Private company

Midstream Co LLC

Largest natural gas gatherers1

In its 2024 annual report the company says: “The Company provides midstream services to its customers in Pennsylvania, West Virginia and Ohio through its 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, storage and other facilities that support well completion and produced water handling activities.”4 It is headquartered in Pittsburgh, Pennsylvania.1

Last updated Oct 20, 2026.

Overview

  • IndustryNatural Gas Transmission1
  • HeadquartersPittsburgh, Pennsylvania1
  • Incorporated inDE2
  • Business address625 Liberty Avenue, Suite 1700, Pittsburgh, Pa 152222
  • Filer categoryLarge accelerated filer2

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Equitrans Midstream is one of the largest natural gas gatherers in the U.S. and holds a significant transmission footprint in the Appalachian Basin. Equitrans Midstream, a Pennsylvania corporation, became an independent, publicly traded company on November 12, 2018 and its common stock trades on the New York Stock Exchange under the symbol "ETRN". The Company provides midstream services to its customers in Pennsylvania, West Virginia and Ohio through its 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, storage and other facilities that support well completion and produced water handling activities.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

49.1%Operating margin5
31.9%Net margin5
2.7%Revenue growth, 20235
42.7%Return on equity5
$629.6MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Selling, general and admin13¢$187.4M
  • Other costs53¢$742.5M
  • Income tax1¢$18.8M
  • Profit32¢$445.2M

Out of $1.4B in revenue.5

Where each dollar of operating cash went, fiscal 2023

  • Capital spending38¢$386.5M
  • Dividends paid26¢$259.9M
  • Kept or used elsewhere36¢$369.6M

Out of $1.0B of cash from operations.5

Financial statements

Revenue67895$1.4B in 2023+56% since 2017
0$500.0M$1.0B$1.5B$2.0B2017: $895.6M$895.6M20172018: $1.5B$1.5B2018+67%2019: $1.6B$1.6B2019+9%2020: $1.5B$1.5B2020−7%2021: $1.3B$1.3B2021−13%2022: $1.4B$1.4B2022+3%2023: $1.4B$1.4B2023+3%
Operating income67895$684.4M in 2023+26% since 2017
0$250.0M$500.0M$750.0M$1.0B2017: $543.0M$543.0M20172018: $643.1M$643.1M2018+18%2019: $76.0M$76.0M2019−88%2020: $824.6M$824.6M2020+985%2021: $635.4M$635.4M2021−23%2022: $737.6M$737.6M2022+16%2023: $684.4M$684.4M2023−7%
Net income67895$445.2M in 2023
-$1.5B-$1.0B-$500.0M0$500.0M2017: -$27.2M-$27.2M20172018: $218.4M$218.4M20182019: -$203.7M-$203.7M20192020: $418.1M$418.1M20202021: -$1.4B-$1.4B20212022: -$269.3M-$269.3M2022−81%2023: $445.2M$445.2M2023
Fiscal year2017201820192020202120222023
Revenue$895.6M6$1.5B7$1.6B8$1.5B9$1.3B5$1.4B5$1.4B5
Selling, general and admin$80.3M6$123.8M7$112.9M8$130.0M9$137.1M5$128.5M5$187.4M5
Operating expenses$681.6M5$620.2M5$709.6M5
Operating income$543.0M6$643.1M7$76.0M8$824.6M9$635.4M5$737.6M5$684.4M5
Income before tax-$1.7B5-$250.7M5$435.9M5
Income tax$212.4M6$83.1M7$50.7M8$103.6M9-$343.4M5$6.4M5-$18.8M5
Net income-$27.2M6$218.4M7-$203.7M8$418.1M9-$1.4B5-$269.3M5$445.2M5
Earnings per share-$0.116$0.867-$0.808$1.049-$3.405-$0.765$0.895
Earnings per share (diluted)-$0.116$0.867-$0.808$1.049-$3.405-$0.765$0.895
Shares (weighted, basic)433.0M shares5433.3M shares5434.0M shares5
Shares (weighted, diluted)433.0M shares5433.3M shares5436.1M shares5

Compare Midstream Co LLC with another company

Corporate structure

Midstream Co LLC sits at the top of its group. 28 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Midstream Co LLC

