Midstream (EQTNP) 10-Q19 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares shares in Thousands	6 Months Ended
Cover - shares shares in Thousands	Jun. 30, 2024	Jul. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38629
Entity Registrant Name	EQUITRANS MIDSTREAM CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	83-0516635
Entity Address, Address Line One	2200 Energy Drive
Entity Address, City or Town	Canonsburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15317
City Area Code	724
Local Phone Number	271-7600
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	ETRN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Small Business Entity	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		435,013
Entity Central Index Key	0001747009
Amendment Flag	false
Current Fiscal Year End	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Statements of Consolidated Comp

Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Income Statement [Abstract]
Operating revenues		$ 361,595	$ 318,469	$ 725,869		$ 694,806
Operating expenses:
Operating and maintenance		48,006	45,767	93,234		88,629
Selling, general and administrative		45,653	56,932	89,982		89,554
Transaction costs		2,011	0	7,695		0
Depreciation		73,188	70,031	144,860		139,435
Amortization of intangible assets		16,205	16,205	32,410		32,410
Total operating expenses		185,063	188,935	368,181		350,028
Operating income		176,532	129,534	357,688		344,778
Equity income	[1]	18,814	23,686	91,819	[2]	23,808	[2]
Other income (expense), net		3,602	19,809	(374)		11,707
Net interest expense		(120,129)	(103,644)	(239,025)		(208,601)
Income before income taxes		78,819	69,385	210,108		171,692
Income tax expense (benefit)		7,105	465	26,505		(3,319)
Net income		71,714	68,920	183,603		175,011
Net income attributable to noncontrolling interest		1,325	1,675	4,215		6,084
Net income attributable to Equitrans Midstream		70,389	67,245	179,388		168,927
Preferred dividends		20,516	14,628	35,144		29,256
Net income attributable to Equitrans Midstream common shareholders		$ 49,873	$ 52,617	$ 144,244		$ 139,671
Earnings per share of common stock attributable to Equitrans Midstream common shareholders - basic (in dollars per share)		$ 0.11	$ 0.12	$ 0.33		$ 0.32
Earnings per share of common stock attributable to Equitrans Midstream common shareholders - diluted (in dollars per share)		$ 0.11	$ 0.12	$ 0.33		$ 0.32
Weighted average common shares outstanding - basic (in shares)		434,606	433,961	434,551		433,834
Weighted average common shares outstanding - diluted (in shares)		441,771	435,476	441,238		434,640
Statement of comprehensive income:
Net income		$ 71,714	$ 68,920	$ 183,603		$ 175,011
Other comprehensive income, net of tax:
Pension and other post-retirement benefits liability adjustment, net of tax expense of $6, $7, $12, and $14		20	22	40		44
Other comprehensive income		20	22	40		44
Comprehensive income		71,734	68,942	183,643		175,055
Less: Comprehensive income attributable to noncontrolling interest		1,325	1,675	4,215		6,084
Less: Comprehensive income attributable to preferred dividends		20,516	14,628	35,144		29,256
Comprehensive income attributable to Equitrans Midstream common shareholders		$ 49,893	$ 52,639	$ 144,284		$ 139,715
Dividends declared per common share (in dollars per share)		$ 0.15	$ 0.15	$ 0.30		$ 0.30

[1] Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 5. Represents equity income from the MVP Joint Venture. See Note 5.

Statements of Consolidated Co_2

Statements of Consolidated Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Pension and other post-retirement benefits liability adjustments, net of tax expense	$ 6	$ 6	$ 7	$ 7	$ 12	$ 14

Statements of Consolidated Cash

Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income		$ 183,603	$ 175,011
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		144,860	139,435
Amortization of intangible assets		32,410	32,410
Deferred income tax expense (benefit)		24,455	(6,457)
Equity income	[1],[2]	(91,819)	(23,808)
Other expense (income), net		778	(11,323)
Non-cash long-term compensation expense		11,466	26,166
Changes in other assets and liabilities:
Accounts receivable		28,283	42,120
Accounts payable		(5,274)	(12,474)
Accrued interest		12,461	(2,386)
Deferred revenue		118,020	157,783
Other assets and other liabilities		(22,681)	6,797
Net cash provided by operating activities		436,562	523,274
Cash flows from investing activities:
Capital expenditures		(172,036)	(171,940)
Capital contributions to the MVP Joint Venture		(558,286)	(70,533)
Principal payments received on the Preferred Interest (defined in Note 7)		3,080	2,878
Net cash used in investing activities		(727,242)	(239,595)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings		545,000	215,000
Payments on revolving credit facility borrowings		(790,000)	(180,000)
Proceeds from the issuance of long-term debt		600,000	0
Debt discounts, debt issuance costs and credit facility arrangement fees		(10,206)	(60)
Payment for retirement of long-term debt		0	(98,941)
Dividends paid to common shareholders		(130,099)	(129,941)
Dividends paid to holders of Equitrans Midstream Preferred Shares		(29,256)	(29,256)
Distributions paid to noncontrolling interest		(10,960)	(20,000)
Other items		(797)	(1,307)
Net cash provided by (used in) financing activities		173,682	(244,505)
Net change in cash and cash equivalents		(116,998)	39,174
Cash and cash equivalents at beginning of period		258,877	67,898
Cash and cash equivalents at end of period		141,879	107,072
Cash paid during the period for:
Interest, net of amount capitalized		222,726	208,269
Income taxes, net		$ 14,989	$ 550

[1] Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 5. Represents equity income from the MVP Joint Venture. See Note 5.

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 141,879	$ 258,877
Accounts receivable (net of allowance for credit losses of $10,611 and $6,429 as of June 30, 2024 and December 31, 2023, respectively)		237,752	258,264
Other current assets		71,339	78,356
Total current assets		450,970	595,497
Property, plant and equipment		9,920,776	9,745,298
Less: accumulated depreciation		(1,895,901)	(1,752,914)
Net property, plant and equipment		8,024,875	7,992,384
Investment in unconsolidated entity	[1]	2,375,313	1,832,282
Goodwill		486,698	486,698
Net intangible assets		489,724	522,133
Other assets		292,893	280,432
Total assets		12,120,473	11,709,426
Current liabilities:
Current portion of long-term debt		299,962	299,731
Accounts payable		60,822	60,884
Capital contributions payable to the MVP Joint Venture		73,916	181,051
Accrued interest		146,791	134,330
Accrued liabilities		80,845	106,870
Total current liabilities		662,336	782,866
Long-term liabilities:
Revolving credit facility borrowings		985,000	1,230,000
Long-term debt		6,643,220	6,046,709
Contract liability		1,414,183	1,296,039
Deferred income taxes		38,543	4,718
Regulatory and other long-term liabilities		173,860	160,977
Total liabilities		9,917,142	9,521,309
Mezzanine equity:
Equitrans Midstream Preferred Shares, 30,018 shares issued and outstanding as of June 30, 2024 and December 31, 2023		687,730	681,842
Shareholders' equity:
Common stock, no par value, 435,013 and 433,505 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively		3,983,145	3,977,149
Retained deficit		(2,922,171)	(2,932,206)
Accumulated other comprehensive loss		(1,232)	(1,272)
Total common shareholders' equity		1,059,742	1,043,671
Noncontrolling interest		455,859	462,604
Total shareholders' equity		1,515,601	1,506,275
Total liabilities, mezzanine equity and shareholders' equity		$ 12,120,473	$ 11,709,426

[1] Represents investment in the MVP Joint Venture. See Note 5.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 10,611	$ 6,429
Mezzanine equity, preferred shares issued (in shares)	30,018	30,018
Mezzanine equity, preferred shares outstanding (in shares)	30,018	30,018
Common stock, shares issued (in shares)	435,013	433,505
Common stock, shares outstanding (in shares)	435,013	433,505

