Equitrans Midstream extends gains as Mountain Valley Pipeline to proceed

Equitrans Midstream

05/06/2023 10:47

** Shares of Equitrans Midstream Corp  ETRN.N  up 4.6% at
$9.50 premarket
    ** U.S. energy company says the recent legislation to raise
the country's debt ceiling ratifies and approves all permits and
authorizations necessary for the construction and initial
operation of the Mountain Valley Pipeline (MVP)
    ** Stock jumped 50% last week - its best weekly performance
ever - to a more than 8-month high on hopes that the debt
ceiling deal would obtain permits for the pipeline that has
faced many setbacks
    ** Co says it intends to complete construction of the MVP
project by year-end 2023, at an estimated cost of about $6.6 bln
    ** Stock up 35.5% this year 

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))