Seeking Alpha

Cheniere, Exxon are big winners in overhaul of natural gas export reviews

  • The U.S. Energy Department has finalized its plan to revamp the process for approving liquefied natural gas exports, largely codifying a process first proposed in May.
  • Beginning immediately, the DoE will only issue final rulings on whether exports are in the public interest after the FERC has completed an environmental review of the project.
  • The benefits of the change extend unevenly to the dozens of companies now vying to export U.S. natural gas, and some in the industry say the new process will exacerbate permitting delays for most companies.
  • The biggest winner under the new approach is Cheniere Energy (NYSEMKT:LNG), which already had gained FERC approval but faced a nearly two-year wait for the required Energy Department review of its proposed Sabine Pass expansion; it now moves to the front of the line to get a permit from the DoE.
  • Another winner is Exxon's (NYSE:XOM) Golden Pass project in southeast Texas, which also was far down the Energy Department’s list, even though it was well into the FERC review.
  • The new policy will not affect companies that already have received conditional approvals, such as Dominion's (NYSE:D) Cove Point project, Sempra's (NYSE:SRE) Cameron LNG project and Leucadia National's (NYSE:LUK) Oregon LNG project.
Comments (9)
  • patfactorx
    , contributor
    Comments (79) | Send Message
     
    $LNG is going to $100. The US needs to start moving Natural Gas to fight Putin.
    14 Aug 2014, 07:45 PM Reply Like
  • allanmsmith
    , contributor
    Comments (12) | Send Message
     
    What about Veresen's (VSN.TO) LNG projet in Jordon Cove Oregon ?
    14 Aug 2014, 10:46 PM Reply Like
  • freeman8201
    , contributor
    Comments (721) | Send Message
     
    yes their DOE approved.
    15 Aug 2014, 05:00 PM Reply Like
  • freeman8201
    , contributor
    Comments (721) | Send Message
     
    I seem their company one other Web-sites' but I remember Jordon LNG being DOE and FERC approved.
    http://bit.ly/1mSy5en
    http://bit.ly/1oYl8Uw
    15 Aug 2014, 08:34 PM Reply Like
  • Nesivos
    , contributor
    Comments (92) | Send Message
     
    "The biggest winner under the new approach is Cheniere Energy (NYSEMKT:LNG), which already had gained FERC approval but faced a nearly two-year wait for the required Energy Department review of its proposed Sabine Pass expansion; it now moves to the front of the line to get a permit from the DoE."

     

    ----------------
    Former Obama Energy Aide Named to Board of Fracked Gas Exports Giant Cheniere

     

    By: Steve Horn Friday June 20, 2014 11:14 am

     

    Revolving door: An Obama energy aide may join a fracking giant.

     

    Heather Zichal, former Obama White House Deputy Assistant to the President for Energy and Climate Change, may soon walk out of the government-industry revolving door to become a member of the board of directors for fracked gas exports giant Cheniere, who nominated her to serve on the board.

     

    The announcement, made through Cheniere’s U.S. Securities and Exchange Commission Form 8-K and its Schedule 14A, comes just as a major class-action lawsuit was filed against the board of the company by stockholders.

     

    In reaction to the lawsuit, Cheniere has delayed its annual meeting. At that meeting, the company’s stockholders will vote on the Zichal nomination.

     

    The class-action lawsuit was filed by plaintiff and stockholder James B. Jones, who alleges the board gave stock awards to CEO Charif Souki in defiance of both a stockholders’ vote and the company’s by-laws.

     

    You can read the rest on the link

     

    http://bit.ly/1mP7GxS
    14 Aug 2014, 11:44 PM Reply Like
  • toomuchgas
    , contributor
    Comments (686) | Send Message
     
    Ah, government approval. Why do they need to interfere at all? There should be clear guidelines that if they're met then the approval happens but of course that would eliminate thousands of government jobs and speed up the economy unnecessarily.
    15 Aug 2014, 02:03 PM Reply Like
  • SWG1
    , contributor
    Comments (6) | Send Message
     
    Disagree. This ruling just lets DOE kick the can down the road. These companies need DOE ruling upfront to be able to complete design. Without knowing which countries are approved to receive the LNG, then how can they complete the design? DOE ruling impacts number of ships required, size of storage, number of berths, sales specs, etc. This represents recent typical indifference of our Federal Govt to make a decision or support business. THIS IS NOT A GOOD NEWS DECISION.
    16 Aug 2014, 11:36 AM Reply Like
  • rimerman
    , contributor
    Comments (12) | Send Message
     
    FERC approval for corpus (which is coming soon) will be the next catylist to push this in to the 100s
    16 Aug 2014, 11:40 AM Reply Like
  • jpmj4847
    , contributor
    Comments (537) | Send Message
     
    In it for the long run....more may meet the eye....money makes more money and bull s--- walks
    20 Aug 2014, 11:11 PM Reply Like
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