Equitrans Midstream

Last updated
Equitrans Midstream Corporation
Company type Public company
Industry Petroleum industry
FoundedNovember 12, 2018;5 years ago (2018-11-12)
Headquarters Canonsburg, Pennsylvania, U.S.
Key people
 Thomas F. Karam, President & CEO
Diana M. Charletta, Executive Vice President & Chief Operating Officer
Kirk R. Oliver, Senior Vice President & CFO
Products
RevenueDecrease2.svg US$1.3 billion (2021)
Decrease2.svg US$–1.3 billion (2021)
Total assets Decrease2.svg US$0.4 billion (2021)
Total equity Decrease2.svg US$2.0 billion (2021)
Owner EQT (5.3%) [1]
Number of employees
766 (2021)
Website www.equitransmidstream.com
Footnotes /references
[2]

Equitrans Midstream Corporation, also known as E-Train, [3] is an American energy company engaged in the pipeline transportion of natural gas and natural gas liquids. It is headquartered in Canonsburg, Pennsylvania.

Contents

Corporate history

In November 2018, EQT Corporation split into two companies. Equitrans Midstream, a stand-alone corporation, retained EQT's assets, and remained engaged in the midstream gathering and transportation of natural gas and natural gas liquids. [4] [5] EQT Corporation remained involved only in gas exploration and production. [4] EQT retained a 19.9 percent interest in Equitrans Midstream, [5] (since reduced to 5.3% in 2022) [6] and was awarded a general partner interest in EOGP Holdings LP, a company formed in 2015 to hold a general interest partnership in EQM Midstream Partners LP. Equitrans Midstream also retained a small limited partner interest in EQM Midstream Partners. [4]

EQT Corporation also spun off EQM Midstream Partners, a company with the mission of acquiring midstream assets in the Appalachian Basin. Equitrans Midstream acquired EQM Midstream Partners in a share-for-share merger worth ($2,035,400,000 in 2022 dollars). The merger was finalized in June 2020. [3] [7]

As of October 2021, Equitrans Midstream was the largest natural gas producer in North America. [8]

Mountain Valley Pipeline

Equitrans Midstream is co-financing the Mountain Valley Pipeline, [9] of which it owns a majority [10] 48 percent interest. [9] The $2.5 billion, 303 mi (488 km) project was announced in 2014, and expected to be in service by 2018. It will connect Marcellus and Utica natural gas shale fields with East Coast markets. [9]

Numerous legal challenges have delayed the project, [9] On January 25, 2022, a unanimous United States Court of Appeals for the Fourth Circuit revoked permits issued by the United States Forest Service and Bureau of Land Management allowing construction of the pipeline through the Jefferson National Forest after finding that the environmental reviews conducted by the two agencies failed to comply with the National Environmental Policy Act. [11] Nine days later, the same court unanimously struck down permits issued by the United States Fish and Wildlife Service on the similar grounds, concluding the agency failed to comply with the Endangered Species Act of 1973. [10] After Equitrans won an April 11 ruling by the Federal Energy Regulatory Commission allowing it to use a trenchless method of crossing water and wetlands, [12] Equitrans Midstream asked federal agencies for new permits on May 2, 2022. [9]

The Mountain Valley Pipeline is 94 percent complete. [10] Equitrans, which has already spent $2.6 billion on the project and expects to spend another $800 million, estimated in May 2022 that if permission is again given, the pipeline will be completed and go into operation in the second half of 2023. [9]

In July 2022, Senator Joe Manchin III (D-West Virginia) secured an agreement from Democratic leaders of the U.S. Senate and the White House which would move completion of the pipeline forward. The agreement, to be included in major climate and tax legislation, "would ensure that federal agencies 'take all necessary actions to permit the construction and operation' of the gas line". The legislation ensures that future legal challenges to the pipeline will be heard by the United States Court of Appeals for the District of Columbia Circuit in the future. [13] Opponents filed constitutional legal challenges to the inclusion of the project in the Fiscal Responsibility Act of 2023 after federal permits were granted. [14]

Related Research Articles

<span class="mw-page-title-main">Marathon Petroleum</span> American petroleum refining, marketing, and transportation company

Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.

<span class="mw-page-title-main">TC Energy</span> Canadian energy company

TC Energy Corporation is a major North American energy company, based in the TC Energy Tower building in Calgary, Alberta, Canada, that develops and operates energy infrastructure in Canada, the United States, and Mexico. The company operates three core businesses: Natural Gas Pipelines, Liquids Pipelines and Energy.

