Equitrans in early stages of discussing asset sale - Bloomberg News

Equitrans Midstream

01/12/2023 23:03

Dec 1 (Reuters) - Oil and gas pipeline firm Equitrans
Midstream  ETRN.N  was in the early stages of considering a
sale, Bloomberg News reported on Friday, citing people familiar
with the matter.
    While there is no certainty the company would decide to
proceed with the sale, it would likely attract interest should
it launch a sale process in early 2024, the report said.
    Equitrans owns a 48.1% ownership interest in the Mountain
Valley pipeline and will operate it once it is online - which is
expected to be in the first quarter of 2024.
    When the company started construction in February 2018,
Equitrans estimated the 2.0 billion cubic feet per day project
would cost about $3.5 billion and enter service by late 2018.
Now, the project stands to cost nearly $7.2 billion, having
faced numerous legal challenges and labor issues.
    Bloomberg, citing Citi analyst Spiro Dounis, highlighted
that with the pipeline close to being complete, exploring a
potential sale would make sense.
    Equitrans did not immediately respond to a Reuters request
for comment.

 (Reporting by Seher Dareen in Bengaluru; Editing by Maju
Samuel)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128, if within U.S. call +1 646 223 8780;))