ETRN - Equitrans delays Mountain Valley Pipeline project as costs rise to $6.6B

Equitrans Midstream (NYSE:ETRN) -3% pre-market Tuesday after saying it will delay the start-up of the Mountain Valley Pipeline to H2 2023 at a cost of $6.6B, up from a previous forecast of $6.2B. Equitrans (ETRN) said it will seek to secure new permits for the project after the Fourth U.S. Circuit Court of Appeals earlier this year tossed the U.S. government's approval for Mountain Valley to go through Jefferson National Forest in Virginia. "After engaging with the federal agencies and evaluating all options, we believe the best path forward for MVP's completion is to pursue new permits," the company said. "To reflect the time required for permit re-issuance and to ensure safe, responsible project construction, we have revised our MVP in-service target to the second half of 2023." Mountain Valley is more than 90% complete; Equitrans (ETRN) owns 48% of the project and has funded $2.6B on the project with

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Equitrans delays Mountain Valley Pipeline project as costs rise to $6.6B