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G l o b al R e sear c h
3
J un e
2020
Mi d s tr e am
Tr an s cr i pt
f r om
F ir e s i d e
C h at
wi th
V&E
on
t h e N W P 12
H i g h li g h t s
f r o m
F i r e si d e
C ha t
w i t h
V i n so n
&
E l k i ns
(T r an scri p t
st a r t s
o n
p .
3 )
W e
c ont i nue d our 2020 F i r e s i de
c ha t
s e r i e s
w i t h V i ns on & E l k i ns
t o di s cus s
t he
r ece nt d ev el op me n ts
aro und
th e
Na ti on w i d e
Permi t
12
po s t
M on tan a
Co u rt
d ec i s i on s
a nd po ten ti a l
i mp ac ts
fo r th e
en erg y
i n fras tru c tu re
an d p i p el i n es
un de r c ons t r uc t i on. W ha t
happ e n e d ?
O n
Apr
16 th ,
Ju dg e
B ri a n
M o rri s
o f
th e
Di s tri c t
o f
M on tan a
ru l ed
th at
th e
US
Army Co rp s
h a d
to
c on s u l t
w i th
th e
US
F i s h
&
W il d li fe
Serv i ce
an d
th e
Nati on al
M ari n e F i s h ery
Serv i ce
und er
th e
En d a ng ered
Sp ec i es
Ac t
ab ou t
th e
i mp ac t
o f
i ts
rei ss u a n ce
o f Nati on w i d e
Permi t
12
( NW P1 2 )
w ou l d
h ave
on
en d an g ere d
s p ec i es
w h en
i t
rei ss u e d N W P 12
i n
‘ 17.
J udge
M orr i s
a l s o
vaca t e d
( i nv a li da t e d)
N W P 12
a nd
t he n
he
e njoi ne d th e
Army
Co rp fro m u s i ng i t
to
au th o ri ze
n ew
o il
an d g as
p i p el i n e
ac ti v i ti es
i n th e
U. S. bu t
i t
s ti ll
c an
b e
u s ed
fo r o th e r pro j ec ts
li ke
el ec tri c
tran s mi ss i on li n es
or mai n ten an c e.
N i n t h
C i r c u i t
D e ci si o n
t o
S t ay
t h e
I mp l e m e n t a t i o n
o f
M o n t ana
C o u r t
d e ci si o n O n
M ay
28 th ,
th e
Ni n th
Circ u i t
d en i e d
th e
req u es t
b y
th e
Army
Co r ps
t o
s t ay
t he i mp l emen tat i on o f
th e
ord er
p en d i ng ap p eal
an d Co rp s
i s
b a nn ed
fro m i ss u i ng NW P1 2 fo r n ew
O &G
p i p el i n e s . M r. Etc h emen d y
s ai d th at
an
ap p eal
c ou l d eas il y
take
a
y ear, may b e
ev en
18
mon th s
s o
th e
Army
Co rp s
c ou l d
s eek
an
emerg en cy
s tay
fro m
th e Su p reme
Co u rt .
Th e
c u rren t
v ers i on
o f
NW P1 2
ex p i res
i n
‘ 22
( i t
i s
pub li s h ed
ev ery
5 years )
an d a
n ew
v ers i on i s
li k el y
to
b e
propo s ed
s o met i me
i n 2021. Th e
C orp s
c ou l d c on s u l t
w i th
F W S
an d
NM F S
bu t
i t
c ou l d
take
mon th s
or
ev en
y ear
b efo re
th e c on su lt a t io n pr oc e ss
i s
c omp l e t e
a nd t he n t h e
biologi ca l
opini on c oul d be
c ha ll e n ge d. M r.
Etc h emen d y
no ted
th at
t h e
Co rp s
c ou l d
take
s tep s
t o
acc el erate
th e
i nd i v i du a l p ermi t
ap p li c ati on s
fo r pro j ec ts
an d th o s e
w ou l d b e
th e
s o rt
o f
ad mi n i s trati ve
fi x es
to pot e nt i a ll y
l ook fo r ( i nd i v i du al
p ermi t
takes
ab ou t
264 d ay s ) . Th e
fi n al
op ti on w ou l d b e to
l ook to
Co ng res s
to
l eg i s l ati v el y
i ss u e
s o me
ki nd o f
fi x , bu t
th at
w ou l d b e
d i ffi c u l t.
I mp li ca t i o ns
t o
K X L
an d
o t h e r
o il
&
g as
p r o j e ct s
un d e r
c o n st r u ct i o n
M s .
