensation expense $ 50,138 $ 15,950 $ 20,856 |
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 Per Share Aggregate Fair Value 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) Outstanding at December 31, 2022 3,459,618 $ 10.37 $ 35,866,255 Granted 1,523,826 8.04 12,247,293 Vested (703,583) 5.59 (3,931,628) Outstanding at December 31, 2023 4,279,861 $ 10.32 $ 44,181,920 The following table summarizes all PSU Programs to be settled in cash and classified as liability awards: Non-vested Units Weighted Average Fair Value Per Unit Aggregate Fair Value 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 Granted 625,009 8.04 5,023,320 Vested (389,160) 5.59 (2,174,332) Forfeited (82,236) 10.69 (878,913) Outstanding at December 31, 2023 2,031,415 $ 10.50 $ 21,320,036 A summary of restricted stock equity award activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Non-vested Shares Weighted Average Fair Value Per Share Aggregate Fair Value Outstanding at January 1, 2021 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) Outstanding at December 31, 2022 1,646,640 $ 10.31 $ 16,974,914 Granted 1,646,000 6.23 10,254,580 Vested (870,970) 10.89 (9,481,533) Outstanding at December 31, 2023 2,421,670 $ 7.33 $ 17,747,961 A summary of restricted stock unit liability award activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Non-vested Units Weighted Average Aggregate Fair Value Outstanding at January 1, 2021 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 Granted 1,136,000 6.25 7,102,647 Vested (403,261) 11.98 (4,832,392) Forfeited (79,118) 7.26 (574,614) Outstanding at December 31, 2023 1,800,890 $ 7.30 $ 13,137,936 |
Schedule of Details of Award Types | A summary of phantom units' activity for the years ended December 31, 2023, 2022 and 2021 is presented below. Equitrans Midstream phantom units Units Weighted Average Aggregate Fair Value Outstanding at January 1, 2021 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 Granted 265,115 5.17 1,371,610 Distributions (78,840) 7.56 (595,686) Dividends 63,591 7.30 464,084 Outstanding at December 31, 2023 837,014 $ 9.62 $ 8,048,891 |
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, 2023 2022 2021 Accounting Treatment Liability (a) Equity Liability (a) Equity Liability (a) Equity Risk-free rate 4.20 % 4.48 % 4.25 % 1.16 % 4.65 % 0.16 % Dividend yield N/A N/A N/A N/A N/A N/A Volatility factor 47.7 % 57.8 % 58.4 % 54.0 % 58.4 % 61.0 % Expected term 2 years 3 years 2 years 3 years 1 year 3 years (a) Information shown for liability plan valuations is as of the measurement date. |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity | The following table provides detailed information on the MVP PSU Program as of December 31, 2023: MVP PSU Program Non-vested Shares Grant Date Fair Value (a) Fair Value (Thousands) Requisite Service Period Unrecognized Compensation Cost (Thousands) LTIP Participants 1,362,243 $9.59 $ 13,064 28 months $ 883 Senior Executives T1 579,015 $9.59 5,553 28 months 381 Senior Executives T2 289,511 $9.59 2,776 40 months 948 Senior Executives T3 289,504 $9.59 2,776 52 months 1,382 (a) Determined based upon the closing price of the Company's common stock on the day before the grant date. |
Schedule of Stock Options Roll Forward | A summary of stock option activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Options Outstanding at January 1, 2021 464,876 Expired — Outstanding at December 31, 2021 464,876 Expired (94,132) Outstanding at December 31, 2022 370,744 Expired (83,207) Outstanding at December 31, 2023 287,537 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | The following table presents the Company's and its consolidated subsidiaries' outstanding debt as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Principal Carrying Value (a) Fair Value (b) Principal Carrying Value (a) Fair Value (b) (Thousands) Amended EQM Credit Facility $ 915,000 $ 915,000 $ 915,000 $ 240,000 $ 240,000 $ 240,000 2021 Eureka Credit Facility 315,000 315,000 315,000 295,000 295,000 295,000 Total credit facility borrowings $ 1,230,000 $ 1,230,000 $ 1,230,000 $ 535,000 $ 535,000 $ 535,000 EQM 4.75% Senior Notes due 2023 (c) — — — 98,941 98,830 97,086 EQM 4.00% Senior Notes due 2024 300,000 299,731 297,150 300,000 299,270 288,291 EQM 6.00% Senior Notes due 2025 400,000 398,203 399,816 400,000 397,005 386,000 EQM 4.125% Senior Notes due 2026 500,000 497,518 482,940 500,000 496,667 444,700 EQM 6.50% Senior Notes due 2027 900,000 893,324 916,407 900,000 891,417 860,175 EQM 7.50% Senior Notes due 2027 500,000 494,686 515,200 500,000 493,130 489,630 EQM 5.50% Senior Notes due 2028 850,000 844,893 842,206 850,000 843,775 760,036 EQM 4.50% Senior Notes due 2029 800,000 793,506 755,784 800,000 792,217 671,936 EQM 7.50% Senior Notes due 2030 500,000 493,770 537,510 500,000 492,799 481,760 EQM 4.75% Senior Notes due 2031 1,100,000 1,090,261 1,023,715 1,100,000 1,088,877 899,250 EQM 6.50% Senior Notes due 2048 550,000 540,548 563,580 550,000 540,163 412,198 Total debt 6,400,000 6,346,440 6,334,308 6,498,941 6,434,150 5,791,062 Less current portion of long-term debt 300,000 299,731 297,150 98,941 98,830 97,086 Total long-term debt $ 6,100,000 $ 6,046,709 $ 6,037,158 $ 6,400,000 $ 6,335,320 $ 5,693,976 (a) Carrying values of the senior notes represent principal amount less unamortized debt issuance costs and debt discounts. (b) See Note 10 for a discussion of fair value measurements. (c) See "2023 Senior Notes Redemption" below for discussion of the redemption of the then-outstanding 2023 Notes (defined herein). |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax (Benefit) Expense | The following table summarizes income tax (benefit) expense for the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) Current income tax expense: Federal $ 4,323 $ — $ — State 14,915 972 4,853 Total current income tax expense 19,238 972 4,853 Deferred income tax expense (benefit): Federal (15,403) (5,391) (273,512) State (22,658) 10,863 (74,694) Total deferred income tax (benefit) expense (38,061) 5,472 (348,206) Total income tax (benefit) expense $ (18,823) $ 6,444 $ (343,353) |
Schedule of Income Tax Expense (Benefit) 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, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) Income tax expense (benefit) at statutory rate $ 91,546 $ (52,646) $ (365,535) Valuation allowances (99,802) 49,799 106,886 State income tax expense (benefit) 17,738 9,440 (81,573) Noncontrolling interest share of earnings (2,000) (2,563) (3,051) AFUDC - equity (25,575) 11 (2,595) Unrecognized tax benefit - statute of limitations lapse (7,426) — — Other 6,696 2,403 2,515 Income tax (benefit) expense $ (18,823) $ 6,444 $ (343,353) Effective tax rate (4.3) % (2.6) % 19.7 % |
Schedule of Components of Net Deferred Tax Assets and Liabilities | The following table summarizes the components of net deferred tax (liabilities) assets. December 31, 2023 2022 (Thousands) Deferred income tax assets: Investment in partnerships $ — $ 65,896 Section 163(j) interest limitation 45,822 36,523 Net operating loss carryforwards 36,668 71,639 Other 2,557 — Total deferred tax assets 85,047 174,058 Valuation allowance (56,883) (156,685) Net deferred tax asset 28,164 17,373 Deferred income tax liabilities: Investment in partnerships (18,716) — Deferred revenue (14,166) (15,143) Other — (2,230) Total deferred income tax liabilities (32,882) (17,373) Net deferred income tax liability $ (4,718) $ — |
Schedule of Operating Loss Carryforwards | The following table provides details related to our net operating losses (NOL) and valuation allowances as of: December 31, Expiration Period 2023 2022 (Thousands) NOL carryforwards U.S. federal net operating losses Indefinite $ 35,161 $ 61,710 Pennsylvania net operating losses 2040 - 2042 — 6,792 Other state net operating losses Indefinite 1,507 3,137 Total NOL carryforwards 36,668 71,639 Valuation allowance on NOL carryforwards Federal $ (18,061) $ (61,710) State (1,150) (9,929) Total valuation allowance on NOL carryforwards (19,211) (71,639) |
Schedule of Valuation Allowance | The following table summarizes the difference in the valuation allowance for the years ended December 31, 2023, 2022 and 2021: Additions Beginning Balance Credited to Costs and Expenses Ending Balance (Thousands) 2023 Deferred tax asset valuation allowance (a) $ 156,685 $ (99,802) $ 56,883 2022 Deferred tax asset valuation allowance (a) $ 106,886 $ 49,799 $ 156,685 2021 Deferred tax asset valuation allowance (a) $ — $ 106,886 $ 106,886 (a) Deducted from related assets. |
