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EQM Midstream Partners, LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed May 14, 2020. Its latest SEC filing is a SC 13G/A from Feb 4, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Gathers natural gas from producers, moves it through transmission and storage systems for utilities and other customers, and provides water services that support well completion.

How Did They Make Money?

Gas customers pay monthly to reserve pipeline or storage capacity, plus charges for each volume gathered, moved or stored; payment is typically due within 21 days. Water customers pay for water delivered or collected, with payment typically due within 30 days.

revenue

Who Were Their Customers?

Producers, including EQT and its affiliates, use EQM's gathering and water services; local distribution companies and other customers use its transmission and storage systems. They contract with EQM for these services.

Customers above 10% of revenue, FY2019
of revenue from two customers (69%, 7%)
FY2017: 85% from two customers

Did Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in .

Operating income,
13% of revenue
▼ −72% vs ($726.7M, 49%)
Net income,
11% of revenue
▼ −73% vs ($668M, 45%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q1 FY2020, the three months to Mar 31, 2020
Revenue
▲ +16%
vs $389.8M in Q1 FY2019
Net income
▼ 0%
vs $251.9M in Q1 FY2019
  • Jun 17, 2020 Equitrans Midstream completed its acquisition of EQM EQM became a wholly owned subsidiary, and its common units were suspended from New York Stock Exchange trading.
  • May 14, 2020 EQM raised its full-year earnings and cash-flow guidance

Grew. Revenue grew 2.2x in 3 years, from $732.3M in to $1.6B in , about 31% a year.

Added water services The older report describes gathering plus transmission and storage; the latest report also includes water pipelines and facilities that deliver fresh water and collect flowback and produced water for recycling or disposal.

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