Sn o w
s ai d
th at
i t
i s
un c l ear
i f
th e
v eri fi c ati on
l etter
fro m
th e
Army
Co rp s
fro m b efo re
th e
c ou rt
ord er
i s
v al i d f or pro j ec ts
und er
c on s tru c ti on. I n TX , on e
en v i ron men ta l group fi l ed
a
l a w s u i t
arg u i ng t h at
a
p i p el i n e
c ou l dn ’ t
rel y
on a
v eri fi c ati on l e tter
th at
i t got
un de r NW P1 2 b efo re
th e
K ey s to n e
d ec i s i on c ame
ou t
( po ten ti al
n e g ati ve
fo r K M I ’ s PHP) . Po ten ti al l y , w e
c ou l d s ee
mo re
l aw s u i ts
li ke
th at
an d i t
i s
un c ertai n ho w
th e
j udg e w ill
r ul e
on t hi s
ca s e . P i pe li ne s
unde r c ons t r uc t i on c oul d a ppl y
f or a n i ndi v i du a l
pe rm i t or
r e de s i gn
a round
ne e di ng
t o
do
a
c r os s i ng
t ha t
w oul dn’ t
r e qui r e
a
pe rm i t
be cause th ere
w on ’ t
b e
d red g e
an d fi ll , or may b e
an
op erato r c ou l d rero u te
th e
p i p el i n e.
As
a res u l t , w e
s ee
a
ri s k
o f
th e
d el ay
o f
l arg e
pro j ec ts
und er
c on s tru c ti on li ke
KX L , M V P, ACP
an d PHP.
Ho w ev er,
th e
f ac ts
are
d i fferen t
i n s o me
o f
t h e
c ases
du e
to
v eri fi c ati on M s
Sn o w
no te d, i f
y ou ’ ve
al r ead y
taken
al l
t h e
ac ti on s
th at
th e
ve ri fi c ati on l etter
w as mean t
to
c o v er
an d y ou d i d al l
th at
b efo re
th e
KX L
d ec i s i on, s h e
w ou l d s ay
i t
i s
highl y i mprob a b l e
t h a t
an y on e
i s
go i ng to
retro ac ti v el y
c on s i d er
t h at
to
b e
ill eg a l
or as k y ou t o do
s om e t hi ng
li k e
di g
up
y our
pi pe li ne .
Bu t
a ga i n,
y ou
n eve r
k now
w h a t
k i nd
o f arg u men ts
group s
may
try
to
make
i n c ou rt.
And w h eth er
or no t
th ey
u l t imatel y
wi n, th ey
c an
c ertai n l y
fi l e
c h al l en g e s
an d make
arg u men ts ; h en c e,
w e
w ill
b e
w atc h i ng PH P p retty
c l o s el y
to
s ee
i f
th ere
a re
s o me
nu a n c es
v s . th e
M on t an a
d ec i s i on w i th
KX L . O n ACP/ M V P,
t h e
prob a b ili ty
o f
th e
9 th
c i rc u i t
a g reei ng to
an
ex p ed i ted
h ear i ng pr oc e ss
or th e
US
Su p rem e
Co u rt
s tep p i ng
i n
s eems
re mo te.
G i v en
th at
th e
c u rren t
v ers i on
o f N W P 12
ex pi r e s
i n
" 22
--
i t
may
b e
up
to
th e
Army
Co rp s
to
a dd res s
th e
i ss u e s th emsel v es
w h i c h c ou l d d el ay
pro j ec ts
s u c h as
ACP
an d M V P
i n ei t h er
s c enari o.
B o ri ng w as
br ought
up a s
a
pot e nt i a l
s ol ut i on a nd c oul d w ork but
w oul d li k e l y
not
a ddr e ss
a ll th e
s tream
c ro ss i ng s . www .u b s.co m / i n vest m en t r esea r ch
Shneur
Z.
Ger s h uni , C FA
A na l ys t s hne ur .ge r s huni @ ubs .com
+1 -212-713
3974
D ani el
For d, C F A A na l ys t da n.f ord @ ubs .co m
+1 -212-713-2224
A ga
Zm i gro dzka , C FA
A na l ys t a gni e s zk a .zm i gro dzk a @ ubs .com
+1 -212-713
3014
M i che ll e
K enel , C FA Asso c i a t e
An a l y st m i che ll e .k e ne l @ ubs .com
+1 -212-713
4896
Ros s
Fow l er , C F A A na l ys t r os s .f o w l e r @ ubs . com
+1 -212-713-1287
Paul
C o l e A na l ys t pa ul .col e @ ubs .com
+1 -212-713-8672
Th i s
rep o rt
h as
b een
p rep ared
b y
UB S
Se c u ri ti es
LLC .
