ATGFF - U.S. Supreme Court lifts stay that blocked Mountain Valley Pipeline

2023-07-27 11:25:00 ET

Equitrans Midstream ( NYSE: ETRN ) +9.1% in Thursday's trading after the U.S. Supreme Court allowed the Mountain Valley Pipeline to resume construction , lifting a lower court order that had blocked work on the $6.6B project.

The Supreme Court's order granted Mountain Valley Pipeline's request to lift stays imposed by a lower court that had halted construction of a 3.5-mile section of the 303-mile natural gas pipeline, but for now allow the project's opponents to move ahead with their case.

The Fourth U.S. Circuit Court of Appeals had blocked construction despite language in the U.S. Congress' recently enacted debt ceiling legislation that was intended to prevent the pipeline from being stalled by the lower court, which has repeatedly ruled against the project.

The Mountain Valley Pipeline project is led by Equitrans Midstream ( ETRN ), with partners NextEra Energy ( NEE ), Consolidated Edison ( ED ), AltaGas ( OTCPK:ATGFF ) and RGC Resources ( RGCO ).

More on Equitrans Midstream:

• Financial and valuation comparison to sector peers
• Analysis: Equitrans Midstream And The Most Valuable Pipeline
• Stock price return: Up 38% YTD, up 26.5% in the past 12 months

For further details see: