EQT Midstream Partners LP (EQM) is a high growth midstream MLP spun off in 2011 and sponsored by EQT Corp (EQT). EQM currently sits at number 3 on my list of fast growth midstream MLPs. The short, 23 minute 2014 Q3 earnings conference call did provide some useful information and insight. 

Here are my notes:

• Revised full year EBITDA and DCF guidance at low end of previously published numbers due to lower than expected Q4 gathering volumes.
• Parent EQT is shifting to longer lateral wells, which delays the date that new wells come online.
• Announced distribution 6% higher than Q2 payout and 28% higher than a year earlier.
• 6th consecutive 3 cent per unit increase, which is the planned distribution growth rate through at least the end of 2016.
• DCF coverage for Q3: 1.65x. TTM at 1.5x.
• 2015 guidance coming in mid December.

Some of the comments and Q&A discussion focused on the plans of EQM to move away from growth via drop downs from EQT. Management noted that EQM can build midstream assets at 5-7x EBITDA multiples vs acquiring at much higher multiples. Future midstream assets needed by EQT for its E&P operations will be built and funded by EQM, rather than built by EQT and dropped down to the MLP.

Announced in the earnings release was the assumption of   EQT's interest in Mountain Valley Pipeline, LLC. This yet to be built 300-mile pipeline has 2 Bcf/day of commitments on 20-year contracts.