More Impairment (Write-Down) Costs Taken for Mountain Valley Pipe
Investors in the 303-mile Mountain Valley Pipeline (MVP) continue to write down their investments in the long-delayed project. MVP, which is 95% done and in the ground, travels from Wetzel County, WV, to Pittsylvania County, VA, where it connects with other pipelines to carry Marcellus/Utica molecules to the southeastern U.S. RGC Midstream, which is owned by RGC Resources, is a very small investor in the project. RGC said this week it is taking a further impairment (writing down value) for its investment in MVP.
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Spire Inc. is the owner and operator of the Spire STL Pipeline, a 65-mile pipeline that connects to and flows Marcellus/Utica gas from the Rockies Express (REX) pipeline in Scott County, IL, to residents and businesses in the St. Louis, MO area. Yesterday Spire issued its third quarter update and included a tidbit of information that had escaped us. In October, the Federal Energy Regulatory Commission (FERC) issued a full, final, positive environmental impact statement (EIS) for Spire STL, the final step before issuing a permanent certificate for the pipeline to operate.
Last year the Bidenistas initiated a massive power grab to transfer the right of individual states to regulate local natural gas gathering pipelines to the federal government (see 
Yeah, well, that didn’t take long, did it? Pennsylvania Governor-elect Josh Shapiro, just a few days after he won the election, has vowed to further restrict fracking with huge new setback regulations. He’s also promising new regulations for gathering pipelines. In other words, he’s about to screw over the Marcellus industry and pretty much stop new drilling in the state. Still glad you voted for Shapiro?
This is rare. The CEO of Williams (Alan Armstrong), one of the largest pipeline (midstream) companies in the U.S. and on the planet, sent an open letter (an official filing) to the Chairman of the Federal Energy Regulatory Commission (FERC), Richard “Dick” Glick, using pretty abrupt language to tell Glick FERC needs to approve the Regional Energy Access expansion project by November 30th or the project WILL be delayed by a full year. The letter has the look and feel of an ultimatum.
Earlier this year, Equitrans Midstream announced it had filed a new pipeline expansion project with the Federal Energy Regulatory Commission (see 
EQT has sued its own (former) law firm, Baker Botts, and one of the partners at the firm, for allegedly giving the company bad advice with respect to the Hammerhead Pipeline gathering system owned by Equitrans Midstream (EQT’s former subsidiary). The lawsuit seeks at least $1 million in damages. Baker Botts is based in Texas, so the lawsuit was filed in the 61st District Court in Harris County, TX. Hammerhead is a $555 million, approximately 190-mile gathering system created by Equitrans to gather EQT’s production in southwest PA and haul it (64 miles) to Mobley, WV, where it will connect with the Mountain Valley Pipeline (MVP) and EQT’s Ohio Valley Connector pipeline (see 
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 argued their “religious beliefs” were offended by the pipeline because it flows a nasty, filthy fossil fuel that causes global warming. We’ve lost track of how many lawsuits the sisters have filed, using OPM (other people’s money). The most recent lawsuit, filed in the Philadelphia-based U.S. Third Circuit Court of Appeals, was just shot down by the court.
Howard Energy Partners (HEP) is a midstream/pipeline company that owns and operates natural gas and crude oil pipelines, natural gas processing plants, refined products storage terminals, deep-water dock and rail facilities, fractionation facilities, hydrogen production facilities, renewable diesel logistics facilities, and other related midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania, and Mexico. The company owns more than 600 miles of natural gas gathering pipelines with some 100+ of those miles located in the PA Marcellus. Yesterday, Alberta Investment Management Corporation (AIMCo) announced it has purchased a controlling interest (87%) in HEP. AIMCo is the new owner.
Rumors are circulating on Capitol Hill that the Senate Energy and Natural Resources Committee is eyeing Nov. 15 for Federal Energy Regulatory Commission (FERC) Chairman Richard “Dick” Glick’s confirmation hearing for a second five-year term. We sincerely hope those rumors are wrong. Glick, a Democrat and former wind lobbyist who is an extreme anti-pipeline radical, was first appointed to FERC under Donald Trump. He was nominated by Joe Biden for reappointment to a second five-year term last May (see 
Last December, Columbia Gas Transmission pre-filed with the Federal Energy Regulatory Commission (FERC) to build the Virginia Reliability Project that will add 100 MMcf/d of incremental capacity on Columbia’s system to serve delivery points in southeast Virginia, namely Virginia Natural Gas (see 
Yesterday Equitrans Midstream, the builder and majority owner of the Mountain Valley Pipeline (MVP) project, issued its third quarter 2022 update. The big news (for us) was that Thomas F. Karam, CEO of Equitrans, said that if the 95% complete MVP is going to get finished, it’s probably going to take an act of Congress to do it. The same three clown judges (our words) of the 4th Circuit Court of Appeals are signaling they will continue to block MVP, says Karam. In contrast to the clouds over MVP, yesterday’s update shared a bit of good news for a second Equitrans project.
The Freeport LNG export facility experienced an explosion and fire in early June (see 
U.S. Senator Joe Manchin, Democrat from West Virginia, ended his political future when he sold out the country by voting in favor of the misnamed Inflation Reduction Act (IRA), which is actually a mini-Green New Deal bill (see