0001747009-19-000032.txt : 20191105 0001747009-19-000032.hdr.sgml : 20191105 20191105162218 ACCESSION NUMBER: 0001747009-19-000032 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 86 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191105 DATE AS OF CHANGE: 20191105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Equitrans Midstream Corp CENTRAL INDEX KEY: 0001747009 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 830516635 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38629 FILM NUMBER: 191193621 BUSINESS ADDRESS: STREET 1: 2200 ENERGY DRIVE CITY: CANONSBURG STATE: PA ZIP: 15317 BUSINESS PHONE: 724-271-7600 MAIL ADDRESS: STREET 1: 2200 ENERGY DRIVE CITY: CANONSBURG STATE: PA ZIP: 15317 FORMER COMPANY: FORMER CONFORMED NAME: EQT Midstream SpinCo, Inc. DATE OF NAME CHANGE: 20180717 10-Q 1 etrn930201910q.htm 10-Q Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
or
 
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
FOR THE TRANSITION PERIOD FROM TO         
 
 
 
 
COMMISSION FILE NUMBER
001-38629
EQUITRANS MIDSTREAM CORPORATION
(Exact name of registrant as specified in its charter) 
Pennsylvania
 
83-0516635
(State or other jurisdiction of incorporation or organization)
 
(IRS Employer Identification No.)

2200 Energy Drive, Canonsburg, Pennsylvania     15317
(Address of principal executive offices)     (Zip code)
(724) 271-7600
(Registrant's telephone number, including area code)

 
625 Liberty Avenue, Suite 2000, Pittsburgh, Pennsylvania 15222
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock
 
ETRN
 
New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No  
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer  
 
 
 
Accelerated Filer                 
 
Emerging Growth Company
 
Non-Accelerated Filer
 
(Do not check if a
smaller reporting company)
 
Smaller Reporting Company
 
 
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).        Yes    No 
As of October 31, 2019, 254,744 shares of common stock (in thousands), no par value, of the registrant were outstanding.



EQUITRANS MIDSTREAM CORPORATION
Index
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2



EQUITRANS MIDSTREAM CORPORATION
Glossary of Commonly Used Terms, Abbreviations and Measurements
Allowance for Funds Used During Construction (AFUDC) – carrying costs for the construction of certain long-lived regulated assets are capitalized and amortized over the related assets' estimated useful lives. The capitalized amount for construction of regulated assets includes interest cost and a designated cost of equity for financing the construction of these regulated assets.
British thermal unit – a measure of the amount of energy required to raise the temperature of one pound of water one-degree Fahrenheit.
Employee Matters Agreement - that certain Employee Matters Agreement, dated as of November 12, 2018, by and between EQT Corporation and Equitrans Midstream Corporation.
EQGP – EQGP Holdings, LP (formerly known as EQT GP Holdings, LP) and its subsidiaries.
EQM – EQM Midstream Partners, LP (formerly known as EQT Midstream Partners, LP) (NYSE: EQM) and its subsidiaries.
EQT – EQT Corporation (NYSE: EQT) and its subsidiaries.
firm contracts – contracts for gathering, transmission or storage services that reserve an agreed upon amount of pipeline or storage capacity regardless of the capacity used by the customer during each month, and generally obligate the customer to pay a fixed, monthly charge.
firm reservation fee revenues contractually obligated revenues that include fixed monthly charges under firm contracts and fixed volumetric charges under MVC (defined below) contracts.
gas – natural gas.
Minimum volume commitments (MVCs) – contracts for gathering or water services that obligate the customer to pay for a fixed amount of volumes either monthly, annually or over the life of the contract.
Mountain Valley Pipeline (MVP) – an estimated 300 mile, 42-inch diameter natural gas interstate pipeline with a targeted capacity of 2.0 Bcf per day that will span from EQM's existing transmission and storage system in Wetzel County, West Virginia to Pittsylvania County, Virginia, providing access to the growing Southeast demand markets.
MVP Southgate – a proposed 70-mile interstate pipeline that will extend from the MVP at Pittsylvania County, Virginia to new delivery points in Rockingham and Alamance Counties, North Carolina.
Mountain Valley Pipeline, LLC (MVP Joint Venture) – a joint venture among EQM and affiliates of each of NextEra Energy, Inc., Consolidated Edison, Inc. (Con Edison), AltaGas Ltd. and RGC Resources, Inc. that is constructing, as applicable, the MVP and the MVP Southgate.
Preferred Interest – the preferred interest that EQM has in EQT Energy Supply, LLC (EES), a subsidiary of EQT.
RMP – RM Partners LP (formerly known as Rice Midstream Partners LP) and its subsidiaries.

