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Pipeline Owners Beware: EQT May Let Range’s Pipe Contracts Expire
When EQT announced on Oct. 26 that it would buy Range Resources (see EQT Swallows Range Resources in $50B Merger: Biggest M-U News Ever!), most of the talk was about size. The combined company will be the biggest gas producer in the country, eclipsing current #1 Expand Energy. A new analysis from East Daley Analytics looks at a different question: what happens to the pipeline companies that move Range’s gas and liquids? East Daley’s answer: much of the money EQT hopes to save will come from letting Range’s pipeline contracts expire. That’s bad news for some big pipeline owners, starting in 2028. And EQT management hinted at the same thing on deal day. Read More “Pipeline Owners Beware: EQT May Let Range’s Pipe Contracts Expire”
Energy Transfer (ET), the Dallas-based pipeline giant behind the Rover Pipeline and the Mariner East system, reported its third-quarter 2026 results yesterday. The top-line numbers were big: adjusted EBITDA of $5.03 billion, up 31% from $3.84 billion a year ago. But for the MDN audience, the real story is in the details. ET has started a new 15-year, 250,000 MMBtu/d deal on Rover with an unnamed Marcellus driller. One customer on ET’s newly approved South Mississippi Pipeline has signed up for long-term capacity to move Marcellus/Utica gas south starting in 2029. And ET says the ethane export expansion at its Marcus Hook terminal near Philadelphia is on schedule for the second half of 2027, with roughly 75% of the new capacity already spoken for. Plus, co-CEO Marshall “Mackie” McCrea said goodbye on the call and had some choice words for pipeline saboteurs. 
Energy Transfer, one of the biggest midstream players in the country and a familiar name to Marcellus/Utica landowners thanks to the Revolution and Mariner East systems, announced last week that it is pulling its primary stock listing off the New York Stock Exchange and moving it to the brand-new Texas Stock Exchange (TXSE) in Dallas. Three affiliated companies are going with it. Together the four represent close to $100 billion in market value — the largest chunk of listing business the NYSE has ever lost to a startup rival. Before you declare the end of Wall Street, though, there’s an asterisk the size of Texas attached to this one. 
A Dallas-based hyperscaler wants to build a 1.7-million-square-foot computing campus — plus its very own 450-megawatt natural gas power plant — on a reclaimed strip mine in Washington County, PA. The gas would come off a lateral tied to Energy Transfer’s Rover Pipeline, which runs right past the property line. Prime Data Centers made its first real presentation to the Hanover Township Board of Supervisors Monday night, in front of a fire hall packed past capacity with residents who are, to put it mildly, not sold. Three hours of testimony later, the supervisors scheduled four more hearings. 
Last week, we covered Enterprise Products Partners signaling a “rate reset” on ATEX, the ethane pipeline that carries Marcellus/Utica ethane to Mont Belvieu (see 
We stumbled across an article by East Daley Analytics that is a real eye-opener for us. East Daley analyzed 13 major public G&P (gathering and processing) operators (i.e., pipeline companies). They found that Expand Energy (created by the merger of Chesapeake Energy with Southwestern Energy), with major assets in the Marcellus/Utica and the Louisiana Haynesville, accounts for 52% of DT Midstream’s gathering volumes, 32% of Williams’, and 21% of Energy Transfer’s throughput. Yikes! Just one company. 
The Abu Dhabi (United Arab Emirates) investment group 2PointZero, via its subsidiary ePointZero, closed on its deal to acquire U.S. natural gas infrastructure firm Traverse Midstream Partners for $2.25 billion. This acquisition includes stakes in the Rover Pipeline and Ohio River System, which connect the productive Utica/Marcellus shale region to major demand centers and export hubs. The all-cash transaction gives the Abu Dhabi-based energy infrastructure platform a 35% non-operated stake in the Rover Pipeline and a 25% interest in the Ohio River System (ORS), both of which are operated by Energy Transfer. 
Energy Transfer has asked the Pennsylvania Public Utility Commission (PUC) to restructure and dissolve the Sunoco Pipeline Company, separating its pipeline assets between two new entities. Energy Transfer NE NGL Pipelines LLC would own and operate the Mariner East system and other natural gas liquids pipelines, while Energy Transfer RP Pipelines LLC would control refined petroleum product pipelines. The proposal also would transfer Sunoco’s public utility operating certificates. Formal protests and intervention petitions are due July 27, 2026. 
Energy Transfer (ET) disclosed last week that co-CEO Marshall “Mackie” McCrea III will retire on or before December 31, 2026, with co-CEO Thomas Long set to become sole CEO upon McCrea’s departure. The company said McCrea cited a desire to pursue personal objectives and spend more time with his family, while also expressing confidence that the partnership is well-positioned for the future. ET owns important assets in the Marcellus/Utica region, including the Mariner East and Rover pipeline systems. Does McCrea’s retirement signal anything about the company’s future with the M-U? 
Energy Transfer LP (ET) owns and operates one of the largest and most diversified portfolios of energy assets in the U.S., with approximately 140,000 miles of pipeline and associated energy infrastructure. ET’s strategic network spans 44 states and includes assets in all major U.S. production basins, including the Marcellus/Utica. The company issued its first quarter 2026 update last week. ET sees the Marcellus/Utica region as a key source of NGL supplies for its export operations, particularly exports from the Marcus Hook terminal near Philadelphia. 
This is sad and unexpected. Five weeks ago, MDN reported that Energy Transfer was holding off on a final investment decision (FID) for its Lake Charles LNG export project until 80% of the project had been sold to equity partners (see 
A month ago, MDN reported that Energy Transfer was holding off on a final investment decision (FID) for its Lake Charles LNG export project until 80% of the project had been sold to equity partners (see