Statements of Consolidated Shar

Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Retained Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022		432,781
Beginning balance at Dec. 31, 2022	$ 1,398,604	$ 3,974,127	$ (3,053,590)	$ (1,332)	$ 479,399
Increase (Decrease) in Partners' Capital
Net income	91,463		87,054		4,409
Pension and other post-retirement benefits liability adjustment, net of tax expense	22			22
Dividends on common shares	(65,121)		(65,121)
Share-based compensation plans, net (in shares)		402
Share-based compensation plans, net	3,050	$ 3,050
Distributions paid to noncontrolling interest in Eureka Midstream Holdings, LLC	(8,000)				(8,000)
Ending balance (in shares) at Mar. 31, 2023		433,183
Ending balance at Mar. 31, 2023	1,420,018	$ 3,977,177	(3,031,657)	(1,310)	475,808
Mezzanine Equity, beginning balance at Dec. 31, 2022	681,842
Mezzanine Equity
Net income	14,628
Dividends paid to holders of Equitrans Midstream Preferred Shares	(14,628)
Mezzanine Equity, ending balance at Mar. 31, 2023	681,842
Increase (Decrease) in Partners' Capital
Net income	54,292		52,617		1,675
Pension and other post-retirement benefits liability adjustment, net of tax expense	22			22
Dividends on common shares	(68,227)		(68,227)
Share-based compensation plans, net (in shares)		78
Share-based compensation plans, net	23,853	$ 23,853
Distributions paid to noncontrolling interest in Eureka Midstream Holdings, LLC	(12,000)				(12,000)
Ending balance (in shares) at Jun. 30, 2023		433,261
Ending balance at Jun. 30, 2023	1,417,958	$ 4,001,030	(3,047,267)	(1,288)	465,483
Mezzanine Equity
Net income	14,628
Dividends paid to holders of Equitrans Midstream Preferred Shares	(14,628)
Mezzanine Equity, ending balance at Jun. 30, 2023	$ 681,842
Beginning balance (in shares) at Dec. 31, 2023	433,505	433,505
Beginning balance at Dec. 31, 2023	$ 1,506,275	$ 3,977,149	(2,932,206)	(1,272)	462,604
Increase (Decrease) in Partners' Capital
Net income	97,261		94,371		2,890
Pension and other post-retirement benefits liability adjustment, net of tax expense	20			20
Dividends on common shares	(66,656)		(66,656)
Share-based compensation plans, net (in shares)		156
Share-based compensation plans, net	5,425	$ 5,425
Distributions paid to noncontrolling interest in Eureka Midstream Holdings, LLC	(8,000)				(8,000)
Ending balance (in shares) at Mar. 31, 2024		433,661
Ending balance at Mar. 31, 2024	1,534,325	$ 3,982,574	(2,904,491)	(1,252)	457,494
Mezzanine Equity, beginning balance at Dec. 31, 2023	681,842
Mezzanine Equity
Net income	14,628
Dividends paid to holders of Equitrans Midstream Preferred Shares	(14,628)
Mezzanine Equity, ending balance at Mar. 31, 2024	681,842
Increase (Decrease) in Partners' Capital
Net income	51,198		49,873		1,325
Pension and other post-retirement benefits liability adjustment, net of tax expense	20			20
Dividends on common shares	(67,553)		(67,553)
Share-based compensation plans, net (in shares)		1,352
Share-based compensation plans, net	571	$ 571
Distributions paid to noncontrolling interest in Eureka Midstream Holdings, LLC	$ (2,960)				(2,960)
Ending balance (in shares) at Jun. 30, 2024	435,013	435,013
Ending balance at Jun. 30, 2024	$ 1,515,601	$ 3,983,145	$ (2,922,171)	$ (1,232)	$ 455,859
Mezzanine Equity
Net income	20,516
Dividends paid to holders of Equitrans Midstream Preferred Shares	(14,628)
Mezzanine Equity, ending balance at Jun. 30, 2024	$ 687,730

Statements of Consolidated Sh_2

Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Pension and other post-retirement benefits liability adjustments, net of tax expense	$ 6	$ 6	$ 7	$ 7
Dividends on common shares (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15
EQM Midstream Partners, LP
Dividends paid to holders of Equitrans Midstream Preferred Shares (in dollars per share)	$ 0.4873	$ 0.4873	$ 0.4873	$ 0.4873

Financial Statements

Financial Statements	6 Months Ended
Financial Statements	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statements	Financial Statements Nature of Business. The Company's operating subsidiaries provide midstream services to the Company's customers in Pennsylvania, West Virginia and Ohio through three primary assets: the gathering system, which includes predominantly dry gas gathering systems of high-pressure gathering lines; the transmission system, which includes FERC-regulated interstate pipelines and storage systems; and the water network, which primarily consists of water pipelines and other facilities that support well completion activities and produced water handling activities. Basis of Presentation. References in these financial statements to Equitrans Midstream or the Company refer collectively to Equitrans Midstream Corporation and its consolidated subsidiaries for all periods presented, unless otherwise indicated. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements include all adjustments (consisting of only normal, recurring adjustments, unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of the Company as of June 30, 2024, the results of its operations, and equity for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which includes all disclosures required by GAAP. Due to, among other things, the seasonal nature of the Company's utility customer contracts, as well as producers’ well completion activities and varying needs for fresh and produced water (which are primarily driven by horizontal lateral lengths and the number of completion stages per well), the interim statements for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the Company's consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as well as Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained herein. Recently Issued Accounting Standards. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides improvements to reportable segment disclosures and is intended to enhance the disclosures regarding significant segment expenses. The guidance is applicable to all public entities that are required to report segment information in accordance with Topic 280 and is to be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures , which provides improvements to income tax disclosures and is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is applicable to all public entities required to report income taxes in accordance with ASC 740 and should be applied prospectively, but retrospective application is permitted. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation, information on income taxes paid, and various other disclosure changes. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures.

Proposed EQT Transaction

Proposed EQT Transaction	6 Months Ended
Proposed EQT Transaction	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Proposed EQT Transaction	Proposed EQT Transaction Proposed EQT Transaction. On March 10, 2024, the Company, EQT Corporation (Parent), Humpty Merger Sub Inc., an indirect wholly owned subsidiary of Parent (Merger Sub), and Humpty Merger Sub LLC, an indirect wholly owned subsidiary of Parent (LLC Sub), entered into an Agreement and Plan of Merger (the Merger Agreement), pursuant to which, among other things, Merger Sub will merge with and into the Company (the First Merger), with the Company surviving the First Merger as an indirect wholly owned subsidiary of Parent (the First Step Surviving Corporation) and, as the second step in a single integrated transaction, the First Step Surviving Corporation will merge with and into LLC Sub (the Second Merger and, together with the First Merger, the Mergers), with LLC Sub surviving the Second Merger as an indirect wholly owned subsidiary of Parent (the transactions contemplated by the Merger Agreement, the EQT Transaction). Under the terms of the Merger Agreement, and subject to the satisfaction or waiver of certain conditions therein, at the effective time of the First Merger (the Effective Time), (i) each share of common stock, no par value per share, of Equitrans Midstream Corporation (Equitrans Midstream common stock) issued and outstanding immediately prior to the Effective Time (excluding any excluded shares) will be converted automatically at the Effective Time into the right to receive 0.3504 (the Exchange Ratio) fully-paid and nonassessable shares of common stock of Parent, no par value per share (EQT Shares) and (ii) each Equitrans Midstream Corporation Series A Perpetual Convertible Preferred Share, no par value (Equitrans Midstream Preferred Share), issued and outstanding immediately prior to the Effective Time will be treated in accordance with Section 8 of the Company’s Second Amended and Restated Articles of Incorporation and the procedures set forth in Section 2.5 of the Merger Agreement. The EQT Transaction is expected to close on July 22, 2024, taking into account, as of the filing of this Quarterly Report on Form 10-Q, the satisfaction in accordance with the terms and conditions of the Merger Agreement of various conditions to closing under the Merger Agreement, including, among others: (i) approval of the Merger Agreement and the Mergers by a majority of the votes cast by holders of Equitrans Midstream common stock and Equitrans Midstream Preferred Shares, with such Equitrans Midstream Preferred Shares treated as Equitrans Midstream common stock on an as-converted basis, voting together as a single class, (ii) approval of the issuance of EQT Shares in connection with the Mergers by a majority of votes cast at a special meeting of holders of EQT Shares, (iii) expiration or termination of (a) all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act) and (b) any commitment to, or agreement with, any governmental entity to delay the consummation of, or not to consummate the transactions contemplated by the Merger Agreement, and (iv) the MVP Joint Venture receiving authorization of the Federal Energy Regulatory Commission (FERC) to place the Mountain Valley Pipeline (MVP) in-service. The Company recorded approximately $2.0 million and $7.7 million in expenses related to the EQT Transaction during the three and six months ended June 30, 2024, respectively, primarily related to advisor, legal and other transaction-related fees, which are included in transaction costs on the Company's statements of consolidated comprehensive income. Equitrans Midstream Preferred Shares Redemption. On June 25, 2024, Parent delivered to the Company a written election exercising Parent’s right under the Merger Agreement to cause the Company to purchase and redeem, prior to the Effective Time, all issued and outstanding Equitrans Midstream Preferred Shares in accordance the Company’s Second Amended and Restated Articles of Incorporation. The Company has no obligation to purchase and redeem the Equitrans Midstream Preferred Shares in accordance with the Merger Agreement unless Parent has deposited with the paying agent for such redemption sufficient funds to effect such purchase and redemption, and the deposit of such funds and any instructions and authority to pay such funds to holders of the Equitrans Midstream Preferred Shares in the redemption has occurred at least one hour prior to the consummation of the proposed EQT Transaction. In the event the EQT Transaction will not be consummated, the redemption will not be effected. Subject to the foregoing, the Company expects the purchase and redemption to occur on July 22, 2024 prior to the consummation of the EQT Transaction (or such later date as may be contemplated by virtue of the timing of the consummation of the EQT Transaction).