Separation – the separation of EQT's midstream business, which was composed of the separately-operated natural gas gathering, transmission and storage and water services operations of EQT (the Midstream Business), from EQT's upstream business, which was composed of the natural gas, oil and natural gas liquids development, production and sales and commercial operations of EQT, which occurred on the Separation Date (defined below).

Separation Date - November 12, 2018.
throughput – the volume of natural gas transported or passing through a pipeline, plant, terminal or other facility during a particular period.

3



Abbreviations
Measurements
ASU – Accounting Standards Update
Btu  = one British thermal unit
FASB  Financial Accounting Standards Board
BBtu = billion British thermal units
FERC – U.S. Federal Energy Regulatory Commission
Bcf   = billion cubic feet
GAAP – United States Generally Accepted Accounting Principles
Mcf = thousand cubic feet
IDRs – incentive distribution rights
MMBtu  = million British thermal units
IRS – U.S. Internal Revenue Service
MMcf  = million cubic feet
SEC – U.S. Securities and Exchange Commission
MMgal = million gallons

4



PART I.  FINANCIAL INFORMATION
Item 1. Financial Statements

EQUITRANS MIDSTREAM CORPORATION
 Statements of Condensed Consolidated Comprehensive Income (Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(Thousands, except per share amounts)
Operating revenues (a)
$
408,434

 
$
364,584

 
$
1,204,383

 
$
1,110,307

Operating expenses:
 
 
 
 
 

 
 

Operating and maintenance (b)
43,021

 
48,092

 
117,460

 
118,534

Selling, general and administrative (b)
24,151

 
27,380

 
83,553

 
82,853

Separation and other transaction costs (b)
256

 
16,681

 
24,606

 
47,995

Depreciation
59,460

 
43,722

 
166,730

 
127,235

Amortization of intangible assets
14,540

 
10,387

 
38,677

 
31,160

Impairments of long-lived assets (c)
305,459

 

 
385,594

 

Total operating expenses
446,887

 
146,262

 
816,620

 
407,777

Operating (loss) income
(38,453
)
 
218,322

 
387,763

 
702,530

Equity income (d)
44,448

 
16,087

 
112,293

 
35,836

Other income
70

 
1,345

 
2,637

 
3,193

Net interest expense (e)
65,606

 
36,862

 
188,268

 
68,848

(Loss) income before income taxes
(59,541
)
 
198,892

 
314,425

 
672,711

Income tax expense
1,948

 
12,926

 
45,868

 
43,394

Net (loss) income
(61,489
)
 
185,966

 
268,557

 
629,317

Net income attributable to noncontrolling interests
4,336

 
103,141

 
203,562

 
362,696

Net (loss) income attributable to Equitrans Midstream
$
(65,825
)
 
$
82,825

 
$
64,995

 
$
266,621

 
 
 
 
 
 
 
 
Earnings per share of common stock attributable to Equitrans Midstream:
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Weighted average common stock outstanding
254,915

 
254,432

 
254,868

 
254,432

Net (loss) income
(0.26
)
 
$
0.33

 
$
0.26

 
$
1.05

Diluted:
 
 
 
 
 
 
 
Weighted average common stock outstanding
254,915

 
255,033

 
254,887

 
255,033

Net (loss) income
$
(0.26
)
 
$
0.32

 
$
0.25

 
$
1.05

 
 
 
 
 
 
 
 
Statement of comprehensive (loss) income:
 
 
 
 
 
 
 
Net (loss) income
$
(61,489
)
 
$
185,966

 
$
268,557

 
$
629,317

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
2019 pension and other post-retirement benefits liability adjustment, net of tax expense of $7 and $22
21

 

 
(252
)
 

Other comprehensive income (loss)
21

 

 
(252
)
 

Comprehensive (loss) income
(61,468
)
 
185,966

 
268,305

 
629,317

Less: Comprehensive income attributable to noncontrolling interests
4,336

 
103,141

 
203,562

 
362,696

Comprehensive (loss) income attributable to Equitrans Midstream
$
(65,804
)
 
