NextDecade CEO Schatzman says US Rio Grande LNG begins to take shape and gives comprehensive update
NextDecade Corp., the company developing the Rio Grande LNG export plant on the north shore of the Brownsville Ship Channel in South Texas, has given an update on strategic activities through the early second quarter of 2024.
US Driftwood LNG developer Tellurian continues to be focus of takeover speculation after gas assets put on sale
Tellurian Inc., the developer of the Driftwood LNG export project in Louisiana, continues to be the focus of takeover speculation while losses have just doubled in the first quarter of 2024 and revenues halved from natural gas production assets in the Haynesville Shale basin.
Tellurian earlier in 2024 hired the investment bank Lazards to explore a sale of its Haynesville gas production business in East Texas and Louisiana as part of efforts to raise new capital to continue the Driftwood project with full permits to produce 27.6 million tonnes per annum.
Tellurian then added that it would consider offers for the whole of Driftwood LNG after unsuccessfully pursuing long-term sales and purchase agreements to finance the development.
The Driftwood project as it currently stands involves constructing 20 mid-scale processing Trains, each with 1.38 MTPA of capacity and built as five blocks of Trains.
According to the regulatory permits and building schedules the Phase One development would include the first two of these blocks for 11 MTPA of output and two of three planned 235,000 cubic metres storage tanks and the first of three planned loading berths for LNG carriers.
Tellurian’s natural gas assets include 31,149 net acres, interests in 159 producing wells and over 400 drilling locations in the Haynesville Shale.
Latest earnings
Tellurian’s latest balance sheet showed that income from natural gas sales halved in the first quarter of 2024 to $25.47 million from $50.93M in the same three months of 2023.
Net losses also surged to $42.02M from $27.49M of losses in the same quarter of 2023.
Executive Chairman Martin Houston made no comment on the takeover speculation nor on gas assets sales and said in the earnings statement that Tellurian continued making progress on Driftwood LNG phase one construction with contractor Bechtel Energy of the US.
“Over the past few months, our senior team has sharpened its focus on stability, financial discipline and execution and we are laser-focused on bringing Driftwood to final investment decision,” Houston explained.
“To this end, we continue to take important steps to improve our balance sheet and liquidity position, and we continue to benefit from our strong regulatory standing,” he added.
“In addition, we have better aligned our commercial offerings to meet the needs of potential customers and we are highly encouraged by our ongoing commercial discussions,” Houston stated.
Permit extension
The Chairman noted that Driftwood LNG received an extension through 2029 to both the order authorizing construction from the US Federal Energy Regulatory Commission and its Section 404 permit from the US Army Corps of Engineers.
As of the end of March, Tellurian said it had $1.3 billion in total assets, including around $51.8M of cash and cash equivalents.
US LNG equipment-maker and industrial gas and clean energy company Chart reports strong 2024 demand
Chart Industries Inc., the US equipment-maker for the liquefied natural gas and other clean energy and industrial gases markets, said global end-market demand continued to be strong in 2024.
Cheniere Energy reports swing to profits with record first quarter output and the delivery of 167 cargoes
Cheniere Energy, the largest US LNG exporter, shipped 167 cargoes in the first quarter from the Sabine Pass plant in Louisiana and the Corpus Christi facility in Texas as it also swung to profits of $5.43 billion compared with $865M of losses in the prior-year quarter.
Chart posts solid results helped by LNG amid signals of strong future contributions from Howden acquisition
Chart Industries Inc., the liquefied natural gas equipment-maker and industrial gas technology company, posted first-quarter results helped by LNG orders and the signals of strong future results from the acquisition of UK group Howden.
Texas LNG project at Brownsville plans for final investment decision in 2023 with additional mitigation measures
Texas LNG, the liquefied natural gas export plant to be constructed by New York-based Glenfarne Group in the Port of Brownsville, has been issued with two additional mitigation measures by regulators and said it was still on track to make a final investment decision in 2023.
TC Energy reports fourth-quarter net loss on LNG Canada pipeline while advancing US LNG feed-gas plans
TC Energy Corp., the Canadian natural gas pipeline company, reported strong four-quarter results from US and Mexican activities, though posted a huge quarterly impairment charge related to the rising costs of the Coastal GasLink pipeline for LNG Canada and this meant a quarterly loss.
Global commodities firm Gunvor cuts LNG positions after about $1-billion of margin calls which it paid
Gunvor, the growing liquefied natural gas market participants and one of the world’s biggest independent energy traders, has reportedly cut derivative trading positions after the natural gas prices surge triggered margin calls from brokerages and exchanges.
London firm buys US Magnolia LNG project from Australian administrators for US$2.25M
The US export project, Magnolia LNG, and its owners LNG Ltd have been purchased by a London-listed energy infrastructure firm for US$2.25 million from Australian insolvency administrators appointed to oversee asset dispersals.
Largest US LNG exporter Cheniere reports 20 percent surge in revenues as it rides out current storms
Cheniere Energy, the leading US LNG export company through its Sabine Pass plant in Louisiana and the Corpus Christi facility in Texas, has ridden through the current storms and reported strong results.
