EQM Midstream Partners (EQM) Annual Income Statement

Income Statement Summary

EQM Midstream Partners (EQM) annual income statement covering fiscal 2014 through 2019, as reported to the SEC.

EQM Midstream Partners reported revenue from Contract with Customer of $1.63B in fiscal 2019, up 9% from $1.5B in fiscal 2018.
Operating Income was $204.19M, down 71.9% from $726.65M. Operating margin was 12.5%.
Net income was $183.37M, down 72.5% from $668M. Net margin was 11.2%.
Diluted earnings per share was $0.56, down 77% from $2.43.
Selling, General and Administrative Expense took 6.8% of revenue from Contract with Customer.

Revenue from Contract with Customer has grown 27.2% a year on average since fiscal 2014, from $489.22M to $1.63B, rising in every year shown.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14
Operating revenues affiliate
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating revenues affiliate						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating revenues third party
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating revenues third party						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Revenue from Contract with Customer, Excluding Assessed Tax
1,630,242	1,495,098	895,558	732,272	632,936	489,218	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Revenue from Contract with Customer, Excluding Assessed Tax						1,630,242	1,495,098	895,558	732,272	632,936	489,218	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating expenses:
Operating and maintenance
52,700	163,451	84,831	69,255	69,478	56,413	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating and maintenance						52,700	163,451	84,831	69,255	69,478	56,413	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling, General and Administrative Expense
110,620	121,831	77,321	72,470	61,606	51,149	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling, General and Administrative Expense						110,620	121,831	77,321	72,470	61,606	51,149	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Separation and other transaction costs
19,344	7,800	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Separation and other transaction costs						19,344	7,800	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Depreciation
223,160	171,914	107,161	62,691	49,895	49,061	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Depreciation						223,160	171,914	107,161	62,691	49,895	49,061	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of Intangible Assets
53,300	41,500	5,540	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of Intangible Assets						53,300	41,500	5,540	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Impairment of Oil and Gas Properties
854,307	261,941	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Impairment of Oil and Gas Properties						854,307	261,941	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Impairment of goodwill
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Impairment of goodwill						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses
1,426,056	768,445	274,853	204,416	180,979	156,623	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses						1,426,056	768,445	274,853	204,416	180,979	156,623	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating Income (Loss)
204,186	726,653	620,705	527,856	451,957	332,595	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating Income (Loss)						204,186	726,653	620,705	527,856	451,957	332,595	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income (Loss) from Equity Method Investments
163,279	61,778	22,171	9,898	2,367	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income (Loss) from Equity Method Investments						163,279	61,778	22,171	9,898	2,367	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other income
4,601	5,011	4,439	27,113	7,773	3,313	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other income						4,601	5,011	4,439	27,113	7,773	3,313	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest Income (Expense), Net
209,984	122,094	36,955	-16,766	-21,345	-10,871	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest Income (Expense), Net						209,984	122,094	36,955	-16,766	-21,345	-10,871	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income before income taxes
-	-	-	548,101	438,385	325,037	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income before income taxes						-	-	-	548,101	438,385	325,037	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income Tax Expense (Benefit)
-	-	-	10,147	-16,741	40,221	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income Tax Expense (Benefit)						-	-	-	10,147	-16,741	40,221	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
162,082	671,348	610,360	537,954	455,126	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest						162,082	671,348	610,360	537,954	455,126	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income attributable to noncontrolling interest
-21,291	3,346	734	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income attributable to noncontrolling interest						-21,291	3,346	734	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income attributable to EQM
183,373	668,002	609,626	537,954	455,126	284,816	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income attributable to EQM						183,373	668,002	609,626	537,954	455,126	284,816	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Calculation of limited partner common unit interest in net income:
Net Income (Loss) Attributable to Parent
183,373	668,002	609,626	537,954	455,126	284,816	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Income (Loss) Attributable to Parent						183,373	668,002	609,626	537,954	455,126	284,816	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: Series A Preferred Units interest in net income
73,981	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: Series A Preferred Units interest in net income						73,981	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less pre-acquisition net income allocated to EQT
-	-164,242	-37,722	-21,861	-72,782	-72,194	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less pre-acquisition net income allocated to EQT						-	-164,242	-37,722	-21,861	-72,782	-72,194	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less general partner interest in net income - general partner units
-	-6,104	-10,060	-9,173	-7,455	-4,252	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less general partner interest in net income - general partner units						-	-6,104	-10,060	-9,173	-7,455	-4,252	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
General Partner Interest in Net Income (Loss) Allocated to Incentive Distribution Rights
-	-255,927	-143,531	-93,568	-46,992	-11,453	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
General Partner Interest in Net Income (Loss) Allocated to Incentive Distribution Rights						-	-255,927	-143,531	-93,568	-46,992	-11,453	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Limited partner interest in net income
109,392	241,729	418,313	413,352	327,897	196,917	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Limited partner interest in net income						109,392	241,729	418,313	413,352	327,897	196,917	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net (loss) income per limited partner common unit – basic (in dollars per share)
0.58	2.43	5.19	5.21	4.71	3.53	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net (loss) income per limited partner common unit – basic (in dollars per share)						0.58	2.43	5.19	5.21	4.71	3.53	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net (loss) income per limited partner common unit – diluted (in dollars per share)
0.56	2.43	5.19	5.21	4.70	3.52	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net (loss) income per limited partner common unit – diluted (in dollars per share)						0.56	2.43	5.19	5.21	4.70	3.52	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average limited partner common units outstanding – basic (in shares)
189,085	99,303	80,603	79,367	69,612	55,745	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average limited partner common units outstanding – basic (in shares)						189,085	99,303	80,603	79,367	69,612	55,745	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average limited partner common units outstanding – diluted (in shares)
196,085	99,303	80,603	79,388	69,773	55,883	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average limited partner common units outstanding – diluted (in shares)						196,085	99,303	80,603	79,388	69,773	55,883	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash distributions declared per unit (in dollars per share)
4.63	4.40	3.83	3.19	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash distributions declared per unit (in dollars per share)						4.63	4.40	3.83	3.19	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx