Stop Work Order Modified and West Virginia 404
Permit Reinstated
Mountain Valley Pipeline, LLC released the following statement
in response to individual orders issued by the Federal Energy
Regulatory Commission (FERC) and the U.S. Court of Appeals for the
Fourth Circuit on August 29, 2018, for the Mountain Valley Pipeline
(MVP) project. The FERC’s Modified Stop Work Order allows full
construction activities to restart along the route, with exception
of areas located within proximity of the Weston Gauley Bridge
Turnpike Trail and the Jefferson National Forest. The order by the
Fourth Circuit Court lifted the stay of the West Virginia 404
permit issued by the Huntington District of the U.S. Army Corps of
Engineers, which pertained to stream and wetland crossings. The
Court also denied a request to stay MVP’s permit related to stream
and waterbody crossings in Virginia.
“We appreciate the Bureau of Land Management's (BLM) prompt
review and additional, in-depth analysis of MVP alternatives with
respect to federal lands and agree with their conclusion regarding
the practicality of the project's currently permitted route. This
conclusion resolves the basis of the Stop Work Order issued on
August 3, 2018, and also confirms that MVP's existing route
minimizes impacts to sensitive species and environmental, cultural,
and historic resources in the Forest.
In addition, we are pleased with the Court’s decision to
reinstate the West Virginia 404 permit, which supports the
‘dry-ditch’ method of crossing waterbodies as originally approved
by both the FERC and the West Virginia Department of Environmental
Protection.
With these orders issued by the FERC and the Fourth Circuit
Court, MVP is now able to return approximately 1,000 workers who
have been suspended from their duties on the project. As we
continue with safe and responsible construction activities along
the vast majority of the route, we will coordinate with the
agencies to address the Court's concerns with the Federal Land
Permits. We appreciate the collaborative and concerted efforts by
all state and federal agencies and look forward to the in-service
of this important infrastructure project.”
MVP continues to evaluate its construction plans and reiterates
a full in-service target during the fourth quarter 2019.
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 approval and regulatory oversight by the Federal Energy
Regulatory Commission, the MVP will be constructed and owned by
Mountain Valley Pipeline, LLC – a joint venture of EQT Midstream
Partners, LP; NextEra US Gas Assets, LLC; Con Edison
Transmission, Inc.; WGL Midstream; 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. Targeting a full in-service during the fourth quarter of
2019, EQT Midstream Partners (NYSE: EQM), primary interest owner,
will operate the pipeline. From planning and development, to
construction and in-service operation – 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 that do not relate strictly to historical or current
facts and are forward-looking. Without limiting the generality of
the foregoing, forward-looking statements contained in this news
release specifically include the expectations of plans, strategies,
objectives and growth, and anticipated financial and operational
performance of Mountain Valley Pipeline, LLC, including guidance
regarding the proposed Mountain Valley Pipeline (MVP); the cost,
timing and outcome of regulatory approvals and anticipated
in-service date of the MVP; any engineering, construction and
operational changes to the MVP project; the projected length of the
MVP; and the timing of development and construction for the MVP.
The forward-looking statements included in this news release are
subject to 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. Mountain Valley Pipeline, LLC has
based these forward-looking statements on current expectations and
assumptions about future events. While Mountain Valley Pipeline,
LLC considers these expectations and assumptions to be reasonable,
they are inherently subject to significant business, economic,
competitive, regulatory, and other risks and uncertainties, most of
which are difficult to predict and are beyond its control. The
risks and uncertainties that may affect the operations,
performance, and results of Mountain Valley Pipeline, LLC and
forward-looking statements include, but are not limited to:
The business, financial condition, results of operations and
prospects could suffer if Mountain Valley Pipeline, LLC does not
proceed with projects under development or is unable to complete
the construction of, or capital improvements to, its facilities on
schedule or within budget.
The ability to complete construction of, and capital
improvements to, facilities on schedule and within budget may be
adversely affected by escalating costs for materials and labor and
regulatory compliance, inability to obtain or renew necessary
licenses, rights-of-way, permits or other approvals on acceptable
terms or on schedule, disputes involving contractors, labor
organizations, land owners, governmental entities, environmental
groups, Native American and aboriginal groups, and other third
parties, negative publicity, transmission interconnection issues,
and other factors. If any development project or construction or
capital improvement project is not completed, is delayed or is
subject to cost overruns, certain associated costs may not be
approved for recovery or recoverable through regulatory mechanisms
that may otherwise be available, and Mountain Valley Pipeline, LLC
could become obligated to make delay or termination payments or
become obligated for other damages under contracts, could
experience the loss of tax credits or tax incentives, or delayed or
diminished returns, and could be required to write-off all or a
portion of its investment in the project. Any of these events could
have a material adverse effect on Mountain Valley Pipeline, LLC’s
business, financial condition, results of operations and prospects.
Mountain Valley Pipeline, LLC may face risks related to project
siting, financing, construction, permitting, governmental approvals
and the negotiation of project development agreements that may
impede its development and operating activities.
Mountain Valley Pipeline, LLC must periodically apply for
licenses and permits from various local, state, federal and other
regulatory authorities and abide by their respective conditions.
Should Mountain Valley Pipeline, LLC be unsuccessful in obtaining
necessary licenses or permits on acceptable terms, should there be
a delay in obtaining or renewing necessary licenses or permits or
should regulatory authorities initiate any associated
investigations or enforcement actions or impose related penalties
or disallowances on Mountain Valley Pipeline, LLC, Mountain Valley
Pipeline, LLC’s business, financial condition, results of
operations and prospects could be materially adversely affected.
Any failure to negotiate successful project development agreements
for new facilities with third parties could have similar
results.
Mountain Valley Pipeline, LLC’s gas infrastructure facilities
and other facilities are subject to many operational risks.
Operational risks could result in, among other things, lost
revenues due to prolonged outages, increased expenses due to
monetary penalties or fines for compliance failures, liability to
third parties for property and personal injury damage, a failure to
perform under applicable sales agreements and associated loss of
revenues from terminated agreements or liability for liquidated
damages under continuing agreements. The consequences of these
risks could have a material adverse effect on Mountain Valley
Pipeline, LLC’s business, financial condition, results of
operations and prospects.
Uncertainties and risks inherent in operating and maintaining
Mountain Valley Pipeline, LLC's facilities include, but are not
limited to, risks associated with facility start-up operations,
such as whether the facilities will achieve projected operating
performance on schedule and otherwise as planned.
Mountain Valley Pipeline, LLC’s business, financial condition,
results of operations and prospects can be materially adversely
affected by weather conditions, including, but not limited to, the
impact of severe weather.
Threats of terrorism and catastrophic events that could result
from terrorism, cyber-attacks, or individuals and/or groups
attempting to disrupt Mountain Valley Pipeline, LLC’s business, or
the businesses of third parties, may materially adversely affect
Mountain Valley Pipeline, LLC’s business, financial condition,
results of operations and prospects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180830005411/en/
Mountain Valley Pipeline media inquiries:Natalie Cox,
412-395-3941Corporate Director, Communicationsncox@eqt.com
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