$
82,825

 
$
64,743

 
$
266,621

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.45

 
$

 
$
1.35

 
$




5



(a)
Operating revenues included related party revenues from EQT Corporation (NYSE: EQT) of $275.4 million and $276.9 million for the three months ended September 30, 2019 and 2018, respectively, and $843.9 million and $827.8 million for the nine months ended September 30, 2019 and 2018, respectively. See Note 8.
(b)
Operating and maintenance expense included charges to EQT of $2.4 million for both the three and nine months ended September 30, 2019. For the three and nine months ended September 30, 2018, operating and maintenance expense included charges from EQT of $14.0 million and $38.4 million, respectively. Selling, general and administrative expense included charges from EQT of $1.0 million for both the three and nine months ended September 30, 2019. Selling, general and administrative expense included charges from EQT of $26.2 million and $76.9 million for the three and nine months ended September 30, 2018, respectively. See Note 8. Separation and other transaction costs for the three and nine months ended September 30, 2018 represents the expenses related to the Rice Merger, the EQM-RMP Mergers and the Drop-Down Transaction (each defined in Note 1) and included charges allocated to Equitrans Midstream from EQT of $11.0 million and $34.6 million, respectively. See Notes 1 and 8.
(c)
See Note 4 for disclosure regarding impairments of long-lived assets.
(d)
Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 9.
(e)
Net interest expense included interest income on the Preferred Interest in EQT Energy Supply, LLC (EES), a subsidiary of EQT, of $1.6 million and $1.6 million for the three months ended September 30, 2019 and 2018, respectively, and $4.8 million and $5.0 million for the nine months ended September 30, 2019 and 2018, respectively.

The accompanying notes are an integral part of these condensed consolidated financial statements.

6



EQUITRANS MIDSTREAM CORPORATION
Statements of Condensed Consolidated Cash Flows (Unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
 
(Thousands)
Cash flows from operating activities:
 

 
 

Net income
$
268,557

 
$
629,317

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
166,730

 
127,235

Amortization of intangible assets
38,677

 
31,160

Deferred income taxes
45,868

 
(164,333
)
Impairments of long-lived assets (a)
385,594

 

Equity income
(112,293
)
 
(35,836
)
Other income
(3,866
)
 
(3,585
)
Non-cash long-term compensation expense
1,900

 
1,293

Changes in other assets and liabilities:
 
 
 
Accounts receivable
28,773

 
2,193

Accounts payable
(72,369
)
 
91,421

Accrued interest
(39,103
)
 
35,098

Other assets and other liabilities
(17,999
)
 
(12,570
)
Net cash provided by operating activities
690,469

 
701,393

Cash flows from investing activities:
 

 
 

Capital expenditures
(769,937
)
 
(624,359
)
Capital contributions to the MVP Joint Venture
(512,852
)
 
(446,049
)
Bolt-on Acquisition (defined in Note 3), net of cash acquired
(837,231
)
 

Principal payments received on the Preferred Interest
3,471

 
3,281

Net cash used in investing activities
(2,116,549
)
 
(1,067,127
)
Cash flows from financing activities:
 

 
 

Proceeds from credit facility borrowings
1,969,000

 
2,524,000

Payments on credit facility borrowings
(2,325,500
)
 
(2,968,000
)
Proceeds from the issuance of EQM's long-term debt
1,400,000

 
2,500,000

Debt discount and issuance costs
(2,563
)
 
(34,249
)
Cash paid for long-term debt
(32,825
)
 

Proceeds from issuance of Series A Preferred Units, net of offering costs
1,158,313

 

Distributions paid to noncontrolling interest unitholders
(285,834
)
 
(279,539
)
Distributions paid to EQM Series A Preferred unitholders
(22,979
)
 

Dividends paid
(333,493
)
 

Purchase of EQGP common units
(238,455
)
 

Proceeds from the EQGP Working Capital Facility loan

 
32

Net distributions to EQT

 
(1,138,412
)
Acquisition of 25% of Strike Force Midstream LLC

 
(175,000
)
Net cash provided by financing activities
1,285,664

 
428,832

 
 
 
 
Net change in cash and cash equivalents
(140,416
)
 
63,098

Cash and cash equivalents at beginning of period
294,172

 
121,004

Cash and cash equivalents at end of period
$
153,756

 
$
184,102

 
 
 
 
Cash paid during the period for:
 

 
 

Interest, net of amount capitalized
$
223,257

 
$
42,655

 
 
 
 
Non-cash activity during the period for:
 

 
 

Settlement of transaction costs with EQT
$

 
$
87,982

Net settlement of current income taxes payable with EQT
$

 
$
54,033



(a)
See Note 4 for disclosure regarding impairments of long-lived assets.
The accompanying notes are an integral part of these condensed consolidated financial statements.