Schedule of Gross Unrecognized Benefits | The following table sets forth the reconciliation of gross unrecognized tax benefits and summarizes specific line items as of: December 31, 2023 (Thousands) Beginning balance, January 1 $ — Additions for tax positions taken in current year 17,465 Additions for tax positions taken in prior year 55,612 Lapse in statute of limitations (7,782) Ending balance, December 31 $ 65,295 If recognized, affects the effective tax rate (including valuation allowances) $ 31,378 Recorded as an offset to related deferred tax assets and liabilities in Consolidated Balance Sheets $ 32,557 |
Summary of Operations and Sig_4
Summary of Operations and Significant Accounting Policies - Nature of Business Narrative (Details) | Dec. 31, 2023 MMcf / d Bcf / d interconnect compressorUnit facility gasReserve interstatePipeline primaryAsset waterStorageFacility mi hp bbl Bcf |
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 | 1,220 |
Daily capacity (in Bcf per day) | Bcf / d | 7.7 |
Number of compressor units | compressorUnit | 138 |
Compression capacity (in hp) | hp | 491,000 |
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 | 42 |
Compression capacity (in hp) | hp | 135,000 |
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 | 53 |
Length of water pipeline | 201 |
Number of fresh water impoundment facilities | facility | 17 |
Number of water storage facilities | waterStorageFacility | 2 |
Barrels of capacity | bbl | 350,000 |
Number of interconnects | interconnect | 2 |
Summary of Operations and Sig_5
Summary of Operations and Significant Accounting Policies - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Prepaid expenses | $ 26,795 | $ 23,346 |
Henry Hub cash bonus payment provision | 24,503 | 0 |
Inventory | 15,851 | 19,173 |
Unbilled revenue | 8,753 | 24,465 |
Other current assets | 2,454 | 7,933 |
Total other current assets | $ 78,356 | $ 74,917 |
Summary of Operations and Sig_6
Summary of Operations and Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) lineOfBusiness segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of operating segments | segment | 3 | ||
Number of lines of business | lineOfBusiness | 3 | ||
Property, plant and equipment, cost capitalization | $ 52.2 | $ 47.3 | $ 50.8 |
Property, plant and equipment, interest capitalization | 11.4 | 8.7 | 4.9 |
Implementation costs incurred in hosting arrangement | 7.9 | 9 | |
Implementation costs amortized | $ 1.1 | $ 1 | $ 0.9 |
Property, plant and equipment, depreciation rates | 2.60% | 2.60% | 2.60% |
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 | 8 years | ||
Gas imbalance receivable | $ 1.3 | $ 7 | |
Contract billing cycle | 10 days | ||
Restricted stock awards | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Weighted average vesting term (in years) | 3 years | ||
Restricted Stock Units, Liability | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Weighted average vesting term (in years) | 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_7
Summary of Operations and Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Net property, plant and equipment | $ 7,992,384 | $ 7,884,331 |
Gathering assets | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Assets | 7,440,220 | 7,176,011 |
Accumulated depreciation | (1,113,967) | (919,465) |
Net property, plant and equipment | 6,326,253 | 6,256,546 |
Transmission and storage assets | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Assets | 2,001,489 | 1,928,894 |
Accumulated depreciation | (531,259) | (475,688) |
Net property, plant and equipment | 1,470,230 | 1,453,206 |
Water services assets | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Assets | 289,891 | 245,258 |
Accumulated depreciation | (101,541) | (79,518) |
Net property, plant and equipment | 188,350 | 165,740 |
Other property, plant and equipment | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Assets | 13,698 | 14,888 |
Accumulated depreciation | (6,147) | (6,049) |
Net property, plant and equipment | $ 7,551 | $ 8,839 |
Summary of Operations and Sig_8
Summary of Operations and Significant Accounting Policies - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 8 years | |
Gross | $ 934,199 | $ 934,199 |
Accumulated Amortization | (412,066) | (347,247) |
Net | $ 522,133 | $ 586,952 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 9 years | 10 years |
Gross | $ 623,199 | $ 623,199 |
Accumulated Amortization | (254,819) | (213,273) |
Net | $ 368,380 | $ 409,926 |
Customer Relationships | Eureka Midstream Holdings, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 7 years | 8 years |
Gross | $ 237,000 | $ 237,000 |
Accumulated Amortization | (90,112) | (69,128) |
Net | $ 146,888 | $ 167,872 |
Customer Relationships | Hornet Midstream Holdings, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 3 years | 4 years |
Gross | $ 74,000 | $ 74,000 |
Accumulated Amortization | (67,135) | (64,846) |
Net | $ 6,865 | $ 9,154 |
Summary of Operations and Sig_9
Summary of Operations and Significant Accounting Policies - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Accrued employee compensation | $ 52,263 | $ 47,742 |
Non-income tax accruals | 21,851 | 20,629 |
Current portion of lease liabilities | 11,581 | 7,886 |
Current portion of contract liability | 5,061 | 4,552 |
Other accrued liabilities | 16,114 | 3,026 |
Total accrued liabilities | $ 106,870 | $ 83,835 |
Summary of Operations and Si_10
Summary of Operations and Significant Accounting Policies - Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
AROs at beginning of period | $ 13,961 | $ 11,241 |
Liabilities incurred | 2,154 | 0 |
Liabilities settled | (3,028) | (996) |
Revisions to estimated liabilities | 306 | 3,153 |
Accretion expense | 862 | 563 |
AROs at end of period | $ 14,255 | $ 13,961 |
Summary of Operations and Si_11
Summary of Operations and Significant Accounting Policies - Regulatory Assets (Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Regulatory Assets [Line Items] | ||
Total regulatory assets | $ 126,962 | $ 89,654 |
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | $ 28,793 | 28,580 |
Regulatory asset, recovery period | 8 years 6 months | |
Deferred taxes | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | $ 8,931 | 9,329 |
On-going post-retirement benefits other than pension and other reimbursable costs | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory liabilities | 19,862 | 19,251 |
Deferred taxes | ||
Regulatory Assets [Line Items] | ||
Total regulatory assets | 123,128 | 85,046 |
Other recoverable costs | ||
Regulatory Assets [Line Items] | ||
Total regulatory assets | $ 3,834 | $ 4,608 |
Summary of Operations and Si_12
Summary of Operations and Significant Accounting Policies - Regulatory Operations and Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement Related Disclosures [Abstract] | |||
Operating revenues | $ 446,184 | $ 407,884 | $ 403,634 |
Operating expenses | 169,449 | 137,782 | $ 135,888 |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Net property, plant and equipment | 7,992,384 | 7,884,331 | |
Regulated Operation | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 2,001,489 | 1,928,898 | |
Accumulated depreciation | (531,259) | (475,689) | |
Net property, plant and equipment | $ 1,470,230 | $ 1,453,209 |
Impairments of Long-Lived Ass_3
Impairments of Long-Lived Assets and Equity Method Investment - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
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 and Equity Method Investment - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Property, Plant and Equipment | ||||
Impairments of long-lived assets and equity method investment | $ 0 | $ 0 | $ 56,178 | |
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairments of long-lived assets and equity method investment | Impairments of long-lived assets and equity method investment | Impairments of long-lived assets and equity method investment | |
Impairments of equity method investment | $ 0 | $ 583,057 | $ 1,926,402 | |
MVP Joint Venture | ||||
Property, Plant and Equipment | ||||
Impairments of equity method investment | $ 583,100 | $ 1,900,000 | ||
MVP Joint Venture | Measurement Input, Discount Rate | ||||
Property, Plant and Equipment | ||||
Fair value measurement input | 0.075 | 0.055 | ||
Water | ||||
Property, Plant and Equipment | ||||
