Market Overview

Actions Clear Restart of Additional Construction for MVP


Stop Work Order Modified and West Virginia 404 Permit Reinstated

Mountain Valley Pipeline, LLC released the following statement in
response to individual orders issued by the Federal Energy Regulatory
Commission (FERC) and the U.S. Court of Appeals for the Fourth Circuit
on August 29, 2018, for the Mountain Valley Pipeline (MVP) project. The
FERC's Modified Stop Work Order allows full construction activities to
restart along the route, with exception of areas located within
proximity of the Weston Gauley Bridge Turnpike Trail and the Jefferson
National Forest. The order by the Fourth Circuit Court lifted the stay
of the West Virginia 404 permit issued by the Huntington District of the
U.S. Army Corps of Engineers, which pertained to stream and wetland
crossings. The Court also denied a request to stay MVP's permit related
to stream and waterbody crossings in Virginia.

"We appreciate the Bureau of Land Management's (BLM) prompt review
and additional, in-depth analysis of MVP alternatives with respect to
federal lands and agree with their conclusion regarding the practicality
of the project's currently permitted route. This conclusion resolves the
basis of the Stop Work Order issued on August 3, 2018, and also confirms
that MVP's existing route minimizes impacts to sensitive species and
environmental, cultural, and historic resources in the Forest.

In addition, we are pleased with the Court's decision to reinstate
the West Virginia 404 permit, which supports the ‘dry-ditch' method of
crossing waterbodies as originally approved by both the FERC and the
West Virginia Department of Environmental Protection.

With these orders issued by the FERC and the Fourth Circuit Court,
MVP is now able to return approximately 1,000 workers who have been
suspended from their duties on the project. As we continue with safe and
responsible construction activities along the vast majority of the
route, we will coordinate with the agencies to address the Court's
concerns with the Federal Land Permits. We appreciate the collaborative
and concerted efforts by all state and federal agencies and look forward
to the in-service of this important infrastructure project."

MVP continues to evaluate its construction plans and reiterates a full
in-service target during the fourth quarter 2019.

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); 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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