  • Capital International Investors Filed SC 13G/A on Midstream Co LLC, latest Aug 8, 2024 (4 filings since Feb 11, 2022)
  • CIBC Private Wealth Group LLC Filed SC 13G/A on Midstream Co LLC, latest Aug 1, 2024 (2 filings since Jan 11, 2024)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on Midstream Co LLC, latest Feb 16, 2024 (4 filings since Feb 14, 2022)
  • VANGUARD GROUP INC Filed SC 13G/A on Midstream Co LLC, latest Feb 13, 2024 (4 filings since Feb 10, 2022)
  • Midstream Co LLC Pittsburgh, Pennsylvania
    • EQGP Holdings, LP Subsidiary · Delaware, United States
    • EQGP Services, LLC Subsidiary · Delaware, United States
    • EQM Gathering Holdings, LLC Subsidiary · Delaware, United States
    • EQM Gathering Opco, LLC Subsidiary · Delaware, United States
    • EQM GP Corporation Subsidiary · Delaware, United States
    • EQM LP LLC Subsidiary · Delaware, United States
    • EQM Midstream Finance Corporation Subsidiary · Delaware, United States
    • EQM Midstream Management LLC Subsidiary · Delaware, United States
    • EQM Midstream Partners, LP Subsidiary · Delaware, United States
    • EQM Olympus Midstream LLC Subsidiary · Delaware, United States
    • Equitrans Gathering Holdings, LLC Subsidiary · Delaware, United States
    • Equitrans Investments, LLC Subsidiary · Delaware, United States
    • Equitrans Midstream Foundation Subsidiary · Pennsylvania, United States
    • Equitrans Services, LLC Subsidiary · Delaware, United States
    • Equitrans Transaction Sub GP, LLC Subsidiary · Delaware, United States
    • Equitrans Water Services (OH), LLC Subsidiary · Delaware, United States
    • Equitrans Water Services (PA), LLC Subsidiary · Delaware, United States
    • Equitrans, L.P. Subsidiary · Pennsylvania, United States
    • Eureka Land, LLC Subsidiary · Delaware, United States
    • Eureka Midstream Holdings, LLC Subsidiary · Delaware, United States
    • Eureka Midstream, LLC Subsidiary · Delaware, United States
    • Eureka Services Intermediate, LLC Subsidiary · Delaware, United States
    • Eureka Services, LLC Subsidiary · Delaware, United States
    • Hornet Midstream Pipeline, LLC Subsidiary · Delaware, United States
    • MVP Holdco, LLC Subsidiary · Delaware, United States
    • and 2 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Midstream Co LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$9.7B5 Dec 31, 2023$9.4B5 Dec 31, 2022+4.1%
Accumulated depreciation$1.8B5 Dec 31, 2023$1.5B5 Dec 31, 2022+18.4%
Property and equipment, net$8.0B5 Dec 31, 2023$7.9B5 Dec 31, 2022+1.4%
Finance-lease assets$14.1M5 Dec 31, 2023$15.7M5 Dec 31, 2022−10.3%
Operating-lease assets (leased space)$37.6M5 Dec 31, 2023$36.0M5 Dec 31, 2022+4.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$258.9M5 Dec 31, 2023$67.9M5 Dec 31, 2022+281.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$486.7M5 Dec 31, 2023$486.7M5 Dec 31, 20220%
Intangible assets, net (excluding goodwill)$522.1M5 Dec 31, 2023$587.0M5 Dec 31, 2022−11.0%
Finite-lived intangibles, gross$934.2M5 Dec 31, 2023$934.2M5 Dec 31, 20220%
Accumulated amortization$412.1M5 Dec 31, 2023$347.2M5 Dec 31, 2022+18.7%
Finite-lived intangibles, net$522.1M5 Dec 31, 2023$587.0M5 Dec 31, 2022−11.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$15.9M5 Dec 31, 2023$19.2M5 Dec 31, 2022−17.3%

Leadership

Who has led Midstream Co LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas F. Karam2018–2024
  2. Diana M. Charletta2024

Chair

  1. Thomas F. Karam2019–2024

President

  1. Thomas F. Karam2018–2019
  2. Diana M. Charletta2020–2024

Chief financial officer

  1. Kirk R. Oliver2018–2024

Chief operating officer

  1. Diana M. Charletta2018–2024
20202025
Board members and other officers (18)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • EQGP Holdings, LP Delaware3
  • EQGP Services, LLC Delaware3
  • EQM GP Corporation Delaware3
  • EQM Gathering Holdings, LLC Delaware3
  • EQM Gathering Opco, LLC Delaware3
  • EQM LP LLC Delaware3
  • EQM Midstream Finance Corporation Delaware3
  • EQM Midstream Management LLC Delaware3
  • EQM Midstream Partners, LP Delaware3
  • EQM Olympus Midstream LLC Delaware3
  • Equitrans Gathering Holdings, LLC Delaware3
  • Equitrans Investments, LLC Delaware3
  • Equitrans Midstream Foundation Pennsylvania3
  • Equitrans Services, LLC Delaware3
  • Equitrans Transaction Sub GP, LLC Delaware3
  • Equitrans Water Services (OH), LLC Delaware3
  • Equitrans Water Services (PA), LLC Delaware3
  • Equitrans, L.P. Pennsylvania3
  • Eureka Land, LLC Delaware3
  • Eureka Midstream Holdings, LLC Delaware3
  • Eureka Midstream, LLC Delaware3
  • Eureka Services Intermediate, LLC Delaware3
  • Eureka Services, LLC Delaware3
  • Hornet Midstream Pipeline, LLC Delaware3
All 27 listed subsidiaries
  • MVP Holdco, LLC Delaware3
  • RM Partners LP Delaware3
  • Rager Mountain Storage Company LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Equitrans Midstream CorpAug 10, 2018 to Jul 22, 20242

