EQT announced in its earnings presentation on Wednesday that it would begin construction of its MVP Southgate project in 2026. This new timeline will “derisk project execution” according to CEO Toby Rice. The project, once completed, will be capable of sending 550 MMcf/d from MVP’s current tailgate in Pittsylvania County, VA to Rockingham County, NC 30 miles south. Capacity on the project is completely sold to customers including Public Service Corporation of North Carolina and Duke Energy for the period following the old in-service projection of mid-2028. Rice said that EQT is currently “working to pair up the accelerated construction and service date of our project with the commercial team.” He confirmed that the adjustment to commercial arrangements “would all be upside for our ’27 plans,” implying that MVP Southgate will be flowing gas next year.
Source: Novi Labs
In other news from the presentation, EQT increased its 2026 guidance by roughly 90 Bcfe (0.25 Bcfe/d) because of “better-than expected benefits from compression” on midstream projects as well as “shallowing decline rates” on older wells. EQT also discussed its recently announced acquisition of Blackline Midstream, the operator of New England’s two largest propane storage and distribution terminals. EQT also discussed its growing LNG portfolio. The company has entered a five-year offtake agreement with an Asian buyer for 0.5 mtpa (66 MMcf/d) from the Gulf Coast starting in 2028, increasing EQT’s international exposure.
