EQT to Buy Mountain Valley Gas Pipeline Owner for $5.2 Billion - Bloomberg
EQT to Buy Mountain Valley Gas Pipeline Owner for $5.2 Billion - Bloomberg
EQT to Buy Mountain Valley Pipeline Owner for $5.5 Billion
- Controversial project is due to be completed in second quarter
- Equitrans was spun out of EQT in 2018 after investor pressure
Sections of steel pipe for the Mountain Valley Pipeline in Bent Mountain, Virginia, US, in 2022. Photographer: Robert Nickelsberg/Getty Images
US natural gas producer EQT Corp. agreed to buy back former unit Equitrans Midstream Corp. for about $5.5 billion in stock, the latest in a flurry of deals in the oil and gas pipeline industry.
The transaction will give EQT control of the controversial Mountain Valley Pipeline project. Championed by West Virginia Senator Joe Manchin but years behind schedule following legal battles and local opposition, the $7.6 billion conduit is due to be completed in the second quarter. It will take gas from the land-locked Marcellus shale basin in Appalachia — the biggest US source of the fuel — to markets in the Southeast and, potentially, to liquefied natural gas export terminals on the Gulf Coast.
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