Today, 12:24 PM
- Golar LNG (GLNG +10.8%) shoots higher on heavy volume after signing a preliminary agreement with Russia's Rosneft (OTC:RNFTF) to develop floating liquefied natural gas plants in Latin America and potentially elsewhere.
- GLNG says it aims to sign two agreements that would give Rosneft capacity from its floating gas liquefaction plants under development.
- The new concept of floating LNG production has yet to be tested, and the first such plant - owned by Pacific Rubiales (OTCPK:PEGFF) and whose output is earmarked for sale to Russia's Gazprom (OTCPK:OGZPY) - is expected to come on stream later this year.
Wed, Feb. 25, 5:45 AM
Fri, Feb. 20, 10:23 AM
- Canada's government is planning tax breaks for developers of liquefied natural gas export projects in an effort to kick-start investment amid a low energy price environment.
- The government says the changes will allow LNG companies to deduct a higher share of capital costs, and expects the move to reduce corporate tax revenue by ~C$50M over the next five years.
- British Columbia, which is counting on LNG development and shipments to stimulate future growth, had lobbied for such tax breaks, as did the LNG industry.
- Potential LNG stocks include LNG, GLNG, SRE, GTLS, TGP, GMLP, GLOG, CQP, GLOP, DLNG.
Tue, Jan. 20, 8:49 AM
- Golar LNG (NASDAQ:GLNG) says CEO Doug Arnell will step down effective Feb. 1, citing his desire to return with his family to his home country of Canada.
- Arnell will be succeeded by Gary Smith, who has worked with GLNG since May as a consultant with special emphasis on increasing the utilization of the shipping fleet, and had worked for Shell and Chevron affiliate Caltex Australia in various roles for 25 years.
Fri, Jan. 9, 12:25 PM
- Frontline (FRO +10.1%) has now jumped 63% this week amid speculation that a plunge in crude prices is spurring demand for the vessels to store cargoes.
- “The re-emergence of floating storage is what could move the crude tanker market this year from being rather good to possibly very very good," says a shipping analyst at Pareto Securities in Oslo.
- Traders may park as much as 60M barrels of oil on tankers in the coming months, according to consulting firm JBC Energy.
- Among other tanker companies: TK +1.2%, TNK +3.4%, TOO -0.3%, TGP -0.1%, TNP -0.7%, GLNG -1.9%, NAT -0.6%, DHT +3.1%.
- Earlier: Reuters: Oil glut sparks top traders to book supertankers for storage at sea
Thu, Jan. 8, 4:38 PM
- Golar LNG Partners (NASDAQ:GMLP) -4.2% AH on news it plans to sell 7.17M common units to Golar LNG (NASDAQ:GLNG), using the proceeds to fund part of the recently announced contract with Keppel Shipyard to convert one of its first generation liquefied natural gas carriers into a floating natural gas liquefaction facility.
- The proceeds will be in addition to those expected to be received over the next two years from the announced $390M sale of the Golar Eskimo to GMLP.
Thu, Jan. 8, 12:36 PM
- Some of the world's largest oil traders are hiring supertankers to store crude at sea, Reuters reports: Trading firms including Vitol and Trafigura, and energy major Shell (RDS.A, RDS.B) are said to have booked crude tankers for up to 12 months in the past week.
- Freight brokers and shipping sources consider the flurry of long-term bookings unusual and suggests that traders could use the vessels to store excess crude at sea until prices rebound, repeating a popular 2009 trading gambit when prices last crashed.
- Analysts at JBC Energy say floating storage, while a sign of an oversupplied market, may provide some temporary support for oil prices in the coming weeks.
- Related tanker companies: TK, TNK, TOO, TGP, TNP, FRO, GLNG, NAT, DHT.
Dec. 24, 2014, 10:27 AM
- Golar LNG (GLNG +5.4%) says it has signed a heads of agreement for the development of a floating liquefied natural gas export project offshore Cameroon that could lead to output from early 2017.
- GLNG will provide the liquefaction facilities and services under a tolling agreement to SNH and Perenco as owners of the upstream joint venture; GLNG expects allocated reserves will be produced at the rate of ~1.2M metric tons/year of LNG over eight years.
- The project will be the first floating LNG export project in Africa; production is expected to begin in H1 2017.
Dec. 15, 2014, 4:31 PM
- Golar LNG Partners (NASDAQ:GMLP) agrees to acquire floating storage and regasification unit Golar Eskimo from Golar LNG Ltd. (NASDAQ:GLNG) for ~$390M.
