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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 3, 2024
Equitrans
Midstream Corporation
(Exact name of registrant as specified in its
charter)
Pennsylvania |
001-38629 |
83-0516635 |
(State or other jurisdiction
of incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
2200
Energy Drive
Canonsburg,
Pennsylvania |
15317 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (724) 271-7600
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to
Section 12(b) of the Act:
Title
of each class |
Trading
Symbol |
Name
of each exchange on which
registered |
Common
Stock, no par value |
ETRN |
New
York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events.
Mountain
Valley Pipeline Construction Progress Update
Mountain Valley Pipeline, LLC (MVP Joint Venture)
has continued to make significant forward construction progress on the Mountain Valley Pipeline (MVP) project, and, with construction
ongoing, the targeted project completion remains the first quarter of 2024, at a total project cost of approximately $7.2 billion (excluding
allowance for funds used during construction).
Since the resumption of forward construction
in August 2023 and as of January 2, 2024, the MVP Joint Venture has completed, among other things:
| · | the
welding of 20.4 miles of upland pipe (0.9 miles remaining); |
| · | 4,448
tie-in welds (approximately 935 remaining); |
| · | 379
crossings (49 remaining, inclusive of major boring operations described below); |
| · | the
hydrotesting of 17 segments representing 114 miles (29 segments remain to be tested); |
| · | the
purging and packing of the pipeline through to the first compressor station, with purging
and packing operations underway to the next compressor station (total of approximately 77
miles); and |
| · | the
commissioning of two of three MVP compressor stations. |
Regarding the project’s nine major bore
locations, as of January 2, 2024, the MVP Joint Venture has completed boring operations at six such locations, and 77% of the combined
total bore length for those nine locations is complete, with work ongoing at the remaining three locations. All major boring operations
are expected to be complete by early February 2024.
In
contrast to its contractor headcount drawdown plan at the end of November 2023, the MVP Joint Venture retained additional contractors
through year-end 2023 in order to take advantage of good weather conditions to more efficiently
complete certain construction activities, and because of certain challenging physical construction conditions encountered. As of year-end
2023, headcount was approximately 2,000 contractors. As additional progress is made toward completion, subject to certain factors, including
the physical construction conditions and winter weather, it is anticipated that the headcount will be reduced to approximately 1,000
individuals by early February 2024 and, by early March 2024, to approximately 500 individuals primarily to support commissioning activities
anticipated in that month.
As the MVP Joint Venture continues to diligently
work towards responsibly completing the MVP project, it will continue to prioritize the safety of its workforce, communities, and assets,
and the project’s compliance with applicable environmental standards and regulations.
Cautionary Statement
Regarding Forward-Looking Information
Disclosures
in this Current Report on Form 8-K contain certain forward-looking statements within the meaning of Section 21E of the U.S. Securities
Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933,
as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Words such as “aim,”
“anticipate,” “approximate,” “aspire,” “assume,” “believe,” “budget,”
“continue,” “could,” “design,” “estimate,” “expect,” “focused,”
“forecast,” “goal,” “guidance,” “intend,” “may,” “objective,”
“on track,” “opportunity,” “outlook,” “plan,” “position,” “potential,”
“predict,” “project,” “pursue,” “scheduled,” “seek,” “should,”
“strategy,” “strive,” “target,” “view,” “will,” “anticipated”
or “would” and similar expressions are used to identify forward-looking statements. These statements are subject to
various risks and uncertainties, many of which are outside the control of Equitrans Midstream Corporation, the operator of the MVP project
(the Company). Without limiting the generality of the foregoing, forward-looking statements specifically include the targeted total MVP
project cost and schedule, including anticipated timing for commencing and completing certain aspects of the project such as the boring
and commissioning operations, anticipated reductions in project contractor headcount and the ability to continue construction in the
winter. 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 Company has based
these forward-looking statements on current expectations and assumptions about future events. While the Company considers
these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive,
regulatory, judicial, construction and other risks and uncertainties, many of which are difficult to predict and are beyond the
Company’s control, including risks and uncertainties, such as the physical construction conditions, including steep slopes,
boring operations, and/or any further unexpected geological or construction-related impediments, continued crew availability and
productivity realizable in the winter season, the consequent ultimate amount of contingency funds utilized, project opposition, the
receipt of certain variances and/or approvals, to the extent necessary, and potential winter weather. The risks and uncertainties
that may affect the operations, performance and results of the Company’s business and forward-looking statements include, but
are not limited to, those set forth in the Company’s publicly filed reports with the Securities and Exchange Commission (the
SEC), including those set forth under Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the
year ended December 31, 2022, filed with the SEC, as updated by the Company’s subsequent filings. Any forward-looking
statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any
forward-looking statement, unless required by securities laws, whether as a result of new information, future events or otherwise.
As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue
reliance on such statements.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
|
Description |
104 |
|
Cover
Page Interactive Data File-the cover page XBRL tags are embedded within the Inline XBRL. Document. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
EQUITRANS MIDSTREAM CORPORATION |
|
|
Date: January 3, 2024 |
By: |
/s/ Kirk R. Oliver |
|
Name: Kirk R. Oliver |
|
Title: Executive Vice President and Chief Financial Officer |
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Equitrans Midstream (NYSE:ETRN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Equitrans Midstream (NYSE:ETRN)
Gráfica de Acción Histórica
De May 2023 a May 2024