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Mountain Valley Is to Be Completed by Equitrans in 2023: Shares Rose

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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Magellan Reported Volume Changes on Its LongHorn and BridgeTex Pipelines

According to a July 28 report, Magellan Midstream Partners LP stated that the volumes in the last quarter on the Longhorn and BridgeTex pipelines that carry crude from the Permian Basin to Houston dropped dramatically since shippers likely exported barrels, meanwhile, refined product volumes grew on pandemic demand recovery. Volumes on the 450-mile (724-km) Magellan’s wholly-owned Longhorn crude oil pipeline from West Texas to Houston averaged approximately 200,000 bbl/d in the three months ended June 30 in contrast with 260,000 bbl/d in the same period the year before. A joint venture, the BridgeTex crude pipeline from the Permian to Magellan’s East Houston terminal dropped to 215,000 bbl/d from virtually 315,000 bbl/d in the year-ago period. However, volumes on the most prominent common carrier refined products pipeline system in the U.S. increased 3% partly because of pandemic demand recovery. Income from oil storage plunged as a steeply risen-in-price market made holding barrels less attractive and following contract expirations while operating expenses grew $28 million.

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.

As world leaders gather at the COP29 climate summit, a surprising trend is emerging: some of the biggest oil companies are scaling back their renewable energy efforts. Why? The answer is simple—profits. Fossil fuels deliver higher returns than renewables, reshaping priorities across the energy industry.

The global oil market is full of potential but also fraught with challenges. Demand and production are climbing to impressive levels, yet prices remain surprisingly low. What’s driving these mixed signals, and what role does the U.S. play?

Shell overturned a landmark court order demanding it cut emissions by nearly half. Is this a victory for Big Oil or just a delay in the climate accountability movement?

2024 blog posts