Segment Information (Tables)

9 Months Ended

Sep. 30, 2011

Segment Information

Revenue from external customers and operating income

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	2011			2010			2011			2010
Revenues from external customers:
EQT Production	$	207,500		$	131,791		$	577,352		$	395,182
EQT Midstream	122,614			144,634			395,477			436,225
Distribution	49,175			53,208			313,366			338,812
Less: intersegment revenues (a)	(42,569		)	(72,298		)	(144,804		)	(218,729		)
Total	$	336,720		$	257,335		$	1,141,391		$	951,490
Operating income:
EQT Production	$	98,936		$	55,651		$	281,024		$	169,797
EQT Midstream	41,673			35,858			160,549			130,263
Distribution	2,463			644			64,758			52,353
Unallocated expenses (b)	(8,231		)	(3,971		)	(20,693		)	(16,589		)
Total	$	134,841		$	88,182		$	485,638		$	335,824

(a)	Intersegment revenues primarily represent natural gas sales from EQT Production to EQT Midstream and transportation activities between EQT Midstream and Distribution.
(b)	Unallocated expenses primarily consist of certain incentive compensation and administrative costs in excess of budget that are not allocated to the operating segments.

Reconciliation of operating income to net income

Gain on dispositions	$	180,143	$	–	$	202,928	$	–
Other income	3,098		2,924		27,948		8,551
Interest expense	32,503		33,861		98,642		102,075
Income taxes	106,665		20,723		228,949		87,713
Net income	$	178,914	$	36,522	$	388,923	$	154,587

Segment assets

	September 30,		December 31,
	2011		2010
	(Thousands)
Segment Assets:
EQT Production	$	4,797,066	$	3,979,676
EQT Midstream	1,729,988		2,076,485
Distribution	812,652		848,419
Total operating segments	7,339,706		6,904,580
Headquarters assets, including cash and short-term investments	380,488		193,858
Total assets	$	7,720,194	$	7,098,438

Depreciation, depletion and amortization and expenditures for segment assets

	Three Months EndedSeptember 30,					Nine Months EndedSeptember 30,
	2011			2010		2011			2010
	(Thousands)
Depreciation, depletion and amortization:
EQT Production	$	66,947		$	46,658	$	186,680		$	131,036
EQT Midstream	14,093			15,705		43,097			46,240
Distribution	6,534			6,057		18,414			18,067
Other	(231		)	128		(564		)	301
Total	$	87,343		$	68,548	$	247,627		$	195,644
Capital expenditures:
EQT Production (a)	$	255,151		$	267,154	$	800,029		$	929,225
EQT Midstream	81,227			59,499		156,832			138,479
Distribution	10,149			9,382		25,179			21,107
Other	1,118			4,116		3,131			4,887
Total	$	347,645		$	340,151	$	985,171		$	1,093,698

(a) Expenditures for segment assets in the EQT Production segment include $92.6 million of liabilities assumed in exchange for producing properties as part of the ANPI transaction (defined below) discussed in Note K and $230.7 million of undeveloped property which was acquired with EQT common stock in 2010.