7



EQUITRANS MIDSTREAM CORPORATION
Condensed Consolidated Balance Sheets (Unaudited) 
 
September 30, 2019
 
December 31, 2018
 
(Thousands)
ASSETS
 
Current assets:
 

 
 

Cash and cash equivalents
$
153,756

 
$
294,172

Accounts receivable (net of allowance for doubtful accounts of $29 and $75 as of September 30, 2019 and December 31, 2018, respectively) (a)
243,540

 
255,496

Other current assets
24,885

 
19,171

Total current assets
422,181

 
568,839

 
 
 
 
Property, plant and equipment
8,439,361

 
6,469,846

Less: accumulated depreciation
(824,931
)
 
(602,199
)
Net property, plant and equipment
7,614,430

 
5,867,647

 
 
 
 
Investment in unconsolidated entity
2,227,321

 
1,510,289

Goodwill (b)
1,070,363

 
1,239,269

Net intangible assets
812,020

 
576,113

Deferred income taxes
190,954

 
597,321

Other assets
238,719

 
164,357

Total assets
$
12,575,988

 
$
10,523,835

 
 
 
 
LIABILITIES AND EQUITY
 

 
 

Current liabilities:
 

 
 

Current portion of long-term debt
$
6,000

 
$
6,000

Accounts payable (c)
172,958

 
210,007

Capital contribution payable to the MVP Joint Venture
261,089

 
169,202

Accrued interest
41,258

 
80,236

Accrued liabilities
77,005

 
84,011

Total current liabilities
558,310

 
549,456

 
 
 
 
Credit facility borrowings (d)
557,500

 
641,500

EQM long-term debt
4,858,208

 
3,456,639

Long-term debt
562,389

 
562,105

Regulatory and other long-term liabilities
98,331

 
54,502

Total liabilities
6,634,738

 
5,264,202

 
 
 
 
Equity:
 

 
 

Common stock, no par value, 254,744 and 254,271 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
1,381,092

 
425,370

Retained (deficit) earnings
(234,250
)
 
33,932

Accumulated other comprehensive loss
(1,761
)
 
(1,509
)
Total common shareholders' equity
1,145,081

 
457,793

Noncontrolling interests
4,796,169

 
4,801,840

Total shareholders' equity
5,941,250

 
5,259,633

Total liabilities and shareholders' equity
$
12,575,988

 
$
10,523,835


(a)
Accounts receivable as of September 30, 2019 and December 31, 2018 included approximately $175.7 million and $175.9 million, respectively, of accounts receivable due from EQT.
(b)
See Note 4 for disclosure regarding impairments of goodwill.
(c)
Accounts payable as of December 31, 2018 included approximately $34.1 million due to EQT. There was no related party balance with EQT included in accounts payable as of September 30, 2019.
(d)
As of September 30, 2019, the Company had credit facility borrowings outstanding of approximately $265 million and $293 million on the EQM Credit Facility and the Eureka Credit Facility, respectively (both defined herein). The Company had no borrowings outstanding under its credit facilities as of September 30, 2019. See Note 10 for further detail.
The accompanying notes are an integral part of these condensed consolidated financial statements.

8



EQUITRANS MIDSTREAM CORPORATION
Statements of Condensed Consolidated Equity (Unaudited)
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Retained
 
Other
 
 
 
 
 
Parent Net
 
Shares
 
No
 
Earnings
 
Comprehensive
 
Noncontrolling
 
Total
 
Investment
 
Outstanding
 
Par Value
 
(Deficit)
 
Loss
 
Interests
 
Equity
 
(Thousands, except per share and unit amounts)
Balance at January 1, 2018
$
1,143,769

 

 
$

 
$

 
$

 
$
5,094,995

 
$
6,238,764

Net income
82,729

 

 

 

 

 
141,015

 
223,744

Net contributions from EQT
92,074

 

 

 

 

 

 
92,074

Share-based compensation plans
317

 

 

 

 

 
390

 
707

Distributions paid to noncontrolling interest unitholders ($1.025, $0.244 and $0.2917 per common unit for EQM, EQGP and RMP, respectively)

 

 

 

 

 
(88,896
)
 
(88,896
)
Net changes in ownership of consolidated entities
47

 

 

 

 

 
(64
)
 
(17
)
Balance at March 31, 2018
$
1,318,936

 

 
$

 
$

 
$

 
$
5,147,440

 
$
6,466,376

Net income
101,067

 

 

 

 

 
118,540

 
219,607

Net distributions to EQT
(17,513
)
 

 

 

 

 

 
(17,513
)
Share-based compensation plans

 

 

 

 

