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Cheniere Units Ink New Gas Supply Deal With EOG Resources
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Cheniere Energy, Inc.’s (LNG - Free Report) subsidiaries Corpus Christi Liquefaction, LLC and Cheniere Corpus Christi Liquefaction Stage III, LLC have entered into a new multi-year gas supply agreement with EOG Resources, Inc. (EOG - Free Report) , one of the largest independent crude oil and natural gas companies in the United States.
Per the terms of the agreement, EOG Resources will sell natural gas for roughly 15 years to Cheniere Energy starting early next year. Initially, the former plans to supply 140,000 MMBtu of gas per day, which will later be ramped up to 440,000 MMBtu. While the initial 140,000 MMBtu of gas will be sold to Cheniere Energy at a price indexed to Platts Japan Korea Marker, the remaining 300,000 MMBtu will be benchmarked to Henry Hub prices.
Corey Grindal, senior vice president, Cheniere Energy’s Gas Supply, stated that this contract, which is the company’s second Integrated Production Marketing (IPM) transaction, will back the company’s Corpus Christi Stage III Project. Moreover, the IPM commercial structure will build on Cheniere Energy’s infrastructure and prospects in Corpus Christi, providing optimal access to global LNG prices and a long-term flow guarantee to its domestic natural gas producers. This will help Cheniere Energy grow with a secure supply of natural gas and commercial support.
Part of the deal is contingent on customary conditions including a favourable final investment decision on Corpus Christi Stage III project. Cheniere Energy, which is the first LNG exporter of the United States, plans to construct seven trains neighboring Corpus Christi Bay across a sprawling terrain of 1,000 acres. The trains are expected to own a combined production capacity of 9.5 mtpa. The first train is estimated to run in 2022.
BP Midstream’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters.
Dril-Quip earnings beat the Zacks Consensus Estimate in three of the previous four quarters.
5 Stocks Set to Double
Zacks experts released their picks to gain +100% or more in 2020. One is a famous cutting-edge food company that is “hiding in plain sight.” Swamped with competitors and ignored by Wall Street, its stock price floundered. Now, suddenly, it acquired a company that gives it an advantage none of its peers have.
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Cheniere Units Ink New Gas Supply Deal With EOG Resources
Cheniere Energy, Inc.’s (LNG - Free Report) subsidiaries Corpus Christi Liquefaction, LLC and Cheniere Corpus Christi Liquefaction Stage III, LLC have entered into a new multi-year gas supply agreement with EOG Resources, Inc. (EOG - Free Report) , one of the largest independent crude oil and natural gas companies in the United States.
Per the terms of the agreement, EOG Resources will sell natural gas for roughly 15 years to Cheniere Energy starting early next year. Initially, the former plans to supply 140,000 MMBtu of gas per day, which will later be ramped up to 440,000 MMBtu. While the initial 140,000 MMBtu of gas will be sold to Cheniere Energy at a price indexed to Platts Japan Korea Marker, the remaining 300,000 MMBtu will be benchmarked to Henry Hub prices.
Corey Grindal, senior vice president, Cheniere Energy’s Gas Supply, stated that this contract, which is the company’s second Integrated Production Marketing (IPM) transaction, will back the company’s Corpus Christi Stage III Project. Moreover, the IPM commercial structure will build on Cheniere Energy’s infrastructure and prospects in Corpus Christi, providing optimal access to global LNG prices and a long-term flow guarantee to its domestic natural gas producers. This will help Cheniere Energy grow with a secure supply of natural gas and commercial support.
Part of the deal is contingent on customary conditions including a favourable final investment decision on Corpus Christi Stage III project. Cheniere Energy, which is the first LNG exporter of the United States, plans to construct seven trains neighboring Corpus Christi Bay across a sprawling terrain of 1,000 acres. The trains are expected to own a combined production capacity of 9.5 mtpa. The first train is estimated to run in 2022.
Cheniere Energy, Inc. Price
Cheniere Energy, Inc. price | Cheniere Energy, Inc. Quote
Zacks Rank & Key Picks
Cheniere Energy carries a Zacks Rank #5 (Strong Sell).
Better-ranked players in the energy space include BP Midstream Partners and Dril-Quip, Inc. (DRQ - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BP Midstream’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters.
Dril-Quip earnings beat the Zacks Consensus Estimate in three of the previous four quarters.
5 Stocks Set to Double
Zacks experts released their picks to gain +100% or more in 2020. One is a famous cutting-edge food company that is “hiding in plain sight.” Swamped with competitors and ignored by Wall Street, its stock price floundered. Now, suddenly, it acquired a company that gives it an advantage none of its peers have.
Today, see all 5 stocks with extreme growth potential >>