- EQT Corp. (EQT -2.4%) says it is delaying the targeted completion of its Mountain Valley natural gas pipeline from West Virginia to Virginia to Q1 2019 from late 2018.
- The decision comes as EQT awaits a decision from the Fourth U.S. Circuit Court of Appeals on a motion by the U.S. Army Corps of Engineers to lift a stay on the construction of sections of the pipeline.
- EQT also raises its cost estimate for the project to $3.5B-$3.7B from an earlier forecast of $3B-$3.5B, saying costs beyond $3.5B could start to hurt returns the pipeline owners would receive.
- Mountain Valley is owned by units of EQT, NextEra Energy (NEE -0.1%), Consolidated Edison (ED +0.9%), AltaGas (OTCPK:ATGFF) and RGC Resources; EQT Midstream Partners (EQM +0.4%) will operate the pipeline.
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Also: EQT misses by $0.03, misses on revenue (July 26)