Financial Information by Business Segment (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of company's operating revenues, income from operations and assets

Substantially all of the Company’s operating revenues, income from operations and assets are generated or located in the United States.



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(Thousands)
Revenues from external customers:
EQT Production	$	381,538		$	411,687		$	1,127,319		$	1,297,593
EQT Midstream	198,579			173,856			599,235			502,427
Less intersegment revenues, net (a)	(3,102		)	(6,820		)	(7,592		)	(33,504		)
Total	$	577,015		$	578,723		$	1,718,962		$	1,766,516

Operating income:
EQT Production (b)	$	56,360		$	140,036		$	175,317		$	561,930
EQT Midstream (b)	113,010			93,600			350,942			265,196
Unallocated expenses (c)	685			(2,133		)	(8,411		)	(14,061		)
Total operating income	$	170,055		$	231,503		$	517,848		$	813,065


(a)	Eliminates intercompany natural gas sales from EQT Production to EQT Midstream.


(b)	Gains on sales / exchanges of assets of $31.0 million and $6.8 million are included in EQT Production and EQT Midstream operating income, respectively, for the nine months ended September 30, 2014.


(c)	Unallocated expenses consist primarily of incentive compensation expense and administrative costs.

Reconciliation of operating income to income from continuing operations

Reconciliation of operating income to income from continuing operations:



Other income	2,661		1,004		6,289		6,134
Interest expense	36,547		35,717		110,596		99,558
Income taxes	35,936		64,496		28,393		239,920
Income from continuing operations	$	100,233	$	132,294	$	385,148	$	479,721

Schedule of segment assets



	As of September 30, 2015		As of December 31, 2014
	(Thousands)
Segment assets:
EQT Production	$	8,842,653	$	8,153,199
EQT Midstream	3,134,036		2,709,052
Total operating segments	11,976,689		10,862,251
Headquarters assets, including cash and short-term investments	1,763,417		1,202,649
Total assets	$	13,740,106	$	12,064,900

Schedule of depreciation, depletion and amortization and expenditures for segment assets



	Three Months Ended September 30,					Nine Months Ended September 30,
	2015		2014			2015		2014
	(Thousands)
Depreciation, depletion and amortization:
EQT Production	$	184,277	$	154,031		$	529,071	$	421,521
EQT Midstream	23,830		21,709			70,417		63,848
Other	120		(162		)	303		(461		)
Total	$	208,227	$	175,578		$	599,791	$	484,908

Expenditures for segment assets (d):
EQT Production (e)	$	451,358	$	511,971		$	1,453,647	$	1,855,518
EQT Midstream	130,902		136,589			368,019		333,813
Other	437		805			2,046		2,167
Total	$	582,697	$	649,365		$	1,823,712	$	2,191,498

(d)

Includes non-cash capital expenditures of $5.9 million and $5.6 million for the three months ended September 30, 2015 and 2014, respectively, and $18.5 million and $13.7 million for the nine months ended September 30, 2015 and 2014, respectively, for certain labor overhead costs including a portion of non-cash stock-based compensation expense. The Company also had accrued capital expenditures which had not yet been paid of $164.1 million and $233.3 million as of September 30, 2015 and 2014, respectively.

(e) Includes $159.0 million of cash capital expenditures and $353.1 million of non-cash capital expenditures for the exchange of assets with Range Resources Corporation (Range) (described in Note L) for the nine months ended September 30, 2014. Expenditures for segment assets in the EQT Production segment include $41.8 million and $37.2 million for property acquisitions during the three months ended September 30, 2015 and 2014, respectively, and $180.9 million and $646.9 million for property acquisitions during the nine months ended September 30, 2015 and 2014, respectively.