ANAL YS T
C E R T I F IC AT I O N
AND
R E Q UI R E D
DIS C L O S UR E S
B E G I N
O N PA G E
18 .
UB S
do es
an d s eeks
to
do
bu s i n es s
w i th
c omp an i es
c o v ered
i n i ts
res earc h r ep o rts .
As
a
re s u l t , i n v es t o rs
s hou l d b e aw are
th at
th e
fi rm may
h ave
a
c on fl i c t
o f
i n teres t
th at
c ou l d affec t
th e
ob j ec ti v i ty
o f
t h i s
rep o rt.
I n ve s to rs
s hou l d c on s i d er
th i s rep o rt
as
on l y
a
s i ng l e
fac to r i n maki ng th ei r i n v es tmen t
d ec i s i on. Pi pe li n es
Am er i cas
Equit ies
Ho st s:
S hne ur
G er s hun i ,
M i d s t r eam /M L P
&
N atur al
Gas
An al y s t
at
U B S D a n
F ord,
U BS
N or t h
Am e r i c a
P ow e r
&
U t ili t i e s
An a l y s t
a t
U BS
A ga
Z m i gr odz k a ,
U BS
G a s
D i s t r i but i on
&
M i ds t r ea m/ N a t ur a l
G a s
A na l y s t
a t
U BS M ich e lle
K e n e l ,
U B S
M id s t r ea m/ M LPs
Sp eaker s :
M i ke
Wigmor e ,
Par t n e r
a t
V i ns on
&
E l k i n s ,
E nv i ronm e nt a l
&
N a t ur a l
Re s our c e s C or inne
S now ,
C ouns e l
a t
V i ns on
&
E l k i n s ,
E nv i ronm e nt a l
&
N a t ur a l
Re s our c e s M ax
Et c h em en d y ,
Sen i or
A ss o c i at e
at
V i n s on
&
El ki n s ,
App el l at e
Sp eaker
B i o s :
M i ke
W i g m o r e:
h a s
e xt e n s ive
e xp e r i e n ce
i n
m a tt e r s
a r i s i ng
unde r
t he
N a t ional E nv i ronm e nt a l
P ol i cy
A c t ,
E ndange r e d
S p e c i e s
A c t ,
M i gr a t or y
Bi rd
T r ea t y
A c t , F e de r a l
L a nd
P ol i cy
a nd
M a nage m e nt
A c t ,
O ut e r
C ont i ne nt a l
S he l f
L a nds
A c t , C le a n
Wa t e r
Act,
R i ve r s
a nd
H a rbor s
Act,
C le a n
A ir
Act,
O il
P o l lu t ion
Act,
N a t ional H is t or i c
Pres er v at i on
A c t ,
an d
r elat ed
s t at e
s t atu t es .
H e
h as
r ep r es en t ed
c li en t s
in obt a i ning,
a nd
de f e nding
i n
c our t ,
pe rm i t s
a nd
a ut hor i z a t i ons
f or
s uc h
proj e c t s
a s ups t r ea m
oi l
a nd
ga s
de v e l opm e nt ,
i ndus t r i a l
a nd
m a nuf a c t ur i ng
f a c ili t i e s ,
high- v ol t a ge
e l e c t r i c
t r ans m i ss i on
li ne s ,
ga s
a nd
li qui ds
pi pe li ne s ,
unde r s ea
f i be r
opt i c c a bl e s ,
a nd
w a t e r f r ont
c omm e r c i a l
de v e l opm e nt s .
Cor i nne
S no w
r e c e nt l y
r e t ur ne d
t o
t he
e nv i ronm e nt a l
a nd
na t ur a l
r e s our c e s pr a c t i c e
group
of
V i ns on
&
E l k i ns
a ft e r
s e r v i ng
i n
mul t i pl e
pos i t i on s
i n
t he
U . S . D e pa r t m e nt
of
J us t i c e ,
i nc l ud i ng
a s
S e nior
C ouns e l
i n
t he
O ff i c e
of
t he
A ss oc i a t e A tt or ne y
G e ne r a l ,
w hi c h
ov e r s ee s
a ll
c i v il
li t i ga t i on
on
beha l f
of
t he
U ni t e d
S t a t e s , a nd
a s
C oun s e l or
i n
t he
O ff i c e
of
t he
A tt or ne y
G e ne r a l .
C or inne
m os t
r e c e nt l y s e r v e d
a s
C ou nse l
a nd
C hi e f
of
S t a ff
i n
t he
D e pa r t m e nt ’ s
E nv i ronm e nt
a nd
N a t ur a l Re s our c e s
D...
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