Financial Information by Business Segment (Tables)

12 Months Ended

Dec. 31, 2011

Financial Information by Business Segment

Schedule of revenue from external customers and operating income

	Years Ended December 31,
	2011		2010		2009
			(Thousands)
Revenues from external customers:
EQT Production	$	791,285	$	537,657	$	420,990
EQT Midstream	525,345		580,698		465,444
Distribution	419,678		474,143		560,283
Less: intersegment and other revenues, net (a)	(96,374)		(218,103)		(135,361)
Total	$	1,639,934	$	1,374,395	$	1,311,356
Operating income:
EQT Production	$	387,098	$	223,487	$	185,868
EQT Midstream (b)	416,611		178,866		154,197
Distribution	86,898		83,182		78,918
Unallocated expenses (c)	(29,288)		(15,056)		(62,192)
Total operating income	$	861,319	$	470,479	$	356,791

(a)Intersegment revenues primarily represent natural gas sales from EQT Production to EQT Midstream and transportation activities between EQT Midstream and Distribution.  These activities were partly offset by the third-party transportation costs which were recorded in operating revenues and purchased gas costs at the consolidated level.

(b)EQT Midstream operating income for 2011 includes $202.9 million of gains on dispositions. See Note 5.

(c)Unallocated expenses consists primarily of incentive compensation and administrative costs that are not allocated to the operating segments.

Reconciliation of operating income to net income

	Years Ended December 31,
	2011		2010		2009
			(Thousands)
Reconciliation of operating income to net income:
Other income	34,138		12,898		8,585
Interest expense	136,328		128,157		111,779
Income taxes	279,360		127,520		96,668
Net income	$	479,769	$	227,700	$	156,929

Schedule of segment assets

	As of December 31,
	2011		2010
	(Thousands)
Segment assets:
EQT Production	$	5,256,645	$	3,979,676
EQT Midstream	1,785,089		2,076,485
Distribution	850,414		848,419
Total operating segments	7,892,148		6,904,580
Headquarters assets, including cash and short-term investments	880,571		193,858
Total assets	$	8,772,719	$	7,098,438

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

	Years Ended December 31,
	2011		2010		2009
	(Thousands)
Depreciation, depletion and amortization:
EQT Production	$	257,144	$	183,699	$	117,424
EQT Midstream	57,135		61,863		53,291
Distribution	25,747		24,174		22,375
Other	(729)		549		2,988
Total	$	339,297	$	270,285	$	196,078
Expenditures for segment assets:
EQT Production (d)	$	1,087,840	$	1,245,914	$	717,356
EQT Midstream	242,886		193,128		201,082
Distribution	31,313		36,619		33,707
Other	4,855		1,958		11,763
Total	$	1,366,894	$	1,477,619	$	963,908

(d)Expenditures for segment assets in the EQT Production segment include $57.2 million, $357.7 million and $31.0 million for undeveloped property acquisitions in 2011, 2010 and 2009, respectively.  Expenditure for segment assets in the EQT Production segment also include $92.6 million of liabilities assumed in exchange for producing properties as part of the ANPI transaction in 2011 and $230.7 million of undeveloped property which was acquired with EQT common stock in 2010.