Financial Information by Busine

Financial Information by Business Segment	6 Months Ended
Financial Information by Business Segment	Jun. 30, 2024
Segment Reporting [Abstract]
Financial Information by Business Segment	Financial Information by Business Segment The Company reports its operations in three segments that reflect its three lines of business of Gathering, Transmission and Water, which reflects the manner in which management evaluates the business for making operating decisions and assessing performance. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Thousands) Revenues from customers: Gathering (a) $ 230,006 $ 210,194 $ 454,646 $ 420,946 Transmission (a) 104,584 92,540 221,478 231,446 Water 27,005 15,735 49,745 42,414 Total operating revenues $ 361,595 $ 318,469 $ 725,869 $ 694,806 Operating income: Gathering $ 110,689 $ 81,020 $ 215,748 $ 185,314 Transmission 59,514 48,451 136,596 147,373 Water 8,686 530 13,674 12,903 Headquarters (b) (2,357) (467) (8,330) (812) Total operating income $ 176,532 $ 129,534 $ 357,688 $ 344,778 Reconciliation of operating income to net income: Equity income (c) $ 18,814 $ 23,686 $ 91,819 $ 23,808 Other income (expense), net (d) 3,602 19,809 (374) 11,707 Net interest expense (120,129) (103,644) (239,025) (208,601) Income tax expense (benefit) 7,105 465 26,505 (3,319) Net income $ 71,714 $ 68,920 $ 183,603 $ 175,011 (a) For the six months ended June 30, 2023, volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively. (b) Includes transaction costs and other certain unallocated corporate expenses. (c) Equity income is included in the Transmission segment. (d) Includes unrealized gains (losses) on derivative instruments recorded in the Gathering segment. June 30, 2024 December 31, 2023 (Thousands) Segment assets: Gathering $ 7,575,061 $ 7,612,820 Transmission (a) 3,918,128 3,369,718 Water 236,853 217,225 Total operating segments 11,730,042 11,199,763 Headquarters, including cash 390,431 509,663 Total assets $ 12,120,473 $ 11,709,426 (a) The equity method investment in the MVP Joint Venture is included in the Transmission segment. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Thousands) Depreciation: Gathering $ 50,850 $ 49,387 $ 101,002 $ 98,736 Transmission 15,123 13,904 29,506 27,792 Water 7,111 6,511 14,145 12,374 Headquarters 104 229 207 533 Total $ 73,188 $ 70,031 $ 144,860 $ 139,435 Capital expenditures: Gathering (a) $ 65,996 $ 71,893 $ 120,252 $ 131,606 Transmission (b) 16,431 14,375 34,135 23,564 Water 4,987 11,148 15,034 22,224 Total (c) $ 87,414 $ 97,416 $ 169,421 $ 177,394 (a) Includes capital expenditures related to the noncontrolling interest in Eureka Midstream Holdings, LLC (Eureka Midstream) of approximately $5.0 million and $10.0 million for the three and six months ended June 30, 2024, respectively, and $5.0 million and $8.2 million for the three and six months ended June 30, 2023, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture of approximately $135.4 million and $558.3 million for the three and six months ended June 30, 2024, respectively, and $36.0 million and $70.5 million for the three and six months ended June 30, 2023, respectively. (c) The Company accrues capital expenditures when the work has been completed but the associated bills have not yet been paid. Accrued capital expenditures are excluded from the statements of consolidated cash flows until they are paid. The net impact of non-cash capital expenditures, including the effect of accrued capital expenditures, transfers to/from inventory as assets are completed/assigned to a project and capitalized share-based compensation costs, was $(0.3) million and $2.6 million for the three and six months ended June 30, 2024, respectively, and $(1.1) million and $(5.5) million for the three and six months ended June 30, 2023, respectively.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
Revenue from Contracts with Customers	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers For the three and six months ended June 30, 2024 and 2023, substantially all revenues recognized on the Company's statements of consolidated comprehensive income were from contracts with customers. As of June 30, 2024 and December 31, 2023, all receivables recorded on the Company's consolidated balance sheets represented performance obligations that have been satisfied and for which an unconditional right to consideration exists. Summary of disaggregated revenues. The tables below provide disaggregated revenue information by business segment. Three Months Ended June 30, 2024 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 147,498 $ 86,688 $ 12,110 $ 246,296 Volumetric-based fee revenues 82,508 17,896 14,895 115,299 Total operating revenues $ 230,006 $ 104,584 $ 27,005 $ 361,595 Three Months Ended June 30, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 141,737 $ 82,247 $ 9,389 $ 233,373 Volumetric-based fee revenues 68,457 10,293 6,346 85,096 Total operating revenues $ 210,194 $ 92,540 $ 15,735 $ 318,469 Six Months Ended June 30, 2024 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 283,174 $ 187,011 $ 21,485 $ 491,670 Volumetric-based fee revenues 171,472 34,467 28,260 234,199 Total operating revenues $ 454,646 $ 221,478 $ 49,745 $ 725,869 Six Months Ended June 30, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 281,808 $ 183,969 $ 18,764 $ 484,541 Volumetric-based fee revenues (b) 139,138 47,477 23,650 210,265 Total operating revenues $ 420,946 $ 231,446 $ 42,414 $ 694,806 (a) Firm reservation fee revenues associated with Gathering included MVC unbilled revenues of approximately $3.2 million and $9.1 million for the three and six months ended June 30, 2024, respectively, and $2.4 million and $5.7 million for the three and six months ended June 30, 2023, respectively. (b) For the six months ended June 30, 2023, volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively. Contract assets. The Company's contract assets related to the Company's future MVC deficiency payments are generally expected to be collected within the next twelve months and are primarily included in other current assets in the Company's consolidated balance sheets until such time as the MVC deficiency payments are invoiced to the customer. The following table presents changes in the Company's contract assets balance: Six Months Ended June 30, 2024 2023 (Thousands) Balance as of beginning of period $ 11,123 $ 27,493 Revenue recognized in excess of amounts invoiced (a) 10,851 5,680 Minimum volume commitments invoiced (b) (7,833) (23,558) Amortization (c) (379) (329) Balance as of end of period $ 13,762 $ 9,286 (a) Includes revenues associated with MVCs that are included in revenues within the Gathering and Water segments. (b) Unbilled revenues are transferred to accounts receivable once the Company has an unconditional right to consideration from the customer. (c) Amortization of capitalized contract costs paid to customers over the expected life of the agreement. Contract liabilities. The Company's contract liabilities consist of deferred revenue primarily associated with the EQT Global GGA. Contract liabilities are classified as current or non-current according to when such amounts are expected to be recognized. The following table presents changes in the Company's contract liability balances: Six Months Ended June 30, 2024 2023 (Thousands) Balance as of beginning of period $ 1,301,100 $ 973,087 Amounts recorded during the period (a) 123,686 165,011 Change in estimated variable consideration (b) (1,833) (3,392) Amounts transferred during the period (c) (3,833) (3,835) Balance as of end of period $ 1,419,120 $ 1,130,871 (a) Includes deferred billed revenue during the six months ended June 30, 2024 and 2023 primarily associated with the EQT Global GGA. (b) For the six months ended June 30, 2024 and 2023, the change in estimated variable consideration represents the decrease in total deferred revenue due to changes in MVP in-service timing assumptions. (c) Deferred revenues are recognized as revenue upon satisfaction of the Company's performance obligation to the customer. Summary of remaining performance obligations. The following table summarizes the estimated transaction price allocated to the Company's remaining performance obligations under all contracts with firm reservation fees, MVCs and/or ARCs as of June 30, 2024 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2024 (a) 2025 2026 2027 2028 Thereafter Total (Thousands) Gathering firm reservation fees $ 96,368 $ 183,454 $ 173,167 $ 166,356 $ 162,664 $ 1,651,185 $ 2,433,194 Gathering revenues supported by MVCs 224,091 454,590 486,931 491,273 488,641 2,703,274 4,848,800 Transmission firm reservation fees 201,758 404,480 402,319 399,878 397,197 2,774,442 4,580,074 Water revenues supported by ARCs/MVCs 24,221 48,441 45,159 44,065 45,706 120,938 328,530 Total $ 546,438 $ 1,090,965 $ 1,107,576 $ 1,101,572 $ 1,094,208 $ 7,249,839 $ 12,190,598 (a) July 1, 2024 through December 31, 2024.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	6 Months Ended
Investment in Unconsolidated Entity	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity The MVP Joint Venture. The Company has an equity method investment in the MVP Joint Venture. The MVP Joint Venture constructed the MVP and is developing the MVP Southgate project, each discussed in more detail below. The Company maintains separate ownership interests in each of the MVP and the MVP Southgate project and is the operator of the MVP and expects to operate the MVP Southgate project. Mountain Valley Pipeline. The MVP Joint Venture received authorization of the FERC on June 11, 2024 to place the MVP, a 303-mile natural gas interstate pipeline that spans from northern West Virginia to southern Virginia, in service and the MVP entered service and became available for interruptible or short-term firm transportation service on June 14, 2024. The Company owned a 49.0% interest in the MVP as of June 30, 2024. MVP and MVP-related long-term firm capacity obligations commenced on July 1, 2024. Upon commencement of the MVP long-term firm capacity obligations on July 1, 2024, the MVP Joint Venture is no longer a variable interest entity of the Company because it has sufficient equity to finance its activities. The MVP Joint Venture has continued to undertake certain restoration efforts in respect of the MVP since the in-service date and the Company is targeting a total project cost of approximately $7.9 billion (excluding allowance for funds used during construction (AFUDC) and which does not reflect general contingency). Based on such total project cost estimate, the Company's equity ownership in the MVP is expected to progressively increase from approximately 49.0% to approximately 49.2%. Pursuant to the EQT Global GGA and given MVP full in-service occurred in 2024, MVC step ups and gathering fee rates are to be set forth in an amendment to the EQT Global GGA. The step ups and rates would become effective as of July 1, 2024 in accordance with the terms of the EQT Global GGA. The amendment, which reflects the step ups and rates assumed by the Company for purposes of the EQT Global GGA, has been negotiated, but not yet executed, with EQT as of the filing of this Quarterly Report on Form 10-Q. The Company has a negative basis difference between the carrying value of its equity method investment and its proportionate share of MVP's net assets, which are entirely attributable to fixed assets. The basis difference is accreted over the life of the fixed assets and reflected as income in equity income on the Company's statements of consolidated comprehensive income. In June 2024, the MVP Joint Venture issued a capital call notice for the funding of the MVP project to MVP Holdco, LLC (MVP Holdco) for $73.9 million, which was paid in July 2024. The capital contributions payable and the corresponding increase to the investment balance are reflected on the consolidated balance sheet as of June 30, 2024. Pursuant to the MVP Joint Venture's limited liability company agreement, MVP Holdco was obligated to provide performance assurances in respect of the MVP project through in-service, which could take the form of a guarantee from EQM (provided that EQM's debt is rated as investment grade in accordance with the requirements of the MVP Joint Venture's limited liability company agreement), a letter of credit or cash collateral, in favor of the MVP Joint Venture to provide assurance as to the funding of MVP Holdco's proportionate share of the construction budget for the MVP project through in-service. On June 28, 2024, following MVP in-service, the $104.7 million letter of credit with respect to the MVP project was terminated. The Company's ownership interest in the MVP Joint Venture related to the MVP project is significant for the three and six months ended June 30, 2024 as defined by the SEC's Regulation S-X Rule 1-02(w). Accordingly, as required by Regulation S-X Rule 3-09, the following tables summarize the condensed financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) (Thousands) Current assets $ 181,485 $ 349,417 Non-current assets 9,430,433 8,480,539 Total assets $ 9,611,918 $ 8,829,956 Current liabilities $ 218,689 $ 371,508 Non-current liabilities 33 — Total liabilities 218,722 371,508 Equity 9,393,196 8,458,448 Total liabilities and equity $ 9,611,918 $ 8,829,956 Condensed Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Thousands) Operating revenues $ 3,723 $ — $ 3,723 $ — Operating expenses (10,822) — (10,856) — AFUDC - equity 27,171 34,822 129,750 34,822 AFUDC - debt 11,644 14,923 55,604 14,923 Other interest 1,900 305 5,170 562 Net income $ 33,616 $ 50,050 $ 183,391 $ 50,307 MVP Southgate Project. In April 2018, the MVP Joint Venture announced the MVP Southgate project (MVP Southgate) as a contemplated interstate pipeline that was approved by the United States FERC and designed to extend approximately 75 miles from the MVP in Pittsylvania County, Virginia to new delivery points in Rockingham and Alamance Counties, North Carolina using 24-inch and 16-inch diameter pipe. In late December 2023, following completion of its negotiations with each of Public Service Company of North Carolina, Inc. (PSNC) and Duke Energy Carolinas, LLC (Duke), the MVP Joint Venture entered into precedent agreements with each of PSNC and Duke. The precedent agreements contemplate an amended project (in lieu of the original project) and, among other things, describe certain conditions precedent to the parties' respective obligations regarding MVP Southgate. The amended project would extend approximately 31 miles from the terminus of the MVP in Pittsylvania County, Virginia to planned new delivery points in Rockingham County, North Carolina using 30-inch diameter pipe. The Company is expected to operate the MVP Southgate pipeline and owned a 47.2% interest in the MVP Southgate project as of June 30, 2024. The targeted completion timing for the project is June 2028. Pursuant to the MVP Joint Venture's limited liability company agreement, MVP Holdco is obligated to provide performance assurances in respect of MVP Southgate, which performance assurances may take the form of a guarantee from EQM (provided that EQM's debt is rated as investment grade in accordance with the requirements of the MVP Joint Venture's limited liability company agreement), a letter of credit or cash collateral. On April 6, 2023, EQM’s $14.2 million letter of credit with respect to the MVP Southgate project was terminated, following the determination to temporarily defer partners’ obligations to post performance assurances with respect to the MVP Southgate project, which may be reinstated upon further developments. Upon the FERC’s initial release to begin construction of the MVP Southgate project, the Company will be obligated to deliver an allowable form of performance assurance in an amount equal to 33% of MVP Holdco’s proportionate share of the remaining capital obligations under the applicable construction budget.

