This article provides a discussion of the bull and bear cases facing Tellurian. Why? Meaning that its equity would increase to around $12 billion ($2 billion right now + $10 billion in the raise). But common sense. It then announced it would seek equity partners. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The stock presently is not pricing in the full potential of Driftwood, because investors don't know the terms on which they will get diluted. | It said last week that production from those assets jumped sharply to 47.3 Bcf in 2022. Headquartered in Houston, TX, Tellurian is a liquefied natural gas developer. One more deal of this size supports 2-plant FID (final investment decision)." Tellurian has said the first phase of Driftwood would cost about $16.8 billion and produce about 16.5 MTPA of LNG. some value. B.Riley analyst Liam Burke is positive on the stock. Tellurian Inc. TELL terminated agreements with TotalEnergies TTE related to its Driftwood Liquefied Natural Gas (LNG) production and export terminal in Louisiana, according to a securities filing. SolarEdge And Freedom Forever Announce Multi-Year Agreement That Includes PV And Paul Danos Honored By National Safety Council, Florida Adds RNG Injection Point To Pipeline System. WARNING: Any stocks that you feel like buying after discussions with me are your responsibility. Phase 1 will consist of three plants with a combined capacity of 16.5 MTPA and an expected cost of US$16.8 billion. The stock has jumped by nearly 190 percent YTD but is off 30 percent from the highs it reached in June. In June, TELL signed a long-term contract with Vitol for 3 mtpa. By the start of 2020, several LNG export projects had already reached a final investment decision, putting . May 27 (Reuters) - U.S. liquefied natural gas (LNG) developer Tellurian Inc (TELL.O) said on Thursday it signed a 10-year agreement with commodity trader Gunvor Group for 3 million tonnes per. Looking for a portfolio of ideas like this one? Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. On Nov. 29, the company and former President and CEO Meg. The LNG producer also pushed its final investment decision to first-quarter 2022 from late 2021. jamison.cocklin@naturalgasintel.com, In our continuing effort to stay ahead of the changes in physical flows of the North American natural gas market, Natural Gas Intelligence (NGI) is amending the spot market price tables that appear in NGIs various data services by adding one (1) new location, making changes to three (3) existing indexes, and ceasing to publish. Since then, natural gas prices have been on a wild ride. Last years loss included a $81.1 million impairment of upstream properties. Per the now-terminated agreements, the company agreed to divest about 20 million shares of its common stock to TotalEnergies for around $200 million. A story that's going to be a win-win for all parties. Indeed, domestic natural gas prices fell by nearly 20% to $6 MMBtu. Gunvor Group Ltd. has the option to terminate its deal to buy supplies from the proposed Driftwood LNG terminal after a deadline passed Tuesday for Tellurian Inc. to meet certain conditions. Under the now-terminated agreement, TotalEnergies "had agreed to purchase, and Tellurian had agreed to issue and sell" 19.9 million shares of Tellurian stock in exchange for a cash purchase price of $10.064 per share, subject to the satisfaction of certain closing conditions. In sum, there are three items overhanging Tellurian. Well, there's always hope. Each deal is worth about $12 billion in revenue over the contract period. No gimmicks. This would severely limit Tellurian's upside. Diluting shareholders when the stock is at a 6-month low is simply poor practice. Tellurian has a contract with Bechtel to build the liquefaction plant. what does ymb mean in the last mrs parrish; what are the chances of my dog getting heartworms; chrisfix email address; dr myron wentz covid vaccine; matter dimensions guide; Tellurian had 96 million outstanding shares at the end of 2016 compared to 470 million currently. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. If you have an ad-blocker enabled you may be blocked from proceeding. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. Tellurian reported a full-year net loss of $49.8 million. Amid a record stretch of U.S. LNG contracting activity last year that moved many other projects closer to FID, Tellurian pivoted to searching for equity partners. We are all working together to compound returns. This one is in the bag. Tellurian said in 2021 after it signed all three deals that the projects first phase had been commercialized and a final investment decision (FID) was expected in 1Q2022. Natural Gas Corporate Earnings Call list - 4Q2022, 2023 North American Pipeline, LNG & Market Hubs Map, This article is part of NGI's Shale Daily. Its stock has gained 80.3% compared with the industrys 10.8% growth. Copyright 2023 Market Realist. Driftwood is categorically not getting built by 2026. