(Bloomberg) -- The debt-limit deal forged by President Joe Biden and House Speaker Kevin McCarthy has fueled an almost $1 billion rally in shares of natural gas pipeline operator Equitrans Midstream Corp.
The company’s stock jumped as much as 51% in New York, an intraday record. A measure to accelerate its long-stalled Mountain Valley Pipeline was slipped into the agreement by Democratic Senator Joe Manchin.
The $6.6 billion conduit, which spans approximately 303 miles from northwestern West Virginia to southern Virginia, is seen by drillers in the gas-rich Appalachian Basin as the last hope for additional takeaway capacity in the region. Pipeline capacity has been constrained after several other projects were killed over the past few years. The Mountain Valley Pipeline, which is years behind schedule and over budget, stalled after a federal court rejected a permit to cross a national forest.
The language in the debt bill would force agencies to take all necessary actions to permit the construction of the pipeline and would give the DC Circuit jurisdiction over future litigation involving the project, which is roughly 95% complete.
Equitrans shares gained about 30% as of 11:08 a.m. in New York.
Read More: Manchin Gets Mountain Valley Pipeline Deal Into Debt Bill
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