As previously reported, Wells Fargo analyst Michael Blum downgraded Equitrans Midstream (ETRN) to Underweight from Equal Weight with a price target of $11, down from $13. The analyst cited elevated leverage, continued uncertainty regarding the timing for the in-service of Mountain Valley Pipeline given regulatory hurdles, a potential reduction in gathering revenue in light of the ongoing negotiations with EQT Corporation (EQT), and the potential for a distribution/dividend re-set if MVP is delayed further.

Reports Q1 revenue $1.41B, consensus $1.56B. President and CEO Toby Z. Rice stated, "The strong operational momentum we achieved last year has carried over into 2024, with our drilling team continuing to perform at exceptional levels, and our completions team again setting a new company record for pumping hours in the month of March. We also saw LOE come in below our forecast, as the benefits of our strategic water infrastructure investments are becoming increasingly tangible to shareholders. These factors contributed to free cash flow generation coming in above internal expectations and we exited the quarter in a strong financial position with nearly $650M of cash on the balance sheet."