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EQT Midstream Partners Responds to Fourth Circuit Court Order

Category:

EQM
Friday, June 22, 2018 8:21 pm EDT

Dateline:

PITTSBURGH

Public Company Information:

NYSE:
EQM
NYSE:
EQT
"method and whether the time limitation should apply. While we are disappointed with this temporary setback, the MVP team is evaluating its legal and regulatory options to reinstate the permit and continue with construction activities along this portion of the route."

PITTSBURGH--(BUSINESS WIRE)--EQT Midstream Partners, LP (NYSE: EQM) (Partnership) released the following statement and background information in response to a June 21, 2018 order by the Fourth Circuit Court staying the stream and wetland crossing permit issued by the Huntington District of the U.S. Army Corps of Engineers for the Mountain Valley Pipeline (MVP) project that affects crossings in approximately 160 miles of the MVP route in West Virginia.

"We remain confident in the MVP project approvals received by state and federal agencies and will continue to move forward with construction as scheduled and authorized for the full route across Virginia and in other areas of the route in West Virginia. The court’s decision to suspend the entire Huntington District’s permit was not anticipated as the Corps had suspended the permit for the four waterbody crossings in question to evaluate the environmental benefits of the previously approved “dry-ditch” method and whether the time limitation should apply. While we are disappointed with this temporary setback, the MVP team is evaluating its legal and regulatory options to reinstate the permit and continue with construction activities along this portion of the route.”

On May 22, 2018, the Sierra Club and other opponents filed a Motion to Stay the Clean Water Act Section 404 stream and wetland crossing permit issued by the Huntington District of the U.S. Army Corps of Engineers. As part of this permit, the Corps incorporated the West Virginia Special Conditions, which includes a provision that stream and wetland crossings be completed within 72 hours.

The Sierra Club argues that MVP cannot comply with the permit condition to complete four waterbody crossings (Elk, Gauley, Greenbrier, and Meadow Rivers) within 72 hours. This provision; however, as interpreted by both MVP and the West Virginia DEP, is intended to apply to water crossings that are constructed in an open trench while the river is flowing (“wet-cut” method). MVP plans to utilize a "dry-ditch" coffer dam method to cross these four rivers as this technique is more protective of the environment because construction activity is not performed in a flowing river. This crossing technique has been approved by both the FERC and the West Virginia DEP. While significantly more environmentally protective, the “dry-ditch” technique also requires a longer completion time as compared to traditional "wet-cut" crossing methods to which the time limitation provision applies. In response to the Sierra Club’s motion, the Corps suspended the permit for these four crossings and is evaluating the environmental benefits of the “dry-ditch” method and whether the time limitation should apply.

MVP continues to target a late 2018 in-service date while evaluating options for this portion of the route.

About EQT Midstream Partners:

EQT Midstream Partners, LP is a growth-oriented limited partnership formed by EQT Corporation to own, operate, acquire, and develop midstream assets in the Appalachian Basin. The Partnership provides midstream services to EQT Corporation and third-party companies through its strategically located transmission, storage, and gathering systems that service the Marcellus, Utica and Upper Devonian regions. The Partnership owns approximately 950 miles of FERC-regulated interstate pipelines; and also owns approximately 1,950 miles of high- and low-pressure gathering lines.

Visit www.eqtmidstreampartners.com

About Mountain Valley Pipeline

The Mountain Valley Pipeline (MVP) is a proposed underground, interstate natural gas pipeline system that spans approximately 303 miles from northwestern West Virginia to southern Virginia. Subject to approval and regulatory oversight by the Federal Energy Regulatory Commission, the MVP will be constructed and owned by Mountain Valley Pipeline, LLC – a joint venture of EQT Midstream Partners, LP; NextEra US Gas Assets, LLC; Con Edison Transmission, Inc.; WGL Midstream; and RGC Midstream, LLC. The MVP was designed to transport clean-burning natural gas from the prolific Marcellus and Utica shale regions to the growing demand markets in the Mid-Atlantic and Southeast areas of the United States. Targeting a full in-service of late 2018, EQT Midstream Partners, primary interest owner, will operate the pipeline. From planning and development, to construction and in-service operation – MVP is dedicated to the safety of its communities, employees, and contractors; and to the preservation and protection of the environment.

Visit www.mountainvalleypipeline.info

Cautionary Statements

Disclosures in this news release contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include the expectations of plans, strategies, objectives and growth of the Partnership and Mountain Valley Pipeline, LLC (the MVP JV), including the expected impact of the Fourth Circuit Court of Appeals stay of the MVP JV’s Huntington District stream and wetland crossing permit, the cost, timing of regulatory approvals and anticipated in-service date of the MVP, and the Partnership’s engineering, construction and operational changes to the MVP project. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Partnership has based these forward-looking statements on current expectations and assumptions about future events. While the Partnership considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Partnership's control. The risks and uncertainties that may affect the operations, performance and results of the Partnership's business and forward-looking statements include, but are not limited to, those risks discussed in the Partnership's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made and the Partnership does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact:

EQT Midstream Partners, LP
Analyst inquiries please contact:
Nate Tetlow – Investor Relations Director
412.553.5834
ntetlow@eqtmidstreampartners.com
or
Patrick Kane – Chief Investor Relations Officer
412.553.7833
pkane@eqtmidstreampartners.com
or
Media inquiries please contact:
Natalie Cox – Corporate Director, Communications
412.395.3941
ncox@eqtmidstreampartners.com