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EQT delays Mountain Valley pipeline completion target to next year

Jul. 26, 2018 2:53 PM ETEQT Corporation (EQT) StockED, EQT, ATGFF, NEE, EQMBy: Carl Surran, SA News Editor4 Comments
  • 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.
  • Also: EQT misses by $0.03, misses on revenue (July 26)

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