Trader Who Bought Equitrans Options Made a Quick $4 Million
- Shares soar after gas pipeline included in debt-ceiling bill
- Provision added to accelerate construction of the line
This article is for subscribers only.
A trader who last week bought Equitrans Midstream Corp. call options equivalent to 10 million shares in the natural gas pipeline operator raked in more than $4 million profit after the US debt-ceiling deal included a provision that would accelerate a key project for the company.
Equitrans shares soared a record 35% after a measure to accelerate its long-stalled Mountain Valley Pipeline was added by Democratic Senator Joe Manchin into the agreement between President Joe Biden and House Speaker Kevin McCarthy. The $6.6-billion line, which is years behind schedule and over budget, stalled after a federal court rejected a permit to cross a national forest.