Equitrans to complete U.S. Mountain Valley pipeline in 2023, shares soar (updated)

RGC Resources

02/08/2022 16:55

(Adds share price, industry background)
    Aug 2 (Reuters) - U.S. energy company Equitrans Midstream
Corp  ETRN.N  still expects to complete the $6.6 billion
Mountain Valley natural gas pipeline from West Virginia to
Virginia in the second half of 2023, the company said on
Tuesday. 
    That follows news on Monday that Democratic U.S. Senator Joe
Manchin secured a commitment from President Joe Biden, Senate
Majority Leader Chuck Schumer and House of Representatives
Speaker Nancy Pelosi to allow the long-delayed Mountain Valley
to be completed.  urn:newsml:reuters.com:*:nL1N2ZD2FX
    Manchin's deal and the announcement boosted Equitrans shares
over 10% to a three-month high of $8.72 on Tuesday. 
    Mountain Valley - the only big gas pipe under construction
in Appalachia - is one of several U.S. pipeline projects delayed
by regulatory and legal fights with environmental and local
groups. These fights stem from federal permit problems issued
during President Donald Trump's administration.  urn:newsml:reuters.com:*:nL1N2QU1HK
    The project is key to unlocking more gas supplies from
Appalachia, the nation's biggest shale gas basin.  urn:newsml:reuters.com:*:nL2N2WP2VD
    Equitrans said in its earnings release that the Mountain
Valley venture was "engaged in the permitting process with the
relevant federal agencies for the outstanding permits required
to complete the project."
    Several agencies still need to reissue permits, including
the U.S. Federal Energy Regulatory Commission, the U.S. Fish and
Wildlife Service (Biological Opinion), U.S. Army Corps of
Engineers, U.S. Forest Service and Bureau of Land Management
(Right-of-Way across Jefferson National Forest).
    Many of those permits were vacated by the U.S. Court of
Appeals for the Fourth Circuit - some more than once.
    When Mountain Valley construction started in February 2018,
Equitrans estimated the 303-mile (488-km),
2-billion-cubic-feet-per-day (bcfd) project would cost about
$3.5 billion and enter service by late 2018.  urn:newsml:reuters.com:*:nL1N2RS10S
    Equitrans has said the pipeline was "nearly 94% complete."
 urn:newsml:reuters.com:*:nL1N2U528H
    Equitrans said it has a 48.1% ownership interest in Mountain
Valley and will operate the pipeline.
    Mountain Valley is owned by units of Equitrans, NextEra
Energy Inc  NEE.N , Consolidated Edison Inc  ED.N , AltaGas Ltd
 ALA.TO  and RGC Resources Inc  RGCO.O .

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RGC sees Mountain Valley gas pipeline completion by end 2021
-CEO     urn:newsml:reuters.com:*:nL1N2KI1OJ
MVP Southgate natgas pipe startup seen in 2021 despite
N.Carolina permit denial     urn:newsml:reuters.com:*:nL1N2FE1FI
UPDATE 1-Panel favors Equitrans in EQT PA-WV Hammerhead natgas
pipe dispute     urn:newsml:reuters.com:*:nL1N2RM25G
FACTBOX-U.S. new natural gas pipeline projects     urn:newsml:reuters.com:*:nL1N2RS10S
EXPLAINER-U.S. Appalachian gas pipeline projects go by the
wayside     urn:newsml:reuters.com:*:nL1N2QU1HK
UPDATE 2-Mountain Valley natgas pipeline start delayed to summer
2022     urn:newsml:reuters.com:*:nL1N2MR17P
Equitrans sees Mountain Valley natgas pipeline entering service
next summer     urn:newsml:reuters.com:*:nL1N2RT0U4
UPDATE 1-U.S. court vacates federal permit for WV-VA Mountain
Valley natgas pipe     urn:newsml:reuters.com:*:nL1N2U528H
Equitrans Midstream Announces First Quarter 2022 Results    
 urn:newsml:reuters.com:*:nBw1wRvHSa
UPDATE 1-Manchin secures top Democrats' commitment for troubled
pipeline project - media     urn:newsml:reuters.com:*:nL1N2ZD2FX
GRAPHIC-U.S. natural gas production growth wanes as need arises 
   urn:newsml:reuters.com:*:nL2N2WP2VD
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 (Reporting by Scott DiSavino; Editing by Chizu Nomiyama and
Josie Kao)
 ((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters
Messaging: scott.disavino.thomsonreuters.com@reuters.net))