Shareholder Lawsuit Filed Against ET/Sunoco re Mariner East Pipe
Two weeks ago MDN told you about rumors (unconfirmed, but they seem legit) that the FBI is investigating the PA Gov. Tom Wolf administration over how permits came to be issued for the Mariner East 2 pipeline project (see FBI Investigates Wolf Admin for Corruption re ME Pipe Permits). The allegation is that Wolf or members of his staff pressured the Dept. of Environmental Protection to approve permits for the pipeline project in return for something (money or something else). A law firm is using those rumors to launch a class action lawsuit against Energy Transfer (ET), the builder, on behalf of shareholders alleging ET “misled its investors about its business, operational and compliance policies.”
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Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil and produced water gathering (pipeline) systems in six unconventional resource basins, including the Marcellus and Utica. The company concentrates its time and money on four “core focus areas” including: the Utica, the Williston (i.e. Bakken), the DJ Basin and the Permian. The Marcellus is part of the company’s “legacy” systems that don’t get as much love (and money). Earlier this year we speculated that maybe the Summit’s Marcellus assets would be posted for sale (see 
In February 2015 Rex Energy announced it would sell its Keystone Clearwater Solutions subsidiary which provides water services for shale drillers in the Marcellus/Utica (see 
The Sierra Club is a radicalized, far left “environmental” group that seems to have endless mountains of cash to finance frivolous lawsuit after frivolous lawsuit against any project or company with the moniker “fossil fuel” attached to it. The Clubbers have made trouble for both Dominion Energy’s Atlantic Coast Pipeline project, and now for Equitrans’ Mountain Valley Pipeline (MVP) by convincing lefty judges in a federal court to overturn previously issued permits from the U.S. Forest Service and U.S. Fish & Wildlife Service. Equitrans has had enough of the Clubbers and their interference and recently unloaded on the group in a letter to the Federal Energy Regulatory Commission (FERC).
In September, the U.S. Court of Appeals for the Third Circuit issued a precedent-setting decision that disallows PennEast Pipeline from using the federally-delegated power of eminent domain to cross properties either owned by, or with easements granted to, the state of New Jersey (see 
The Risberg Line, a 60-mile pipeline from Crawford County, PA to Erie County, PA, and from there across the border into Ashtabula County, OH, began construction in February (see 
UGI Energy Services, the pipeline subsidiary of UGI Corporation (utility company) has just completed the fourth expansion of their northeastern PA pipeline gathering system called the Auburn Gathering System. In May 2018 MDN told you about UGI’s plans to add another two compressor stations and more gathering pipelines to benefit Cabot Oil & Gas (see 
Energy Transfer (ET), the big pipeline company headquartered in Dallas, Texas, issued its third quarter 2019 update yesterday. ET is the builder of the Rover Pipeline in the Utica Shale, the Mariner East trio of pipelines in the PA Marcellus, and the Revolution gathering system in southwestern PA. With Rover built and fully operational, our interest was in locating information/updates on the ME and Revolution projects. We hit paydirt in yesterday’s update.
The Pittsburgh Business Times is reporting that EQT and Equitrans (formerly EQT Midstream) are “inching closer” to a renegotiated agreement for Equitrans to continue EQT’s natural gas gathering and shipping. During conference calls with analysts last week, both EQT CEO Toby Rice and Equitrans President Diana Charletta were said to be “optimistic” about the eventual outcome of those negotiations. Our interpretation is that EQT is hammering Equitrans to lower the cost of gathering and transporting their gas.
Consolidated Edison, the huge gas and electric utility that services much of New York City and its suburbs, recently said the company will cap its investment in the Mountain Valley Pipeline (MVP) project. There is an amount beyond which they will not go. Con Ed is one of five investor/owners of MVP. The primary owner and builder of MVP is Equitrans (EQM Midstream Partners), the former EQT Midstream.
This is a huge disappointment. In September, the U.S. Court of Appeals for the Third Circuit issued a precedent-setting decision that disallows PennEast Pipeline from using the federally-delegated power of eminent domain to cross properties either owned by, or with easements granted to, the state of New Jersey (see