EQT Stock Falls 46% in One Day, but Investors Didn’t Lose 46%

Click for larger version

Normally if a company’s stock falls upward of 50% in a single day, it indicates a catastrophe has happened. Bad news of biblical proportions. But such is not the case with EQT, the country’s largest natural gas producing company. EQT’s stock closed at $34.64 per share on Monday. By the end of Tuesday, it was $18.56, down 46.4%. Why? Because the company split in two, with EQT Corporation retaining all of the drilling assets, and a new company, Equitrans Midstream Corp., taking off with all of the midstream (pipeline) assets.
Continue reading

It’s Here! EQT Midstream Division Now Split into Standalone Co.

As of today, EQT Midstream, a division of EQT (the driller), is no more. In its place is Equitrans Midstream Corporation–a completely new, standalone company that is no longer tied to, nor a part of, EQT. The changeover happened at 11:59 pm Eastern time last night. Today is the first full day of a new era for EQT and its former midstream division. Thomas F. Karam is president and chief executive officer of the new Equitrans Midstream. What led to the split between EQT (the driller) and EQT (the midstream company)? We’ll explain.
Continue reading

Update on ACP, MVP Projects – Will Delays Affect Gas Markets?

We’ve covered, it seems endlessly, news about two important new pipeline projects coming in the Marcellus. One is EQT Midstream’s (now Equitrans Midstream) Mountain Valley Pipeline (MVP), a 303-mile pipe from West Virginia to southern Virginia. The other is Dominion Energy’s 600-mile Atlantic Coast Pipeline (ACP), from West Virginia through Virginia and into North Carolina. MVP will, when it’s done, carry 2 billion cubic feet per day (Bcf/d) of natural gas to southern markets, and ACP will carry 1.5 Bcf/d. Both pipelines chart a similar path south. And both pipelines are now stalled, dogged by frivolous lawsuits filed by so-called environmental groups. Both have announced delays for their final completion dates. Our friends at RBN Energy look in detail at both projects, and what a delay may mean for drillers in the Marcellus/Utica. Are more pipeline constraints on the way in our region?
Continue reading

MVP, ACP Pipes Receive Very Few Violation Notices in WV

It would be great when you are drilling a well, or building a pipeline, that when a state government inspector swings by to check up on the project, they don’t spot any problems. Especially for big projects like pipelines that run hundreds of miles. It would be nice, but not reality. Something always happens here and there. Unforeseen. Like weather with torrential rain, resulting in runoff from a ditch you just dug. The inspector swings by the next day and notices water and dirt where it’s not supposed to be, and voila, a “notice of violation” (NOV) is issued. It happens. That’s the way the world works. For Mountain Valley Pipeline (MVP) and Atlantic Coast Pipeline (ACP), both with segments in West Virginia, NOVs have been and no doubt will continue to be issued. How many NOVs would you imagine have already been issued for each project in WV? How many is “too many” and indicates the project builders are being sloppy?
Continue reading

EQT Makes it Official, Files with FERC to Extend MVP into NC

MVP Southgate map – click for larger version

In April MDN told you that even though Mountain Valley Pipeline (MVP) had only just begun to build along it’s 300+ mile route from West Virginia to southern Virginia, and even though the project faces enormous opposition from extremists who sit in the tops of trees and on top of poles, MVP went on offense by announcing a binding open season (time when customers can sign on the dotted line) to expand the not-yet-built pipeline even further (see Mountain Valley Pipeline Launches Plan to Expand 70 Miles into NC). The MVP Southgate project, as it’s called, will flow gas from the MVP mainline where it terminates in Pittsylvania County another 70 miles south to new delivery points in Rockingham and Alamance counties in North Carolina. Yesterday MVP (i.e. EQT Midstream) filed the official request with FERC.
Continue reading

EQT Midstream Plans 1.2 Bcf/d Hammerhead Pipeline to Feed MVP

EQT Midstream, which is about to be renamed to Equitrans Midstream Corp. in a few weeks, recently issued its third quarter 2018 update (same day that EQT the driller issued its update). As you know, the two are about to split and become two independent companies. As part of the EQT Midstream update, the new midstream company leaders spoke about Mountain Valley Pipeline (MVP), a 303-mile pipeline from West Virginia into southern Virginia. MVP has experienced a lot of setbacks, most of them from a campaign of lawsuits filed by Big Green organizations (like the odious Sierra Club). A new pipeline project related to MVP was mentioned prominently in this week’s quarterly update. The pipeline is called Hammerhead.
Continue reading

U.S. Supreme Court Asked to Hear MVP Eminent Domain Case

A group of 13 landowners in Virginia whose property was force taken by Mountain Valley Pipeline (MVP) using eminent domain is appealing a case they already lost in federal court to the U.S. Supreme Court. The landowners claim MVP has taken private land–their land–to use for private/corporate gain and not (as the law requires) taken for a “public” benefit. Eminent domain allows the taking of private land for public benefit, but not taking private land for private benefit. The issue really revolves around the question of, What is a public benefit? Can a private company use government powers because what they provide benefits the public? The big question is, will the Supreme Court, which gets some 8,000 such appeals each year, make this appeal one of the 80 or so they consider?
Continue reading