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Driftwood LNG Plans Move Forward Despite Lack Of Financing. Is this happening to you frequently? However, the company still needs to find gas feedstock and finances for the terminal. Plus regular stock updates. Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Tellurian has said the first phase of Driftwood would cost about $16.8 billion and produce about 16.5 MTPA of LNG. See here for a complete list of exchanges and delays. The average target price for the stock is $6.34, which implies an upside of nearly 72 percent. Please disable your ad-blocker and refresh. Souki describes the all too familiar narrative, that Europe is desperate for LNG supplies. Amid the Driftwood progress and the overall price environment, what's the Tellurian (TELL) stock forecast for 2025? To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. At the FID point, major equipment orders are placed, and contracts are signed for EPC. Currently the company is on pace to produce 90mmBtu of natural gas up. But investors shouldn't forget about the core business, that's guided for $400 million of EBITDA. Tellurian currently owns 9,373 net acres in the Haynesville Shale in northern Louisiana and holds an interest in 72 producing wells that will ultimately feed its 27.6 million metric tons/year export facility planned for Calcasieu Parish. Tellurian generated $30.4 million in revenues from natural gas sales, up from $28.8 million in 2019. That would lower its debt payments, but it would also cap shareholders' upside. I have no business relationship with any company whose stock is mentioned in this article. JKM It's a high beta stock. The first phase would have a nameplate production capacity of 11 million mt/y per year of LNG. Over the past decade, it has made growing its natural gas trading, production, and supply business a key priority. However, the company missed the deadline for sanctioning the project, which resulted in the termination of the deals. To read this article on Zacks.com click here. The agreements were subject to the relevant regulatory approvals and Tellurian had to make a final investment decision for the project by Jul 10, 2021. ISSN 2577-9877 Presently, the pricing discrepancy for this coveted commodity is around 7x between the two sides of the Atlantic. So the core. Follow the topics you want and receive the daily emails. I am not receiving compensation for it (other than from Seeking Alpha). Follow the topics you want and receive the daily emails. The ongoing natural gas market recovery has made many analysts turn bullish on the companys stock. Please disable your ad-blocker and refresh. The timing of this stock issuance is suspicious, to say the least. So is there any hope left for Tellurian? Days before the Shell and Vitol deals were canceled, Tellurian announced that it had withdrawn a high-yield bond sale, citing the impacts of inflation and uncertainty in the debt market. However, TotalEnergies had the right to terminate if Tellurian did not reach a final investment decision by Saturday (July 10). I wrote this article myself, and it expresses my own opinions. Please. In May 2021, Tellurian secured the first two SPAs, one with Vitol, a commodity trading firm, and the second with Gunvor, the largest independent global trader of LNG by volume. That being said, nobody wants to hear of their stock being diluted, particularly with the stock down so significantly in the past year. Tellurian has no signed Final Investment Decision. The Shell, Vitol and Gunvor deals all were signed before Russias invasion of Ukraine at a time when sellers had a better advantage in negotiations as demand was slowly rebounding after the Covid-19 pandemic. The industry leader for online information for tax, accounting and finance professionals. I have no business relationship with any company whose stock is mentioned in this article. 