After blitzing through Ohio's wetlands, Energy Transfer Equity (ETE) is once again facing a problem of its own making: pipeline construction delays.Read the whole article by clicking here.
Until recently, the company's subsidiary Energy Transfer Partners (ETP) has defied long odds and analyst expectations in its rush to complete its new giant, Rover, a $4 billion, 713-mile natural gas pipeline designed to deliver natural gas from the Marcellus Shale to markets in the northeast.
But the storyline shifted in April after the company spilled 2 million gallons of drilling fluid near the Tuscarawas River. Following the spill, the Federal Energy Regulatory Commission halted new horizontal drilling on the project. FERC then opened an investigation into the spill in June after diesel was detected in samples collected from the spill site.
The halt in horizontal drilling, a type of drilling that is necessary for the project to be completed, turns into a near-impossibility the longshot bid to complete the project on time and raises questions about whether Energy Transfer's checkered environmental record should be of concern to the company's shareholders.
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