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MarketScreener Homepage  >  Equities  >  Nyse  >  EQT Midstream Partners LP    EQM

EQT MIDSTREAM PARTNERS LP (EQM)
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EQT Midstream Partners LP : Responds to Fourth Circuit Court Order

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07/12/2018 | 10:51pm CEST

By a News Reporter-Staff News Editor at Energy Weekly News -- EQT Midstream Partners, LP (NYSE: EQM) (Partnership) released the following statement and background information in response to a June 21, 2018 order by the Fourth Circuit Court staying the stream and wetland crossing permit issued by the Huntington District of the U.S. Army Corps of Engineers for the Mountain Valley Pipeline (MVP) project that affects crossings in approximately 160 miles of the MVP route in West Virginia. "We remain confident in the MVP project approvals received by state and federal agencies and will continue to move forward with construction as scheduled and authorized for the full route across Virginia and in other areas of the route in West Virginia. The court's decision to suspend the entire Huntington District's permit was not anticipated as the Corps had suspended the permit for the four waterbody crossings in question to evaluate the environmental benefits of the previously approved "dry-ditch" method and whether the time limitation should apply. While we are disappointed with this temporary setback, the MVP team is evaluating its legal and regulatory options to reinstate the permit and continue with construction activities along this portion of the route." On May 22, 2018, the Sierra Club and other opponents filed a Motion to Stay the Clean Water Act Section 404 stream and wetland crossing permit issued by the Huntington District of the U.S. Army Corps of Engineers. As part of this permit, the Corps incorporated the West Virginia Special Conditions, which includes a provision that stream and wetland crossings be completed within 72 hours.

The Sierra Club argues that MVP cannot comply with the permit condition to complete four waterbody crossings (Elk, Gauley, Greenbrier, and Meadow Rivers) within 72 hours. This provision; however, as interpreted by both MVP and the West Virginia DEP, is intended to apply to water crossings that are constructed in an open trench while the river is flowing ("wet-cut" method). MVP plans to utilize a "dry-ditch" coffer dam method to cross these four rivers as this technique is more protective of the environment because construction activity is not performed in a flowing river. This crossing technique has been approved by both the FERC and the West Virginia DEP. While significantly more environmentally protective, the "dry-ditch" technique also requires a longer completion time as compared to traditional "wet-cut" crossing methods to which the time limitation provision applies. In response to the Sierra Club's motion, the Corps suspended the permit for these four crossings and is evaluating the environmental benefits of the "dry-ditch" method and whether the time limitation should apply.

MVP continues to target a late 2018 in-service date while evaluating options for this portion of the route. About EQT Midstream Partners: EQT Midstream Partners, LP is a growth-oriented limited partnership formed by EQT Corporation to own, operate, acquire, and develop midstream assets in the Appalachian Basin. The Partnership provides midstream services to EQT Corporation and third-party companies through its strategically located transmission, storage, and gathering systems that service the Marcellus, Utica and Upper Devonian regions. The Partnership owns approximately 950 miles of FERC-regulated interstate pipelines; and also owns approximately 1,950 miles of high- and low-pressure gathering lines.

Visit www.eqtmidstreampartners.com 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 of late 2018, EQT Midstream Partners, 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.

Keywords for this news article include: Energy, Defense, Oil & Gas, U.S. Army, Natural Gas, Legal Issues, U.S. Military, EQT Midstream Partners.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2018, NewsRx LLC

(c) 2018 NewsRx LLC, source Science Newsletters

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Financials ($)
Sales 2018 1 227 M
EBIT 2018 868 M
Net income 2018 597 M
Debt 2018 4 155 M
Yield 2018 8,05%
P/E ratio 2018 9,87
P/E ratio 2019 10,73
EV / Sales 2018 7,31x
EV / Sales 2019 6,27x
Capitalization 4 818 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 66,3 $
Spread / Average Target 21%
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Managers
NameTitle
Thomas F. Karam President, Chief Executive Officer & Director
David L. Porges Chairman
Robert J. McNally Chief Financial Officer, Director & Senior VP
Lewis B. Gardner Director
Michael A. Bryson Independent Director
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