EQT Midstream Partners Responds to Fourth Circuit Court Order | Financial Buzz

EQT Midstream Partners Responds to Fourth Circuit Court Order

EQT Midstream Partners, LP (NYSE: EQM) (Partnership) released the
following statement and background information in response to a June 21,
2018 order by the Fourth Circuit Court staying the stream and wetland
crossing permit issued by the Huntington District of the U.S. Army Corps
of Engineers for the Mountain Valley Pipeline (MVP) project that affects
crossings in approximately 160 miles of the MVP route in West Virginia.

“We remain confident in the MVP project approvals received by state
and federal agencies and will continue to move forward with construction
as scheduled and authorized for the full route across Virginia and in
other areas of the route in West Virginia. The court’s decision to
suspend the entire Huntington District’s permit was not anticipated as
the Corps had suspended the permit for the four waterbody crossings in
question to evaluate the environmental benefits of the previously
approved “dry-ditch” method and whether the time limitation should
apply. While we are disappointed with this temporary setback, the MVP
team is evaluating its legal and regulatory options to reinstate the
permit and continue with construction activities along this portion of
the route.”

On May 22, 2018, the Sierra Club and other opponents filed a Motion to
Stay the Clean Water Act Section 404 stream and wetland crossing permit
issued by the Huntington District of the U.S. Army Corps of Engineers.
As part of this permit, the Corps incorporated the West Virginia Special
Conditions, which includes a provision that stream and wetland crossings
be completed within 72 hours.

The Sierra Club argues that MVP cannot comply with the permit condition
to complete four waterbody crossings (Elk, Gauley, Greenbrier, and
Meadow Rivers) within 72 hours. This provision; however, as interpreted
by both MVP and the West Virginia DEP, is intended to apply to water
crossings that are constructed in an open trench while the river is
flowing (“wet-cut” method). MVP plans to utilize a “dry-ditch” coffer
dam method to cross these four rivers as this technique is more
protective of the environment because construction activity is not
performed in a flowing river. This crossing technique has been approved
by both the FERC and the West Virginia DEP. While significantly more
environmentally protective, the “dry-ditch” technique also requires a
longer completion time as compared to traditional “wet-cut” crossing
methods to which the time limitation provision applies. In response to
the Sierra Club’s motion, the Corps suspended the permit for these four
crossings and is evaluating the environmental benefits of the
“dry-ditch” method and whether the time limitation should apply.

MVP continues to target a late 2018 in-service date while evaluating
options for this portion of the route.

About EQT Midstream Partners:

EQT Midstream Partners, LP is a growth-oriented limited partnership
formed by EQT Corporation to own, operate, acquire, and develop
midstream assets in the Appalachian Basin. The Partnership provides
midstream services to EQT Corporation and third-party companies through
its strategically located transmission, storage, and gathering systems
that service the Marcellus, Utica and Upper Devonian regions. The
Partnership owns approximately 950 miles of FERC-regulated interstate
pipelines; and also owns approximately 1,950 miles of high- and
low-pressure gathering lines.

Visit www.eqtmidstreampartners.com

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 of late 2018, EQT Midstream Partners, 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 within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of 1933,
as amended. Statements that do not relate strictly to historical or
current facts 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 of the Partnership and Mountain Valley Pipeline, LLC (the MVP
JV), including the expected impact of the Fourth Circuit Court of
Appeals stay of the MVP JV’s Huntington District stream and wetland
crossing permit, the cost, timing of regulatory approvals and
anticipated in-service date of the MVP, and the Partnership’s
engineering, construction and operational changes to the MVP project.
These statements involve 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. The Partnership has based these
forward-looking statements on current expectations and assumptions about
future events. While the Partnership considers these expectations and
assumptions to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks and
uncertainties, many of which are difficult to predict and beyond the
Partnership’s control. The risks and uncertainties that may affect the
operations, performance and results of the Partnership’s business and
forward-looking statements include, but are not limited to, those risks
discussed in the Partnership’s most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other filings with the Securities and
Exchange Commission. Any forward-looking statement speaks only as of the
date on which such statement is made and the Partnership does not intend
to correct or update any forward-looking statement, whether as a result
of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180622005703/en/

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