Equitrans Shares Jump After $6.2 Billion Gas Pipeline Gets Key Approval
- Gas pipeline start date pushed to 2022 on permitting delays
- Line to deliver 2 billion cubic feet a day to Eastern markets
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Equitrans Midstream Corp. shares jumped by the most in more than a week after the company secured a key water permit for its Mountain Valley natural gas pipeline.
The approval by Virginia regulators Tuesday brings the project closer to completion after years of legal setbacks and ballooning costs. Though the pipeline is 90% complete, permitting delays have pushed it four years behind schedule and costs have nearly doubled to $6.2 billion from $3.5 billion.