COVID UPDATE: At Equitrans Midstream, the safety of our employees, families, and communities remains our top priority. [ MORE ]
At Equitrans Midstream, the safety of our employees, families, and communities remains our top priority – above all else – and this mantra holds especially true during the ongoing COVID-19 pandemic crisis. E-Train has implemented several precautionary measures, including remote working for all office-based employees & contractors; revised protocols for business-critical groups who must work on location; and enhanced health & safety protocols for our field employees who are safely maintaining our operations. As we navigate through the uncertainty, our newly formed Infectious Disease Response Team is providing informational updates to our employees, contractors, customers, and vendors in order to keep our processes aligned and ensure business continuity.
E-Train is proud to continue safely and reliably moving America’s energy during these unprecedented times. We will continue to implement recommended practices for staying safe & healthy at work and at home – and we encourage you to follow the guidelines provided by the Center for Disease Control, as well as your state and local officials. We are all in this together – so let’s help keep each other safe!
As a standalone publicly traded company with a premier asset footprint in the Appalachian Basin, Equitrans Midstream Corporation will have enhanced potential for customer base expansion and organic growth, while providing producers with several options to liquidate their product and enhance netback prices.
Equitrans Midstream is proud to pursue energy solutions that meet customer demands, create value for our shareholders, and support our many stakeholders. Our principal assets located throughout the prolific Appalachian Basin, along with several growth projects, distinctively position us to meet the growing and critical energy demands of the United States.
Equitrans Midstream – we move the energy that keeps America moving . . .
The Start-up of Equitrans Midstream Corporation
On November 13, 2018, Equitrans Midstream Corporation became a publicly traded, standalone midstream company – and began trading on the NYSE under the ticker symbol ETRN. Since that time, ETRN has set its vision to be the premier midstream services company in North America, providing safe, reliable, and innovative infrastructure solutions for the energy industry. Throughout our operations, we conduct business to a standard that is consistent with our five core values of Safety; Integrity; Collaboration; Transparency; and Excellence. These core values are the foundation of our Company, acting as the principles that guide our behaviors and decisions.
Each and every day, we operate with integrity, accountability, and transparency to:
– Deliver sustained value for our customers and shareholders
– Provide an engaging workplace for our employees
– Preserve and protect the environment
– Support the communities where we live and work
We are proud to pursue energy solutions that meet customer demands, create value for our shareholders, and support our many stakeholders. Our principal assets located throughout the prolific Appalachian Basin, along with several growth projects, distinctively position us to meet the growing energy demands of the United States.
Structure and Assets
In June 2020, a wholly owned subsidiary of Equitrans Midstream merged with and into EQM Midstream Partners, LP (EQM), and as a result of the merger, EQM became a wholly owned subsidiary of Equitrans Midstream. EQM owns, operates, acquires, and develops midstream assets in the Appalachian Basin. Additionally, EQM holds a 60 percent class A interest in Eureka Midstream Holdings, LLC (Eureka Midstream), a 45.7 percent interest in the Mountain Valley Pipeline (MVP) project, and a 47.2 percent interest in the MVP Southgate project.
Equitrans’ business centers on three primary assets, with statistics at year-end 2021 as follows:
Gathering: Our gathering system, inclusive of Eureka Midstream Holdings, LLC’s (Eureka Midstream) gathering system, included approximately 1,170 miles of high-pressure gathering lines and 130 compressor units with compression of approximately 491,000 horsepower and multiple interconnect points with our transmission and storage system and other interstate pipelines.
Transmission: Our transmission and storage system included approximately 950 miles of FERC-regulated interstate pipelines that have interconnect points to seven interstate pipelines and multiple local distribution companies. At year-end 2021, the transmission and storage system was supported by 43 compressor units, with total throughput capacity of approximately 4.4 Bcf per day and compression of approximately 136,000 horsepower; and 18 associated natural gas storage reservoirs, which had a peak withdrawal capacity of approximately 850 MMcf per day and a working gas capacity of approximately 43 Bcf. In 2019, our transmission operations transmitted 2,913 BBtu of natural gas per day, on average.
Water: Our water system included approximately 200 miles of pipeline that deliver fresh water from the Monongahela River, the Ohio River, local reservoirs, and several regional waterways. In addition, the water system assets included 23 freshwater impoundment facilities.
