About Thomas Kar
Thomas Karam, executive chairman of Equitrans Midstream, has spoken publicly about the company's efforts to complete the Mountain Valley Pipeline (MVP) and the broader need for permitting reform. In a September 2023 interview, Karam stated that the company expected full mobilization on the pipeline by early July after receiving approval to complete it, and he expressed gratitude that the project was included in the Fiscal Responsibility Act. He said that "it should not take an act of Congress to construct infrastructure in this country that's necessary for energy security and reliability." Karam credited Senator Joe Manchin and others for advancing the project, and described a letter from Energy Secretary Jennifer Granholm deeming the pipeline in the national security interest as a "watershed event." He argued that without comprehensive permitting reform, the U.S. would not be able to meet projected increases in natural gas and electricity demand over the next 25 years.
In earlier comments from 2019, following Equitrans Midstream's spinoff from EQT Corporation, Karam expressed a bullish long-term view on natural gas prices and emphasized the company's reliance on long-term fixed contracts to reduce exposure to price fluctuations. He said the company's strategy was an "execution story" and that it did not require mergers and acquisitions to succeed, though it would evaluate opportunities. Karam also reaffirmed a 2019 target for completing the Mountain Valley Pipeline at a cost of $4.6 billion.
Source: AI-verified profile updated from Thomas Kar's recent appearances.
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Transcript (8 segments)
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Interviewer0:08
Welcome back to Overtime. Equitrans seeing a surge after the completion of the debt ceiling deal. Joining us now in his first interview since the deal, Equitrans CEO. Thanks for joining us.
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Thomas Kar0:34
Thank you.
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Interviewer0:34
Mountain Valley Pipeline, 21 days since passage of that deal for approval of all the outstanding permits. What happens when you get those approvals? Is it shovels back in the ground immediately? Are you on track to finish the pipeline by the end of the year?
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Thomas Kar0:53
We are, Morgan. We expect full mobilization by early July. We have approval to complete the pipeline. We're excited to get back to work. Morgan, if I could step back a little bit, as a company and as a partnership we're grateful to be included in the Fiscal Responsibility Act. It should not take an act of Congress to construct infrastructure in this country that's necessary for energy security and reliability.
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Interviewer1:31
It did take an act of Congress. There's been a lot of reporting that it was a week-long scramble to boost the project. Washington Post saying you met with congressional staffers to discuss how this was going to factor into the debt ceiling deal as well. Walk me through how this came to be within this package of legislation and the case you did make.
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Thomas Kar1:54
So we started to make our case back in early 2022 when the Fourth Circuit Court vacated our most recent biological opinion. In some cases we were on our second or third round of agency permits. We started to make our case to our elected officials in Washington. To his credit, Senator Manchin said, this doesn't sound right. He picked up the mantle to quarterback this and to continue to make the case. As you know, Senator Manchin proposed permitting reform which included specific language, and then later in the House, Representative Carole Miller proposed some legislation as well, as did Representative John Joyce. The idea and the concept of needing an act of Congress to complete MVP has been out there for a while. Then, when Secretary Granholm issued the public letter of support deeming the pipeline to be in the national security interest, that was a watershed event allowing people on both sides of the aisle to say we should take this up because it's time for this project to be completed. We had champions on both sides of the aisle that said it needs to be included.
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Interviewer3:33
The language got a lot of attention because it bypasses the courts to allow these permits to be approved and for the process to continue forward. I wonder whether this actually marks true, more meaningful energy infrastructure reform, if there is more appetite from both parties to see this happen.
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Thomas Kar3:55
I surely hope so, Morgan. I hope the momentum from including some directional reforms in the Fiscal Responsibility Act, and specifically MVP, that both parties can get together to put comprehensive permitting reform into legislation. If you think about our ability to continue to grow as a nation, generate economic opportunity and to maintain energy security, over the next 25 years the demand for natural gas is going to increase by 20 Bcf a day, almost 20% increase. The demand for electricity is going to increase by 150%. We will not be able to construct the infrastructure necessary to meet that demand growth unless we have comprehensive, meaningful permitting reform. This is a clarion call to both parties, to elected officials, to come together and get this done.