Share-based Compensation Plans

Share-based Compensation Plans	6 Months Ended
Share-based Compensation Plans	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Plans	Share-based Compensation Plans In December 2021, the Company granted a special, one-time, performance award program designed to reward all employees should the Company’s most complex and strategically significant project, the MVP project, be placed in-service, subject to continued service through the applicable payment date (the MVP PSU Program). The achievement of the MVP Joint Venture being authorized by the FERC to commence service on the MVP represented a performance condition as defined by ASC 718, Share-based Compensation . During the second quarter of 2024, the MVP Joint Venture was authorized by the FERC to commence service on the MVP. As such, the performance condition of the MVP PSU Program was achieved and the award vested and was paid in Company common stock on June 28, 2024. Certain shares of the MVP PSU Program remain outstanding and are subject to continued service through the first and second anniversaries of the in-service date. In June 2023, the performance condition associated with the MVP PSU Program awards was deemed to be probable, and the Company recognized compensation cost of approximately $16.8 million that included the cumulative catch-up of approximately $14.1 million to reflect the requisite service period of each award that had been provided to date. As of June 30, 2024, there was approximately $1.7 million of unrecognized compensation cost related to non-vested MVP PSU Program awards that is expected to be recognized over a remaining weighted average vesting term of approximately 1.4 years.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Amended EQM Credit Facility. On February 15, 2024 (the Fifth Amendment Date), EQM entered into an amendment (the Fifth Amendment) to the Third Amended and Restated Credit Agreement, dated as of October 31, 2018 (as amended, supplemented or otherwise modified, the Amended EQM Credit Facility), among EQM, as borrower, Wells Fargo Bank, National Association, as the administrative agent, swing line lender and an L/C issuer, the lenders party thereto from time to time and any other persons party thereto from time to time. The Fifth Amendment, among other things, amended the financial covenant, such that the Consolidated Leverage Ratio (as defined in the Amended EQM Credit Facility) (i) as of March 31, 2024, could not exceed 6.00 to 1.00, (ii) as of June 30, 2024, could not exceed 6.25 to 1.00, (iii) as of September 30, 2024, cannot exceed 5.85 to 1.00 and (iv) as of the end of each fiscal quarter thereafter, cannot exceed 5.50 to 1.00. EQM has or, as applicable, will have aggregate commitments available under the Amended EQM Credit Facility of approximately $1.55 billion prior to April 30, 2025, and approximately $1.45 billion on and after April 30, 2025 and prior to April 30, 2026. For the avoidance of doubt, any reference to the Amended EQM Credit Facility as of any particular date shall mean the Amended EQM Credit Facility as in effect on such date. As of June 30, 2024, EQM had $655 million of borrowings and approximately $1.0 million of letters of credit outstanding under the Amended EQM Credit Facility. As of December 31, 2023, EQM had $915 million of borrowings and approximately $105.8 million of letters of credit outstanding under the Amended EQM Credit Facility. Taking into account the maximum Consolidated Leverage Ratio applicable under the Amended EQM Credit Facility that, as of June 30, 2024, could not exceed 6.25 to 1.00, EQM had the ability to borrow approximately $0.5 billion under the Amended EQM Credit Facility as of June 30, 2024. The Company believes that its cash on hand, future cash generated from operations and future cash received from potential distributions from the MVP Joint Venture, including as a result of potential financing at the MVP Joint Venture, together with available borrowing capacity under its subsidiaries' credit facilities and its access to banking and capital markets, will provide adequate resources to fund its short-term and long-term capital, operating and financing needs. During the three and six months ended June 30, 2024, the maximum outstanding borrowings at any time were approximately $655 million and $1,055 million, respectively, the average daily balances were approximately $545 million and $690 million, respectively, and the weighted average annual interest rate was approximately 8.3%. For the three and six months ended June 30, 2024, commitment fees of $1.2 million and $1.9 million, respectively, were paid to maintain credit availability under the Amended EQM Credit Facility. During the three and six months ended June 30, 2023, the maximum outstanding borrowings at any time were approximately $255 million and $315 million, respectively, the average daily balances were approximately $191 million and $225 million, respectively, and the weighted average annual interest rates were approximately 7.9% and 7.7%, respectively. For the three and six months ended June 30, 2023, commitment fees of $2.3 million and $4.4 million, respectively, were paid to maintain credit availability under the Amended EQM Credit Facility. As of June 30, 2024 and December 31, 2023, no term loans were outstanding under the Amended EQM Credit Facility. The Amended EQM Facility contains negative covenants that, among other things, limit restricted payments, the incurrence of debt, dispositions, mergers and other fundamental changes, and transactions with affiliates, in each case and as applicable, subject to certain specified exceptions. In addition, the Amended EQM Credit Facility contains certain specified events of default such as insolvency, nonpayment of scheduled principal or interest obligations, change of control and cross-default related to the acceleration or default of certain other financial obligations. Eureka Credit Facility. Eureka has a $400 million senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (the 2021 Eureka Credit Facility) that matures in November 2025. As of June 30, 2024, and December 31, 2023, Eureka had $330 million and $315 million, respectively, of borrowings outstanding under the 2021 Eureka Credit Facility. For the three and six months ended June 30, 2024, the maximum amount of outstanding borrowings under the 2021 Eureka Credit Facility at any time were approximately $330 million, the average daily balances were approximately $330 million and $326 million, respectively, and Eureka incurred interest at a weighted average annual interest rate of approximately 8.3%. For the three and six months ended June 30, 2024, commitment fees of $0.1 million and $0.2 million, respectively, were paid to maintain credit availability under the 2021 Eureka Credit Facility. For the three and six months ended June 30, 2023, the maximum amount of outstanding borrowings under the 2021 Eureka Credit Facility at any time were approximately $315 million, the average daily balances were approximately $309 million and $303 million, respectively, and Eureka incurred interest at weighted average annual interest rates of approximately 7.7% and 7.4%, respectively. For the three and six months ended June 30, 2023, commitment fees of $0.1 million and $0.2 million, respectively, were paid to maintain credit availability under the 2021 Eureka Credit Facility. The 2021 Eureka Credit Facility contains negative covenants that, among other things, limit restricted payments, the incurrence of debt, dispositions, mergers and other fundamental changes, and transactions with affiliates, in each case and as applicable, subject to certain specified exceptions. In addition, the 2021 Eureka Credit Facility contains certain specified events of default such as insolvency, nonpayment of scheduled principal or interest obligations, loss and failure to replace certain material contracts, change of control and cross-default related to the acceleration or default of certain other financial obligations. 2024 Senior Notes. On February 26, 2024, EQM completed a private offering of $600 million in aggregate principal amount of new 6.375% senior notes due 2029 (the 2024 Senior Notes) and received net proceeds from the offering of approximately $590.6 million inclusive of a discount of approximately $7.5 million and debt issuance costs of approximately $1.9 million. EQM used the net proceeds from the 2024 Senior Notes offering to repay certain outstanding indebtedness, including borrowings under the Amended EQM Credit Facility, and for general partnership purposes. The 2024 Senior Notes were issued under and are governed by an indenture, dated February 26, 2024 (the 2024 Indenture), between EQM and U.S. Bank Trust Company, National Association, as trustee (the Trustee). The 2024 Indenture contains covenants that limit EQM’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale and leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of EQM’s assets. The 2024 Senior Notes will mature on April 1, 2029 and interest on the 2024 Senior Notes is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2024. The 2024 Senior Notes are unsecured and rank equally in right of payment with all of EQM’s existing and future senior indebtedness. The 2024 Senior Notes are senior in right of payment to any of EQM’s future indebtedness that are, by their terms, expressly subordinated in right of payment to the 2024 Senior Notes. The 2024 Senior Notes are effectively subordinated to EQM’s future secured indebtedness, if any, to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all existing and future obligations, including trade payables, of EQM’s subsidiaries, other than any subsidiaries that may guarantee the Notes in the future. EQM may, at its option, redeem some or all of the 2024 Senior Notes, in whole or in part, at any time prior to their maturity at the applicable redemption price as set forth in the Indenture. Upon the occurrence of a Change of Control Triggering Event (as defined in the 2024 Indenture), EQM may be required to offer to purchase the 2024 Senior Notes at a purchase price equal to 101% of the aggregate principal amount of the 2024 Senior Notes repurchased, plus accrued and unpaid interest, if any, on the 2024 Senior Notes repurchased, to, but excluding, the date of settlement, subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the date of settlement. The 2024 Indenture