(Reuters) – Equitrans Midstream Corp said on Monday it will evaluate the cost and timing of the completion of the Mountain Valley natural gas pipeline based on ongoing litigation and upcoming federal approvals.

FILE PHOTO: An aerial view of the under-construction Mountain Valley Pipeline near Blacksburg, Virginia, U.S. September 30, 2019. REUTERS/Charles Mostoller

The U.S. Federal Energy Regulatory Commission (FERC) gave Mountain Valley permission late Friday to resume some construction on its $5.4 billion-$5.7 billion pipeline, which runs from Virginia to West Virginia.

“As the litigation process progresses and as we receive additional information from FERC regarding potentially releasing the remainder of the route for construction, (Mountain Valley) will continue to evaluate its current construction plans, budget, and schedule,” Equitrans said.

Mountain Valley is one of several U.S. oil and gas pipelines delayed by regulatory and legal fights with environmental and local groups that found problems with federal permits issued by the Trump administration.

FERC suspended work on Mountain Valley a year ago due to litigation over the project’s Biological Opinion from the U.S. Fish and Wildlife Service (FWS), which allows construction in areas inhabited by endangered and threatened species.

The FWS issued a new Biological Opinion in early September. Environmental and other groups continue to challenge the latest FWS approval and other federal permits in court.

Analysts at Height Capital Markets said they expect the project to enter service in mid 2021 but noted timing could slip to the third quarter of 2021 if legal challenges prevent some stream crossings.

“We acknowledge the legal challenge that is currently before Fourth Circuit Court of Appeals and have agreed to temporarily delay stream and waterbody activities out of respect for that process,” Equitrans said.

Equitrans has said it expects the pipeline, which is about 92% complete, to enter service in early

CRISPR therapeutics inc, logo 2020

Graphic Source: CRISPR Therapeutics, Inc.

Introduction: What is CRISPR Therapeutics, Inc.?

CRISPR Therapeutics (NASDAQ:CRSP) is a gene-editing company focused on the development and versatile application of CRISPR/Cas9 therapeutics, a special brand of therapeutics used for precision genome editing by applying a viral defense mechanism from bacteria to regulate, disrupt, or correct genes related to key diseases. CRSP is currently targeting disease areas, including hemoglobinopathies, oncology, and regenerative medicines.

Founded in 2013 in Switzerland, CRSP has since grown to over 304 employees producing relatively inconsistent revenues ranging from $3M in 2018 to $290M in 2019 with expectations for 2020 at $6.7M. Their lead candidate is CTX001, an investigational autologous gene-edited hematopoietic stem cell therapy developed in partnership with Vertex Pharmaceuticals (NASDAQ:VRTX) for treating transfusion-dependent beta-thalassemia (“TDT”) and severe sickle cell disease (“SCD”).

Products: CRSP’s pipeline consists of 9 therapeutics: 4 in the clinical phase and 5 in the research phase. Of the 4 clinical phase therapeutics, the first targets TDT and SCD (mentioned above: CTX001), while the 3 others fall into immuno-oncology covering: CD19+ malignancies (Product: CTX110), multiple myeloma (CTX120) and solid tumors and hematologic malignancies (CTX130). All immuno-oncology therapeutics are allogeneic CRISPR/Cas9 gene-edited CAR-T cell therapies wholly owned by CRISPR Therapeutics with data updates typically every 6 months.

Customers/market: For CRSP’s clinical phase pipeline, the total estimated 2022 global market potential is $220B with an average market size for each disease of $36.7B growing at an average 15.2% CAGR (median market: $13.3B | CAGR 10.9%). The largest market is Solid Tumors, at a 2022 estimated size of $145B (8.1% CAGR), and the highest CAGR market CAR T/CD19+ market at a 34.5% CAGR. For CTX001, the lead candidate, the target market can be broken down into the TDT market at very roughly $1.8B with a 10.8% CAGR and the SCD market

Kelcy Warren.

Kelcy Warren, the Dallas billionaire known for controversial pipelines and aggressive dealmaking, is stepping down as chief executive officer of Energy Transfer LP. But if the move is anything like those of fellow moguls in the pipeline industry, he isn’t going far.

The company late Thursday named Chief Operating Officer Mackie McCrea and Chief Financial Officer Tom Long as co-CEOs. Warren, 64, will stay on as executive chairman and remains the top investor. He’ll also retain a majority stake in the so-called general partner that controls Energy Transfer’s board.

