EQT Midstream Partners (EQM) Tops Q1 EPS by 40c

EQT Midstream Partners (NYSE: EQM) reported Q1 EPS of $1.56, $0.40 better than the analyst estimate of $1.16. Revenue for the quarter came in at $389.78 million versus the consensus estimate of $393.63 million.

• Delivered first quarter operating and financial results ahead of guidance
• Generated 90% of transmission operating revenue from firm reservation fees
• Generated 49% of gathering operating revenue from firm reservation fees
• Completed strategic acquisition of 60% of Eureka Midstream and 100% of Hornet Midstream in April 2019
• Simplified structure and eliminated the EQM incentive distribution rights (IDRs)

“We had a solid start to the year as we moved quickly to simplify our structure, executed a strategic bolt-on acquisition, and delivered first quarter results ahead of guidance," said Thomas F. Karam, chief executive officer of ETRN and EQM. "While we continue execution of our growth strategy, we will maintain our financial prudence by leveraging our asset footprint to enhance operating efficiencies and to deliver innovative natural gas transportation and water services solutions to our customers."

Diana Charletta, chief operating officer, added, "With our many first quarter accomplishments, 2019 is proving to be another exciting and transformational year for our company. Our E-Train team stepped up to lead the due diligence and integration efforts for the recent acquisition and continued to operate our existing assets safely and efficiently. During the quarter, we managed modest variations in our gathered volume by focusing on cost controls. Additionally, we continued to concentrate on the completion of our major growth projects, which will provide our customers with increased flexibility and access to premium markets."

For earnings history and earnings-related data on EQT Midstream Partners (EQM) click here.

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