Long-Term Debt



	December 31, 2015						December 31, 2014
	Principal Value		Carrying Value (a)		Fair Value (b)		Principal Value		Carrying Value (a)		Fair Value (b)
	(Thousands)
7.76% notes, due 2015 through 2016	$	—	$	—	$	—	$	10,700	$	10,700	$	10,700
5.00% notes, due October 1, 2015	—		—		—		150,000		149,865		154,692
5.15% notes, due March 1, 2018	200,000		199,156		203,490		200,000		198,766		214,626
6.50% notes, due April 1, 2018	500,000		498,360		520,175		500,000		497,630		559,900
8.13% notes, due June 1, 2019	700,000		697,295		760,837		700,000		696,483		843,864
4.88% notes, due November 15, 2021	750,000		742,270		728,063		750,000		740,945		812,558
4.00% EQM notes, due August 1, 2024	500,000		493,401		414,125		500,000		492,633		495,685
7.75% debentures, due July 15, 2026	115,000		109,738		119,372		115,000		109,240		147,036
Medium-term notes:
7.3% to 7.6% Series B, due 2015 through 2023	10,000		9,991		10,241		20,000		19,985		22,279
7.6% Series C, due 2018	8,000		7,983		8,366		8,000		7,975		8,950
8.7% to 9.0% Series A, due 2020 through 2021	35,200		35,149		38,598		35,200		35,131		43,912
	2,818,200		2,793,343		2,803,267		2,988,900		2,959,353		3,314,202
Less debt payable within one year	—		—		—		166,011		165,874		171,081
Total long-term debt	$	2,818,200	$	2,793,343	$	2,803,267	$	2,822,889	$	2,793,479	$	3,143,121

(a) Carrying value represents principal value less unamortized debt issuance costs and debt discounts.

(b) Fair value is measured using Level 2 inputs.

The indentures governing the Company’s and EQM’s long-term indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict, among other things, the Company’s or EQM's ability to incur, as applicable, indebtedness, incur liens, enter into sale and leaseback transactions, complete acquisitions, merge, sell assets and perform certain other corporate actions. The covenants do not contain a rating trigger. Therefore, a change in the Company’s or EQM’s debt rating would not trigger a default under the indentures governing the indebtedness.

Aggregate maturities of long-term debt are zero in 2016, zero in 2017, $708.0 million in 2018, $700.0 million in 2019, and $11.2 million in 2020.