PITTSBURGH--(BUSINESS WIRE)--EQM Midstream Partners, LP (NYSE: EQM), declared a quarterly cash distribution of $1.16 per common unit for the third quarter of 2019. The distribution will be paid on November 13, 2019 to all EQM common unitholders of record at the close of business on November 1, 2019.
EQM expects to maintain a quarterly distribution of $1.16 per common unit at least through the in-service date of the Mountain Valley Pipeline (MVP). Upon completion of MVP, the distribution growth rate will be reassessed.
Earlier today, Mountain Valley Pipeline, LLC issued a news release providing a project update, including a revised budget of $5.3 - $5.5 billion and targeted in-service date of late 2020. EQM’s portion of the capital is approximately $2.6 billion. The news release, which includes additional detail, can be found on the investor page of EQM's website.
EQM also declared a quarterly cash distribution of $1.0364 per Series A preferred unit for the third quarter of 2019. The distribution will be paid on November 13, 2019 to all Series A preferred unitholders of record at the close of business on November 1, 2019.
About EQM Midstream Partners:
EQM Midstream Partners, LP (EQM) is a growth-oriented limited partnership formed to own, operate, acquire, and develop midstream assets in the Appalachian Basin. As one of the largest gatherers of natural gas in the United States, EQM provides midstream services to producers, utilities, and other customers through its strategically located natural gas transmission, storage, and gathering systems, and water services to support energy development and production in the Marcellus and Utica regions. EQM owns approximately 950 miles of FERC-regulated interstate pipelines and also owns and/or operates approximately 1,900 miles of high- and low-pressure gathering lines.
For more information on EQM visit www.eqm-midstreampartners.com
Disclosures in this news release contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include expectations regarding quarterly distributions for EQM Midstream Partners, LP (EQM) and future assessments regarding the distribution growth rate, as well as the expected cost and targeted in-service date of the MVP. 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. EQM has based these forward-looking statements on current expectations and assumptions about future events. While EQM considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond EQM’s control. The risks and uncertainties that may affect the operations, performance and results of EQM’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors" in EQM's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission (SEC), as may be updated by Part II, Item 1A, "Risk Factors," of EQM’s subsequent Quarterly Reports on Form 10-Q filed or to be filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and EQM 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.
Source: EQM Midstream Partners, LP