Impairments of long-lived assets and equity method investment | $ 56,200 |
Financial Information by Busi_3
Financial Information by Business Segment - Narrative (Details) | 12 Months Ended |
Dec. 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 | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues from customers: | ||||
Total operating revenues | $ 1,393,929 | $ 1,357,747 | $ 1,317,037 | |
Operating income (loss): | ||||
Total operating income | 684,378 | 737,594 | 635,401 | |
Reconciliation of operating income to net (loss) income: | ||||
Equity income | [1],[2] | 175,215 | 168 | 17,579 |
Impairment of equity method investment | 0 | (583,057) | (1,926,402) | |
Other income (expense), net | 3,222 | 13,871 | (47,546) | |
Loss on extinguishment of debt | 0 | (24,937) | (41,025) | |
Net interest expense | (426,884) | (394,333) | (378,650) | |
Income tax (benefit) expense | (18,823) | 6,444 | (343,353) | |
Net income (loss) | 454,754 | (257,138) | (1,397,290) | |
Contract Buyouts | ||||
Revenues from customers: | ||||
Total operating revenues | 5,000 | 23,800 | ||
Gathering | ||||
Revenues from customers: | ||||
Total operating revenues | 870,167 | 890,579 | 862,053 | |
Transmission | ||||
Revenues from customers: | ||||
Total operating revenues | 443,119 | 404,517 | 400,202 | |
Water | ||||
Revenues from customers: | ||||
Total operating revenues | 80,643 | 62,651 | 54,782 | |
RMP | Water | ||||
Reconciliation of operating income to net (loss) income: | ||||
Impairment of long-lived assets | 56,200 | |||
Operating segments | Gathering | ||||
Revenues from customers: | ||||
Total operating revenues | 870,167 | 890,579 | 862,053 | |
Operating income (loss): | ||||
Total operating income | 398,228 | 446,917 | 415,969 | |
Operating segments | Transmission | ||||
Revenues from customers: | ||||
Total operating revenues | 443,119 | 404,517 | 400,202 | |
Operating income (loss): | ||||
Total operating income | 274,437 | 277,692 | 274,526 | |
Operating segments | Water | ||||
Revenues from customers: | ||||
Total operating revenues | 80,643 | 62,651 | 54,782 | |
Operating income (loss): | ||||
Total operating income | 13,269 | 14,602 | (53,911) | |
Headquarters | ||||
Operating income (loss): | ||||
Total operating income | $ (1,556) | $ (1,617) | $ (1,183) | |
[1] Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 7. |
Financial Information by Busi_5
Financial Information by Business Segment - Schedule of Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Lived Assets | |||
Total assets | $ 11,709,426 | $ 10,445,585 | $ 10,882,524 |
Operating segments | |||
Long-Lived Assets | |||
Total assets | 11,199,763 | 10,162,809 | 10,520,885 |
Operating segments | Gathering | |||
Long-Lived Assets | |||
Total assets | 7,612,820 | 7,610,233 | 7,600,637 |
Operating segments | Transmission | |||
Long-Lived Assets | |||
Total assets | 3,369,718 | 2,333,896 | 2,769,097 |
Operating segments | Water | |||
Long-Lived Assets | |||
Total assets | 217,225 | 218,680 | 151,151 |
Headquarters | |||
Long-Lived Assets | |||
Total assets | $ 509,663 | $ 282,776 | $ 361,639 |
Financial Information by Busi_6
Financial Information by Business Segment - Schedule of Depreciation and Capital Expenditures for Segment Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Information | |||
Depreciation | $ 279,386 | $ 272,195 | $ 270,404 |
Capital expenditures for segment assets | 397,663 | 368,417 | 286,155 |
Capitalized share-based compensation cost | (11,100) | 8,200 | 4,400 |
Operating segments | Gathering | |||
Segment Information | |||
Depreciation | 196,547 | 195,059 | 188,633 |
Capital expenditures for segment assets | 267,748 | 265,864 | 223,807 |
Operating segments | Gathering | Eureka Midstream Holdings, LLC | |||
Segment Information | |||
Capital expenditures for segment assets | 14,300 | 20,300 | 14,100 |
Operating segments | Transmission | |||
Segment Information | |||
Depreciation | 56,056 | 55,614 | 55,310 |
Capital expenditures for segment assets | 84,224 | 35,971 | 25,977 |
Operating segments | Transmission | MVP Southgate Project | |||
Segment Information | |||
Capital expenditures for segment assets | 689,400 | 199,600 | 287,700 |
Operating segments | Water | |||
Segment Information | |||
Depreciation | 26,043 | 20,016 | 25,233 |
Capital expenditures for segment assets | 45,691 | 66,569 | 34,877 |
Headquarters | |||
Segment Information | |||
Depreciation | 740 | 1,506 | 1,228 |
Capital expenditures for segment assets | $ 0 | $ 13 | $ 1,494 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 1,393,929 | $ 1,357,747 | $ 1,317,037 |
Contract Buyouts | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 5,000 | 23,800 | |
Firm reservation fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 973,483 | 967,593 | 839,542 |
Volumetric-based fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 420,446 | 390,154 | 477,495 |
Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 870,167 | 890,579 | 862,053 |
Gathering | Firm reservation fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 572,899 | 562,947 | 468,156 |
Gathering | Firm reservation fee revenues | Gathering revenues supported by MVCs | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 4,100 | 20,200 | 11,300 |
Gathering | Volumetric-based fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 297,268 | 327,632 | 393,897 |
Gathering | Volumetric-based fee revenues | Gathering revenues supported by MVCs | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 4,600 | 4,200 | 3,500 |
Transmission (a) | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 443,119 | 404,517 | 400,202 |
Transmission (a) | Firm reservation fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 361,416 | 370,769 | 366,323 |
Transmission (a) | Volumetric-based fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 81,703 | 33,748 | 33,879 |
Water | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 80,643 | 62,651 | 54,782 |
Water | Firm reservation fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 39,168 | 33,877 | 5,063 |
Water | Volumetric-based fee revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 41,475 | $ 28,774 | $ 49,719 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Changes in Unbilled Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 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 | 12,233 | 30,477 |
Minimum volume commitments invoiced | (27,945) | (19,256) |
Amortization | (658) | (500) |
Balance as of end of period | $ 11,123 | $ 27,493 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Jul. 08, 2022 USD ($) | Oct. 22, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) amendment | |
Disaggregation of Revenue [Line Items] | |||||
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 | $ 0 | $ 195,820 | $ 0 | |
Reduction to the contract liability | $ 195,800 | 0 | 195,820 | ||
Number of amendments | amendment | 2 | ||||
Contract with customer, liability | 1,301,100 | 973,087 | $ 822,416 | ||
Decrease in revenue | (1,393,929) | (1,357,747) | (1,317,037) | ||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract with customer, liability | 123,700 | ||||
Decrease in revenue | 123,700 | ||||
Water Services Letter Agreement | EES | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract term (in years) | 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 | ||||
Gathering | |||||
Disaggregation of Revenue [Line Items] | |||||
Decrease in revenue | $ (870,167) | (890,579) | (862,053) | ||
Weighted average remaining term (in years) | 13 years | ||||
Transmission (a) | |||||
Disaggregation of Revenue [Line Items] | |||||
Decrease in revenue | $ (443,119) | $ (404,517) | $ (400,202) | ||
Weighted average remaining term (in years) | 12 years |
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, 2023 | Dec. 31, 2022 | |
Change in Contract with Customer, Liability [Roll Forward] | |||
Balance as of beginning of period | $ 973,087 | $ 822,416 | |
Amounts recorded during the period | 338,860 | 359,797 | |
Change in estimated variable consideration | (5,331) | (11,761) | |
Amounts transferred during the period | (5,516) | (1,545) | |
EQT Cash Option | $ 195,800 | 0 | 195,820 |
Balance as of end of period | $ 1,301,100 | $ 973,087 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Schedule of Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 12,534,276 |
Transmission (a) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | 4,759,932 |
