Court clears path to resume work on $3B Atlantic Sunrise gas pipeline

|By:, SA News Editor

A U.S. federal appeals court late today lifted its temporary stay of construction on the Williams Cos. (WMB, WPZ) $3B Atlantic Sunrise natural gas pipeline from Pennsylvania to South Carolina.

The U.S. Court of Appeals for the D.C. Circuit denied a request from environmental groups to stay federal regulatory approval of the project pending its review, saying they did not satisfy “stringent requirements.”

Shares of Cabot Oil & Gas (NYSE:COG), which has secured ~1B cf/day of transport capacity on the pipeline, plunged yesterday following news of the court's construction halt.