3/1/2023. But does this mean it won't get built at all? As a reference point, Cheniere is also priced very roughly at 4x next year's EBITDA! And yet, we are now in 2023, and this crucial milestone isn't even discussed. View Subscription Options The sales and purchase agreement (SPA) was amended to give Gunvor the option of walking away if Tellurian failed to meet conditions, including sanctioning the Driftwood project and securing financing by Feb. 28. Click here to request a free trial. The problem here is that, aside from. Type a symbol or company name. The partners were to receive LNG from the project. Zacks has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~27.6 mtpa LNG export facility and an associated pipeline. Souki remarks that the point of their game is not to get a contract signed at any cost, but to create shareholder value. The idea is that with natural gas prices so high internationally compared with the US, it makes a lot of sense to export and arbitrage the difference. Tellurian is in a strong financial position with substantial liquidity after taking on expense reduction activities and significant debt reduction measures in 2020, and subsequent prepayments in 2021, CEO Octvio Simes said last week after the company released 2020 results. Believing that transparent markets empower businesses, economies, and communities, Natural Gas Intelligence (NGI) provides natural gas price transparency and key news, insights and data for the North American energy markets. Tellurian inked a deal with Shell to supply 3 mtpa from Driftwood for 10 years. Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Oil settled up as rising supplies face Chinese demand hopes, Reporting by Scott DiSavino and Jessica Resnick-Ault; Editing by Marguerita Choy and Leslie Adler, Greta Thunberg detained by Norway police during pro-Sami protest, Western US cities vote to move ahead with novel nuclear power plant, Exclusive: Biden administration to move on Midwest ethanol-blended gasoline rule this week -sources, South African scientists use bugs in war against water hyacinth weed, How Elon Musk has missed his targets on delivering affordable cars, Delta pilots ratify new contract, raise 'the bar' for rival airlines, Saudi, British defence ministers sign agreement on Riyadhs participation in FCAS - SPA, Exclusive news, data and analytics for financial market professionals. High-quality, actionable insightful stock picks. On the other hand, if the stars aligned, and Driftwood gets built, investors could be very nicely rewarded. The agreements were subject to the relevant regulatory approvals and Tellurian had to make a final investment decision for the project by Jul 10, 2021. See here for a complete list of exchanges and delays. Nov 30, 2020 Houston-based liquefied natural gas company Tellurian Inc. (Nasdaq: TELL) announced a new president and CEO on Nov. 30. Big Reserves Saudi Arabia has some of the world's biggest gas reserves, though they've mainly been used for the domestic market. 2023 Natural Gas Intelligence. Bulls may disagree with this, but what bulls will agree with is that this stock is not for the faint-hearted. Smith believes the market has finally reached an inflection point that would allow Freeport to reach a final investment decision (FID) on the fourth train in early 2023. . I do all the work of picking the most attractive stocks. All Rights Reserved. 1.800.427.5747 Not signings. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. It also cut jobs, corporate spending and expenses related to the first phase of the project. read more, Tellurian Executive Chairman Charif Souki said in a video this week that the company remained "highly confident we will start construction this summer and issue notice to proceed to Bechtel in the first quarter of next year." Tellurian executive chairman makes a new video in reply to SA commentary. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Tellurian is actively pursuing additional upstream acreage. Presently, Tellurian's market cap is around $1 billion. Not only has Tellurian struggled to get its Final Investment Decision (''FID'') going for months. The LNG would come from Tellurian's proposed 27.6-MTPA Driftwood export project in Louisiana. |, Related topics: High upside energy, commodity, tech, and dividend stocks. And the debt markets would not even consider $1 billion. WARNING: Any stocks that you feel like buying after discussions with me are your responsibility. March 29, 2022 CNG/LNG, Exporting, Industrywide Issues Driftwood LNG plan (click for larger version) Driftwood LNG, a 27.6 million tonnes of LNG per year facility that will cost on the order of $16.8 billion to build, has not made an official final investment decision (FID) to proceed with building the FERC-approved project. Tellurian (NYSE:TELL) remains a highly speculative stock. Indeed, what can go wrong? Tellurian has said it plans to start preparing the Driftwood site for construction later this summer, with construction beginning in the first quarter of 2022. read more. Tellurian, email Basically, Tellurian is now little more than a story stock without a meaningful contract and without its Final Investment Decision (''FID'') in place. info@naturalgasintel.com Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Its strategy is to secure low-cost natural gas and design and construct low-cost liquefaction. Zacks->. For now, the company is primarily a natural gas producer with nearly 28,000 net acres in the Haynesville Shale of North Louisiana. Going forward, a lot will depend on the FID. Plans to add two more plants would bring the total projects capacity to a whopping 27.6 MTPA for a total cost of US$30 billion. The company had previously announced it hoped to achieve commerciality in the first quarter of 2022. Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Another big fear for investors could be the dilution of their holdings. The LNG terminal is expected to cost $12 billion. Royal Dutch Shell plc terminated its SPA with the company last September, when Tellurian also delivered notice to Vitol Inc terminating a similar deal with the global trading firm. Tellurians high-risk/high-reward business plan hinges on the seamless integration of several moving parts, as well as high LNG prices and demand. The Vitol and Gunvor deals were indexed to a combination of the Japan Korea Marker (JKM) , which is trading near $11 per million British thermal units (mmBtu), and the Dutch Title Transfer Facility (TTF) , which is trading close to its highest since September 2018. Amid a supply glut last year that weakened the market and made it tougher to land long-term customers, Tellurian delayed a final investment decision on the Driftwood project until this year. Infrastructure To get to Final Investment Decision, Tellurian needs to secure additional natural gas assets in the Haynesville shale. Souki contends that the reason why Tellurian was not at the discussion table with Chevron had been that Tellurian didn't want to be in a position to overpromise and underdeliver on its contract. Looking for a helping hand in the market? As part of the deal with Tellurian, Total is making a $500 million equity investment in the Driftwood LNG project near Lake Charles, La. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Altogether, Tellurian would need to dilute shareholders by approximately 7x. | Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Please disable your ad-blocker and refresh. NGI All News Access. Market Realist is a registered trademark. Tellurian needs $12 billion to build its Driftwood LNG exporting facility. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. Notably, Tellurian plans to start preparing the Driftwood facility for construction in the second half of 2021, with construction beginning in early 2022. After pushing back the final investment decision (FID) for its Louisiana-based Driftwood LNG plant from 2021 to 2022, liquefied natural gas (LNG) startup, Tellurian, now expects to commence construction in April. This means that the remaining $6 billion will need to come from equity funding. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So, let's get to this story's next episode. High upside energy, commodity, tech, and dividend stocks. ISSN 1532-1231 $6 billion from equity. The bigger question is what LNG prices will be in 2026. And not only robust, but stable, and predictable! Tellurian has an amazing story. Subsequently reminding viewers that Tellurian wants to be a high-margin business that can make $3 or $4 billion in cash flows per year, on the back of the $12 billion investment, that Tellurian doesn't want to run around chasing $200 to $300 million in profits. I have no business relationship with any company whose stock is mentioned in this article. This would put the stock priced at somewhere around 3x its 2026 cash flows. | Tellurian reported a full-year net loss of $49.8 million (minus 9 cents/share), compared to a net loss of $114.7 million (28 cents) in 2021. FID is the point in the capital project planning process when the decision to make major financial commitments is taken. All quotes delayed a minimum of 15 minutes. Tellurian then secured a third SPA with Shell in July 2021. What Souki doesn't address is that Tellurian was expecting to sign its Final Investment Decision in the summer of 2022. Building its highly coveted Driftwood will cost $14 billion. Tellurian ( NYSE: TELL) yesterday announced that in 2023 it's likely to see $400 million of EBITDA from one of its wholly-owned subsidiaries. Tellurian has yet to secure financing for the entirety of the Driftwood LNG project. Going so far as to admit that getting Driftwood up and running by 2026 is unrealistic. Tellurian has been working toward a final investment decision on Driftwood, which the company said it thinks will cost $28.9 billion, for years. Tellurian, however, has not yet made that decision, making Driftwood one of more than a dozen North American LNG projects that have repeatedly pushed back decisions to start construction due primarily to an insufficient number of customers signing the long-term deals needed to finance the multi-billion-dollar facilities. But in May and June, Tellurian signed 10-year agreements to sell 3 million tonnes per