Water | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | 350,015 |
Volumetric-based fee revenues | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | 2,391,247 |
Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | 5,033,082 |
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 | 1,032,910 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Transmission (a) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 397,514 |
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 | $ 45,706 |
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 | $ 162,177 |
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 | $ 427,513 |
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 | $ 1,082,510 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Transmission (a) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 400,073 |
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 | $ 48,441 |
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 | $ 176,657 |
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 | $ 457,339 |
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 | $ 1,102,430 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Transmission (a) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 400,429 |
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 | $ 45,159 |
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 | $ 167,163 |
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 | $ 489,679 |
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 | $ 1,091,825 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Transmission (a) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 399,680 |
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 | $ 44,065 |
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 | $ 160,370 |
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 | $ 487,710 |
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 | $ 1,084,531 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Transmission (a) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 396,999 |
Remaining performance obligations, expected timing | 1 year |
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 | $ 45,706 |
Remaining performance obligations, expected timing | 1 year |
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 | $ 156,747 |
Remaining performance obligations, expected timing | 1 year |
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 | $ 485,079 |
Remaining performance obligations, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 7,140,070 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Transmission (a) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 2,765,237 |
Remaining performance obligations, expected timing | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Water | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 120,938 |
Remaining performance obligations, expected timing | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Volumetric-based fee revenues | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 1,568,133 |
Remaining performance obligations, expected timing | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Gathering revenues supported by MVCs | Gathering | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total firm reservation fees | $ 2,685,762 |
Remaining performance obligations, expected timing |
Leases - Narrative (Details)
Leases - Narrative (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease weighted average remaining lease term | 6 years | 7 years |
Operating lease weighted average discount rate | 6.10% | 5.90% |
Finance lease weighted average remaining lease term | 9 years | 10 years |
Finance lease weighted average discount rate | 5.80% | 5.90% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 10,613 | $ 9,540 | $ 12,571 |
Amortization of leased assets | 1,622 | 541 | 0 |
Interest on lease liabilities | 888 | 310 | 0 |
Short-term lease cost | 5,786 | 7,747 | 6,057 |
Variable lease cost | 102 | 7 | 7 |
Sublease income | (1,155) | (742) | (492) |
Total lease cost | $ 17,856 | $ 17,403 | $ 18,143 |
Leases - Cash Paid on Leases (D
Leases - Cash Paid on Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease liabilities | $ 10,923 | $ 10,484 | $ 12,792 |
Finance lease liabilities | $ 2,021 | $ 670 | $ 0 |
Leases - Balance Sheet Informat
Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use | $ 37,598 | $ 35,969 |
Finance lease | 14,061 | 15,683 |
Total right-of-use assets | 51,659 | 51,652 |
Current operating | 10,284 | 6,682 |
Current finance | 1,297 | 1,203 |
Non-current operating | 28,889 | 30,272 |
Non-current finance | 13,434 | 14,660 |
Total lease liabilities | $ 53,904 | $ 52,817 |
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, 2023 USD ($) |
Operating Leases | |
2024 | $ 12,170 |
2025 | 8,344 |
2026 | 5,040 |
2027 | 5,111 |
2028 | 5,183 |
Thereafter | 10,359 |
Total | 46,207 |
Less: imputed interest | 7,034 |
Present value of lease liabilities | 39,173 |
Finance Leases | |
2024 | 2,050 |
2025 | 2,081 |
2026 | 2,112 |
2027 | 2,144 |
2028 | 2,176 |
Thereafter | 8,258 |
Total | 18,821 |
Less: imputed interest | 4,090 |
Present value of lease liabilities | $ 14,731 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Operating revenues | $ 1,393,929 | $ 1,357,747 | $ 1,317,037 |
Principal payments received on the Preferred Interest | $ 5,837 | $ 5,518 | 5,217 |
Related Party | |||
Related Party Transaction [Line Items] | |||
Operating revenues | 777,276 | ||
Interest income from the Preferred Interest | 5,767 | ||
Principal payments received on the Preferred Interest | $ 5,217 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entity - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 29, 2024 USD ($) | Jan. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) mi | Mar. 31, 2024 | Apr. 06, 2023 USD ($) | Nov. 04, 2019 USD ($) | Apr. 30, 2018 mi | |
MVP Joint Venture | Beneficial Owner | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership interest | 66.67% | |||||||
MVP Project | ConEdison | Maximum | Scenario, Forecast | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Project targeted cost | $ 7,630 | |||||||
MVP Project | ConEdison | Minimum | Scenario, Forecast | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Project targeted cost | $ 7,570 | |||||||
MVP Southgate Project | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Length of pipeline | mi | 31 | |||||||
Gas and oil, length of natural gas pipeline | mi | 75 | |||||||
Variable Interest Entity, Not Primary Beneficiary | ConEdison | Maximum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Option to cap investment amount | $ 530 | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | EQT | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest | 48.40% | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Joint Venture | EQM Midstream Partners, LP | Scenario, Forecast | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest | 49% | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Project | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Letters of credit | $ 104.7 | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Project | Subsequent Event | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Capital call notice | $ 181.1 | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Project | Scenario, Forecast | Subsequent Event | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Capital call notice | $ 113.6 | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP Southgate Project | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest | 47.20% | |||||||
Letters of credit | $ 14.2 | |||||||
Equity method investment, aggregate cost | $ 370 | |||||||
Variable Interest Entity, Not Primary Beneficiary | MVP | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Length of pipeline | mi | 300 | |||||||
Issuance of performance guarantee, remaining capital obligation, percentage | 33% |
Investment in Unconsolidated _4
Investment in Unconsolidated Entity - Balance Sheet for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheets | ||||
Current assets | $ 595,497 | $ 389,702 | ||
Total assets | 11,709,426 | 10,445,585 | $ 10,882,524 | |
Current liabilities | 782,866 | 413,310 | ||
Equity | 1,506,275 | 1,398,604 | $ 1,972,486 | $ 3,676,212 |
Total liabilities, mezzanine equity and shareholders' equity | 11,709,426 | 10,445,585 | ||
Variable Interest Entity, Not Primary Beneficiary | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Condensed Balance Sheets | ||||
