Market Overview

Modified Stop Work Order Issued for Mountain Valley Pipeline


Project Takes Action to Manage Related and Ongoing Consequences

Mountain Valley Pipeline, LLC released the following statement and
background information in response to the modified stop work order
issued by the Federal Energy Regulatory Commission (FERC) on August 15,
2018, for the Mountain Valley Pipeline (MVP) project. The modification
allows construction to restart for approximately 77 miles of the route
in West Virginia, with exception of a 7-mile area located in proximity
to the Weston Gauley Bridge Turnpike Trail. However, because of the
continued work stoppage order that impacts more than 200 miles of the
project's route, MVP has released as much as 50% of its construction

"Despite the construction activities authorized under the modified
work order and the FERC-approved stabilization plan, MVP was forced to
take immediate measures to address an idled workforce and protect the
integrity of the project. MVP is working to mitigate any additional job
loss; and we believe we are making progress to receive authorization to
resume full construction activities and return the currently released
workers back to their jobs. Constructing the Mountain Valley Pipeline in
the safest manner possible; minimizing impacts to sensitive species and
environmental, cultural, and historic resources; and ensuring the
highest levels of environmental protection remain our top priorities. As
we continue working closely with the agencies to clarify and resolve the
issues related to the stop work order, we appreciate the FERC's
responsible review and consideration of the modified work order and look
forward to continuing the safe construction of this important
infrastructure project."

The August 3, 2018, stop work order was issued following a federal court
of appeals ruling regarding the adequacy of permits for a 3.5-mile
right-of-way in the Jefferson National Forest (JNF) issued by the U.S.
Forest Service (USFS), relating to sedimentation controls; and the
Bureau of Land Management (BLM), relating to the impracticality of
alternative routes. Those permits apply to only approximately 1% of
MVP's overall 303-mile project route and MVP had previously halted
construction work in the JNF on July 27, 2018. As FERC noted in its stop
work order, "There is no reason to believe that the Forest Service or
the Army Corps of Engineers, as the land managing agencies, or the BLM,
as the federal rights of grantor, will not be able to comply with the
Court's instructions and to ultimately issue new right-of-way grants
that satisfy the Court's requirements."

MVP remains committed to the earliest possible in-service date; however,
under current circumstances a full in-service is now expected during the
fourth quarter 2019. MVP will continue daily evaluations of its
construction plan and provide updates as the regulatory process

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 EQT Midstream Partners, LP; NextEra US Gas Assets,
LLC; Con Edison Transmission, Inc.; WGL Midstream; 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.
Targeting a full in-service during the fourth quarter of 2019, EQT
Midstream Partners (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.


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), such as the expected impact of the
FERC's stop work order on the MVP and the Fourth Circuit Court of
Appeals' stay of the Huntington District stream and wetland crossing
permit; the cost, timing and outcome of regulatory approvals and
anticipated in-service date of the MVP; any engineering, construction
and operational changes to the MVP project; the projected length of the
MVP; and the timing of development and construction for the MVP. 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 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
escalating 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, 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

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.

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