MVP Allowed to Restart Pipe Construction at WV Trail Crossing

Although EQT Midstream’s 303-mile Mountain Valley Pipeline (MVP) project has experienced a number of legal and regulatory setbacks and is currently blocked from constructing pipeline across/under/near any river, stream, or wetland in all of West Virginia and all of Virginia (some 1,100 different locations), believe it or not there are still many places where MVP can and is still installing pipeline (see Mountain Valley Pipe Keeps Building Despite Court Action re Permits). The Federal Energy Regulatory Commission, rather than shut down all MVP construction as is being demanded by antis, continues to grant permission to MVP to build. Here’s a few more such places in West Virginia.
Continue reading

EQT Board Votes to Split Company in Two Beginning Nov 12

We now have a date for when EQT (the driller) and EQT Midstream (the pipeline company) will split and become two separate, independent companies that will no doubt continue to work together, but will in fact be two companies. That date is November 12. In a pair of press releases issued yesterday, EQT outlined how the transition to two publicly traded companies, EQT Corporation (stock ticker EQT) and Equitrans Midstream Corporation (ticker ETRN) will happen. One of the releases names four new members for the EQT board once the split occurs, and reaffirms that current EQT CFO Robert McNally will stop “Acting” and become the full, official President & CEO of EQT.
Continue reading

6 Protesters Arrested for Blocking MVP Pipe Trucks in WV

Although EQT Midstream’s 303-mile Mountain Valley Pipeline project has experienced a number of legal and regulatory setbacks and is currently blocked from constructing pipeline across/under/near any river, stream, or wetland in all of West Virginia and all of Virginia, there are still places where MVP can build (see Mountain Valley Pipe Keeps Building Despite Court Action re Permits). MVP is legally continuing construction activities. Except sometimes MVP is illegally blocked by protesters who irrationally believe natural gas will kill the planet because it’s a “fossil fuel.” It happened again on Monday when six nutjobs were arrested at an MVP pipeline storage yard near the border of Raleigh and Fayette counties in WV.
Continue reading

Another Setback for MVP – Permits Pulled in WV Northern Panhandle

We thought that all of Mountain Valley Pipeline’s (MVP) permits issued by the U.S. Army Corps of Engineers for stream and wetland crossings had been pulled in both West Virginia and Virginia, but alas, no. One of the regions where permits issued by the Army Corps (called NWP 12 permits), in the northern panhandle of WV, is issued by a different Army Corps district office (in Pittsburgh). That office has now revoked MVP’s permits in Wetzel and Harrison counties–another 59 stream and 62 wetland crossings. Which now makes it complete: MVP cannot engage in any construction across/under/near any river, stream, or wetland in *all* of WV and *all* of VA. That is, until they get the NWP 12 permit reworked and reissued.
Continue reading

Va. Governor Refuses to Stop Mountain Valley Pipeline Work

Va. Gov. Ralph Northam

The pressure DC swamp dwellers and anti-fossil fuelers from across the country (indeed from across the world) have put on Virginia Gov. Ralph Northam (a Democrat) has been intense. They want Northam to abuse his executive authority, in contravention of the law, and block both the Atlantic Coast Pipeline (ACP) and Mountain Valley Pipeline (MVP) projects in his state. Northam’s predecessor, Terry McAuliffe (also a Democrat) created the state’s first Environmental Justice Advisory Council. That Council, packed with anti-fossil fuelers, has advised Northam to block ACP and MVP. Northam has just given his own Council a polite but firm, NO.
Continue reading

Mountain Valley Pipe Keeps Building Despite Court Action re Permits

Mountain Valley Pipeline, a project of EQT Midstream, continues to work on constructing its 303-mile long project from West Virginia into Virginia–despite a recent court order overturning some of the permits for the project (see Court Overturns MVP WV Permit; FERC Shutdown Coming Again?). The fact that MVP is working as fast as they can despite a partial shut down has antis fit to be tied. Which puts a broad smile on our face.
Continue reading

Sections of Mountain Valley Pipe Wash onto Landowner’s Property

It’s one thing for mud and sediment to wash away from a pipeline drilling site due to heavy and relentless rains–as we have experienced in the northeast these past few months. But it’s another thing entirely when actual sections pipeline sitting at the construction site float away! That happened in Franklin County, Virginia last Thursday. The landowner, who was (and is) opposed to the 303-mile Mountain Valley Pipeline from slicing through his property, has complained repeatedly about erosion and sediment from the construction path spilling over onto his farmland. Friday morning he woke up to MVP pipes washed onto his cornfield following torrential rains and wind, the leftovers of Hurricane Michael.
Continue reading

Army Corps of Engineers Shuts Down MVP Pipe Work in Virginia

More bad news for EQT Midstream’s Mountain Valley Pipeline (MVP). Last week the U.S. Court of Appeals for the Fourth Circuit overturned a permit issued by the U.S. Army Corps of Engineers for MVP in West Virginia (see Court Overturns MVP WV Permit; FERC Shutdown Coming Again?). It’s the second time that permit has been overturned, stopping work at some 591 stream/river crossings the pipeline traverses in WV. Given the permit is overturned in WV, the Army Corps on Friday told MVP to stop work under the same permit in Virginia–affecting another 525 stream and water crossings.
Continue reading

Court Overturns MVP WV Permit; FERC Shutdown Coming Again?

We’ve seen this movie before. The U.S. Court of Appeals for the Fourth Circuit (quickly becoming the Fourth Circus) has once again listened to the arguments of anti-fossil fuel groups including the Sierra Club and Chesapeake Climate Action Network and has overturned a recently re-issued permit that allows Mountain Valley Pipeline (MVP) to use certain methods to build the pipeline across streams and rivers in West Virginia. The court action pretty much shuts down all work on MVP in WV.
Continue reading