Current assets | 349,417 | 71,535 | ||
Non-current assets | 8,480,539 | 6,737,064 | ||
Total assets | 8,829,956 | 6,808,599 | ||
Current liabilities | 371,508 | 118,679 | ||
Equity | 8,458,448 | 6,689,920 | ||
Total liabilities, mezzanine equity and shareholders' equity | $ 8,829,956 | $ 6,808,599 |
Investment in Unconsolidated _5
Investment in Unconsolidated Entity - Income Statement for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Net income (loss) | $ 454,754 | $ (257,138) | $ (1,397,290) |
Variable Interest Entity, Not Primary Beneficiary | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating (expenses) income | (199) | 20 | (399) |
Other income | 4,792 | 335 | 18 |
AFUDC – debt | 108,681 | 0 | 11,452 |
AFUDC – debt | 253,602 | 0 | 26,722 |
Net income (loss) | $ 366,876 | $ 355 | $ 37,793 |
Share-based Compensation Plan_2
Share-based Compensation Plans - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Nov. 01, 2021 | Feb. 29, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 12, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total compensation costs capitalized | $ 5,000,000 | $ 2,000,000 | $ 4,200,000 | |||
Share-based payment arrangement, tax expense for excess tax benefits | 2,900,000 | 1,000,000 | 2,000,000 | |||
Total share-based compensation expense | 50,138,000 | 15,950,000 | 20,856,000 | |||
Total liability awards | 52,263,000 | 47,742,000 | ||||
Defined contribution plan expense | $ 8,200,000 | 8,000,000 | 7,600,000 | |||
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 | |||||
Unrecognized compensation cost | $ 15,600,000 | |||||
Weighted average vesting term | 1 year | |||||
Liability | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout factor | 200% | |||||
Expected term for risk-free rate | 2 years | |||||
Cash-settled PSU Programs | $ 6,900,000 | 3,900,000 | ||||
Restricted Stock Awards, Equity Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 9,100,000 | |||||
Weighted average vesting term | 1 year 7 months 6 days | |||||
Restricted Stock Awards, Liability Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total liability awards | $ 10,900,000 | 6,500,000 | ||||
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] | ||||||
Weighted average vesting term (in years) | 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) | 38,592,386 | |||||
2020 PSU Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total share-based compensation expense | $ 0 | $ (221,000) | $ 1,297,000 | |||
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% | |||||
2019 Equitrans Midstream Performance Share Unit Program | Performance Shares | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout factor | 200% | |||||
2019 Equitrans Midstream Performance Share Unit Program | Performance Shares | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout factor | 0% | |||||
2018 Plan | MVP Performance Share Unit Program Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 3,600,000 | |||||
Total share-based compensation expense | $ 20,600,000 | |||||
Weighted average vesting term (in years) | 7 months 6 days | |||||
2018 Plan | MVP Performance Share Unit Program Awards | LTIP Participants | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 883,000 | |||||
Share-based compensation award, granted (in shares) | 1,450,110 | |||||
Vesting percentage | 100% | |||||
Weighted average vesting term (in years) | 28 months | |||||
2018 Plan | MVP Performance Share Unit Program Awards | LTIP Participants | First Tranche | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 50% | |||||
2018 Plan | MVP Performance Share Unit Program Awards | LTIP Participants | Second Tranche | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 25% | |||||
2018 Plan | MVP Performance Share Unit Program Awards | LTIP Participants | Third Tranche | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 25% | |||||
2018 Plan | MVP Performance Share Unit Program Awards | Senior Executives | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation award, granted (in shares) | 1,158,030 | |||||
2024 Performance Share Unit Awards | Performance Shares | Maximum | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout factor | 200% | |||||
2024 Performance Share Unit Awards | Performance Shares | Minimum | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout factor | 0% |
Share-based Compensation Plan_3
Share-based Compensation Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 50,138 | $ 15,950 | $ 20,856 |
Restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 15,186 | 7,840 | 11,268 |
Other programs, including non-employee director awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,416 | 1,132 | 1,367 |
2023 PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 4,800 | 0 | 0 |
2022 PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 6,077 | 5,672 | 0 |
2021 MVP PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 20,576 | 0 | 0 |
2021 PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 2,083 | 1,527 | 5,940 |
2020 PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 0 | (221) | 1,297 |
2019 PSU Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 0 | $ 0 | $ 984 |
Share-based Compensation Plan_4
Share-based Compensation Plans - Schedule of Awards Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 3,459,618 | 2,659,196 | 1,300,567 |
Granted (in shares) | 1,523,826 | 1,274,910 | 1,540,230 |
Vested (in shares) | (703,583) | (474,488) | (85,872) |
Forfeited (in shares) | (95,729) | ||
Outstanding, ending balance (in shares) | 4,279,861 | 3,459,618 | 2,659,196 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 10.37 | $ 9.05 | $ 13.78 |
Granted (in dollars per share) | 8.04 | 14.86 | 8.77 |
Vested (in dollars per share) | 5.59 | 15.03 | 76.53 |
Forfeited (in dollars per share) | 8.45 | ||
Outstanding, ending balance (in dollars per share) | $ 10.32 | $ 10.37 | $ 9.05 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 35,866,255 | $ 24,052,643 | $ 17,925,467 |
Granted | 12,247,293 | 18,945,163 | 13,507,817 |
Vested | (3,931,628) | (7,131,551) | (6,571,784) |
Forfeited | (808,857) | ||
Outstanding ending balance | 44,181,920 | $ 35,866,255 | $ 24,052,643 |
Unrecognized compensation cost | $ 15,600,000 | ||
Liability | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 1,877,802 | 1,471,765 | 712,595 |
Granted (in shares) | 625,009 | 717,930 | 873,460 |
Vested (in shares) | (389,160) | (226,135) | (87,145) |
Forfeited (in shares) | (82,236) | (85,758) | (27,145) |
Outstanding, ending balance (in shares) | 2,031,415 | 1,877,802 | 1,471,765 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 10.30 | $ 8.78 | $ 11.85 |
Granted (in dollars per share) | 8.04 | 14.86 | 8.77 |
Vested (in dollars per share) | 5.59 | 14.67 | 33.87 |
Forfeited (in dollars per share) | 10.69 | 10.81 | 8.23 |
Outstanding, ending balance (in dollars per share) | $ 10.50 | $ 10.30 | $ 8.78 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 19,349,961 | $ 12,926,655 | $ 8,441,384 |
Granted | 5,023,320 | 10,668,440 | 7,660,244 |
Vested | (2,174,332) | (3,318,009) | (2,951,624) |
Forfeited | (878,913) | (927,125) | (223,349) |
Outstanding ending balance | $ 21,320,036 | $ 19,349,961 | $ 12,926,655 |
Restricted Stock Awards, Equity Awards | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 1,646,640 | 1,393,401 | 841,068 |
Granted (in shares) | 1,646,000 | 546,520 | 660,250 |
Vested (in shares) | (870,970) | (293,281) | (58,185) |
Forfeited (in shares) | (49,732) | ||
Outstanding, ending balance (in shares) | 2,421,670 | 1,646,640 | 1,393,401 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 10.31 | $ 11.88 | $ 17.08 |
Granted (in dollars per share) | 6.23 | 10.34 | 8.04 |
Vested (in dollars per share) | 10.89 | 17.81 | 44.20 |
Forfeited (in dollars per share) | 11.17 | ||
Outstanding, ending balance (in dollars per share) | $ 7.33 | $ 10.31 | $ 11.88 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 16,974,914 | $ 16,547,208 | $ 14,366,346 |
Granted | 10,254,580 | 5,651,017 | 5,308,410 |
Vested | (9,481,533) | (5,223,311) | (2,572,026) |
Forfeited | (555,522) | ||
Outstanding ending balance | 17,747,961 | $ 16,974,914 | $ 16,547,208 |
Unrecognized compensation cost | $ 9,100,000 | ||
Restricted Stock Awards, Liability Awards | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 1,147,269 | 1,079,704 | 877,596 |
Granted (in shares) | 1,136,000 | 380,250 | 430,800 |
Vested (in shares) | (403,261) | (267,642) | (190,036) |
Forfeited (in shares) | (79,118) | (45,043) | (38,656) |
Outstanding, ending balance (in shares) | 1,800,890 | 1,147,269 | 1,079,704 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 9.97 | $ 11.74 | $ 15.46 |
Granted (in dollars per share) | 6.25 | 9.77 | 8.06 |
Vested (in dollars per share) | 11.98 | 16.82 | 20.76 |
Forfeited (in dollars per share) | 7.26 | 10 | 10.73 |
Outstanding, ending balance (in dollars per share) | $ 7.30 | $ 9.97 | $ 11.74 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 11,442,295 | $ 12,678,768 | $ 13,565,895 |
Granted | 7,102,647 | 3,716,834 | 3,472,652 |
Vested | (4,832,392) | (4,502,803) | (3,944,942) |
Forfeited | (574,614) | (450,504) | (414,837) |
Outstanding ending balance | $ 13,137,936 | $ 11,442,295 | $ 12,678,768 |
Equitrans Midstream Phantom Units | |||
Non-vested Shares | |||
Outstanding, beginning balance (in shares) | 587,148 | 512,440 | 318,605 |
Granted (in shares) | 265,115 | 141,778 | 177,156 |
Distributions (in shares) | (78,840) | (104,603) | (16,957) |
Dividends (in shares) | 63,591 | 37,533 | 33,636 |
Outstanding, ending balance (in shares) | 837,014 | 587,148 | 512,440 |
Weighted Average Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 11.60 | $ 12.95 | $ 16.43 |
Granted (in dollars per share) | 5.17 | 10.03 | 8.16 |
Distributions (in dollars per share) | 7.56 | 14.75 | 20.29 |
Dividends (in dollars per share) | 7.30 | 7.86 | 8.88 |
Outstanding, ending balance (in dollars per share) | $ 9.62 | $ 11.60 | $ 12.95 |
Aggregate Fair Value | |||
Outstanding beginning balance | $ 6,808,883,000,000 | $ 6,634,576,000,000 | $ 5,234,709,000,000 |
Granted | 1,371,610,000,000 | 1,422,140,000,000 | 1,445,036,000,000 |
Distributions | (595,686,000,000) | (1,542,823,000,000) | (343,982,000,000) |
Dividends | 464,084,000,000 | 294,990,000,000 | 298,813,000,000 |
Outstanding ending balance | $ 8,048,891,000,000 | $ 6,808,883,000,000 | $ 6,634,576,000,000 |
Share-based Compensation Plan_5
Share-based Compensation Plans - Schedule of Monte Carlo Simulation Valuation Method (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free rate | 4.20% | 4.25% | 4.65% |
Volatility factor | 47.70% | 58.40% | 58.40% |
Expected term | 2 years | 2 years | 1 year |
Equity | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free rate | 4.48% | 1.16% | 0.16% |
Volatility factor | 57.80% | 54% | 61% |
Expected term | 3 years | 3 years | 3 years |
Share-based Compensation Plan_6
Share-based Compensation Plans - Schedule of Non-qualified Option Activity (Details) - Nonqualified Stock Options - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Options | |||
Outstanding, beginning balance (in shares) | 370,744 | 464,876 | 464,876 |
Expired (in shares) | (83,207) | (94,132) | 0 |
Outstanding, ending balance (in shares) | 287,537 | 370,744 | 464,876 |
Stock-based Compensation Plans
Stock-based Compensation Plans - Schedule of MVP PSU Program Activity (Details) - MVP Performance Share Unit Program Awards - 2018 Plan $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Requisite Service Period | 7 months 6 days |
Unrecognized Compensation Cost (Thousands) | $ 3,600 |
LTIP Participants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding (in shares) | shares | 1,362,243 |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 9.59 |
Fair Value (Thousands) | $ 13,064 |
Requisite Service Period | 28 months |
Unrecognized Compensation Cost (Thousands) | $ 883 |
Senior Executives T1 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding (in shares) | shares | 579,015 |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 9.59 |
Fair Value (Thousands) | $ 5,553 |
Requisite Service Period | 28 months |
Unrecognized Compensation Cost (Thousands) | $ 381 |
Senior Executives T2 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding (in shares) | shares | 289,511 |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 9.59 |
Fair Value (Thousands) | $ 2,776 |
Requisite Service Period | 40 months |
Unrecognized Compensation Cost (Thousands) | $ 948 |
Senior Executives T3 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding (in shares) | shares | 289,504 |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 9.59 |
Fair Value (Thousands) | $ 2,776 |
Requisite Service Period | 52 months |
Unrecognized Compensation Cost (Thousands) | $ 1,382 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | Dec. 31, 2023 | Jun. 21, 2023 | Dec. 31, 2022 | Jun. 10, 2022 | Jun. 07, 2022 | Mar. 31, 2021 | Jan. 15, 2021 |
Debt Instrument [Line Items] | |||||||
Current portion of long-term debt | $ 299,731,000 | $ 98,830,000 | |||||
Notes and Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Current portion of long-term debt | 300,000,000 | 98,941,000 | |||||
2021 Eureka Credit Facility | Revolving Credit Facility | EQT | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 315,000,000 | 295,000,000 | |||||
Line of credit | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 1,230,000,000 | 535,000,000 | |||||
Line of credit | Amended EQM Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Principal | $ 915,000,000 | 240,000,000 | |||||
Senior Notes | EQM 4.75% Senior Notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.75% | 4.75% | |||||
Principal | $ 0 | 98,941,000 | |||||
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 | ||
Senior Notes | EQM 4.00% Senior Notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4% | ||||||
Principal | $ 300,000,000 | 300,000,000 | |||||
Senior Notes | EQM 6.00% Senior Notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6% | ||||||
Principal | $ 400,000,000 | 400,000,000 | |||||
Senior Notes | EQM 4.125% Senior Notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.125% | ||||||
Principal | $ 500,000,000 | 500,000,000 | |||||
Senior Notes | EQM 6.50% Senior Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.50% | ||||||
Principal | $ 900,000,000 | 900,000,000 | |||||
Senior Notes | EQM 7.50% Senior Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.50% | ||||||
Principal | $ 500,000,000 | 500,000,000 | |||||
Senior Notes | EQM 5.50% Senior Notes due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.50% | ||||||
Principal | $ 850,000,000 | 850,000,000 | |||||
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 outstanding | 793,506,000 | 792,217,000 | |||||
Fair Value | $ 755,784,000 | 671,936,000 | |||||
Senior Notes | EQM 7.50% Senior Notes due 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.50% | ||||||
Principal | $ 500,000,000 | 500,000,000 | |||||
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 outstanding | 1,090,261,000 | 1,088,877,000 | |||||
Fair Value | $ 1,023,715,000 | 899,250,000 | |||||
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 | 6,400,000,000 | 6,498,941,000 | |||||
Total long-term debt | 6,100,000,000 | 6,400,000,000 | |||||
Carrying Value | Notes and Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Current portion of long-term debt | 299,731,000 | 98,830,000 | |||||
Carrying Value | Line of credit | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 1,230,000,000 | 535,000,000 | |||||
Carrying Value | Line of credit | Amended EQM Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 915,000,000 | 240,000,000 | |||||
Carrying Value | Line of credit | 2021 Eureka Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 315,000,000 | 295,000,000 | |||||
Carrying Value | Senior Notes | EQM 4.75% Senior Notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 0 | 98,830,000 | |||||
Carrying Value | Senior Notes | EQM 4.00% Senior Notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 299,731,000 | 299,270,000 | |||||
Carrying Value | Senior Notes | EQM 6.00% Senior Notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 398,203,000 | 397,005,000 | |||||
Carrying Value | Senior Notes | EQM 4.125% Senior Notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 497,518,000 | 496,667,000 | |||||
Carrying Value | Senior Notes | EQM 6.50% Senior Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 893,324,000 | 891,417,000 | |||||
Carrying Value | Senior Notes | EQM 7.50% Senior Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 494,686,000 | 493,130,000 | |||||
Carrying Value | Senior Notes | EQM 5.50% Senior Notes due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 844,893,000 | 843,775,000 | |||||
