Equitrans Midstream Corporation (ETRN) and EQM Midstream Partners, LP (EQM) has announced financial and operational results for 1Q20.
- Delivered strong 1Q20 financial results ahead of plan.
- Raised full-year 2020 estimated earnings and cash flow guidance.
- Reduced full-year 2020 total capital expenditures and capital contribution forecast by US$150 million.
- Generated 58% of total operating revenue from firm reservation fees.
- Increased fresh water delivery and achieved water EBITDA above expectations.
- Expected to close ETRN acquisition of EQM in June 2020.
“Our business remains resilient in the current environment as highlighted by the strength of our first quarter operating and financial results. Our long-term contracts, increasing take-or-pay revenues, and minimal exposure to NGL volumes provide the core pillars for success in this or any environment,” said Thomas F. Karam, ETRN Chairman and Chief Executive Officer. “The new 15-year gathering agreement reached with EQT during the quarter further solidifies the stability of our cash flows and sets us on the path to significant free cash flow generation.”
“Since the onset of the COVID-19 pandemic, we have not experienced any material disruptions to our operations and have worked to ensure that the safety of our employees, contractors, families, and communities remains our top priority,” added Diana Charletta, ETRN President and Chief Operating Officer. “As a result of the recent increase in natural gas strip prices, our producer customers are becoming stronger and we are optimistic that the activity level across our operating areas will remain steady. As we progress through the year, we will continue collaborating with our customers in order to optimise future development plans and maintain our acute focus on capital efficiency.”
Read the article online at: https://www.worldpipelines.com/business-news/14052020/equitrans-midstream-announces-1q20-results/