Enactment of Federal Legislation to Raise
U.S. Debt Limit Ratifies and Expedites Approvals, Declares Project
Completion in National Interest
On June 3, 2023, the President of the United States signed
legislation that raises the Nation's debt limit and ratifies and
approves all permits and authorizations necessary for the
construction and initial operation of the Mountain Valley Pipeline
(MVP) and directs the applicable federal officials and agencies to
maintain such authorizations. Further, and not later than June 24,
2023, the legislation requires the Secretary of the Army to issue
all permits or verifications necessary to complete project
construction and allow for MVP's operation and maintenance. The
legislation also divests courts of jurisdiction to review agency
actions on approvals necessary for MVP construction and initial
operation. Given the legislation, and assuming the timely issuance
of the few remaining authorizations, Equitrans Midstream, operator
of the MVP, intends to work with its project partners to complete
construction of the MVP project by year-end 2023, at an estimated
total project cost of approximately $6.6 billion.
"We are grateful for the full support of the White House, the
strong bipartisan leadership of Democratic and Republican
legislators, the resolute dedication of Senator Capito, and the
unwavering commitment of Chairman Manchin for recognizing and
declaring MVP as a critical energy infrastructure project," said
Thomas F. Karam, chairman and chief executive officer of Equitrans
Midstream.
Karam continued, “The MVP project has gone through more
environmental review and scrutiny than any natural gas pipeline
project in U.S. history, having been issued the same state and
federal authorizations two and three times, only to have those
authorizations be routinely challenged and vacated in court.
Congressional involvement to legislate the approval of this project
only magnifies the critical need for more robust and comprehensive
permitting reform that goes beyond the important initial steps in
this legislation. Absent a more certain regulatory review and
approval process, we are impeding companies’ ability to invest
capital, including in renewable projects, for the benefit of our
Nation’s economy, energy security, and energy affordability.”
The approval of this legislation expressly acknowledges the
efforts of the state and federal agencies that have invested
countless hours and worked diligently to develop comprehensive
plans for constructing the pipeline with the least possible impact
to the environment. Furthermore, the legislation recognizes the
many benefits of the MVP in advancing our energy security,
bolstering our ability to effectively transition to a lower-carbon
economy, and providing energy reliability and affordability for
American consumers.
Spanning approximately 303 miles across West Virginia and
Virginia, MVP will provide cost-effective access to natural gas for
use by local distribution companies, industrial users, and power
generation facilities in growing demand markets of the mid-Atlantic
and southeast regions of the United States. With the enactment of
the Fiscal Responsibility Act of 2023, Mountain Valley will
continue to work closely with all relevant agencies in reissuing
the project’s few outstanding permits and will maintain its
steadfast commitment to environmental protection to ensure the
responsible completion of the project's remaining construction.
The full text of the legislation can be found at Fiscal
Responsibility Act of 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 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 may include anticipated receipt of outstanding
authorizations in accordance with the legislation’s requirements,
intention and ability to recommence forward construction and the
ability to achieve, and timing for achieving, completion of the MVP
project, and cost to complete 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 (including any challenges to the validity or scope of the
legislation), 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/20230603005012/en/
Analyst/Investor inquiries: Nate Tetlow – Vice President,
Corporate Development and Investor Relations 412-553-5834
ntetlow@equitransmidstream.com Media inquiries: Natalie A.
Cox – Communications and Corporate Affairs
ncox@equitransmidstream.com
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