Equitrans Midstream Corporation (Equitrans) is an independent, publicly traded midstream company. We operate exclusively in the United States, with a primary focus across the Appalachian Basin in Pennsylvania, Ohio, and West Virginia. Our asset locations within the Basin, and our growth projects, including the Mountain Valley Pipeline (MVP) and MVP Southgate projects, provide a key link between supply sources and major demand markets in the United States. Our customers are natural gas producers, commercial and industrial users, marketers, and local distribution companies (LDCs). As a Company, we seek to leverage both our existing assets and planned and in-process growth projects while also executing on strategically aligned acquisition and joint venture opportunities.
In June 2020, a wholly owned subsidiary of Equitrans merged with EQM Midstream Partners, LP (EQM), with EQM surviving the merger. As a result, Equitrans acquired all of the outstanding common units representing limited partner interests in EQM that Equitrans and our subsidiaries did not already own, and EQM became a wholly owned subsidiary of Equitrans. EQM owns, operates, acquires, and develops midstream assets in the Appalachian Basin. Additionally, as of March 31, 2021, EQM held a 60 percent interest in Eureka Midstream Holdings, LLC (Eureka Midstream), a 46.2 percent interest in the Mountain Valley Pipeline (MVP) project, and a 47.2 percent interest in the MVP Southgate project. This report represents the activities of Equitrans, with EQM as our subsidiary; Eureka Midstream; and includes specific MVP information as noted. Equitrans’ business centers on three primary assets:
On average, our gathering operations collected 8,205 BBtu of natural gas daily during 2020. As of December 31, 2020, the gathering system, inclusive of Eureka Midstream's gathering system, included approximately 1,130 miles of high-pressure gathering lines and 132 compressor units with compression of approximately 485,000 horsepower and multiple interconnect points with the Company's transmission and storage system and with other interstate pipelines. As of December 31, 20202, the gathering system also included approximately 910 miles of FERC-regulated, low-pressure gathering lines.
As of December 31, 2020, Equitrans’ transmission and storage system included approximately 950 miles of FERC-regulated, interstate pipelines that have interconnect points to seven interstate pipelines and multiple LDCs.
At year-end 2020, our transmission and storage system was supported by 42 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 900 MMcf per day and a working gas capacity of approximately 43 Bcf. In 2020, Equitrans’ transmission operations transmitted a daily average of 2,948 BBtu.
As of December 31, 2020, Equitrans’ water system had approximately 200 miles of freshwater pipelines, which pull from the Monongahela River, Ohio River, local reservoirs, and several regional water sources. Our water operations, which includes 24 Equitrans freshwater impoundment facilities, distributed 1,916 million gallons of water in 2020.
In a year stunted by the outbreak of COVID-19, Equitrans remained well prepared and able to continue its natural gas gathering and transportation operations in the Marcellus and Utica Shale Basins. The Marcellus region is North America’s most productive natural gas basin. We contribute our success in part to our ability to transport natural gas to national, regional, and local markets.
Equitrans employed 777 people as of December 31, 2020. None of our employees are covered by collective bargaining agreements. Equitrans collects employee data through our human resources information system (HRIS), and we gather specific contractor information through our contract worker management system.
*Total of Other Employees = 4 in Virginia; 2 in Texas; 2 in Kentucky; and 1 each in California, Colorado, Florida, Illinois, and Tennessee.
In addition to our employees, Equitrans hires a number of third-party contractors who carry out the following duties:
- Inspectors: Verify that construction-related tasks following relevant environmental, coating, corrosion and welding guidelines.
- Landmen: Analyze court records, access agreements, rights-of-way agreements, and real estate documents as well as negotiate and acquire fee properties and other contracts.
- Abstractors: Study copies of records, documents, estates, and other relevant filings from local, state, and federal agencies.
- Systems Analysts: Research specialized business areas and assist in creating and incorporating Company technology projects.
Equitrans’ principal strategy is to achieve greater scale and scope and enhance the durability of our financial strength, which we expect will drive future growth and investment. Implementation of our strategy includes leveraging existing assets; executing on growth projects (including through potential expansion and extension opportunities); focusing on ESG initiatives; and, where appropriate, seeking and executing on strategically aligned acquisition and joint venture opportunities and other strategic transactions, while also strengthening our balance sheet through:
- highly predictable cash flows backed by firm reservation fees
- actions to de-lever our balance sheet
- disciplined capital spending
- operating cost control
- an appropriate dividend policy
We are committed to growing as an organization and building on our key transmission and gathering growth projects, many of which are supported by firm capacity or minimum volume commitments, without sacrificing our Core Values and safety-first culture. Equitrans expects that the MVP project, together with the Hammerhead pipeline and Equitrans, L.P. Expansion Project (EEP), will primarily drive the Company's organic growth and that future growth will also be supported by the MVP Southgate project and the water services business.
To ensure our strategy continues to align with relevant business and industry standards, Equitrans participates in several memberships and initiatives listed below.
- American Petroleum Institute (API)
- Charity Miles
- Greene County Chamber of Commerce
- Interstate Natural Gas Association of America (INGAA)
- Marcellus Shale Coalition
- Ohio Oil and Gas Association
- Pennsylvania Chamber of Business & Industry
- Pennsylvania Independent Oil & Gas Association
- Public Affairs Council
- Southern Gas Association
- U.S. Chamber of Commerce
- Utilities Telecommunications and Energy Coalition of West Virginia
- Washington County Chamber of Commerce
- West Virginia Manufacturers Association
- Women’s Energy Network
- API Environmental Partnership
- A voluntary industry trade group that focuses on a systematic approach to reducing emissions of methane and volatile organic compounds (VOCs) by using more efficient and effective technologies—specifically pneumatic controllers and Leak Detection and Repair (LDAR) programs.
- INGAA Methane Commitment
- A transmission-specific initiative that focuses on methane reduction efforts to minimize emissions from pipelines, compressor stations, pneumatic controllers, and storage wells.
- ONE Future Coalition
- A group of natural gas companies working together to voluntarily reduce methane emissions across the natural gas supply chain. Together with its member companies, ONE Future is focused on demonstrating an innovative, performance-based approach to the management of methane emissions, with a goal of limiting methane emissions across the natural gas value chain to one percent or less of total (gross) natural gas production by 2025.
Vision, Mission, Values
Our organization was built upon our Vision, Mission, and Core Values, which represent who we are as a Company today, and who we strive to be in the future.
To be the premier midstream services company in North America—providing safe, reliable, and innovative infrastructure solutions for the energy industry.
We move the energy that keeps America moving – providing innovative solutions and reliable energy infrastructure services in a safe, efficient, and responsible manner. 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
Our Core Values:
The principles that guide our behaviors and decisions.