Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of property, plant and equipment

The Company’s property, plant and equipment consist of the following:



	As of December 31,
	2017			2016
	(Thousands)
Oil and gas producing properties, successful efforts method	$	23,937,154		$	13,878,659
Accumulated depreciation and depletion	(5,121,646		)	(4,217,154		)
Net oil and gas producing properties	18,815,508			9,661,505
Gathering assets	2,765,763			1,330,998
Accumulated depreciation and amortization	(151,595		)	(110,473		)
Net gathering assets	2,614,168			1,220,525
Transmission assets	1,674,080			1,563,860
Accumulated depreciation and amortization	(248,474		)	(205,551		)
Net transmission assets	1,425,606			1,358,309
Water service assets	193,825			—
Accumulated depreciation and amortization	(3,363		)	—
Net water service assets	190,462			—
Other properties, at cost less accumulated depreciation (a)	1,839,271			921,877
Net property, plant and equipment	$	24,885,015		$	13,162,216

(a) Other properties includes gathering assets owned by EQT Production and shared assets held at Headquarters.

Schedule intangible assets

Intangible assets, net as of December 31, 2017 are detailed below.



(in thousands)	December 31, 2017
Customer relationships	$	623,200
Less: accumulated amortization for customer relationships	(5,540		)
Non-compete agreements	124,100
Less: accumulated amortization for non-compete agreements	(5,400		)
Intangible assets, net	$	736,360

Schedule of regulated net revenues and operating expenses

The following table presents the total regulated net revenues and operating expenses included in the operations of EQM Transmission and EQM Gathering:



	Years Ended December 31,
	2017		2016		2015
	(Thousands)
Net revenues	$	390,883	$	347,320	$	309,984
Operating expenses	$	151,510	$	118,611	$	109,954

Schedule of regulated net property, plant and equipment

The following table presents the regulated net property, plant and equipment included in EQM Transmission and EQM Gathering:



	As of December 31,
	2017			2016
	(Thousands)
Property, plant & equipment	$	1,787,656		$	1,675,433
Accumulated depreciation and amortization	(278,756		)	(234,336		)
Net property, plant & equipment	$	1,508,900		$	1,441,097

Schedule of other current liabilities

Other current liabilities as of December 31, 2017 and 2016 are detailed below.



	December 31,
	2017		2016
	(Thousands)
Mountain Valley Pipeline, LLC capital call	$	105,734	$	11,471
Incentive compensation	91,363		100,762
Taxes other than income	78,749		56,874
Accrued interest payable	52,993		39,593
Severance accrual	41,474		338
All other accrued liabilities	60,212		27,681
Total other current liabilities	$	430,525	$	236,719

Reconciliation of the beginning and ending carrying amounts of asset retirement obligations

The Company does not have any assets that are legally restricted for purposes of settling these obligations.



	Years Ended December 31,
	2017			2016
	(Thousands)
Asset retirement obligation as of beginning of period	$	243,600		$	168,142
Accretion expense	13,679			9,696
Liabilities incurred	19,678			2,943
Liabilities settled	(3,838		)	(1,484		)
Liabilities assumed in Rice Merger	50,941			—
Change in estimates	128,610			64,303
Asset retirement obligation as of end of period	$	452,670		$	243,600