August 30, 2018 - 8:45 AM EDT
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Actions Clear Restart of Additional Construction for MVP

PITTSBURGH

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.

Visit www.mountainvalleypipeline.info

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 weather.

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.

Mountain Valley Pipeline media inquiries:
Natalie Cox, 412-395-3941
Corporate Director, Communications
[email protected]


Source: Business Wire (August 30, 2018 - 8:45 AM EDT)

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