Equitrans Midstream Corp. management remains upbeat about the long-term fundamentals underpinning the Mountain Valley Pipeline (MVP) despite recently postponing the project’s expected in-service date and upwardly revising its projected cost. 

Canonsburg, PA-based Equitrans has moved the targeted start-up date for the embattled 2 Bcf/d natural gas conduit to early 2024 from late 2023, and the project budget has risen to $7.2 billion from $6.6 billion. The pipeline would offer sorely needed takeaway from the Appalachian Basin, one of the world’s largest developed sources of natural gas.

“Once in-service, there is little doubt MVP will be one of the most valuable pipelines in the U.S., directly connecting our country’s largest and lowest-cost natural gas resource and the...