LNG

Tamboran Resources, an exploration and production company currently valued at A$391.5 million (US$258M) on the Australian Securities Exchange, is launching an initial public offering of shares in the US for shale-gas assets in Australia’s equivalent of the Marcellus Shale in the Northeast US.

Cheniere Energy Inc., the largest US liquefied natural gas exporter and operator of the Corpus Christi plant in Texas and Sabine Pass in Louisiana and with both being expanded, has been approved for up-listing to the full New York Stock Exchange (NYSE) from the NYSE American list.

Mach Natural Resources, the independent upstream oil and gas company focused on the development and production of oil, natural gas and natural gas liquids in the Anadarko Basin region of Western Oklahoma, Southern Kansas and the panhandle of Texas, has become the latest US company to acquire additional assets, paying $815 million.

Expro Group Holdings, the global energy services provider, has been awarded a five-year well intervention and integrity contract with French major TotalEnergies in the East African nation of Uganda and covering the multi-well Tilenga project.

Cool Company (CoolCo), the LNG shipping joint venture led by Eastern Pacific Shipping and which is growing its owned and managed fleets, said the market was showing continued strength as it entered into a new time-charter agreement for one of its tri-fuel, diesel-electric vessels.

The company, headquartered in Bermuda, said the multi-year charter with an energy major starts in early 2024 upon redelivery from the vessel’s current charter, adding backlog.

“We are delighted to have secured this attractive time charter, locking in cover at a rate that reflects the continued strength of the LNG carrier market ” said Richard Tyrrell, Chief Executive of CoolCo.

“The forward nature of this contract demonstrates the desire of LNG producers, offtakers, and portfolio players to secure modern tonnage to transport the dramatically increasing volumes of LNG coming online through the middle and latter parts of the decade,” stated Tyrrell.

“With vessel availability coinciding with seasonal peaks for chartering, CoolCo stands to benefit from the ongoing LNG carrier re-pricing cycle. Happy Norwegian Constitution Day to our investors,” added the CEO.

Shares

CoolCo’s shares are registered with the US Security and Exchange Commission and listed for trading on the New York Stock Exchange in addition to the Euronext Growth list in Oslo, both under the ticker “CLCO”.

CoolCo also has an owned fleet of 11 LNG vessels and a managed fleet of 18 ships.

The owners of the managed ships include sector leaders Golar LNG, Avenir LNG and New Fortress Energy.

The CoolCo-owned fleet comprises the following vessels: the “Golar Bear” the “Golar Crystal”, the “Golar Frost”, the “Golar Glacier”, the “Golar Ice”, the “Golar Kelvin”, the “Golar Snow”, the “Kool Baltic”, the “Kool Boreas” and the “Kool Firn” and the “Kool Orca” 

Tellurian Inc., the US LNG developer of the Driftwood project near Lake Charles in Louisiana, said it ended the fourth quarter of 2022 with the first phase of Driftwood LNG under construction and $474.2 million of cash and cash equivalents available as short-term financing and operating costs.

Dynagas LNG Partners, the owner of six LNG carriers and mostly involved in Russian cargo liftings, posted a 22 percent increase in quarterly net income even as ownership issues arose because of the Ukraine war and the German Government prolonged control of Gazprom charters.

Höegh LNG Partners, the company with five ships and listed on the New York Stock Exchange, has notified the NYSE of the anticipated closing date of around September 23 when its merger with Höegh LNG Holdings is finalised and its shares delisted.

Woodside Energy Group Ltd, the new name of Australian LNG plants operator Woodside Petroleum, and BHP Group have formally completed the merger of Woodside with BHP’s oil and gas portfolio to create a global energy company.

As a result of the merger, Woodside said it was a top 10 global independent energy company by hydrocarbon production and the largest energy company listed on the Australian Securities Exchange.

Woodside said the larger, more diversified portfolio was expected to deliver significant cash flow to help fund committed projects and shareholder returns.

Woodside Chief Executive Meg O’Neill said completion of the merger was one of the most significant events in Woodside’s 67-year history and marked the start of a new chapter for the company.

Diverse portfolio

“The merger delivers a diverse portfolio of quality operating assets, plus a suite of growth opportunities across oil, gas and new energy that promises ongoing value for our shareholders,” stated O’Neill.

Woodside has acquired the entire share capital of BHP Petroleum International and issued 914.76 million new Woodside shares to BHP, which BHP will distribute to its eligible shareholders.

Woodside will receive net cash of about US$1 billion, which includes the cash remaining in the BHPP bank accounts immediately prior to completion.

This reflects $1.8Bln of net cash flows generated by BHPP between the effective date of 1 July 2021 and completion, less $800 million representing BHP’s entitlement to cash dividends paid by Woodside over the same period.

All completion payment entitlements are subject to a customary post-completion review which may result in an adjustment.

The new Woodside shares start trading on the ASX on 2 June 2022. Trading of Woodside American Depositary Shares on the New York Stock Exchange would commence on the same date.

London trading

Woodside shares will be traded on the main market of the London Stock Exchange on 6 June 2022.

The company has commenced activities to integrate the two organisations, including standardisation of reporting across all jurisdictions.

Woodside said the updated production guidance, reserves position and other related information will be released in due course.

Woodside’s net profit after tax for the first half of 2022 will incorporate the contribution of the BHPP portfolio from completion and the accounting treatment of the BHPP portfolio will align with Woodside’s policies.

“We are focused on unlocking pre-tax annual synergies of more than $400 million as we merge the two businesses,” said O’Neill.

“It is exciting to welcome the BHP Petroleum team to Woodside Energy and start delivering on our shared vision for the future,” she added. 

Woodside Petroleum, the leading Western Australian LNG operator, has applied to list its shares in the form of American Depositary Shares (ADSs) on the New York Stock Exchange and plans to also list its shares on the London Stock Exchange in connection with the proposed merger with the petroleum business of commodities giant BHP Group.