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MVP Advances Preparations for Unprecedented Weather Conditions

Focusing Efforts on Environmental Protection and Safety

Category:

EQM
Tuesday, September 11, 2018 8:30 am EDT

Dateline:

PITTSBURGH

Public Company Information:

NYSE:
EQM

PITTSBURGH--(BUSINESS WIRE)--Mountain Valley Pipeline, LLC released the following statement and background information related to project-wide preparation activities for Hurricane Florence, which is currently projected to impact the east coast and could affect several areas of the Mountain Valley Pipeline (MVP) route across Virginia, and possibly even West Virginia as the storm moves inland. A previous weather system with significant rainfall has already saturated grounds along several portions of the MVP route and precautionary measures have been implemented to address potential issues.

“Given the current path of the storm, forecasters are expecting an unprecedented amount of rainfall across Virginia later this week and through the weekend – therefore, we are taking all possible precautions in Virginia to ensure the safety of our crews and communities, as well as to protect and maintain erosion and sediment controls along MVP’s right-of-way. In consultation with the Virginia Department of Environmental Quality, we have halted the advancement of construction in Virginia until the storm passes and are focused on stabilization of the right-of-way, and maintenance and enhancement of erosion controls. With the state of emergency now in effect across Virginia, we have diverted all resources in the Commonwealth for environmental maintenance and hurricane preparedness, including the securing of materials and equipment for potential wind impacts.

In West Virginia, we are working to ensure that the right-of-way is stabilized, and erosion controls are maintained and enhanced in advance of the storm’s potential inland advancement. We will continue coordinating with the West Virginia Department of Environmental Protection to monitor the storm and take additional safety precautions as needed.”

MVP is also proactively enforcing additional storm preparedness activities in Virginia, which include efforts such as:

  • Fuel tanks, pipe, and equipment are being moved from floodplain areas
  • Equipment and other portable items are being removed from nearby streams and waterbodies; and temporary construction bridges are being individually evaluated and will be secured or removed, as necessary
  • Pipe will be secured in open trenches
  • Trenches where pipe has been laid will be backfilled to inhibit ponding
  • Installation of enhanced erosion and sediment controls at road crossings

MVP is committed to the safety of its communities, to the preservation and protection of the environment, and to the continued responsible construction of this important natural gas infrastructure project. MVP continues to evaluate its construction plans and is targeting a full in-service during the fourth quarter 2019.

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 during the fourth quarter 2019, EQT Midstream Partners (NYSE: EQM), 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 that do not relate strictly to historical or current facts and 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, and anticipated financial and operational performance of Mountain Valley Pipeline, LLC, including guidance regarding the proposed Mountain Valley Pipeline (MVP); MVP’s efforts related to safety and environmental protection in response to the expected, unprecedented weather conditions; and the timing of development and construction for the MVP. The forward-looking statements included in this news release are subject to 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. Mountain Valley Pipeline, LLC has based these forward-looking statements on current expectations and assumptions about future events. While Mountain Valley Pipeline, LLC considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and are beyond its control. The risks and uncertainties that may affect the operations, performance, and results of Mountain Valley Pipeline, LLC and forward-looking statements include, but are not limited to:

The business, financial condition, results of operations and prospects could suffer if Mountain Valley Pipeline, LLC does not proceed with projects under development or is unable to complete the construction of, or capital improvements to, its facilities on schedule or within budget.

The ability to complete construction of, and capital improvements to, facilities on schedule and within budget may be adversely affected by escalating costs for materials and labor and regulatory compliance, inability to obtain or renew necessary licenses, rights-of-way, permits or other approvals on acceptable terms or on schedule, disputes involving contractors, labor organizations, land owners, governmental entities, environmental groups, Native American and aboriginal groups, and other third parties, negative publicity, transmission interconnection issues, and other factors. If any development project or construction or capital improvement project is not completed, is delayed or is subject to cost overruns, certain associated costs may not be approved for recovery or recoverable through regulatory mechanisms that may otherwise be available, and Mountain Valley Pipeline, LLC could become obligated to make delay or termination payments or become obligated for other damages under contracts, could experience the loss of tax credits or tax incentives, or delayed or diminished returns, and could be required to write-off all or a portion of its investment in the project. Any of these events could have a material adverse effect on Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects. Mountain Valley Pipeline, LLC may face risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements that may impede its development and operating activities.

Mountain Valley Pipeline, LLC must periodically apply for licenses and permits from various local, state, federal and other regulatory authorities and abide by their respective conditions. Should Mountain Valley Pipeline, LLC be unsuccessful in obtaining necessary licenses or permits on acceptable terms, should there be a delay in obtaining or renewing necessary licenses or permits or should regulatory authorities initiate any associated investigations or enforcement actions or impose related penalties or disallowances on Mountain Valley Pipeline, LLC, Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects could be materially adversely affected. Any failure to negotiate successful project development agreements for new facilities with third parties could have similar results.

Mountain Valley Pipeline, LLC’s gas infrastructure facilities and other facilities are subject to many operational risks. Operational risks could result in, among other things, lost revenues due to prolonged outages, increased expenses due to monetary penalties or fines for compliance failures, liability to third parties for property and personal injury damage, a failure to perform under applicable sales agreements and associated loss of revenues from terminated agreements or liability for liquidated damages under continuing agreements. The consequences of these risks could have a material adverse effect on Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects.

Uncertainties and risks inherent in operating and maintaining Mountain Valley Pipeline, LLC's facilities include, but are not limited to, risks associated with facility start-up operations, such as whether the facilities will achieve projected operating performance on schedule and otherwise as planned.

Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather.

Threats of terrorism and catastrophic events that could result from terrorism, cyber-attacks, or individuals and/or groups attempting to disrupt Mountain Valley Pipeline, LLC’s business, or the businesses of third parties, may materially adversely affect Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects.

Contact:

Mountain Valley Pipeline
Natalie Cox, 412-395-3941
Corporate Director, Communications
ncox@eqt.com