- Cheniere Energy (NYSE:LNG) +1.7% premarket on news that Spanish energy company Endesa (OTCPK:ELEZF) agrees to purchase ~1.5M tons/year of liquefied natural gas from the company's planned Corpus Christi export operations.
- The agreement is for 20 years from the first commercial delivery, with an option for an extension of as many as 10 years; deliveries are expected to start as soon as 2018.
- Endesa is the planned export operation's second foundation customer; the project is being designed with a total production capacity of 13.5M tons/year.
- Deutsche Bank raises its price target on LNG shares to $67 from $57 on the news, noting the contract represents ~33% of the volume from the first liquefaction train expected to be built at Corpus Christi.