Equitrans Midstream Statement Regarding Mountain Valley Pipeline Project

Rhea-AI Summary

Equitrans Midstream (NYSE: ETRN) announced updates on the Mountain Valley Pipeline (MVP) project following a ruling from the U.S. Fourth Circuit Court of Appeals on February 2, 2022. The court vacated MVP’s Biological Opinion, with a decision expected to be unsealed soon. Equitrans is analyzing the ruling and remains committed to completing the MVP project, confident that the Biological Opinion concerns will be addressed. The company continues to position itself as a leading natural gas gatherer in the Appalachian Basin.

Positive

• Equitrans remains committed to completing the Mountain Valley Pipeline project.
• The company believes concerns regarding the Biological Opinion can be addressed, which could facilitate project progress.

Negative

• The U.S. Fourth Circuit Court’s decision vacated the MVP’s Biological Opinion, creating regulatory uncertainty.
• The unsealing of the court's decision may reveal potential challenges or delays.

CANONSBURG, Pa.--(BUSINESS WIRE)-- Equitrans Midstream (NYSE: ETRN), today, issued the following statement regarding the Mountain Valley Pipeline (MVP) project:

On Wednesday, February 2, 2022, the U.S. Fourth Circuit Court of Appeals issued a decision vacating MVP’s Biological Opinion and remanding it on specific issues. The Court’s written decision was initially issued under seal, due to the potential identification of and reference to endangered species locations, and it is expected the seal will be lifted shortly.

The MVP project team is taking time to thoroughly review the information outlined in the decision and is evaluating the project’s next steps regarding the Biological Opinion. We remain committed to completing the MVP project and believe the concerns associated with MVP’s Biological Opinion can be addressed by the agency.

About Equitrans Midstream Corporation
Equitrans Midstream Corporation (ETRN) 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 assets in the Marcellus and Utica regions, ETRN 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 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 with the vision to be the premier midstream services provider in North America. ETRN is helping to meet America’s growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work.

For more information on Equitrans Midstream Corporation, visit www.equitransmidstream.com; and to learn more about our environmental, social, and governance practices visit ETRN Sustainability Reporting.

Cautionary Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the United States Securities Act of 1933, as amended (the Securities Act), concerning Equitrans Midstream Corporation and the Mountain Valley Pipeline project. 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 ETRN, as well as assumptions made by, and information currently available to, such management. Words such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” “target,” "outlook" or “continue,” and similar expressions are used to identify forward-looking statements. These statements are subject to various risks and uncertainties, many of which are outside ETRN's control. Without limiting the generality of the foregoing, forward-looking statements contained in this communication specifically include expectations with respect to the Mountain Valley Pipeline project, including the ability to complete or timing for completing such project and whether the concerns associated with the Biological Opinion discussed in this news release may be addressed by the agency. 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. ETRN has based these forward-looking statements on current expectations and assumptions about future events. While ETRN considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, judicial and other risks and uncertainties, many of which are difficult to predict and are beyond ETRN’s control. The risks and uncertainties that may affect the operations, performance and results of ETRN’s business, the Mountain Valley Pipeline and forward-looking statements include, but are not limited to, those set forth under "Item 1A. Risk Factors" in ETRN's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (the SEC), as updated by the risk factors disclosed under Part II, "Item 1A. Risk Factors," of ETRN’s Quarterly Reports on Form 10-Q for the three months ended March 31, 2021, June 30, 2021 and September 30, 2021, each filed with the SEC, and ETRN's subsequent filings. Any forward-looking statement speaks only as of the date on which such statement is made, and ETRN 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.

Source: Equitrans Midstream Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20220203005374/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

412-395-3941

ncox@equitransmidstream.com

Source: Equitrans Midstream Corporation

FAQ

What is the recent ruling affecting the Mountain Valley Pipeline project by Equitrans?

On February 2, 2022, the U.S. Fourth Circuit Court of Appeals vacated the Biological Opinion related to the Mountain Valley Pipeline, necessitating a review by the project team.

How is Equitrans responding to the court's decision regarding the MVP project?

Equitrans is reviewing the court's decision and believes that the concerns can be addressed, reaffirming their commitment to completing the MVP project.

What are the implications of the court's ruling on Equitrans Midstream Corporation?

The ruling introduces regulatory uncertainty, but Equitrans is optimistic about addressing the concerns associated with the Biological Opinion.

What can investors expect from Equitrans in light of the MVP project updates?

Investors can expect Equitrans to continue its efforts in completing the MVP project, despite the challenges posed by the court's decision.