contains certain events of default (each an Event of Default), including the following: (1) default in the payment of interest on such 2024 Senior Notes when due that continues for 30 days; (2) default in the payment of principal of or premium, if any, on any such 2024 Senior Notes when due, whether at its stated maturity, upon redemption or otherwise; (3) failure by EQM or any subsidiary guarantor, if any, to comply for 90 days with the other agreements with respect to such 2024 Senior Notes contained in the 2024 Indenture after written notice by the Trustee or by the holders of at least 25% in principal amount of the outstanding 2024 Senior Notes; (4) certain events of bankruptcy, insolvency or reorganization of EQM or any subsidiary guarantor, if any, that is one of EQM’s Significant Subsidiaries (as defined in the 2024 Indenture); and (5) if such 2024 Senior Notes are guaranteed by a subsidiary guarantor that is one of EQM’s Significant Subsidiaries, (a) the guarantee of that subsidiary guarantor ceases to be in full force and effect, except as otherwise provided in the 2024 Indenture; (b) the guarantee of that subsidiary guarantor is declared null and void in a judicial proceeding; or (c) such subsidiary guarantor denies or disaffirms its obligations under the 2024 Indenture or its guarantee. If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding 2024 Senior Notes may declare the principal of and all accrued and unpaid interest on such 2024 Senior Notes to be immediately due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization occurs, the principal of and interest on the 2024 Senior Notes will become immediately due and payable without any action on the part of the Trustee or any holders of the 2024 Senior Notes. 2023 Senior Notes Redemption. On June 21, 2023 (the Redemption Date), EQM redeemed in full its remaining outstanding 4.75% Senior Notes due 2023 (the 2023 Notes) in the aggregate principal amount of $98.9 million, pursuant to the Indenture, dated as of August 1, 2014, by and between EQM, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A. (BNYMTC), as trustee, as supplemented by that certain Third Supplemental Indenture, dated as of June 25, 2018, by and between the EQM and BNYMTC, at a redemption price equal to 100% of the principal amount of the 2023 Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. Upon the redemption by EQM of the 2023 Notes, the Third Supplemental Indenture was discharged and ceased to be of further effect except as to rights thereunder. EQM utilized cash on hand to effect payment of the redemption on the Redemption Date. As of June 30, 2024, EQM and Eureka were in compliance with all debt provisions and covenants.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis. The Company records derivative instruments at fair value on a gross basis in its consolidated balance sheets. The Company, EQT and certain affiliates of EQT have a Gas Gathering and Compression Agreement dated February 26, 2020 (as amended, the "EQT Global GGA") which provides, among other things, for potential cash bonus payments payable by EQT to the Company during the period that began on July 1, 2024 through the calendar quarter ending December 31, 2024 (the Henry Hub cash bonus payment provision). The potential cash bonus payments are conditioned upon the quarterly average of certain Henry Hub natural gas prices exceeding certain price thresholds. The Henry Hub cash bonus payment provision is accounted for as a derivative instrument and recorded at its estimated fair value using a Monte Carlo simulation model. Significant inputs used in the fair value measurement include NYMEX Henry Hub natural gas futures prices as of the date of valuation, probability-weighted assumptions regarding MVP project completion (prior to in-service), the actual MVP in-service date, risk-free interest rates based on U.S. Treasury rates, expected volatility of NYMEX Henry Hub natural gas futures prices and an estimated credit spread of EQT. The probability-weighted assumptions regarding MVP project completion utilizing internally developed methodologies (prior to in-service), and the expected volatility of NYMEX Henry Hub natural gas futures prices, used in the valuation methodology represent significant unobservable inputs causing the Henry Hub cash bonus payment provision to be designated as a Level 3 fair value measurement. An expected average volatility of approximately 55.0% was utilized in the valuation model, which is based on market-quoted volatilities of relevant NYMEX Henry Hub natural gas forward prices. As of June 30, 2024 and December 31, 2023, the fair values of the Henry Hub cash bonus payment provision were $23.0 million and $24.5 million, respectively, which were recorded in other current assets other income (expense) Other Financial Instruments. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short maturity of the instruments. The carrying values of borrowings under the Amended EQM Credit Facility and the 2021 Eureka Credit Facility approximate fair value as the interest rates are based on prevailing market rates. As EQM's borrowings under its senior notes are not actively traded, their fair values are estimated using an income approach model that applies a discount rate based on prevailing market rates for debt with similar remaining time-to-maturity and credit risk; as such, their fair values are Level 2 fair value measurements. As of June 30, 2024 and December 31, 2023, the estimated fair values of EQM's senior notes were approximately $6,916.8 million and $6,334.3 million, respectively, and the carrying values of EQM's senior notes were approximately $6,943.2 million and $6,346.4 million, respectively. The fair value of the preferred interest that the Company has in EQT Energy Supply, LLC (EES), a subsidiary of EQT (the Preferred Interest) is a Level 3 fair value measurement and is estimated using an income approach model that applies a market-based discount rate. As of June 30, 2024, and December 31, 2023, the estimated fair values of the Preferred Interest were approximately $86.3 million and $90.7 million, respectively, and the carrying values of the Preferred Interest were approximately $85.4 million and $88.5 million, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company excluded 30,059 and 30,111 (in thousands) of weighted average anti-dilutive securities related to the Equitrans Midstream Preferred Shares and stock-based compensation awards from the computation of diluted weighted average common shares outstanding for the three and six months ended June 30, 2024. The Company excluded 31,125 and 32,506 (in thousands) of weighted average anti-dilutive securities related to the Equitrans Midstream Preferred Shares and stock-based compensation awards from the computation of diluted weighted average common shares outstanding for the three and six months ended June 30, 2023.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 9.0% for the three months ended June 30, 2024 compared to 0.7% for the three months ended June 30, 2023. The Company's effective tax rate was 12.6% for the six months ended June 30, 2024 compared to (1.9)% for the six months ended June 30, 2023. The Company calculates the provision for income taxes for interim periods by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (income (loss) before income taxes excluding unusual or infrequently occurring items) for the periods. The effective tax rate was higher for the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023 primarily due to the impact of changes in the valuation allowance that limit tax benefits for the Company's federal and state deferred tax assets and the impact of projected AFUDC - equity from the MVP project. The effective tax rate for the three and six months ended June 30, 2024 and for the three and six months ended June 30, 2023 was lower than the statutory rate primarily due to the impact of changes in valuation allowances that limit tax benefits for the Company’s federal and state deferred tax assets and the impact of projected AFUDC – equity from the MVP project.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 70,389	$ 67,245	$ 179,388	$ 168,927

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financial Statements (Policies)

Financial Statements (Policies)	6 Months Ended
Financial Statements (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation. References in these financial statements to Equitrans Midstream or the Company refer collectively to Equitrans Midstream Corporation and its consolidated subsidiaries for all periods presented, unless otherwise indicated. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements include all adjustments (consisting of only normal, recurring adjustments, unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of the Company as of June 30, 2024, the results of its operations, and equity for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which includes all disclosures required by GAAP. Due to, among other things, the seasonal nature of the Company's utility customer contracts, as well as producers’ well completion activities and varying needs for fresh and produced water (which are primarily driven by horizontal lateral lengths and the number of completion stages per well), the interim statements for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the Company's consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as well as Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained herein.
Recently Issued Accounting Standards	Recently Issued Accounting Standards. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides improvements to reportable segment disclosures and is intended to enhance the disclosures regarding significant segment expenses. The guidance is applicable to all public entities that are required to report segment information in accordance with Topic 280 and is to be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures , which provides improvements to income tax disclosures and is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is applicable to all public entities required to report income taxes in accordance with ASC 740 and should be applied prospectively, but retrospective application is permitted. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation, information on income taxes paid, and various other disclosure changes. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures.

