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Equitrans Midstream Collaborates with US Regulator on MVP Project Contract
10/24/2023
The PHMSA mandates Equitrans to clearly detail the progression measures for the Mountain Valley Pipeline completion.
Equitrans Midstream, overseeing the Mountain Valley Pipeline (MVP) in Virginia's Jefferson National Forest, has committed to enhanced safety protocols following a consent order from the Pipeline and Hazardous Materials Safety Administration (PHMSA). As part of the agreement, Equitrans and MVP LLC have vowed to transparently detail the pipeline's progression, aiming to bolster public trust.
“Importantly, the agreement outlines actions that are designed to reassure the public of MVP’s integrity and demonstrates our commitment to safe, responsible construction and in-service operations,”
- Diana Charletta, Equitrans president and COO.
KTA-Tator Inc. will independently monitor MVP's pipeline coating practices and enforce necessary measures during construction. This pact hastens MVP's inspection timelines, emphasizing safety. Equitrans President, Diana Charletta, reiterated that the safety and integrity of MVP remain paramount.
About Equitrans Midstream Corporation
Equitrans Midstream Corporation (Equitrans) stands as a premier North American energy infrastructure company. Its primary operations focus on natural gas transmission, storage, and water services. With assets that span across the Appalachian Basin, the company's vision revolves around leveraging its core strengths to provide safe and reliable energy to its stakeholders.
- Equitrans boasts an extensive portfolio of natural gas transmission and storage assets, including more than 950 miles of transmission pipelines.
- The company's commitment to safety and compliance is reflected in its focus on operating excellence. With a dedicated workforce, Equitrans ensures the secure and efficient delivery of natural gas.
- Equitrans' financial strategy revolves around maintaining a strong balance sheet, supported by robust credit metrics. Their commitment to stakeholders is evident in their focus on delivering sustainable returns through disciplined capital allocation and growth projects.
Mountain Valley Pipeline LLC
Mountain Valley Pipeline (MVP) has been under significant scrutiny due to its environmental implications and the challenges it presents.
MVP, spanning roughly 303 miles, is proposed to transport natural gas from West Virginia to Virginia. This project has faced numerous setbacks. Last year, permits granted by Virginia’s Department of Environmental Quality and the U.S. Forest Service were invalidated by the 4th Circuit. MVP has been gearing up to commence construction, especially focusing on the pipeline's stretch within the national forest.
A federal appeals court mandated a temporary cessation of MVP's construction within a national forest, pending a review requested by environmental groups challenging the Biden administration's endorsement of the pipeline.
The U.S. Court of Appeals for the 4th Circuit, which had previously turned down permits for the project, concurred unanimously to put construction on hold. This decision was influenced by the debt ceiling law's directive to federal bodies to issue the necessary permits for this contentious pipeline.
Reactions to the court's verdict have been varied. While environmentalists and certain community members laud the decision, key political figures like Senate Energy Chair Joe Manchin have expressed their dissent. They argue that the court's move stands in contradiction to the clear directives of the debt ceiling legislation.
Despite the legal battles, the Biden administration has been supportive of the MVP. They believe the pipeline is critical to the U.S. energy security framework.
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Tenaris Acquires Mattr's Pipe Coating Division for $166 Million
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/R 208 (blog) Tenaris Acquires Mattr's Pipe Coating Division for $166 Million.png)
Tenaris has successfully finalized the purchase of Mattr's Pipe Coating Division, previously known as Shawcor, for a total of $182.6 million. This figure includes working capital and $16.9 million in cash. Announced back on August 14, 2023, the acquisition has now received the green light from regulatory bodies in both Mexico and Norway.
Diamondback Sells More After Hitting $1B Target
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/169Blog_Diamondback announces $1.1 Billion in asset sales since program start.png)
Diamondback Energy sold more midstream assets in Q2 as part of a $1B plan to shed non-core assets, reducing debt in the Permian Basin. In July, Texas-based Diamondback Energy Inc. sold a 43% stake in the OMOG crude oil system, revealing this in its Q2 earnings on July 31. OMOG JV LLC, running 400 miles of pipelines and 350,000 bbl of storage in Midland, Martin, Andrews, and Ector counties, was detailed in Diamondback's filings. The sale provided $225 million in gross proceeds. Diamondback has announced or completed $1.1 billion in non-core asset sales since initiating the program. Initially aimed at raising $500 million, the 2023 target was increased to $1 billion.
Tenaris has successfully finalized the purchase of Mattr's Pipe Coating Division, previously known as Shawcor, for a total of $182.6 million. This figure includes working capital and $16.9 million in cash. Announced back on August 14, 2023, the acquisition has now received the green light from regulatory bodies in both Mexico and Norway.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/207Blog_Baytex Energy Sells Off 113 Million Crude Oil Holdings in Western Canada.png)
Baytex Energy Corp., a prominent oil and gas company, has struck a deal to sell part of its Viking assets located in Forgan and Plato, southwest Saskatchewan. The transaction sealed at CAD 153.8 million (approximately US$113.23 million).
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/206Blog_Endeavor Energy’s Value Nearing 30 Billion.png)
This summer, J.P. Morgan Securities highlighted Endeavor Energy Resources as the Midland Basin's standout in mergers and acquisitions, suggesting its value might approach $30 billion. Endeavor Energy Resources, a privately-owned entity in Midland focusing solely on its operations, has seen a significant uptick in production. It now boasts a production rate of 331,000 barrels of oil equivalent per day (boe/d), marking a 25% increase from the previous year.