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MVP Prepares For Construction Completion

Full In-Service Targeted Early 2021

Mountain Valley Pipeline, LLC (Mountain Valley), today, provided a schedule and timing update in preparation for completion of its 303-mile natural gas transmission line. Total project work is approximately 92% complete and full in-service is now expected in early 2021.

"First and foremost, we are confident in the ultimate completion of this important infrastructure project," said Diana Charletta, president and chief operating officer, EQM Midstream Partners, LP, operator of MVP. "We appreciate the oversight of the various state and federal agencies that have helped guide our construction activities, and despite the unprecedented regulatory and development challenges, we have completed 92% of total project work. While the additional legal and regulatory reviews have caused schedule delays and cost adjustments, we look forward to MVP’s safe, successful start-up and to serving the growing demand for domestic natural gas in the mid-Atlantic and Southeast regions of the United States."

For the last several months, Mountain Valley’s primary focus has been continued environmental stabilization and restoration work, and maintenance of existing erosion and sediment controls along the right-of-way. Forward construction is anticipated to resume when MVP receives its Biological Opinion and the Federal Energy Regulatory Commission lifts the project’s Stop Work Order.

MVP's 2021 in-service date reflects changes to the previously planned construction schedule, which includes the continued timing uncertainty of permits for crossing the Jefferson National Forest and Appalachian Trail, roughly 3.7 miles; and waterbodies, which total approximately 10 miles of pipe.

In connection with the adjusted in-service date, total project costs for MVP may potentially increase roughly 5% above the project’s $5.4 billion estimate, primarily due to the need to adapt to complex judicial decisions and regulatory changes – creating carrying costs and requiring supplemental crews to safely maintain the entire 303-mile route during the halt of construction and through the upcoming winter months.

MVP’s current construction statistics: the three compressor stations are 100% complete; the three original certificated interconnects are 100% complete and a fourth has been approved for construction in 2020; approximately 80% of the pipeline work is complete, which includes 264 miles of pipe welded and in-place; and approximately 50% of the right-of-way has been fully restored.

Since the onset of the project, Mountain Valley has retained five key stakeholder priorities: design a route with the least overall impact to landowners and communities; minimize impacts to sensitive species and preserve cultural, historical, and environmental resources; construct the pipeline in the safest manner possible; maintain high levels of environmental protection at all times; and ensure the safety of MVP’s landowners, communities, inspectors, employees, and contractors.

About Mountain Valley Pipeline

The Mountain Valley Pipeline (MVP) is a proposed underground, interstate natural gas pipeline system that spans approximately 303 miles from northwestern West Virginia to southern Virginia. Subject to approval and regulatory oversight by the Federal Energy Regulatory Commission, the MVP will be constructed and owned by Mountain Valley Pipeline, LLC – a joint venture of EQM Midstream Partners, LP; NextEra Capital Holdings, Inc.; Con Edison Transmission, Inc.; WGL Midstream, Inc.; and RGC Midstream, LLC. The MVP was designed to transport clean-burning natural gas from the prolific Marcellus and Utica shale regions to the growing demand markets in the Mid-Atlantic and Southeast areas of the United States. EQM Midstream Partners, LP (NYSE: EQM), primary interest owner, will operate the pipeline. From planning and development, to construction and in-service operation – MVP is dedicated to the safety of its communities, employees, and contractors; and to the preservation and protection of the environment.

Visit www.mountainvalleypipeline.info

Cautionary Statements

Disclosures in this news release contain certain forward-looking statements that do not relate strictly to historical or current facts and are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include the expectations of plans, strategies, objectives and growth, and anticipated financial and operational performance of Mountain Valley Pipeline, LLC, including guidance regarding the proposed Mountain Valley Pipeline (MVP); the potential cost and targeted in-service date of the MVP; the progress on construction of the MVP’s facilities and pipelines and anticipated timing for resuming construction activities; the expected impact of, and outcomes for, litigation and regulatory proceedings on the project; and MVP’s efforts related to safety and environmental protection. The forward-looking statements included in this news release are subject to risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Mountain Valley Pipeline, LLC has based these forward-looking statements on current expectations and assumptions about future events. While Mountain Valley Pipeline, LLC considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and are beyond its control. The risks and uncertainties that may affect the operations, performance, and results of Mountain Valley Pipeline, LLC and forward-looking statements include, but are not limited to:

The business, financial condition, results of operations and prospects could suffer if Mountain Valley Pipeline, LLC does not proceed with projects under development or is unable to complete the construction of, or capital improvements to, its facilities and pipelines on schedule or within budget.

The ability to complete construction of, and capital improvements to, facilities on schedule and within budget may be adversely affected by escalations in costs for materials and labor and regulatory compliance, inability to obtain or renew necessary licenses, rights-of-way, permits or other approvals on acceptable terms or on schedule, disputes involving contractors, labor organizations, land owners, governmental entities, environmental groups, Native American and aboriginal groups, and other third parties, negative publicity, transmission interconnection issues, adverse weather conditions and other factors. If any development project or construction or capital improvement project is not completed, is delayed or is subject to cost overruns, certain associated costs may not be approved for recovery or recoverable through regulatory mechanisms that may otherwise be available, and Mountain Valley Pipeline, LLC could become obligated to make delay or termination payments or become obligated for other damages under contracts, could experience the loss of tax credits or tax incentives, or delayed or diminished returns, and could be required to write-off all or a portion of its investment in the project. Any of these events could have a material adverse effect on Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects. Mountain Valley Pipeline, LLC may face risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements that may impede its development and operating activities.

Mountain Valley Pipeline, LLC must periodically apply for licenses and permits from various local, state, federal and other regulatory authorities and abide by their respective conditions. Should Mountain Valley Pipeline, LLC be unsuccessful in obtaining necessary licenses or permits on acceptable terms, should there be a delay in obtaining or renewing necessary licenses or permits or should regulatory authorities initiate any associated investigations or enforcement actions or impose related penalties or disallowances on Mountain Valley Pipeline, LLC, Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects could be materially adversely affected. Any failure to negotiate successful project development agreements for new facilities with third parties could have similar results.

Mountain Valley Pipeline, LLC’s gas infrastructure facilities and other facilities are subject to many operational risks. Operational risks could result in, among other things, lost revenues due to prolonged outages, increased expenses due to monetary penalties or fines for compliance failures, liability to third parties for property and personal injury damage, a failure to perform under applicable sales agreements and associated loss of revenues from terminated agreements or liability for liquidated damages under continuing agreements. The consequences of these risks could have a material adverse effect on Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects.

Uncertainties and risks inherent in operating and maintaining Mountain Valley Pipeline, LLC's facilities include, but are not limited to, risks associated with facility start-up operations, such as whether the facilities will achieve projected operating performance on schedule and otherwise as planned.

Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather.

Threats of terrorism and catastrophic events that could result from terrorism, cyber-attacks, or individuals and/or groups attempting to disrupt Mountain Valley Pipeline, LLC’s business, or the businesses of third parties, may materially adversely affect Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects.

Source: Equitrans Midstream Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20200611005848/en/

Contacts

Mountain Valley Pipeline media inquiries:
Natalie Cox
ncox@equitransmidstream.com