Carrying Value | Senior Notes | EQM 7.50% Senior Notes due 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 493,770,000 | 492,799,000 | |||||
Carrying Value | Senior Notes | EQM 6.50% Senior Notes due 2048 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 540,548,000 | 540,163,000 | |||||
Carrying Value | Notes and Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | 6,346,440,000 | 6,434,150,000 | |||||
Total long-term debt | 6,046,709,000 | 6,335,320,000 | |||||
Fair Value | Notes and Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Current portion of long-term debt | 297,150,000 | 97,086,000 | |||||
Fair Value | Line of credit | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 1,230,000,000 | 535,000,000 | |||||
Fair Value | Line of credit | Amended EQM Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 915,000,000 | 240,000,000 | |||||
Fair Value | Line of credit | 2021 Eureka Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 315,000,000 | 295,000,000 | |||||
Fair Value | Senior Notes | EQM 4.75% Senior Notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 0 | 97,086,000 | |||||
Fair Value | Senior Notes | EQM 4.00% Senior Notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 297,150,000 | 288,291,000 | |||||
Fair Value | Senior Notes | EQM 6.00% Senior Notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 399,816,000 | 386,000,000 | |||||
Fair Value | Senior Notes | EQM 4.125% Senior Notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 482,940,000 | 444,700,000 | |||||
Fair Value | Senior Notes | EQM 6.50% Senior Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 916,407,000 | 860,175,000 | |||||
Fair Value | Senior Notes | EQM 7.50% Senior Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 515,200,000 | 489,630,000 | |||||
Fair Value | Senior Notes | EQM 5.50% Senior Notes due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 842,206,000 | 760,036,000 | |||||
Fair Value | Senior Notes | EQM 7.50% Senior Notes due 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 537,510,000 | 481,760,000 | |||||
Fair Value | Senior Notes | EQM 6.50% Senior Notes due 2048 | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 563,580,000 | 412,198,000 | |||||
Fair Value | Notes and Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value | 6,334,308,000 | 5,791,062,000 | |||||
Total long-term debt | $ 6,037,158,000 | $ 5,693,976,000 |
Debt - Debt Maturity (Details)
Debt - Debt Maturity (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Combined aggregate amounts of maturities for long-term debt in 2024 | $ 300 |
Combined aggregate amounts of maturities for long-term debt in 2025 | 400 |
Combined aggregate amounts of maturities for long-term debt in 2026 | 500 |
Combined aggregate amounts of maturities for long-term debt in 2027 | 1,400 |
Combined aggregate amounts of maturities for long-term debt in 2028 | 850 |
Combined aggregate amounts of maturities for long-term debt in 2029 and thereafter | $ 2,950 |
Debt - EQM Revolving Credit Fac
Debt - EQM Revolving Credit Facility (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 06, 2023 | Oct. 01, 2023 | |
Debt Instrument [Line Items] | |||||
Revolving credit facility borrowings | $ 1,230,000,000 | $ 535,000,000 | |||
Amended EQM Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 2,160,000,000 | ||||
Amended EQM Credit Facility | Revolving Credit Facility | EQM Midstream Partners, LP | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | 915,000,000 | 240,000,000 | 1,450,000,000 | ||
Revolving credit facility borrowings | 105,800,000 | 234,900,000 | |||
Amended EQM Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 1,550,000,000 | ||||
Amended EQM Credit Facility | Line of Credit | EQM Midstream Partners, LP | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 1,550,000,000 | ||||
Consolidated leverage ratio | 585% | ||||
Current borrowing capacity | 400,000,000 | ||||
Debt related commitment fees | 7,600,000 | 8,400,000 | $ 7,400,000 | ||
Amended EQM Credit Facility | Line of Credit | EQT | |||||
Debt Instrument [Line Items] | |||||
Maximum amount of short term loans outstanding | 915,000,000 | 315,000,000 | 525,000,000 | ||
Average daily balance of short term loans outstanding | $ 354,000,000 | $ 193,000,000 | $ 395,000,000 | ||
Weighted average annual interest rate (as a percent) | 8.10% | 4.50% | 2.60% |
Debt - Eureka Credit Facility (
Debt - Eureka Credit Facility (Details) - Eureka Credit Facility - Line of Credit - Eureka Midstream, LLC - USD ($) | 12 Months Ended | ||||
May 29, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 13, 2021 | |
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 400,000,000 | ||||
Credit spread adjustment (as a percent) | 0.10% | ||||
Borrowings outstanding | $ 315,000,000 | $ 295,000,000 | $ 315,000,000 | ||
Maximum amount of short term loans outstanding | 315,000,000 | 295,000,000 | $ 301,000,000 | ||
Average daily balance of short term loans outstanding | $ 310,000,000 | $ 281,000,000 | |||
Weighted average annual interest rate (as a percent) | 7.80% | 4.40% | 2.50% | ||
Payment commitment fees | $ 400,000 | $ 500,000 | $ 500,000 |
Debt - 2023 Senior Notes Redemp
Debt - 2023 Senior Notes Redemption (Details) - EQM 4.75% Senior Notes due 2023 - Senior Notes - USD ($) $ in Millions | Jun. 21, 2023 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | 4.75% |
Debt principal amount redeemed | $ 98.9 | |
Debt instrument, redemption price, percentage of principal amount redeemed (as a percent) | 100% |
Debt - 2022 Senior Notes (Detai
Debt - 2022 Senior Notes (Details) - Senior Notes - USD ($) | Jun. 07, 2022 | Dec. 31, 2023 | Jun. 21, 2023 | Dec. 31, 2022 | Jun. 14, 2022 | Jun. 10, 2022 | Mar. 31, 2021 | Jan. 15, 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% | |||||||
2022 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Net proceeds from offering | $ 984,500,000 | |||||||
Discount | 12,500,000 | |||||||
Debt issuance costs | 3,000,000 | |||||||
2022 Senior Notes | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 501,100,000 | |||||||
EQM 4.75% Senior Notes due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 0 | $ 98,941,000 | ||||||
Interest rate | 4.75% | 4.75% | ||||||
EQM 4.75% Senior Notes due 2023 | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 496,800,000 | $ 300,000,000 | $ 4,300,000 | $ 500,000,000 | $ 500,000,000 | |||
Debt issuance costs | $ 506,700,000 | $ 4,400,000 | $ 537,000,000 | |||||
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 | |||||||
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 ($) | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 14, 2022 | Jun. 10, 2022 | Jun. 07, 2022 | Mar. 31, 2021 | Jan. 15, 2021 | |
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 0 | $ 24,937,000 | $ 41,025,000 | |||||
EQM 4.75% Senior Notes due 2023 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 0 | 98,941,000 | ||||||
EQM 4.75% Senior Notes due 2023 | Senior Notes | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 300,000,000 | $ 4,300,000 | $ 496,800,000 | $ 500,000,000 | $ 500,000,000 | |||
Debt issuance costs | $ 4,400,000 | $ 506,700,000 | $ 537,000,000 | |||||
Loss on extinguishment of debt | $ 24,900,000 | $ 41,000,000 | ||||||
4.00% Senior Notes Due 2024 | Senior Notes | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 200,000,000 | |||||||
6.00% Senior Notes Due 2025 | Senior Notes | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 200,000,000 | 300,000,000 | ||||||
4.00% Senior Notes Due 2024 and 6.00% Senior Notes Due 2025 | Senior Notes | EQT | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 500,000,000 | |||||||
Debt issuance costs | $ 509,000,000 |
Debt - 2021 Senior Notes (Detai
Debt - 2021 Senior Notes (Details) - Senior Notes - USD ($) | 3 Months Ended | ||||||
Mar. 31, 2021 | Dec. 31, 2023 | Jun. 21, 2023 | Dec. 31, 2022 | Jun. 10, 2022 | Jun. 07, 2022 | Jan. 15, 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 | ||||||
EQM 4.75% Senior Notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Principal | $ 0 | $ 98,941,000 | |||||
Interest rate | 4.75% | 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 ($) | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 10, 2022 | Jun. 07, 2022 | Mar. 31, 2021 | Jan. 15, 2021 | |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 0 | $ 24,937,000 | $ 41,025,000 | ||||
Senior Notes | EQM 4.75% Senior Notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 0 | 98,941,000 | |||||
