Equitrans Midstream Corporation (NYSE: ETRN), today, released a
statement related to the July 10, 2023, decision by the U.S. Court
of Appeals for the Fourth Circuit regarding construction in the
Jefferson National Forest for the Mountain Valley Pipeline
project.
“We are disappointed with the U.S. Court of Appeals for the
Fourth Circuit’s remarkable decision to grant a one-sentence stay
halting all construction in the Jefferson National Forest with no
explanation. The Court’s decision defies the will and clear intent
of a bipartisan Congress and this Administration in passing
legislation to expedite completion of the Mountain Valley Pipeline
project, which was deemed to be in the national interest. We
believe the Court also exceeded its authority, as Congress
expressly and plainly removed its jurisdiction. Further, the fact
that the Court issued the stay prior to receiving full briefing
from the federal government and Mountain Valley is particularly
telling and demonstrates why Congressional intervention was
appropriate. We are evaluating all legal options, which include
filing an emergency appeal to the U.S. Supreme Court. Unless this
decision is promptly reversed, it would jeopardize Mountain
Valley’s ability to complete construction by year-end 2023."
About Equitrans Midstream Corporation
Equitrans Midstream Corporation has a premier asset footprint in
the Appalachian Basin and, as the parent company of EQM Midstream
Partners, is one of the largest natural gas gatherers in the United
States. Through its strategically located infrastructure assets in
the Marcellus and Utica regions, Equitrans has an operational focus
on gas transmission and storage systems, gas gathering systems, and
water services that support natural gas development and production
across the Basin. With a rich 140-year history in the energy
industry, Equitrans was launched as a standalone company in 2018
with a vision to be the premier midstream services provider in
North America. While working to meet America's growing need for
clean-burning energy, Equitrans is proud of its environmental,
social, and governance (ESG) practices, striving every day to
preserve and protect the environment, provide an engaging workplace
for its employees, support and enrich its local communities, and to
deliver sustained value for customers and shareholders. Visit
www.equitransmidstream.com; and to learn more about our ESG
practices visit Equitrans Sustainability Reporting.
About Mountain Valley Pipeline
The Mountain Valley Pipeline (MVP) is a proposed underground,
interstate natural gas pipeline system that spans approximately 303
miles from northwestern West Virginia to southern Virginia. Subject
to regulatory oversight by the Federal Energy Regulatory
Commission, the MVP will be constructed and owned by Mountain
Valley Pipeline, LLC, Series A – a joint venture of Equitrans
Midstream Corporation; NextEra Capital Holdings, Inc.; Con Edison
Transmission, Inc.; WGL Midstream MVP LLC; and RGC Midstream, LLC.
The MVP was designed to transport clean-burning natural gas from
the prolific Marcellus and Utica shale regions to the growing
demand markets in the Mid-Atlantic and Southeast areas of the
United States. Equitrans Midstream, primary interest owner, will
operate the pipeline. From planning and development to construction
and in-service operations – MVP is dedicated to the safety of its
communities, employees, and contractors, and to the preservation
and protection of the environment. Visit
www.mountainvalleypipeline.info
Cautionary Statements
Disclosures in this news release contain certain forward-looking
statements within the meaning of Section 21E of the U.S. Securities
Exchange Act of 1934, as amended, and Section 27A of the U.S.
Securities Act of 1933, as amended, concerning matters affecting
Equitrans Midstream Corporation (the Company), which as of March
31, 2023 owned an approximate 47.3% interest in the Mountain Valley
Pipeline (MVP) project and will operate the MVP, the MVP joint
venture, the MVP project and other matters. These statements may
discuss goals, intentions and expectations as to future plans,
trends, events, results of operations or financial condition, or
otherwise, based on current beliefs of the management of the
Company, as well as assumptions made by, and information currently
available to, such management. Statements that do not relate
strictly to historical or current facts are forward-looking. Words
such as “focused,” “goal,” “guidance,” “scheduled,” “could,”
“will,” “would,” “approximate,” “may,” “assume,” “forecast,”
“position,” “predict,” “strategy,” “expect,” “intend,” “plan,”
“estimate,” “anticipate,” “believe,” “project,” “target,” “budget,”
“potential,” “outlook,” “continue,” “seek,” “strive,” or “view,”
and similar expressions are used to identify forward-looking
statements. These statements are subject to various risks and
uncertainties, many of which are outside the Company’s control.
Without limiting the generality of the foregoing, forward-looking
statements contained in this news release include the potential for
timely reversal of the Fourth Circuit Court’s decision and
potential impact of the Fourth Circuit Court’s decision on the
ability to achieve, and timing for achieving, completion of the MVP
project. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from projected results.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. These
forward-looking statements are based on current expectations and
assumptions about future events. While the Company considers these
expectations and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory,
judicial, construction and other risks and uncertainties, many of
which are difficult to predict and are beyond the Company’s
control. The risks and uncertainties that may affect the
operations, performance and results of the Company’s business and
forward-looking statements include, but are not limited to, those
set forth in the Company’s publicly filed reports with the
Securities and Exchange Commission (the SEC), including those set
forth under Item 1A, Risk Factors of the Company’s Annual Report on
Form 10-K for the year ended December 31, 2022, filed with the SEC,
as updated by the Company’s subsequent filings.
Any forward-looking statement speaks only as of the date on
which such statement is made, and the Company does not intend to
correct or update any forward-looking statement, unless required by
securities laws, whether as a result of new information, future
events or otherwise. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230711167786/en/
Analyst inquiries: Nate Tetlow – Vice President,
Corporate Development and Investor Relations 412-553-5834
ntetlow@equitransmidstream.com
Media inquiries: Natalie Cox – Communications and
Corporate Affairs 412-395-3941 ncox@equitransmidstream.com
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