Equitrans Midstream

Equitrans Midstream Corporation

Company type	Subsidiary
Industry	Energy
Founded	2018
Headquarters	Canonsburg, Pennsylvania , United States
Area served	United States
Products	Natural gas and natural gas liquids transportation
Owner	EQT Corporation
Parent	EQT Corporation

Equitrans Midstream Corporation, frequently referred to as E-Train, is a U.S.-based energy firm specializing in the pipeline transportation of natural gas and natural gas liquids. Its headquarters are located in Canonsburg, Pennsylvania, and it functions as a wholly owned subsidiary under EQT Corporation.

Corporate history

In November 2018, EQT Corporation underwent a division into two separate companies. Equitrans Midstream emerged as an independent entity, inheriting EQT's midstream assets dedicated to the gathering and transportation of natural gas and its liquids. Concurrently, EQT Corporation maintained its focus on upstream activities involving gas exploration and production. Initially, EQT held a 19.9% ownership stake in Equitrans Midstream, which decreased to 5.3% by 2022; this included a general partner role in EOGP Holdings LP and a limited partner position in EQM Midstream Partners.

Additionally, EQT spun off EQM Midstream Partners to consolidate Appalachian Basin midstream assets. In June 2020, Equitrans Midstream merged with EQM Midstream Partners through a share-for-share agreement valued at roughly $1.8 billion (adjusted for inflation), streamlining its organizational framework.

By October 2021, Equitrans Midstream had become recognized as North America’s largest producer of natural gas.

In March 2023, EQT revealed plans for an all-stock acquisition of Equitrans Midstream valued at $5.5 billion, or approximately $14 billion when including debt, with the goal of establishing a fully integrated natural gas provider. This transaction was finalized in July 2024.

Mountain Valley Pipeline

Equitrans Midstream holds a majority ownership stake of 48 percent and co-finances the Mountain Valley Pipeline. This $2.5 billion project spans 303 miles and was announced in 2014 with an initial operational target set for 2018. The pipeline links the Marcellus and Utica shale regions to markets along the East Coast.

The initiative has encountered legal obstacles that have caused delays and escalated costs to $6.6 billion. In January 2022, the United States Court of Appeals for the Fourth Circuit rescinded crucial permits issued by the United States Forest Service and Bureau of Land Management due to shortcomings in environmental reviews under the National Environmental Policy Act. Shortly thereafter, the same court invalidated permits granted by the United States Fish and Wildlife Service for failing to comply with the Endangered Species Act. Following a Federal Energy Regulatory Commission decision permitting trenchless crossings of water bodies and wetlands, Equitrans submitted applications for new federal permits in May 2022.

With 94 percent of construction completed, Equitrans has invested $2.6 billion so far and expects to allocate an additional $800 million. The company projects that, pending regulatory approvals, the pipeline will be finished and operational by late 2023.

In July 2022, Senator Joe Manchin III reached an agreement with Senate Democratic leaders and the White House aimed at accelerating pipeline completion through significant climate and tax legislation. This law requires federal agencies to support construction efforts and directs that future legal disputes be heard by the United States Court of Appeals for the District of Columbia Circuit. Despite these provisions, opponents initiated constitutional challenges following permit approvals under the Fiscal Responsibility Act of 2023.