Natural Gas Pipeline Company of America (NGPL) is a natural gas pipeline company. It owns pipelines which bring natural gas from the Texas Permian Basin and Gulf of Mexico into the Chicago area. It has had several corporate owners over the past century, and is owned by Kinder Morgan, Brookfield Infrastructure Partners, and ArcLight Capital Partners.

Questar Pipeline Company (QPC) provides natural gas transportation and underground storage services from the Rocky Mountains region. Its FERC code is 55. Questar Pipeline is a subsidiary of Questar Corporation. Questar Corporation was acquired in 2016 by Dominion Energy.

Bracewell LLP is an international law firm based in Houston, Texas, that began in 1945. The firm has approximately 350 lawyers, and has United States offices in New York City, Washington, D.C., Hartford, San Antonio, Seattle, Dallas and Austin, as well as offices in Dubai and London.

NiSource Inc. is one of the largest fully regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. The company, based in Merrillville, Indiana, has more than 8,000 employees. As of 2018, NiSource is the sole Indiana-based utility company.

<span class="mw-page-title-main">Kinder Morgan</span> Energy Transportation Company

Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America. The company specializes in owning and controlling oil and gas pipelines and terminals.

Plains All American Pipeline, L.P. is a master limited partnership engaged in pipeline transport, marketing, and storage of liquefied petroleum gas and petroleum in the United States and Canada. Plains owns interests in 18,370 miles (29,560 km) of pipelines, storage capacity for about 75 million barrels of crude oil, 28 million barrels of NGLs, 68 billion cubic feet of natural gas, and 5 natural gas processing plants. The company is headquartered in the Allen Center in Downtown Houston, Texas. Plains is a publicly traded Master limited partnership. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada.

<span class="mw-page-title-main">Sempra</span> Utility holding company

Sempra is a North American public utility holding company based in San Diego, California. The company is one of the largest utility holding companies in the United States with nearly 40 million consumers. Sempra's focus is on electric and natural gas infrastructure and its operating companies include: Southern California Gas Company (SoCalGas) and San Diego Gas & Electric (SDG&E) in Southern California; Oncor Electric Delivery Company in Texas; and Sempra Infrastructure, with offices in California.

Energy Transfer LP is an American company engaged in the pipeline transportation, storage and terminalling for natural gas, crude oil, NGLs, refined products and liquid natural gas. It is organized under Delaware state laws and headquartered in Dallas, Texas. It was founded in 1996 by Ray Davis and Kelcy Warren, who remains Executive Chairman.

<span class="mw-page-title-main">UGI Corporation</span> American natural gas and electric power distribution company

UGI Corporation is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.

<span class="mw-page-title-main">Boardwalk Pipelines</span>

Boardwalk Pipeline Partners, LP, which conducts business through its primary subsidiary Boardwalk Pipelines, LP and its subsidiaries, is an energy company based in Houston, Texas. It is a master limited partnership operating in the midstream portion of the natural gas and natural gas liquids (NGLs) industry, primarily providing transportation and storage for those commodities. Boardwalk owns approximately 14,365 miles (23,118 km) of natural gas and NGLs pipelines and underground storage caverns having an aggregate capacity of approximately 205 billion cubic feet (Bcf) of working natural gas and 24.0 million barrels of NGLs. Boardwalk's pipeline system originates in the Gulf Coast region, Oklahoma and Arkansas and extends north and east to the Midwestern states of Tennessee, Kentucky, Illinois, Indiana, and Ohio, and Boardwalk's NGLs pipeline and storage facilities are located in Louisiana and Texas.

<span class="mw-page-title-main">SemGroup</span>

SemGroup Corporation was a publicly-traded company engaged in natural gas, petroleum, and propane pipeline transport. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In December 2019, the company was acquired by Energy Transfer LP.

<span class="mw-page-title-main">EQT Corporation</span> American energy company

EQT Corporation is an American energy company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.

Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.

<span class="mw-page-title-main">Spectra Energy</span> U.S. energy company

Spectra Energy Corp, headquartered in Houston, Texas, operated in three key areas of the natural gas industry: transmission and storage, distribution, and gathering and processing. Spectra was formed in late 2006 from the spin-off from Duke Energy. Spectra owned the Texas Eastern Pipeline (TETCo), a major natural gas pipeline which brings gas from the Gulf of Mexico coast in Texas to the New York City area, which was one of the largest pipeline systems in the United States. Spectra also operated three oil pipelines. In February 2017, Spectra Energy merged into the Canadian company Enbridge.