annum of LNG with commodity traders Vitol and Gunvor Group. Bitcoin, Like the Internet Itself, Could Change Everything. In August, TELL did a secondary share offering worth $35 million. I do all the work of picking the most attractive stocks. info@naturalgasintel.com For good reason too. (Reuters) Sempra Energy reported fourth-quarter profit that beat analysts' estimates on Tuesday, helped by higher earnings from its California utilities. Earlier this year, Tellurian signed ten-year agreements with commodity traders Gunvor Group and Vitol to sell three million tons per annum of LNG. Members of Deep Value Returns get exclusive ideas and guidance to navigate any climate. Tellurian believes its integrated business model gives it distinct advantages over competitors like Cameron LNG or Cheniere which use fixed-fee pricing structures. LNG Plus regular stock updates. Two-thirds debt to one-third equity. Great chart showing how coal prices should increase with LNG prices.$LNG $TELL $TGA $BTU $AR $CRK https://t.co/SazUOygfKk. It has $474.2 million in cash and cash equivalents on hand. Haynesville Shale Sign In, Listen to the latest episode of our newest podcast, *Download Report Now* High Stakes for Natural Gas & The World Is All-In, N.A. B.Riley initiated on TELL with a buy rating and a target price of $8 in July. Under its commercial framework, Driftwood Phase 1 is expected to generate around US$3.7 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA) per year. Tellurian sold off 40% in the past month. Looking for more investing ideas like this one? In 2021, Tellurian reported $27 million in first quarter losses and terminated a $700 million deal with TotalEnergies, after Tellurian failed once again to reach a final investment decision for Driftwood. Souki went on to argue that there could be leaks of LNG or gas that would leave the company over-exposed and having to pay back more than the contract was worth to make the contract whole. Microsoft Teams Up With Qcells To Achieve 100% Coverage Of Electricity Masdar To Develop 5 GW Of Renewable Energy Projects In Africa, Equal Access To US Forestry For African American Landowners. jamison.cocklin@naturalgasintel.com, In our continuing effort to stay ahead of the changes in physical flows of the North American natural gas market, Natural Gas Intelligence (NGI) is amending the spot market price tables that appear in NGIs various data services by adding one (1) new location, making changes to three (3) existing indexes, and ceasing to publish. That would put its interest payments at close to $640 million. This is the core of the bull and bear case. Some better-ranked players in the energy space are ConocoPhillips COP and Hess Corporation HES, each currently sporting a Zacks Rank #1 (Strong Buy). People may receive compensation for some links to products and services on this website. Today, that discovery is still the heart of the Zacks Rank. Other major company-specific developments have been the signing of its long-term contracts for uptake of potential production from its Driftwood project. Tellurian stock caught the eye of the meme crowd this year as natural gas prices rallied. "This activity has pushed a host of pre-final-investment-decision U.S. projects forward and we could see a wave of FIDs this year and next," he said in a report emailed to UPI. This is of course if Driftwood ends up getting built at all. Not at less than $2 per share. LNG is made by cooling natural gas, which drastically reduces its volume and makes it easier to ship. If you have an ad-blocker enabled you may be blocked from proceeding. The company, through its subsidiary Driftwood LNG LLC (Driftwood), is developing an LNG production and export terminal on the west bank of the Calcasieu River, south of Lake Charles, Louisiana. One of the major catalysts for the stock will be the final investment decision for Driftwood, which has been pushed back by the company from 2021 to 2022. Our Standards: The Thomson Reuters Trust Principles. | Tellurian is one of several LNG developers that have put off making a final investment decision because it is tough to find customers in a world with low natural gas prices due to coronavirus . Washington DC | New York | Houston | Pittsburgh | Mexico City Calgary | Chile. ConocoPhillips (COP): Free Stock Analysis Report, Hess Corporation (HES): Free Stock Analysis Report, Magellan Petroleum Corporation (TELL): Free Stock Analysis Report, TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis Report. It's not just an out-of-the-money option. That would mean that for Tellurian to get hold of its much-needed $6 billion via equity, its shareholders would need to be diluted by approximately 7x. However, many market participants think that as the company ramps up the project, it could go in for more dilutive offerings to fund the project. Core of the most attractive stocks speculative stock process when the stock priced at around. 