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Mountain Valley Is to Be Completed by Equitrans in 2023: Shares Rose
08/19/2022
According to a company release on August 2, U.S. energy company Equitrans Midstream Corp. anticipates finishing the $6.6 billion Mountain Valley natural gas pipeline from West Virginia to Virginia in the second half of 2023.
The company decided to complete this project after the announcement on August 1 that Democratic U.S. Senator Joe Manchin honored a commitment from President Joe Biden, Senate Majority Leader Chuck Schumer, and House of Representatives Speaker Nancy Pelosi to permit the long-delayed Mountain Valley to be finished.
Manchin’s agreement and the announcement increased Equitrans shares by over 10% to a three-month high of $8.72 on August 2.
It is important to notice, that Mountain Valley is the sole big gas pipe under construction in Appalachia and one of some U.S. pipeline projects delayed by regulatory and legal arguments with environmental and local groups. These fights prevent federal permit problems issued during President Donald Trump’s administration.
As Appalachia is the nation's biggest shale gas basin, this project is vital point to unlocking more gas supplies. Equitrans admits 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.
A few 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).
Moreover, lots of those permits were dismissed by the U.S. Court of Appeals for the Fourth Circuit and even some more than once.
At the beginning of Mountain Valley construction in February 2018, Equitrans valued the 303-mile (488-km), 2 Bcf/d project would cost approximately $3.5 billion and enter service by late 2018.
Equitrans has said the pipeline was 94% completed. The company 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., Consolidated Edison Inc., AltaGas Ltd., and RGC Resources Inc.
One of the challenges to safe pipeline operations is associated with accidental damage caused by excavation, directional drilling, construction, farming activities, or even homeowners digging in their yards. Equitrans Midstream Corporation (ETRN) helps customers to prevent pipeline emergencies that are caused by accidental damage to the pipeline system.
As part of the commitment to local communities, ETRN has dedicated resources to develop and implement damage prevention initiatives focused on maintaining the integrity of its pipelines and the safety of individuals working in proximity to ETRN’s pipelines and facilities.
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Matador Expands In Delaware; Purchases Acreage from Advance Energy at $1.6 Billion
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On January 24, Matador spread the word that it will add oil- and gas-producing assets in Lea County, N.M., and Ward County, Texas, and some midstream infrastructure. Most of the acreage is strategically situated in Matador’s Ranger asset area in Lea County. The bolt-on includes about 18,500 net acres, 99% held by production, in the core of northern Delaware. The deal would also extend Matador’s inventory by 406 gross (203 net) drillable horizontal locations with prospective targets in the Wolfcamp, Bone Spring, and Avalon formations.
Grand Prix Pipeline Will Be Completely Owned by Targa: To Buy Remaining Stake For $1.05 Billion
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On January 3, Targa Resources Corp asserted that it is purchasing the remaining stake for $1.05 billion in cash from BlackstoneInc's energy unit in its Grand Prix NGL Pipeline that it does not already own. Targa, which is going to acquire a 25% stake from Blackstone Energy Partners, purchased 75% interest in the pipeline last year when it repurchased interests in its development company joint ventures from investment firm Stonepeak Partners LP for almost $925 million. The Stonepeak agreement also included 100% interest in its Train 6 fractionator in Mont Belvieu, Texas, and a 25% equity interest in the Gulf Coast Express Pipeline. Grand Prix has the capacity to transfer up to 1 MMbbl/d of NGL to the NGL market hub at Mont Belvieu. The same day Targa maintained the price of the Blackstone Energy Partners agreement, which is anticipated closing in the first quarter of 2023, representing roughly 8.75 times Grand Prix's valued 2023 adjusted EBITDA multiple.
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Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
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The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
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Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.