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Equitrans Midstream (NYSE:ETRN) said Tuesday it expects federal regulators will issue the required authorizations for the Mountain Valley natural gas pipeline by early summer, which should allow for the completion of the project by year-end 2023.
But Equitrans (ETRN) warned in its Q1 earnings report that “there remains significant risk and uncertainty, including regarding current and likely litigation.”
The U.S. Fourth Circuit Court of Appeals is still hearing lawsuits by environmental and local groups opposed to the project, including a challenge against authorizations from the U.S. Fish and Wildlife Service.
Equitrans (ETRN) also has said it is waiting for new authorizations from the West Virginia Department of Environmental Protection, the U.S. Forest Service, the U.S. Bureau of Land Management, the U.S. Army Corps of Engineers and the U.S. Federal Energy Regulatory Commission.
Equitrans (ETRN) closed slightly higher after reporting better than expected Q1 adjusted earnings and revenues.
Assuming MVP’s completion in late 2023, Equitrans (ETRN) provided full-year guidance for net income of $330M-$410M, adjusted EBITDA of $990M-$1.07B, negative free cash flow of $95M-$175M, and total capital spending of $975M-$1.075B.
Without MVP, ETRN said it was unable to provide full-year guidance for net income and adjusted EBITDA, but would expect positive free cash flow of $275M-$355M and total capital spending of $525M-$635M.
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