Financial Information by Busi_2

Financial Information by Business Segment (Tables)	6 Months Ended
Financial Information by Business Segment (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Operating Income and Reconciliation to Net Income	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Thousands) Revenues from customers: Gathering (a) $ 230,006 $ 210,194 $ 454,646 $ 420,946 Transmission (a) 104,584 92,540 221,478 231,446 Water 27,005 15,735 49,745 42,414 Total operating revenues $ 361,595 $ 318,469 $ 725,869 $ 694,806 Operating income: Gathering $ 110,689 $ 81,020 $ 215,748 $ 185,314 Transmission 59,514 48,451 136,596 147,373 Water 8,686 530 13,674 12,903 Headquarters (b) (2,357) (467) (8,330) (812) Total operating income $ 176,532 $ 129,534 $ 357,688 $ 344,778 Reconciliation of operating income to net income: Equity income (c) $ 18,814 $ 23,686 $ 91,819 $ 23,808 Other income (expense), net (d) 3,602 19,809 (374) 11,707 Net interest expense (120,129) (103,644) (239,025) (208,601) Income tax expense (benefit) 7,105 465 26,505 (3,319) Net income $ 71,714 $ 68,920 $ 183,603 $ 175,011 (a) For the six months ended June 30, 2023, volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively. (b) Includes transaction costs and other certain unallocated corporate expenses. (c) Equity income is included in the Transmission segment. (d) Includes unrealized gains (losses) on derivative instruments recorded in the Gathering segment.
Schedule of Segment Assets	June 30, 2024 December 31, 2023 (Thousands) Segment assets: Gathering $ 7,575,061 $ 7,612,820 Transmission (a) 3,918,128 3,369,718 Water 236,853 217,225 Total operating segments 11,730,042 11,199,763 Headquarters, including cash 390,431 509,663 Total assets $ 12,120,473 $ 11,709,426 (a) The equity method investment in the MVP Joint Venture is included in the Transmission segment.
Schedule of Depreciation and Amortization and Expenditures for Segment Assets	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Thousands) Depreciation: Gathering $ 50,850 $ 49,387 $ 101,002 $ 98,736 Transmission 15,123 13,904 29,506 27,792 Water 7,111 6,511 14,145 12,374 Headquarters 104 229 207 533 Total $ 73,188 $ 70,031 $ 144,860 $ 139,435 Capital expenditures: Gathering (a) $ 65,996 $ 71,893 $ 120,252 $ 131,606 Transmission (b) 16,431 14,375 34,135 23,564 Water 4,987 11,148 15,034 22,224 Total (c) $ 87,414 $ 97,416 $ 169,421 $ 177,394 (a) Includes capital expenditures related to the noncontrolling interest in Eureka Midstream Holdings, LLC (Eureka Midstream) of approximately $5.0 million and $10.0 million for the three and six months ended June 30, 2024, respectively, and $5.0 million and $8.2 million for the three and six months ended June 30, 2023, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture of approximately $135.4 million and $558.3 million for the three and six months ended June 30, 2024, respectively, and $36.0 million and $70.5 million for the three and six months ended June 30, 2023, respectively. (c) The Company accrues capital expenditures when the work has been completed but the associated bills have not yet been paid. Accrued capital expenditures are excluded from the statements of consolidated cash flows until they are paid. The net impact of non-cash capital expenditures, including the effect of accrued capital expenditures, transfers to/from inventory as assets are completed/assigned to a project and capitalized share-based compensation costs, was $(0.3) million and $2.6 million for the three and six months ended June 30, 2024, respectively, and $(1.1) million and $(5.5) million for the three and six months ended June 30, 2023, respectively.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
Revenue from Contracts with Customers (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue Information, By Segment	The tables below provide disaggregated revenue information by business segment. Three Months Ended June 30, 2024 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 147,498 $ 86,688 $ 12,110 $ 246,296 Volumetric-based fee revenues 82,508 17,896 14,895 115,299 Total operating revenues $ 230,006 $ 104,584 $ 27,005 $ 361,595 Three Months Ended June 30, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 141,737 $ 82,247 $ 9,389 $ 233,373 Volumetric-based fee revenues 68,457 10,293 6,346 85,096 Total operating revenues $ 210,194 $ 92,540 $ 15,735 $ 318,469 Six Months Ended June 30, 2024 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 283,174 $ 187,011 $ 21,485 $ 491,670 Volumetric-based fee revenues 171,472 34,467 28,260 234,199 Total operating revenues $ 454,646 $ 221,478 $ 49,745 $ 725,869 Six Months Ended June 30, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 281,808 $ 183,969 $ 18,764 $ 484,541 Volumetric-based fee revenues (b) 139,138 47,477 23,650 210,265 Total operating revenues $ 420,946 $ 231,446 $ 42,414 $ 694,806 (a) Firm reservation fee revenues associated with Gathering included MVC unbilled revenues of approximately $3.2 million and $9.1 million for the three and six months ended June 30, 2024, respectively, and $2.4 million and $5.7 million for the three and six months ended June 30, 2023, respectively. (b) For the six months ended June 30, 2023, volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively.
Schedule of Contract with Customer, Asset and Liability	The following table presents changes in the Company's contract assets balance: Six Months Ended June 30, 2024 2023 (Thousands) Balance as of beginning of period $ 11,123 $ 27,493 Revenue recognized in excess of amounts invoiced (a) 10,851 5,680 Minimum volume commitments invoiced (b) (7,833) (23,558) Amortization (c) (379) (329) Balance as of end of period $ 13,762 $ 9,286 (a) Includes revenues associated with MVCs that are included in revenues within the Gathering and Water segments. (b) Unbilled revenues are transferred to accounts receivable once the Company has an unconditional right to consideration from the customer. (c) Amortization of capitalized contract costs paid to customers over the expected life of the agreement. The following table presents changes in the Company's contract liability balances: Six Months Ended June 30, 2024 2023 (Thousands) Balance as of beginning of period $ 1,301,100 $ 973,087 Amounts recorded during the period (a) 123,686 165,011 Change in estimated variable consideration (b) (1,833) (3,392) Amounts transferred during the period (c) (3,833) (3,835) Balance as of end of period $ 1,419,120 $ 1,130,871 (a) Includes deferred billed revenue during the six months ended June 30, 2024 and 2023 primarily associated with the EQT Global GGA. (b) For the six months ended June 30, 2024 and 2023, the change in estimated variable consideration represents the decrease in total deferred revenue due to changes in MVP in-service timing assumptions. (c) Deferred revenues are recognized as revenue upon satisfaction of the Company's performance obligation to the customer.
Schedule of Remaining Performance Obligations	The following table summarizes the estimated transaction price allocated to the Company's remaining performance obligations under all contracts with firm reservation fees, MVCs and/or ARCs as of June 30, 2024 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2024 (a) 2025 2026 2027 2028 Thereafter Total (Thousands) Gathering firm reservation fees $ 96,368 $ 183,454 $ 173,167 $ 166,356 $ 162,664 $ 1,651,185 $ 2,433,194 Gathering revenues supported by MVCs 224,091 454,590 486,931 491,273 488,641 2,703,274 4,848,800 Transmission firm reservation fees 201,758 404,480 402,319 399,878 397,197 2,774,442 4,580,074 Water revenues supported by ARCs/MVCs 24,221 48,441 45,159 44,065 45,706 120,938 328,530 Total $ 546,438 $ 1,090,965 $ 1,107,576 $ 1,101,572 $ 1,094,208 $ 7,249,839 $ 12,190,598 (a) July 1, 2024 through December 31, 2024.

