Equitrans plunges as court vacates Mountain Valley Pipeline biological opinion

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Equitrans Midstream (ETRN -3.7%) sinks to near 52-week lows after the U.S. 4th Circuit Court of Appeals vacated for the second time the U.S. government's previous decision allowing the Mountain Valley pipeline to cross three miles through the Jefferson National Forest in Virginia and West Virginia.

Equitrans said the biological opinion had been vacated on "specific issues" that must now be addressed by the U.S. Fish and Wildlife Service.

"The MVP project team is taking time to thoroughly review the information outlined in the decision and is evaluating the project's next steps," the company said, adding that the relevant concerns "can be addressed by the agency."

MVP is owned by units of Equitrans, NextEra Energy (NYSE:NEE), Consolidated Edison (NYSE:ED), AltaGas (OTCPK:ATGFF) and RGC Resources (NASDAQ:RGCO).

Equitrans, which owns a 47.8% stake in Mountain Valley and will operate the pipeline, said it had spent ~$2.4B on the project as of the end of Q3.