ETRN - Equitrans Midstream still sees Mountain Valley Pipeline completion next year

Equitrans Midstream ( NYSE: ETRN ) +10.3% in Tuesday's trading after posting roughly in-line Q2 adjusted earnings and revenues , but saying it still expects the Mountain Valley natural gas pipeline project will be completed in H2 2023 .

Q2 net income rose to $69.9M, or $0.13/share, from $37.1M, or $0.05/share, while revenues fell 5% to $328M, primarily due to increased deferred revenue, lower gathered volumes and lower water services revenue.

The company ticked up guidance for full-year net income to $255M-$325M, compared with an outlook for $250M-$320M issued in May, and adjusted EBITDA to $1.015B-$1.085B from $970M-$1.05B.

While there are still some unknowns, any view on increased certainty around the Mountain Valley Pipeline is "meaningful" to Equitrans' ( ETRN ) valuation, RBC analyst T.J. Schultz said, according to Bloomberg.

Reports on Monday said Senator Joe Manchin had reached a side deal with Senate Majority Leader Chuck Schumer - that included a commitment from President Biden and House Speaker Nancy Pelosi - to assist in allowing the long-delayed Mountain Valley to be completed .

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