Equitrans Stock Tumbles Following Manchin ‘Save MVP’ Bill Failure
One of the unfortunate side effects of Joe Manchin’s so-called permitting reform bill crashing and burning (see “Save MVP” Permitting Bill is Dead – Manchin Pulls it From CR), is how it affects one of the intended beneficiaries–Equitrans Midstream, builder of the Mountain Valley Pipeline (MVP). Since prospects for passing the bill began to unravel two weeks ago, Equitrans’ stock price is down over 20%, hitting a low of $7.59 per share yesterday. Although the news of permitting reform going down the toilet is not good for MVP, Equitrans maintains the pipeline is still expected to be up and running by the end of next year.
Read More “Equitrans Stock Tumbles Following Manchin ‘Save MVP’ Bill Failure”
Yesterday was the first day of the two-day Shale Insight conference being held in Erie, PA. By all accounts, it was a great day. Among the all-stars presenting were Toby Rice, CEO of EQT Corporation, Nick Dell’Osso, CEO of Chesapeake Energy, Greg Floerke, COO of MPLX, and Neil Chatterjee, former Federal Energy Regulatory Commission Chairman. The important role of LNG, pipelines, regulations, and more were discussed. One of the themes of the day: Natural gas is not a bridge fuel, but the destination.
We’ll say it right up front: We told you so. From the beginning, when U.S. Senator Joe Manchin announced he had sold out the country and would vote in favor of the horrible (misnamed) Inflation Reduction Act in return for a promise from Chuck Schumer and Nancy Pelosi to pass a “permitting reform” bill that guarantees to finish the stalled (95% complete) Mountain Valley Pipeline, we told you it was a bad deal (see 
A small group of landowners in southwestern Virginia who have lost all of their previous attempts to block Mountain Valley Pipeline (MVP) from crossing their property have made one last-ditch effort to fundamentally change the laws of the entire country to prevent this one pipeline. The landowners, obviously using Big Green money, have appealed their losing case to the U.S. Supreme Court, asking the high court to hear their case against FERC’s (the Federal Energy Regulatory Commission) right to delegate its eminent domain power to a private pipeline company–in this case to MVP.
Pennsylvania State Senator Katie Muth’s attempt to block a proposed frack wastewater treatment plant in Dimock (hours away from her own district) is failing spectacularly. Muth tried to challenge and block a permit for the plant, an effort which was mostly rejected in court back in June (see 
Each quarter NGI (
The Catholic nuns of Lancaster County’s Adorers of the Blood of Christ are still, all these years later, trying to shake down Williams for more money because of a pipeline that runs underneath a cornfield owned by the sisters (hence our nickname for them). Using lawyers from Big Green groups, the nuns are arguing their “religious beliefs” were offended by the pipeline because it flows a nasty, filthy fossil fuel that causes global warming. Even though the sisters own and operate a home heated by natural gas at the same location! Williams should be suing the nuns, not the other way around.
Yesterday both Antero Midstream (the pipeline subsidiary of Antero Resources), and Crestwood Equity Partners announced a deal to sell Crestwood’s remaining Marcellus assets to Antero for $205 million. The assets include 72 miles of dry gas gathering pipelines and nine compressor stations with approximately 700 MMcf/d of compression capacity located in Doddridge County and Harrison County in West Virginia.
Joe Manchin, U.S. Senator from West Virginia (now wildly unpopular in his home state) continues to have a tough time sealing the deal on a permitting reform bill that will help the Mountain Valley Pipeline (MVP) get done. Manchin traded his integrity away by voting to approve the so-called Inflation Reduction Act (a Big Green giveaway) in return for a vote on a bill to streamline the permitting of oil and gas projects like (and including) MVP. The Dems snookered Manchin into voting for the IRA with big promises, but now they don’t want to vote for his permitting bill, breaking those promises. Manchin needs help, and he’s turning to the oil and gas industry, hoping we will pressure Republican House and Senate members into helping him out. Don’t hold your breath, Joe.