- GMLP says it will finance the deal with cash on hand, the proceeds of a $220M loan from GLNG, and the assumption of outstanding bank debt related to FSRU which is expected to total ~$162M.
- As a result of the acquisition, GMLP says it is recommending an increase in its annualized distribution of $0.11-$0.13.
Dec. 15, 2014, 7:54 AM
- The Q-50 Index houses those companies next-eligible for inclusion into the Nasdaq 100 (NASDAQ:QQQ). Amid the Nasdaq 100's annual changes which added and dropped three from the index, the Q-50's quarterly re-ranking adds and drops eleven.
- Added: Ainylam Pharma (NASDAQ:ALNY), Expedia (NASDAQ:EXPE), F5 Networks (NASDAQ:FFIV), JD.com (NASDAQ:JD), MercadoLibre (NASDAQ:MELI), Maxim Integrated (NASDAQ:MXIM), Old Dominion Freight Line (NASDAQ:ODFL), Shire (NASDAQ:SHPG), Splunk (NASDAQ:SPLK), Stratasys (NASDAQ:SSYS), United Therapeutics (NASDAQ:UTHR).
- Dropped: Avis Budget (NASDAQ:CAR), Cree (NASDAQ:CREE), First Solar (NASDAQ:FSLR), Golar LNG (NASDAQ:GLNG), Methanex (NASDAQ:MEOH), Melco Crown (NASDAQ:MPEL), Nuance (NASDAQ:NUAN), SolarCity (NASDAQ:SCTY). Also dropped are the three Nasdaq 100 additions: American Airlines, Lam Research, and Electronic Arts.
- Source: Press Release
- Previously: Who's in, who's out in annual change to Nasdaq 100 (Dec. 13, 2014)
Nov. 26, 2014, 9:51 AM
Sep. 22, 2014, 12:31 PM
- Former BG Group CEO Sir Frank Chapman has taken over as chairman at Golar LNG (GLNG -2%), in a move that was widely expected.
- Chapman stepped down from his BG post at the end of 2012; he is currently non-executive chairman of the safety and ethics committee at Rolls Royce.
- Seadrill revealed on Friday that Tor Olav Troim, John Fredriksen's former right-hand man, was quitting its board and expects to focus on GLNG.
Sep. 19, 2014, 2:09 PM
- Seadrill (SDRL -6.4%) says Tor Olav Troeim, who until recently was considered John Fredriksen's right-hand man, is quitting its board, sending shares sharply lower.
- SDRL says Troeim will focus his efforts on developing liquefied natural gas shipping firm Golar LNG (GLNG +1.7%); it had been known that Troim’s position was set to change, but he was expected to remain a significant player at SDRL.
- Troeim recently owned ~2.6M SDRL shares, but it is not known whether he would sell his stake; Fredriksen reaffirms his commitment to SDRL, in which he is the biggest investor with a 24% stake.
- NADL -12%, SDLP -0.7%.
Sep. 19, 2014, 12:57 PM
- Golar LNG (GLNG +1.3%) is reiterated with a Buy rating and a higher $110 stock price target, raised from $75, at BofA/Merrill, which says GLNG is benefiting from rising demand for its planned floating liquefied natural gas production units.
- GLNG recently announced plans to build its first FLNG, and vice chairman Tor Olov Troim noted the first FLNG contract likely would be firmed in October, increasing GLNG's confidence to contract for a second FLNG and setting plans to build 10 in five years.
- The firm believes demand continues to scale for future FLNG vessels, which will drive bottom line value and support GLNG's desire to maintain its first to market mover advantage in building FLNGs.
Sep. 4, 2014, 5:36 PM
Sep. 4, 2014, 5:02 PM
- Golar LNG (NASDAQ:GLNG) -8.8% AH after launching a secondary offering of ~27.83M common shares by its principal shareholder, World Shipholding Ltd., with an underwriters option to purchase up to an additional ~4.17M shares.
- World Shipbuilding owned nearly 33.8M GLNG shares prior the offering, equal to ~36.5% of shares outstanding.
- GLNG will receive no proceeds from the sale.
GLNG vs. ETF Alternatives
Golar LNG Ltd is a midstream LNG company engaged primarily in the transportation, regasification and liquefaction and trading of LNG. It is engaged in the acquisition, ownership, operation and chartering of LNG carriers.
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