Investments in Unconsolidated E

Investments in Unconsolidated Entity (Tables)	6 Months Ended
Investments in Unconsolidated Entity (Tables)	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Unaudited Condensed Financial Statements for the Investment in Unconsolidated Equity	Condensed Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) (Thousands) Current assets $ 181,485 $ 349,417 Non-current assets 9,430,433 8,480,539 Total assets $ 9,611,918 $ 8,829,956 Current liabilities $ 218,689 $ 371,508 Non-current liabilities 33 — Total liabilities 218,722 371,508 Equity 9,393,196 8,458,448 Total liabilities and equity $ 9,611,918 $ 8,829,956 Condensed Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Thousands) Operating revenues $ 3,723 $ — $ 3,723 $ — Operating expenses (10,822) — (10,856) — AFUDC - equity 27,171 34,822 129,750 34,822 AFUDC - debt 11,644 14,923 55,604 14,923 Other interest 1,900 305 5,170 562 Net income $ 33,616 $ 50,050 $ 183,391 $ 50,307

Financial Statements (Details)

Financial Statements (Details)	Jun. 30, 2024 primaryAsset
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of primary assets through which services are provided	3

Proposed EQT Transaction (Detai

Proposed EQT Transaction (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Proposed EQT Transaction (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 10, 2024
Business Acquisition
Transaction costs	$ 2,011	$ 0	$ 7,695	$ 0
EQT Merger
Business Acquisition
Common stock conversion ratio					35.04%
Transaction costs	$ 2,000		$ 7,700

Financial Information by Busi_3

Financial Information by Business Segment - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 lineOfBusiness segment
Segment Reporting [Abstract]
Number of operating segments \| segment	3
Number of lines of business \| lineOfBusiness	3

Financial Information by Busi_4

Financial Information by Business Segment - Schedule of Segment Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Revenues from customers:
Total operating revenues		$ 361,595	$ 318,469	$ 725,869		$ 694,806
Operating income:
Total operating income		176,532	129,534	357,688		344,778
Reconciliation of operating income to net income:
Equity income	[1]	18,814	23,686	91,819	[2]	23,808	[2]
Other income (expense), net		3,602	19,809	(374)		11,707
Net interest expense		(120,129)	(103,644)	(239,025)		(208,601)
Income tax expense (benefit)		7,105	465	26,505		(3,319)
Net income		71,714	68,920	183,603		175,011
Gathering
Revenues from customers:
Total operating revenues		230,006	210,194	454,646		420,946
Gathering \| Contract Buyouts
Revenues from customers:
Total operating revenues						5,000
Transmission
Revenues from customers:
Total operating revenues		104,584	92,540	221,478		231,446
Transmission \| Contract Buyouts
Revenues from customers:
Total operating revenues						23,800
Water
Revenues from customers:
Total operating revenues		27,005	15,735	49,745		42,414
Operating Segments \| Gathering
Revenues from customers:
Total operating revenues		230,006	210,194
Operating income:
Total operating income		110,689	81,020	215,748		185,314
Operating Segments \| Transmission
Revenues from customers:
Total operating revenues		104,584	92,540
Operating income:
Total operating income		59,514	48,451	136,596		147,373
Operating Segments \| Water
Revenues from customers:
Total operating revenues		27,005	15,735
Operating income:
Total operating income		8,686	530	13,674		12,903
Headquarters
Operating income:
Total operating income		$ (2,357)	$ (467)	$ (8,330)		$ (812)

[1] Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 5. Represents equity income from the MVP Joint Venture. See Note 5.

Financial Information by Busi_5

Financial Information by Business Segment - Schedule of Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-Lived Assets
Total assets	$ 12,120,473	$ 11,709,426
Operating Segments
Long-Lived Assets
Total assets	11,730,042	11,199,763
Operating Segments \| Gathering
Long-Lived Assets
Total assets	7,575,061	7,612,820
Operating Segments \| Transmission
Long-Lived Assets
Total assets	3,918,128	3,369,718
Operating Segments \| Water
Long-Lived Assets
Total assets	236,853	217,225
Headquarters
Long-Lived Assets
Total assets	$ 390,431	$ 509,663

Financial Information by Busi_6

Financial Information by Business Segment - Schedule of Depreciation and Capital Expenditures for Segment Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Information
Depreciation	$ 73,188	$ 70,031	$ 144,860	$ 139,435
Capital expenditures	87,414	97,416	169,421	177,394
Capitalized share-based compensation cost	(300)	(1,100)	2,600	(5,500)
Operating Segments \| Gathering
Segment Information
Depreciation	50,850	49,387	101,002	98,736
Capital expenditures	65,996	71,893	120,252	131,606
Operating Segments \| Gathering \| Eureka Midstream Holdings, LLC
Segment Information
Capital expenditures	5,000	5,000	10,000	8,200
Operating Segments \| Transmission
Segment Information
Depreciation	15,123	13,904	29,506	27,792
Capital expenditures	16,431	14,375	34,135	23,564
Operating Segments \| Transmission \| MVP Southgate Project
Segment Information
Capital expenditures	135,400	36,000	558,300	70,500
Operating Segments \| Water
Segment Information
Depreciation	7,111	6,511	14,145	12,374
Capital expenditures	4,987	11,148	15,034	22,224
Headquarters
Segment Information
Depreciation	$ 104	$ 229	$ 207	$ 533

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregated Revenue Information, by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue
Total operating revenues	$ 361,595	$ 318,469	$ 725,869	$ 694,806
Gathering
Disaggregation of Revenue
Total operating revenues	230,006	210,194	454,646	420,946
Gathering \| Contract Buyouts
Disaggregation of Revenue
Total operating revenues				5,000
Transmission
Disaggregation of Revenue
Total operating revenues	104,584	92,540	221,478	231,446
Transmission \| Contract Buyouts
Disaggregation of Revenue
Total operating revenues				23,800
Water
Disaggregation of Revenue
Total operating revenues	27,005	15,735	49,745	42,414
Firm reservation fee revenues
Disaggregation of Revenue
Total operating revenues	246,296	233,373	491,670	484,541
Firm reservation fee revenues \| Gathering
Disaggregation of Revenue
Total operating revenues	147,498	141,737	283,174	281,808
Firm reservation fee revenues \| Gathering \| MVC
Disaggregation of Revenue
Total operating revenues	3,200	2,400	9,100	5,700
Firm reservation fee revenues \| Transmission
Disaggregation of Revenue
Total operating revenues	86,688	82,247	187,011	183,969
Firm reservation fee revenues \| Water
Disaggregation of Revenue
Total operating revenues	12,110	9,389	21,485	18,764
Volumetric-based fee revenues
Disaggregation of Revenue
Total operating revenues	115,299	85,096	234,199	210,265
Volumetric-based fee revenues \| Gathering
Disaggregation of Revenue
Total operating revenues	82,508	68,457	171,472	139,138
Volumetric-based fee revenues \| Transmission
Disaggregation of Revenue
Total operating revenues	17,896	10,293	34,467	47,477
Volumetric-based fee revenues \| Water
Disaggregation of Revenue
Total operating revenues	$ 14,895	$ 6,346	$ 28,260	$ 23,650

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Unbilled Revenue Rollforward (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Deferred Revenue [Roll Forward]
Balance as of beginning of period	$ 11,123	$ 27,493
Revenue recognized in excess of amounts invoiced	10,851	5,680
Minimum volume commitments invoiced	(7,833)	(23,558)
Amortization	(379)	(329)
Balance as of end of period	$ 13,762	$ 9,286

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Deferred Revenue Rollforward (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Change in Contract with Customer, Liability
Balance as of beginning of period	$ 1,301,100	$ 973,087
Amounts recorded during the period	123,686	165,011
Change in estimated variable consideration	(1,833)	(3,392)
Amounts transferred during the period	(3,833)	(3,835)
Balance as of end of period	$ 1,419,120	$ 1,130,871

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Schedule of Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 12,190,598
Transmission firm reservation fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	4,580,074
Water revenues supported by ARCs/MVCs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	328,530
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	546,438
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 \| Transmission firm reservation fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 201,758
Remaining performance obligations, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 \| Water revenues supported by ARCs/MVCs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 24,221
Remaining performance obligations, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 1,090,965
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Transmission firm reservation fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 404,480
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Water revenues supported by ARCs/MVCs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 48,441
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 1,107,576
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Transmission firm reservation fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 402,319
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Water revenues supported by ARCs/MVCs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 45,159
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 1,101,572
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Transmission firm reservation fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 399,878
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Water revenues supported by ARCs/MVCs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 44,065
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 1,094,208
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Transmission firm reservation fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 397,197
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Water revenues supported by ARCs/MVCs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 45,706
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 7,249,839
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Transmission firm reservation fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 2,774,442
Remaining performance obligations, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Water revenues supported by ARCs/MVCs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 120,938
Remaining performance obligations, expected timing
Gathering firm reservation fees \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 2,433,194
Gathering firm reservation fees \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 96,368
Remaining performance obligations, expected timing	6 months
Gathering firm reservation fees \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 183,454
Remaining performance obligations, expected timing	1 year
Gathering firm reservation fees \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 173,167
Remaining performance obligations, expected timing	1 year
Gathering firm reservation fees \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 166,356
Remaining performance obligations, expected timing	1 year
Gathering firm reservation fees \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 162,664
Remaining performance obligations, expected timing	1 year
Gathering firm reservation fees \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 1,651,185
Remaining performance obligations, expected timing
Gathering revenues supported by MVCs \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 4,848,800
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 224,091
Remaining performance obligations, expected timing	6 months
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 454,590
Remaining performance obligations, expected timing	1 year
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 486,931
Remaining performance obligations, expected timing	1 year
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 491,273
Remaining performance obligations, expected timing	1 year
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 488,641
Remaining performance obligations, expected timing	1 year
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Total	$ 2,703,274
Remaining performance obligations, expected timing