<span class="mw-page-title-main">American Energy Partners, LP</span> Former American energy products company

American Energy Partners, LP, also known as AELP, was an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company managed affiliates responsible for natural shale gas and oil production and exploration in the United States, as well as management of assets, minerals, royalties and non-operated properties. It was headquartered in Oklahoma City, Oklahoma, and employed over 450 people as of August 2015. AELP announced on May 18, 2016, two months after McClendon's death, that it would end operations and close by the end of summer 2016.

<span class="mw-page-title-main">Mountain Valley Pipeline</span> Natural gas pipeline in the United States

The Mountain Valley Pipeline (MVP) is a natural gas pipeline being constructed from northwestern West Virginia to southern Virginia. The MVP will be 304 miles (489 km) long, and there is also a proposed Southgate Extension which will run 75 miles (121 km) from Virginia into North Carolina. The completed pipeline will have a capacity of 2 million dekatherms (Dts) of natural gas per day, with gas produced from the Marcellus and Utica shale formations.

<span class="mw-page-title-main">CNX Resources</span> US natural gas company

CNX Resources Corporation is a natural gas company based in Pittsburgh with operations in the Appalachian Basin, primarily in the Marcellus Shale and Utica Shale in Pennsylvania, Ohio and West Virginia. It also develops coalbed methane properties in Virginia along with a methane capture and abatement program. The company also has extensive midstream operations and is one of the largest producers of natural gas in the United States.

<i>East Tennessee Natural Gas Co. v. Sage</i>

East Tennessee Natural Gas Co. v. Sage, 361 F.3d 808, cert. denied, 543 U.S. 978 (2004), is a seminal case in which the United States Court of Appeals for the Fourth Circuit held that a gas company using its powers of eminent domain under the Natural Gas Act can obtain immediate possession by satisfying the requirements for a preliminary injunction. This process effectively permits the condemning company to use a "quick take" procedure.

References

  1. ↑ 2022 Proxy statement
  2. ↑ Equitrans Midstream Corporation (February 23, 2022). "Item 8. Financial Statements and Supplementary Data. Statements of Consolidated Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019". Annual Report Pursuant to Section 12 or 15(d) of the Securities Exchange Act of 1934. Form 10-K (Report). U.S. Securities and Exchange Commission. Retrieved May 1, 2022.
  3. 1 2 Gough, Paul J. (June 17, 2020). "Equitrans, EQM complete merger". Pittsburgh Business Times. Retrieved May 1, 2022.
  4. 1 2 3 Gough, Paul J. (November 13, 2018). "It's official: EQT splits into two companies". Pittsburgh Business Times. Retrieved May 1, 2022.
  5. 1 2 "Equitrans Midstream launches as standalone company". Oil & Gas Journal. November 13, 2018. Retrieved May 1, 2022.
  6. ↑ 2022 Proxy statement
  7. ↑ "Equitrans, EQM Midstream complete $1.8B simplification merger". S&P Global News. June 17, 2020. Retrieved May 1, 2022.
  8. ↑ Willis, Andrew (October 15, 2021). "Tourmaline CEO Mike Rose is building an oil company for a post-oil era". The Toronto Globe & Mail. Retrieved May 3, 2022.
  9. 1 2 3 4 5 6 Freitas, Gerson Jr. (May 3, 2022). "Key U.S. Natural Gas Pipeline Delayed as Costs Grow to $6.6 Billion". Bloomberg Energy News. Retrieved May 3, 2022.
  10. 1 2 3 Tony, Mike (February 4, 2022). "Federal appeals court hands mountain valley poiepine opponents another win". Charleston Gazette. Retrieved May 3, 2022.
  11. ↑ Farah, Niina H.; Anchondo, Carlos (January 26, 2022). "Court deals major blow to Mountain Valley pipeline". Energy Wire. Retrieved May 3, 2022.
  12. ↑ Gough, Paul J. (April 11, 2022). "FERC approves MVP waterbody crossings". Pittsburgh Business Times. Retrieved May 3, 2022.
  13. ↑ Friedman, Lisa (August 1, 2022). "Manchin Won a Pledge From Democrats to Finish a Contested Pipeline". The New York Times. Retrieved August 2, 2022.
  14. ↑ Julie Strupp. (30 June 2023). "Dive Brief: $6.6B Mountain Valley Pipeline gets green light to finish construction". Construction Dive website Retrieved 3 July 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.