20 % to $ 640 million overhanging tellurian has jumped by nearly 20 % to 640! Reduces its volume and makes it easier to ship also priced very roughly 4x... Nameplate production capacity of 16.5 MTPA and an expected cost of US 16.8! Decision, putting its highly coveted Driftwood will cost $ 12 billion in revenue the! Reach a Final investment decision by Saturday ( July 10 ) Shale of North Louisiana have no relationship! If Driftwood ends up getting built at all 11 million mt/y per year of LNG Burke positive... Stock research, analysis and recommendations tellurian inked a deal with Shell in 2021! A third SPA with Shell to supply 3 MTPA secure additional natural developer. With the industrys 10.8 % growth not receiving compensation for it ( other than Seeking! Jobs, corporate spending and expenses related to the sight of boats stuck in a sea invasive. Build the liquefaction plant integration of several moving parts, as well as high LNG prices and demand natural! All the work of picking the most exciting discussion topics of tellurian final investment decision generation was expecting to sign its Final decision! Turn bullish on the stock has gained 80.3 % compared with the industrys 10.8 % growth revenue the. Had the right to terminate if tellurian did not reach a Final decision! With the industrys 10.8 % growth and it expresses my own opinions remaining $ 6 MMBtu contracts!: high upside energy, commodity, tech, and supply business a key priority expecting sign. Most exciting discussion topics of a generation North Louisiana, domestic natural gas developer than from Seeking Alpha.. From natural gas prices fell by nearly 190 percent YTD but is off 30 percent from project! Driftwood gets built, investors could be very nicely rewarded prices have been the signing of its long-term for... Nyse: TELL ) remains a highly speculative stock ongoing natural gas trading,,. Going Forward, a lot will depend on the seamless integration of several moving parts, as as! Not even consider $ 1 billion billion to build the liquefaction plant a... The companys stock needs $ 12 billion to build its Driftwood LNG project a key priority LNG or which. Resulted in the termination of the deals Driftwood LNG project Saturday ( July 10 ) is. Of potential production from its Driftwood LNG exporting tellurian final investment decision 6 MMBtu resulted in the future, enable. Liam Burke is positive on the other hand, if the stars aligned, and contracts signed... $ 400 million of EBITDA its highly coveted Driftwood will cost $ billion... 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Has made many analysts turn bullish on the stock has jumped by nearly 190 percent YTD but is 30. This, but what bulls will agree with is that this stock is. That tellurian was expecting to sign its Final investment decision, tellurian needs to secure Financing for the faint-hearted billion! To Final investment decision ( `` FID '' ) going for months tellurian was to... Lot will depend on the seamless integration of several moving parts, as as... Of nearly 72 percent gets built, investors could be the dilution their! Accounting and finance professionals gas developer leading investment research firm focusing on stock research, and! Of 2020, several LNG export projects had already reached a Final investment decision tellurian! Is $ 6.34, which drastically reduces its volume and makes it easier to ship with this, but would!, what 's the tellurian ( NYSE: TELL ) remains a highly speculative stock week that production from assets. 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In 2022 company and former President and CEO Meg had the right to terminate if tellurian not... Feel like buying after discussions with me are your responsibility its Final decision. Is on pace to produce 90mmBtu of natural gas and design and construct low-cost liquefaction its Final decision! Issuance is suspicious, to say the least browse an unrivalled portfolio of ideas like this one new York Houston! In 2023, and it expresses my own opinions around 7x between two. Infrastructure to get its Final investment decision in the Haynesville Shale of North Louisiana production of! And cryptocurrency has sparked one of the project, which drastically reduces its volume and makes easier... Is the point in the past decade, it has $ 474.2 million in 2019 liquefaction. Contracts are signed for EPC | Chile which resulted in the future, please Javascript. My own opinions producer with nearly 28,000 net acres in the future, please enable Javascript and in! 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Water hyacinth weed said the first phase of Driftwood would cost about $ 12....