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Narrative (Details)	6 Months Ended
Revenue from Contracts with Customers - Narrative (Details)	Jun. 30, 2024
Gathering
Disaggregation of Revenue
Weighted average remaining term (in years)	13 years
Transmission firm reservation fees
Disaggregation of Revenue
Weighted average remaining term (in years)	11 years

Investments in Unconsolidated_2

Investments in Unconsolidated Entity - Narrative (Details) $ in Millions		1 Months Ended
	Jul. 01, 2024 USD ($)	Jun. 30, 2024 USD ($) mi	Jun. 28, 2024 USD ($)	Dec. 31, 2023 mi	Apr. 06, 2023 USD ($)	Apr. 30, 2018 mi
MVP Project \| Con Edison \| Maximum \| Subsequent Event
Schedule of Equity Method Investments
Project target cost	$ 7,900
MVP Southgate Project
Schedule of Equity Method Investments
Length of pipeline \| mi				31
Gas and oil, length of natural gas pipeline \| mi						75
Variable Interest Entity, Not Primary Beneficiary \| MVP Joint Venture
Schedule of Equity Method Investments
Capital contribution payable to MVP Joint Venture		$ 73.9
Variable Interest Entity, Not Primary Beneficiary \| MVP Joint Venture \| EQM Midstream Partners, LP
Schedule of Equity Method Investments
Ownership interest (as a percent)		49%
Variable Interest Entity, Not Primary Beneficiary \| MVP Joint Venture \| EQM Midstream Partners, LP \| Subsequent Event
Schedule of Equity Method Investments
Ownership interest (as a percent)	49.20%
Variable Interest Entity, Not Primary Beneficiary \| MVP Project
Schedule of Equity Method Investments
Letter of credit outstanding			$ 104.7
Variable Interest Entity, Not Primary Beneficiary \| MVP Southgate Project
Schedule of Equity Method Investments
Ownership interest (as a percent)		47.20%
Letter of credit outstanding					$ 14.2
Variable Interest Entity, Not Primary Beneficiary \| MVP
Schedule of Equity Method Investments
Length of pipeline \| mi		303
Issuance of performance guarantee, remaining capital obligation (as a percent)		33%

Investments in Unconsolidated_3

Investments in Unconsolidated Entity - Balance Sheet for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Condensed Balance Sheets
Current assets	$ 450,970		$ 595,497
Total assets	12,120,473		11,709,426
Current liabilities	662,336		782,866
Total liabilities	9,917,142		9,521,309
Equity	1,515,601	$ 1,534,325	1,506,275	$ 1,417,958	$ 1,420,018	$ 1,398,604
Total liabilities, mezzanine equity and shareholders' equity	12,120,473		11,709,426
Variable Interest Entity, Not Primary Beneficiary \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Condensed Balance Sheets
Current assets	181,485		349,417
Non-current assets	9,430,433		8,480,539
Total assets	9,611,918		8,829,956
Current liabilities	218,689		371,508
Non-current liabilities	33		0
Total liabilities	218,722		371,508
Equity	9,393,196		8,458,448
Total liabilities, mezzanine equity and shareholders' equity	$ 9,611,918		$ 8,829,956

Investments in Unconsolidated_4

Investments in Unconsolidated Entity - Income Statement for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments
Operating revenues	$ 361,595	$ 318,469	$ 725,869	$ 694,806
Operating expenses	(185,063)	(188,935)	(368,181)	(350,028)
Net income	71,714	68,920	183,603	175,011
Variable Interest Entity, Not Primary Beneficiary \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments
Operating revenues	3,723	0	3,723	0
Operating expenses	(10,822)	0	(10,856)	0
AFUDC - equity	27,171	34,822	129,750	34,822
AFUDC - debt	11,644	14,923	55,604	14,923
Other interest	1,900	305	5,170	562
Net income	$ 33,616	$ 50,050	$ 183,391	$ 50,307

Share-based Compensation Plans

Share-based Compensation Plans - Narrative (Details) - MVP Performance Share Unit Program Awards - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized compensation cost	$ 16.8
Recognized compensation cost cumulative catch-up	$ 14.1
Unrecognized compensation cost		$ 1.7
Weighted average vesting term (in years)		1 year 4 months 24 days

Debt - Amended Credit Facility

Debt - Amended Credit Facility (Details)	3 Months Ended		6 Months Ended
Debt - Amended Credit Facility (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Feb. 15, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument
Revolving credit facility borrowings	$ 985,000,000		$ 985,000,000			$ 1,230,000,000
EQM Credit Facility \| EQM Midstream Partners, LP \| Revolving Credit Facility
Debt Instrument
Borrowings outstanding	655,000,000		655,000,000		$ 1,450,000,000	915,000,000
Revolving credit facility borrowings	1,000,000		1,000,000			$ 105,800,000
EQM Credit Facility \| Line of Credit
Debt Instrument
Maximum borrowing capacity	500,000,000		500,000,000		$ 1,550,000,000
EQM Credit Facility \| Line of Credit \| EQM Midstream Partners, LP
Debt Instrument
Maximum amount of short term loans outstanding	655,000,000	$ 255,000,000	1,055,000,000	$ 315,000,000
Average daily balance of short term loans outstanding	545,000,000	191,000,000	690,000,000	225,000,000
Commitment fees	$ 1,200,000	$ 2,300,000	$ 1,900,000	$ 4,400,000
EQM Credit Facility \| Line of Credit \| EQM Midstream Partners, LP \| Debt Covenant Period One
Debt Instrument
Consolidated leverage ratio					6
EQM Credit Facility \| Line of Credit \| EQM Midstream Partners, LP \| Debt Covenant Period Two
Debt Instrument
Consolidated leverage ratio					6.25
EQM Credit Facility \| Line of Credit \| EQM Midstream Partners, LP \| Debt Covenant Period Three
Debt Instrument
Consolidated leverage ratio					5.85
EQM Credit Facility \| Line of Credit \| EQM Midstream Partners, LP \| Debt Covenant Period Four
Debt Instrument
Consolidated leverage ratio					5.50
EQM Credit Facility \| Line of Credit \| EQT Midstream Partners LP
Debt Instrument
Weighted average annual interest rate (as a percent)	8.30%	7.90%	8.30%	7.70%
EQM Credit Facility \| Letter of Credit \| EQM Midstream Partners, LP
Debt Instrument
Maximum amount of short term loans outstanding			$ 0

Debt - Eureka Credit Facility (

Debt - Eureka Credit Facility (Details) - Eureka Credit Facility - Line of Credit - Eureka Midstream, LLC - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	May 13, 2021
Debt Instrument
Maximum borrowing capacity						$ 400,000,000
Borrowings outstanding	$ 330,000,000	$ 315,000,000	$ 330,000,000	$ 315,000,000	$ 315,000,000
Maximum amount of short term loans outstanding	330,000,000
Average daily balance of short term loans outstanding	$ 330,000,000	$ 309,000,000	326,000,000	$ 303,000,000
Weighted average annual interest rate (as a percent)	8.30%	7.70%		7.40%
Payment commitment fees	$ 100,000	$ 100,000	$ 200,000	$ 200,000

Debt - 2024 Senior Notes (Detai

Debt - 2024 Senior Notes (Details) - Senior Notes - USD ($)	Feb. 26, 2024	Jun. 30, 2024
6.375% Senior Notes Due 2029
Debt Instrument
Principal	$ 600,000,000
Interest rate (as a percent)	6.375%
2024 Senior Notes
Debt Instrument
Net proceeds from offering	$ 590,600,000
Discount	7,500,000
Debt issuance costs	$ 1,900,000
Redemption percentage rate		101%

Debt - 2023 Senior Notes Redemp

Debt - 2023 Senior Notes Redemption (Details) - 4.75% Senior Notes Due 2023 - Senior Notes $ in Millions	Jun. 21, 2023 USD ($)
Debt Instrument
Interest rate (as a percent)	4.75%
Debt principal amount redeemed	$ 98.9
Debt instrument, redemption price, percentage of principal amount redeemed (as a percent)	100%

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Millions	3 Months Ended		6 Months Ended
Fair Value Measurements (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other current assets		Other current assets		Other current assets
Gain (loss) on derivative instrument	$ 3.2	$ 19.4	$ (1.5)	$ 10.9
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net	Other income (expense), net
Level 2 \| Fair Value \| EQM Midstream Partners, LP \| Senior Notes \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt	$ 6,916.8		$ 6,916.8		$ 6,334.3
Level 2 \| Carrying Value \| EQM Midstream Partners, LP \| Senior Notes \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt	6,943.2		6,943.2		6,346.4
Level 3 \| Fair Value \| EES \| EQM Midstream Partners, LP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred interest	86.3		86.3		90.7
Level 3 \| Carrying Value \| EES \| EQM Midstream Partners, LP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred interest	85.4		85.4		88.5
Henry Hub Cash Payment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative asset, current	$ 23		$ 23		$ 24.5
Volatility \| Market Quoted Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Volatility rate (as a percent)	0.550		0.550

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock
Potentially dilutive securities (in shares)	30,059	31,125	30,111	32,506
Phantom Share Units (PSUs)
Class of Stock
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	901	745	871	674

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	9%	0.70%	12.60%	(1.90%)
Income tax expense related to changes in valuation allowances			$ 20.2
Valuation allowance	$ 36.6		$ 36.6		$ 56.8