 
101

 
101

Distributions paid to noncontrolling interest unitholders ($1.065, $0.258 and $0.3049 per common unit for EQM, EQGP and RMP, respectively)

 

 

 

 

 
(91,849
)
 
(91,849
)
Purchase of Strike Force Midstream LLC noncontrolling interests
1,818

 

 

 

 

 
(176,818
)
 
(175,000
)
Net changes in ownership of consolidated entities
(19,051
)
 

 

 

 

 
25,922

 
6,871

Balance at June 30, 2018
$
1,385,257

 

 
$

 
$

 
$

 
$
5,023,336

 
$
6,408,593

Net income
82,825

 

 

 

 

 
103,141

 
185,966

Net distributions to EQT
(1,070,958
)
 

 

 

 

 

 
(1,070,958
)
Share-based compensation plans
23

 

 

 

 

 
462

 
485

Distributions paid to noncontrolling interest unitholders ($1.09 and $0.306 per common unit for EQM and EQGP, respectively)

 

 

 

 

 
(98,794
)
 
(98,794
)
Net changes in ownership of consolidated entities
(138,947
)
 

 

 

 

 
189,072

 
50,125

Balance at September 30, 2018
$
258,200

 

 
$

 
$

 
$

 
$
5,217,217

 
$
5,475,417



9



 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Retained
 
Other
 
 
 
 
 
Parent Net
 
Shares
 
No
 
Earnings
 
Comprehensive
 
Noncontrolling
 
Total
 
Investment
 
Outstanding
 
Par Value
 
(Deficit)
 
Loss
 
Interests
 
Equity
 
(Thousands, except per share and unit amounts)
Balance at January 1, 2019
$

 
254,271

 
$
425,370

 
$
33,932

 
$
(1,509
)
 
$
4,801,840

 
$
5,259,633

Other comprehensive income (net of tax):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
56,299

 

 
143,267

 
199,566

Pension and other post-retirement benefits liability adjustment, net of tax expense of $8

 

 

 
316

 
(295
)
 

 
21

Dividends ($0.41 per share)

 

 

 
(104,251
)
 

 

 
(104,251
)
Share-based compensation plans, net

 
413

 
853

 

 

 
255

 
1,108

Distributions paid to noncontrolling interest unitholders ($1.13 per common unit for EQM)

 

 

 

 

 
(94,030
)
 
(94,030
)
Purchase of EQGP common units

 

 
(38,648
)
 

 

 
(199,807
)
 
(238,455
)
Net changes in ownership of consolidated entities (Note 2)

 

 
991,098

 

 

 
(1,337,641
)
 
(346,543
)
Balance at March 31, 2019
$

 
254,684

 
$
1,378,673

 
$
(13,704
)
 
$
(1,804
)
 
$
3,313,884

 
$
4,677,049

Other comprehensive income (net of tax):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$

 

 
$

 
$
74,521

 
$

 
$
55,959

 
$
130,480

Pension and other post-retirement benefits liability adjustment, net of tax expense of $7

 

 

 

 
22

 

 
22

Dividends ($0.45 per share)

 

 

 
(114,608
)
 

 

 
(114,608
)
Share-based compensation plans, net

 
7

 
1,510

 

 

 

 
1,510

Distributions paid to noncontrolling interest unitholders ($1.145 per common unit for EQM)

 

 

 

 

 
(95,278
)
 
(95,278
)
Issuance of Series A Preferred Units, net of offering costs

 

 

 

 

 
1,158,313

 
1,158,313

Bolt-on Acquisition (Note 3)

 

 

 

 

 
486,062

 
486,062

Net changes in ownership of consolidated entities (Note 2)

 

 
1,627

 

 

 

 
1,627

Balance at June 30, 2019
$

 
254,691

 
$
1,381,810

 
$
(53,791
)
 
$
(1,782
)
 
$
4,918,940

 
$
6,245,177

Other comprehensive income (net of tax):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$

 

 
$

 
$
(65,825
)
 
$

 
$
4,336

 
$
(61,489
)
Pension and other post-retirement benefits liability adjustment, net of tax expense of $7

 

 

 

 
21

 

 
21

Dividends ($0.45 per share)

 

 

 
(114,634
)
 

 

 
(114,634
)
Share-based compensation plans, net

 
53

 
(718
)
 

 

 

 
(718
)
Distributions paid to noncontrolling interest unitholders ($1.160 per common unit for EQM)

 

 

 

 

 
(96,526
)
 
(96,526
)
Distributions paid to EQM Series A Preferred unitholders ($0.9339 per unit)