Timeline

  1. Jul 22, 20248-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer36
  2. Jul 18, 20248-K Shareholder vote; Other events37
  3. Jul 11, 20248-K Other events38
  4. Jul 3, 20248-K Other events39
  5. Jun 14, 20248-K Other events40
  6. May 23, 20248-K Other events41
  7. Apr 30, 20248-K Results of operations42
  8. Apr 24, 20248-K Bylaws or fiscal year changed; Shareholder vote43
  9. Mar 11, 20248-K Entered a material agreement; Executive or director change; Other events44
  10. Feb 28, 2024New chief executive Diana M. Charletta becomes CEO13
  11. Feb 26, 20248-K Entered a material agreement; New debt or obligation45
  12. Feb 22, 20248-K Entered a material agreement; Regulation FD disclosure46
  13. Feb 21, 20248-K Regulation FD disclosure47
  14. Oct 26, 2018New chief executive Thomas F. Karam becomes CEO14

Calendar

When it reported results

  1. Apr 30, 2024Reported quarterly or annual results42
  2. Feb 20, 2024Reported quarterly or annual results48
  3. Oct 31, 2023Reported quarterly or annual results49
  4. Oct 18, 2023Reported quarterly or annual results50
  5. Aug 1, 2023Reported quarterly or annual results51
  6. May 2, 2023Reported quarterly or annual results52
  7. Feb 21, 2023Reported quarterly or annual results53
  8. Nov 1, 2022Reported quarterly or annual results54

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

211 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 47 major events, 91 insider forms, 14 large holders, 47 other. The latest 20:

  1. Aug 8, 2024SC 13G/A SEC SCHEDULE 13G EDGAR
  2. Aug 1, 2024SC 13G/A FIRST AMENDMENT EDGAR
  3. Aug 1, 202415-12G EDGAR
  4. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  5. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  6. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  7. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  8. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  9. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  10. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  11. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  12. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  13. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  14. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  15. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  16. Jul 22, 20244 PRIMARY DOCUMENT EDGAR
  17. Jul 22, 2024S-8 POS EDGAR
  18. Jul 22, 2024S-8 POS EDGAR
  19. Jul 22, 2024S-8 POS EDGAR
  20. Jul 22, 2024S-8 POS EDGAR

The 211 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 2 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 24, 2023BAILEY VICKY ADirectorSale2,440$5.09$12.4KForm 4
Mar 16, 2023Oliver Kirk REVP & CFOBuy9,000$5.46$49.1KForm 4
Mar 14, 2023Moore Stephen MEVP & Chief Legal OfficerBuy8,500$5.86$49.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Midstream Co LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMidstream Co LLC1
  • CIK0001747009
  • Employer ID (EIN)83-05166351
  • Filer statusLarge accelerated filer1
  • Incorporated inDelaware1
  • Fiscal year endsDecember 311
  • Industry code (SIC)4922 Natural Gas Transmission1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address625 Liberty Avenue, Suite 1700, Pittsburgh, PA 152221
  • Phone412-553-57001
  • Shares outstanding435,013,000 as of Jul 18, 202411
  • Public float$4.1B as of Jun 30, 20235
  • On EDGAR sinceAug 10, 20181
  • Filings567 in all: 4 (204), 8-K (101), 425 (38), SC 13G/A (31), 3 (24), 10-Q (18), DEFA14A (15), CORRESP (10)1
    All 45 form types

    S-8 POS (10), EFFECT (9), UPLOAD (9), 3/A (8), S-8 (8), SC 13G (8), 4/A (7), 10-K (6), 11-K (6), DEF 14A (6), POS AM (6), 424B3 (5), S-3ASR (4), 10-12B/A (3), SC 13E3/A (3), 5 (2), CERT (2), POSASR (2), PRE 14A (2), S-1 (2), SEC STAFF LETTER (2), 10-12B (1), 15-12B (1), 15-12G (1), 25-NSE (1), 424B7 (1), 8-A12B (1), 8-K/A (1), CT ORDER (1), DEFM14A (1), S-1/A (1), S-3D (1), S-4 (1), S-4/A (1), SC 13D/A (1), SC 13E3 (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Feb 20, 2024
    Quarterly report (10-Q) Jul 19, 2024
    Proxy statement (DEF 14A) Mar 4, 2024
    Latest 8-K (8-K) Jul 22, 2024

Sources

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