Day 5 of COP28 has wrapped up in Dubai, where today’s Climate Innovation Forum gathered the world’s foremost technology leaders to present their latest cutting-edge solutions to tackle the global climate crisis. No word if Dallas-based Colossal Biosciences was on the agenda to discuss its breakthrough on the de-extinction and rewilding of the Woolly Mammoth in tundra regions to help reverse the effects of climate change. The company is funded largely in part by the 81-year-old granddaughter of wildcatter H.L. Hunt.
Reese Energy Consulting today will instead cover the latest news from the industry most responsible for supplying life-sustaining oil and gas energy required by the modern world. Pipelines, of course, play a mammoth-size role here to courier hydrocarbons from wellhead to market, but building or even expanding them outside of Texas has become an epic battle. Perhaps no other operator knows this better than Pa.-based Equitrans Midstream and its 303-mile Mountain Valley Pipeline which will flow 2 BCFD of Marcellus and Utica natural gas from W.V., to Va., and markets south.
The project, now five years in the making at an original cost of $3.5 billion, has encountered numerous legal and labor delays since shovel broke dirt in 2018 but looks to finally go online in 1Q 2024 at a cost of $7.2 billion. Equitrans owns 48.1% of the pipeline. Upon release of the company’s 3Q earnings report October 31, CEO Thomas Karam—no doubt seeing sunny skies ahead—remarked, “Once in service, there is little doubt MVP will be one of the most valuable pipelines in the U.S.” Equitrans has now announced it’s considering a sale.