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Tellurian (TELL) Drops Its Permian Pipeline Building Plans
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Tellurian Inc. (TELL - Free Report) discarded its plan of developing the Permian Global Access Pipeline (“PGAP”) worth $4.2 billion in Texas and Louisiana, following the departure of CEO Meg Gentle from the company.
Tellurian stated that it revoked its application from U.S. Federal Energy Regulatory Commission’s (“FERC”) review as the liquefied natural gas (“LNG”) industry is facing intense pressure due to the pandemic-induced demand reduction that caused global energy prices to collapse. The company further mentioned that Gentle’s decision to discontinue was due to the company’s failed attempt to secure effective commercial support for the clearance of its massive, long-planned Driftwood Project in Louisiana.
The Permian pipeline, which is a 625-mile natural gas pipeline, is expected to carry up to 2.3 billion cubic feet (“bcf”) of gas per day from the Permian shale in West Texas and Eastern New Mexico to Southwest Louisiana. Beside this, the U.S. LNG developer also intended to build other natural gas pipelines, namely the Driftwood Pipeline, with a carrying capacity of 4 bcf, as well as the Haynesville Global Access and Delhi Connector Pipeline, each holding a capacity of 2 bcf per day.
Given the uncertain times, Tellurian believes that the current state of business does not support the economic thresholds to proceed further with the PGAP project. The great plunge in energy prices, reduced consumption and the slow transition toward alternative energy caused a declining prospect for LNG exports. However, Tellurian is confident that the project will prove beneficial over time. Importantly, the company mentioned that if market conditions pick up and need an additional transportation solution, it will host new open season for prospective buyers along the project route.
Company Profile
Headquartered in Houston, TX, Tellurian is a liquefied natural gas developer. Its shares have gained 59% in the past six months.
Zacks Rank & Stocks to Consider
Tellurian currently carries a Zack Rank #3 (Hold).
In the past 60 days, the Zacks Consensus Estimate for Summit Midstream’s 2020 earnings has been raised by 25.9%.
Hess Midstream is expected to see earnings growth of 137% in 2021, while DCP Midstream is likely to see earnings growth of 199.5% next year.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Tellurian (TELL) Drops Its Permian Pipeline Building Plans
Tellurian Inc. (TELL - Free Report) discarded its plan of developing the Permian Global Access Pipeline (“PGAP”) worth $4.2 billion in Texas and Louisiana, following the departure of CEO Meg Gentle from the company.
Tellurian stated that it revoked its application from U.S. Federal Energy Regulatory Commission’s (“FERC”) review as the liquefied natural gas (“LNG”) industry is facing intense pressure due to the pandemic-induced demand reduction that caused global energy prices to collapse. The company further mentioned that Gentle’s decision to discontinue was due to the company’s failed attempt to secure effective commercial support for the clearance of its massive, long-planned Driftwood Project in Louisiana.
The Permian pipeline, which is a 625-mile natural gas pipeline, is expected to carry up to 2.3 billion cubic feet (“bcf”) of gas per day from the Permian shale in West Texas and Eastern New Mexico to Southwest Louisiana. Beside this, the U.S. LNG developer also intended to build other natural gas pipelines, namely the Driftwood Pipeline, with a carrying capacity of 4 bcf, as well as the Haynesville Global Access and Delhi Connector Pipeline, each holding a capacity of 2 bcf per day.
Given the uncertain times, Tellurian believes that the current state of business does not support the economic thresholds to proceed further with the PGAP project. The great plunge in energy prices, reduced consumption and the slow transition toward alternative energy caused a declining prospect for LNG exports. However, Tellurian is confident that the project will prove beneficial over time. Importantly, the company mentioned that if market conditions pick up and need an additional transportation solution, it will host new open season for prospective buyers along the project route.
Company Profile
Headquartered in Houston, TX, Tellurian is a liquefied natural gas developer. Its shares have gained 59% in the past six months.
Zacks Rank & Stocks to Consider
Tellurian currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Hess Midstream Partners LP (HESM - Free Report) , Summit Midstream Partners, LP (SMLP - Free Report) and DCP Midstream Partners , eachcurrently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Summit Midstream’s 2020 earnings has been raised by 25.9%.
Hess Midstream is expected to see earnings growth of 137% in 2021, while DCP Midstream is likely to see earnings growth of 199.5% next year.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>