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Equitrans Midstream Collaborates with US Regulator on MVP Project Contract
10/24/2023
The PHMSA mandates Equitrans to clearly detail the progression measures for the Mountain Valley Pipeline completion.
Equitrans Midstream, overseeing the Mountain Valley Pipeline (MVP) in Virginia's Jefferson National Forest, has committed to enhanced safety protocols following a consent order from the Pipeline and Hazardous Materials Safety Administration (PHMSA). As part of the agreement, Equitrans and MVP LLC have vowed to transparently detail the pipeline's progression, aiming to bolster public trust.
“Importantly, the agreement outlines actions that are designed to reassure the public of MVP’s integrity and demonstrates our commitment to safe, responsible construction and in-service operations,”
- Diana Charletta, Equitrans president and COO.
KTA-Tator Inc. will independently monitor MVP's pipeline coating practices and enforce necessary measures during construction. This pact hastens MVP's inspection timelines, emphasizing safety. Equitrans President, Diana Charletta, reiterated that the safety and integrity of MVP remain paramount.
About Equitrans Midstream Corporation
Equitrans Midstream Corporation (Equitrans) stands as a premier North American energy infrastructure company. Its primary operations focus on natural gas transmission, storage, and water services. With assets that span across the Appalachian Basin, the company's vision revolves around leveraging its core strengths to provide safe and reliable energy to its stakeholders.
- Equitrans boasts an extensive portfolio of natural gas transmission and storage assets, including more than 950 miles of transmission pipelines.
- The company's commitment to safety and compliance is reflected in its focus on operating excellence. With a dedicated workforce, Equitrans ensures the secure and efficient delivery of natural gas.
- Equitrans' financial strategy revolves around maintaining a strong balance sheet, supported by robust credit metrics. Their commitment to stakeholders is evident in their focus on delivering sustainable returns through disciplined capital allocation and growth projects.
Mountain Valley Pipeline LLC
Mountain Valley Pipeline (MVP) has been under significant scrutiny due to its environmental implications and the challenges it presents.
MVP, spanning roughly 303 miles, is proposed to transport natural gas from West Virginia to Virginia. This project has faced numerous setbacks. Last year, permits granted by Virginia’s Department of Environmental Quality and the U.S. Forest Service were invalidated by the 4th Circuit. MVP has been gearing up to commence construction, especially focusing on the pipeline's stretch within the national forest.
A federal appeals court mandated a temporary cessation of MVP's construction within a national forest, pending a review requested by environmental groups challenging the Biden administration's endorsement of the pipeline.
The U.S. Court of Appeals for the 4th Circuit, which had previously turned down permits for the project, concurred unanimously to put construction on hold. This decision was influenced by the debt ceiling law's directive to federal bodies to issue the necessary permits for this contentious pipeline.
Reactions to the court's verdict have been varied. While environmentalists and certain community members laud the decision, key political figures like Senate Energy Chair Joe Manchin have expressed their dissent. They argue that the court's move stands in contradiction to the clear directives of the debt ceiling legislation.
Despite the legal battles, the Biden administration has been supportive of the MVP. They believe the pipeline is critical to the U.S. energy security framework.
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Occidental, CrownRock Merger Under Regulatory Review: 2024 Update
CrownRock's 94,000+ net acres acquisition complements Occidental's Midland Basin operations, valued at $12.0 billion. This expansion enhances Occidental's Midland Basin-scale and upgrades its Permian Basin portfolio with ready-to-develop, low-cost assets. The deal is set to add around 170 thousand barrels of oil equivalent per day in 2024, with high-margin, sustainable production.
Chevron Announces Intent to Divest Oil and Gas Properties in New Mexico and Texas
According to Reuters, Chevron has recently made additional assets available for acquisition in both New Mexico and Texas. As part of its strategy to streamline operations following significant shale acquisitions, Chevron is reportedly offering multiple oil and gas properties for sale in New Mexico and Texas. Marketing documents reviewed by Reuters reveal the company's intention to divest these assets. Despite its prominent position as the largest publicly-traded oil and gas producer and property owner with 2.2 million acres in the Permian Basin of West Texas and New Mexico, Chevron has been actively divesting properties in the region. This divestment aligns with Chevron's efforts to optimize its portfolio and focus on its core operations.
Kinetik Holdings recently announced a series of transactions in the energy sector. They struck a deal to buy Durango Permian infrastructure for $765 million. At the same time, they're selling their 16% share in the Gulf Coast Express Pipeline to ArcLight Capital Partners for $540 million. The total purchase cost includes $510 million in cash paid immediately and an additional $30 million that will be paid later, depending on whether they decide to expand further.
Recently, the Permian has seen significant acquisitions: Exxon Mobil purchased Pioneer Natural Resources for about $60 billion. Diamondback Energy's $26 billion deal to acquire Endeavor Energy Resources is currently on hold due to requests from the U.S. Federal Trade Commission. Occidental’s acquisition of CrownRock for $12 billion in the Midland.
EOG Resources is pushing boundaries in Ohio's Utica oil play and now drilling on the Sable pad, also located in Noble County. This site features the 3.7-mile lateral currently under construction. The company's first multi-well pads in the area Timberwolf and Xavier have each produced over 200,000 barrels of oil since their inception—Timberwolf in August and Xavier in October. A third site, the four-well White Rhino pad in Noble County, is also showing promising early results, according to Keith Trasko, EOG’s Senior Vice President of Exploration and Production, who noted the wells are performing as expected in their initial weeks.