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 | ||
Debt issuance costs | $ 4,400,000 | $ 506,700,000 | $ 537,000,000 | ||||
Loss on extinguishment of debt | $ 24,900,000 | $ 41,000,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets | ||
Henry Hub cash bonus payment provision | $ 24,503 | $ 0 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets | ||
Gain (loss) on derivative instrument | $ 1,500 | $ 9,600 | $ (47,800) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other income (expense), net | Other income (expense), net | Other income (expense), net |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Transmission (a) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Water | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Transmission (a) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Water | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Transmission (a) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Water | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Transmission (a) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Water | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Transmission (a) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Water | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Transmission (a) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Water | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |||
Volumetric-based fee revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Volumetric-based fee revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Volumetric-based fee revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Volumetric-based fee revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Volumetric-based fee revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Volumetric-based fee revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |||
Gathering revenues supported by MVCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Gathering revenues supported by MVCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Gathering revenues supported by MVCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Gathering revenues supported by MVCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Gathering revenues supported by MVCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Gathering revenues supported by MVCs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Gathering | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |||
Level 3 | Fair Value | EES | EQM Midstream Partners, LP | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Preferred interest | $ 90,700 | $ 95,200 | |
Level 3 | Carrying Value | EES | EQM Midstream Partners, LP | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Preferred interest | 88,500 | 94,300 | |
Henry Hub cash payment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative Asset, Current | $ 24,500 | ||
Henry Hub cash bonus payment provision | $ 23,000 | ||
Measurement Input, Price Volatility | Valuation, Market Approach | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Derivative asset, measurement input | 0.475 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Potentially dilutive securities (in shares) | 30,278 | 30,835 | 30,556 |
Phantom Units | |||
Class of Stock [Line Items] | |||
Potentially dilutive securities related to stock options and awards (shares) | 750 | 595 | 498 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current income tax expense: | |||
Federal | $ 4,323 | $ 0 | $ 0 |
State | 14,915 | 972 | 4,853 |
Total current income tax expense | 19,238 | 972 | 4,853 |
Deferred income tax expense (benefit): | |||
Federal | (15,403) | (5,391) | (273,512) |
State | (22,658) | 10,863 | (74,694) |
Total deferred income tax (benefit) expense | (38,061) | 5,472 | (348,206) |
Total income tax (benefit) expense | $ (18,823) | $ 6,444 | $ (343,353) |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) at statutory rate | $ 91,546 | $ (52,646) | $ (365,535) |
Valuation allowances | (99,802) | 49,799 | 106,886 |
State income tax expense (benefit) | 17,738 | 9,440 | (81,573) |
Noncontrolling interest share of earnings | (2,000) | (2,563) | (3,051) |
AFUDC - equity | (25,575) | 11 | (2,595) |
Unrecognized tax benefit - statute of limitations lapse | (7,426) | 0 | 0 |
Other | 6,696 | 2,403 | 2,515 |
Total income tax (benefit) expense | $ (18,823) | $ 6,444 | $ (343,353) |
Effective tax rate | (4.30%) | (2.60%) | 19.70% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance related to federal and state interest disallowances | $ 45,822 | $ 36,523 | |
Deferred tax liability | 1,200 | 48,500 | |
Unrecognized tax benefits | 1,700 | 0 | $ 0 |
Decrease in unrecognized tax benefits | 3,600 | ||
Common Stock | |||
Operating Loss Carryforwards [Line Items] | |||
Increase (decrease) in ownership as a result of merger | 37,500 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance related to federal and state interest disallowances | $ 36,500 | $ 36,500 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Taxes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Gross [Abstract] | ||||
Investment in partnerships | $ 0 | $ 65,896,000 | ||
Section 163(j) interest limitation | 45,822,000 | 36,523,000 | ||
Net operating loss carryforwards | 36,668,000 | 71,639,000 | ||
Other | 2,557,000 | 0 | ||
Total deferred tax assets | 85,047,000 | 174,058,000 | ||
Valuation allowance | (56,883,000) | (156,685,000) | $ (106,886,000) | $ 0 |
Net deferred tax asset | 28,164,000 | 17,373,000 | ||
Deferred income tax liabilities: | ||||
Investment in partnerships | (18,716,000) | 0 | ||
Deferred revenue | (14,166,000) | (15,143,000) | ||
Other | 0 | (2,230,000) | ||
Total deferred income tax liabilities | (32,882,000) | (17,373,000) | ||
Net deferred income tax liability | $ (4,718,000) | $ 0 |
Income Taxes - Schedule of Oper
Income Taxes - Schedule of Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Loss Carryforwards [Line Items] | ||
NOL carryforwards | $ 36,668 | $ 71,639 |
Valuation allowance on NOL carryforwards | (19,211) | (71,639) |
Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
NOL carryforwards | 35,161 | 61,710 |
Valuation allowance on NOL carryforwards | (18,061) | (61,710) |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance on NOL carryforwards | (1,150) | (9,929) |
Pennsylvania net operating losses | ||
Operating Loss Carryforwards [Line Items] | ||
NOL carryforwards | 0 | 6,792 |
Other state net operating losses | ||
Operating Loss Carryforwards [Line Items] | ||
NOL carryforwards | $ 1,507 | $ 3,137 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance For Deferred Tax Assets [Roll Forward] | |||
Beginning balance | $ 156,685,000 | $ 106,886,000 | $ 0 |
Credited to Costs and Expenses | (99,802,000) | 49,799,000 | 106,886,000 |
Ending balance | $ 56,883,000 | $ 156,685,000 | $ 106,886,000 |
Income Taxes - Schedule of Gros
Income Taxes - Schedule of Gross Unrecognized Benefits (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance, January 1 | $ 0 |
Additions for tax positions taken in current year | 17,465 |
Additions for tax positions taken in prior year | 55,612 |
Lapse in statute of limitations | (7,782) |
Ending balance, December 31 | 65,295 |
If recognized, affects the effective tax rate (including valuation allowances) | 31,378 |
Recorded as an offset to related deferred tax assets and liabilities in Consolidated Balance Sheets | $ 32,557 |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Details) - EQT Corporation | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 61% | 61% | 59% |
Accounts receivable | Credit Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 69% | 72% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligation | $ 5.2 |
Subsequent Events (Details)
Subsequent Events (Details) - Amended EQM Credit Facility - Line of Credit - EQM Midstream Partners, LP | Feb. 15, 2024 Rate | Oct. 01, 2023 Rate |
Subsequent Event [Line Items] | ||
Consolidated leverage ratio | 585% | |
Debt Covenant Period One | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Consolidated leverage ratio | 600% | |
Debt Covenant Period Two | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Consolidated leverage ratio | 625% | |
Debt Covenant Period Three | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Consolidated leverage ratio | 585% | |
Debt Covenant Period Four | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Consolidated leverage ratio | 550% |