Warren appears to be following a playbook employed by his billionaire rivals in the pipeline industry. Kinder Morgan Inc. founder Rich Kinder continues to serve as his company’s chairman despite relinquishing the CEO title in 2015, and Randa Duncan holds the same spot at Enterprise Products Partners LP after her father, the company’s founder, died in 2010.

“Although I am stepping away from the day-to-day management of our business, I will continue to be intimately involved in the strategic growth of Energy Transfer,” said Warren, who has a net worth of about $3 billion, according to the Bloomberg Billionaires Index.

Warren co-founded Energy Transfer in 1996 alongside Ray Davis, who now co-owns the Texas Rangers baseball team. Warren’s appetite for takeovers and his use of the tax-advantaged master limited partnership model allowed him to turn 200 miles of natural gas conduits into one of the biggest pipeline operations in the country.

Those same characteristics have frequently earned him the ire of everyone from regulators to environmental groups to investors.

Warren rose to national attention for his Dakota Access crude oil pipeline, which triggered months of on-the-ground protests after the Standing Rock Sioux Tribe objected to the path of the project in North Dakota. Even once Dakota Access faded from

What happened

Three master limited partnerships (MLPs) with double-digit yields — Magellan Midstream Partners (NYSE: MMP), Plains All American Pipeline (NYSE: PAA), and MPLX (NYSE: MPLX) — suffered double-digit price declines in September, according to data provided by S&P Global Market Intelligence.

The companies’ unit prices (the MLP version of share prices) lost out to the S&P 500, which only slipped 3.9% for the month. Meanwhile, Magellan’s unit price fell by 10%, MPLX’s was down 13.8%, and Plains’ dropped 15.5%. The year-to-date picture is even worse, with MPLX’s shares down more than 35% so far in 2020, while Magellan’s have fallen 44% and Plains’ a jaw-dropping 68.5% this year. 

An oil pipeline covered with icicles in a snowy landscape.

Image source: Getty Images.

So what

The three companies operate North American pipeline and storage-terminal networks for crude oil and other products. But within that universe, the companies are differentiated by what they transport and where it goes.

Magellan primarily deals with refined products through its extensive Midwestern pipeline network, plus a series of refined-product storage terminals in the Southeast. It also has a few long-haul crude pipelines in Texas, Oklahoma, and Kansas.

Plains All American, on the other hand, primarily operates crude oil pipelines and terminals. Its network is centralized in Texas, but its long-haul crude pipelines stretch all the way to the Province of Alberta in Canada.

MPLX transports crude oil and refined products through its pipelines, but also has natural-gas gathering systems and fractionation capabilities (basically, the natural gas equivalent of crude oil refining).

But when the entire industry is experiencing a downturn, exactly what oil and gas products a company’s network is transporting and storing doesn’t matter quite so much: Things are going to be bad. And in September, the downturn that has gripped the global oil and gas industry since March continued. 

What

PAMPLICO, S.C. (AP) — The land agent who arrived at Reatha Jefferson’s door in May, unannounced and unmasked in the middle of the pandemic, told her he was giving her one more chance.

The agent was there on behalf of Virginia-based utility giant Dominion Energy. He wanted to see if Jefferson would let Dominion run a new natural gas pipeline through the land her great-grandfather, a rural Black farmer, had bought more than a century ago in Pamplico, South Carolina.

Jefferson sent the agent away and in July, the utility served her with court papers in an attempt to use eminent domain to build the pipeline.

The proposed 14.5-mile-long (23-kilometer-long) gas line is small in contrast to projects like the recently canceled Atlantic Coast Pipeline, or even a 55-mile-long (88.5-kilometer-long) pipeline Dominion built recently in the state. But for Jefferson, it threatens to stain the land where her relatives once grew tobacco, corn and wheat, and the river where her father used to catch catfish for dinner.

“This property’s been in my family for 100 years. How do they think they can tell me what they’re going to run through my property?” she said.

The company cites new energy demand spurred by economic growth in eastern South Carolina as the impetus for the project. Dominion declined to make anyone available for an interview but said in a statement that the project could help attract and grow businesses, adding jobs and possibly lowering energy costs for residents.

The gas main, designed to supply customers directly with natural gas, would run 14.5 miles from a valve station to a regulating station along the Great Pee Dee River, according to permitting paperwork Dominion submitted to the Army Corps of Engineers. It would traverse 65 pieces of private property along the way.

Some environmental