As of December 31, 2021, the Company provided a majority of its natural gas gathering, transmission and storage services under long-term contracts that generally include firm reservation fees. The Company maintains a stable cash flow profile, with approximately 64% of the Company’s operating revenues for the year ended December 31, 2021 generated from firm reservation fees. The percentage of the Company’s revenues that are generated by firm reservation fees is expected to increase in future years as a result of the 15-year term Global Gas Gathering Agreement with its largest customer, which includes a minimum volume commitment of 3.0 Bcf per day that became effective on April 1, 2020 and gradually steps up to 4.0 Bcf per day through December 2031, following the full in-service date of the MVP.
Through our Corporate Sustainability Report, we outline the important work we do to ensure our operations are safe, sustainable, and responsible. We believe our environmental, social, and governance (ESG) management practices drive both financial and intrinsic value for our company today and in the future – and building trust and demonstrating transparency are central to our approach. The evolving circumstances of our global society highlight the importance of stakeholder trust in businesses and the role that transparency plays in establishing and maintaining our strong relationships.
As our Core Values define who we are as a company, our corporate sustainability framework incorporates these values into its five pillars to define our approach to sustainability. The five pillars are designed to enable Equitrans to deliver long-term, sustainable value to all of our stakeholders.
First and foremost of our corporate sustainability pillars, Safety Leadership is always our top priority—above all else. For Equitrans, the safety and well-being of our employees, contractors, and community members takes precedence and we believe that the execution of our business strategy is not successful unless Zero is Possible. We staunchly believe that workplace injuries are preventable. Everyone at Equitrans has a collective responsibility to exhibit safety leadership to realize success and, most importantly, create a workplace where Zero is Possible.
The conservation of the natural environments in which we operate is incredibly important to Equitrans. We strive to meet or exceed both expectations and regulatory requirements. To accomplish this, we work to continuously improve through various initiatives and the incorporation of sustainable practices such as utilizing innovative technologies to enhance our emissions reduction program and optimizing our natural resource use.
Our commitment to upholding transparent corporate governance principles bolsters our stakeholders’ confidence and trust in Equitrans. This commitment is shared by our highest governance body, the Board of Directors of Equitrans, which is responsible for overseeing the management of our business activities and affairs. The Board’s Health, Safety, Security and Environmental committee provides oversight in respect of our sustainability initiatives.
Equitrans delivers clean, affordable domestic energy; supports economic development in local communities; creates job opportunities; and generates tax revenue to support state and local governments, all of which positively contribute to the U.S. economy and local economies. We engage with the communities we operate in to understand the issues they face, develop solutions that support them, and pursue new opportunities to contribute to economic growth.
Our stakeholders provide respected insight into the operations of our business. We believe that sustaining an open, transparent, and honest dialogue with our diverse group of stakeholders enables Equitrans to better identify process gaps and implement strategies to swiftly address matters of concern.
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Equitrans Midstream Facts
Natural Gas transmission capacity
Miles of FERC-regulated interstate pipelines owned and operated by Equitrans Midstream
Miles of high- and low-pressure gathering lines owned and/or operated by Equitrans Midstream
WE MOVE ENERGY…
With a rich 135-year history in the energy industry, Equitrans Midstream (ETRN) is helping to meet America’s growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work. ETRN has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Appalachian Basin. As one of the largest natural gas gatherers in the United States, ETRN provides midstream services to the largest U.S. natural gas producer, as well as other producers and third parties through its strategically located assets in the Marcellus and Utica regions of Pennsylvania, Ohio, and West Virginia.
Equitrans Midstream’s infrastructure is strategically positioned to debottleneck the Appalachian Basin, and our growth projects, including Mountain Valley Pipeline (MVP) and MVP Southgate projects, provide a key link between supply sources and major demand markets in the United States. Our major customers are primarily natural gas producers, along with commercial and industrial users, marketers, and local distribution companies. We move the energy that keeps America moving . . . providing innovative solutions and reliable energy infrastructure services in a safe, efficient, and responsible manner – and optimizing delivery of natural gas as a crucial resource to meet the nation’s demand for clean energy.