EQT Midstream Partners Q3 Results Miss View, To Own Majority Stake In MVP

(RTTNews) - EQT Midstream Partners, LP (EQM) Thursday reported third-quarter limited partner interest in net income of $51.99 million or $0.85 per unit, up from $26.96 million or $0.60 per unit in the previous-year quarter.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.86 per unit for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues for the quarter climbed to $95.84 million from $77.48 million a year ago. Analysts estimated revenues of $97.25 million for the quarter.

The company's full-year 2014 adjusted EBITDA and distributable cash flow forecasts are $254 million and $221 million, respectively. The forecasts reflect lower expected fourth- quarter gathered volumes on the Jupiter natural gas gathering system due to EQT's revised production volume forecast.

The company also announced a quarterly cash distribution of $0.55 per unit, up 28 percent from last year. The distribution will be paid on November 14, 2014 to all unitholders of record on November 6, 2014.

Further, EQT said it will assume its interest in Mountain Valley Pipeline, LLC, a joint venture with a subsidiary of NextEra Energy, Inc.

The Mountain Valley Pipeline or MVP will extend from the Partnership's existing transmission and storage system in Wetzel County, West Virginia to Pittsylvania County, Virginia. The Partnership expects to own a majority interest in the joint venture and will operate the estimated 300-mile pipeline.

The pipeline is expected to be in-service during the fourth quarter of 2018.