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Cheniere (LNG) to Advance With Texas Corpus Expansion Project

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Cheniere Energy, Inc. LNG recently announced that it has made a positive financial investment decision regarding the LNG Corpus Christi Stage 3 Liquefaction Project (CCL Stage 3) and accordingly told Bechtel Energy Inc. to continue with the construction of CCL Stage 3, which commenced earlier this year under a limited notice to go ahead.

The expansion of the facility, which will need an investment of roughly $8 billion, is anticipated to have an output of more than 10 million tons per annum (Mtpa) of LNG.

To finance some of the cost of the construction of Stage 3, Cheniere stated that one of its subsidiaries closed an approximately $4-billion senior secured term loan due 2029 and a $1.5-billion working capital facility due 2027.

LNG’s President and Chief Executive, Jack Fusco, mentioned that the final investment decision on CCL Stage 3 represented a significant milestone for the company as it moves forward with this significant growth project, which will strengthen the firm’s top LNG infrastructure platform by providing much-needed volumes for the global LNG market by the end of 2025, generating long-term stakeholder value.

Situated in Corpus Christi Bay in San Patricio County, TX, the CCL facility is spread across 1,000 acres. As of now, the facility comprises three fully operational liquefaction units (trains), each capable of producing five Mtpa of LNG.

The CCL Stage 3 project will add up to seven midscale trains to augment the facility’s total nominal capacity to about 25 Mpta.

Cheniere Energy Inc. is primarily engaged in businesses related to LNG through its two business segments: LNG terminal and LNG and natural gas marketing. The company, through its controlling interest in Cheniere Energy Partners L.P., owns and operates the Sabine Pass LNG terminal in Louisiana – North America’s first large-scale liquefied gas export facility.

Cheniere currently sports a Zacks Rank #1 (Strong Buy). Some other similar-ranked stocks from the energy space that warrant a look include Whiting Petroleum WLL, Marathon Petroleum MPC and CNX Resources CNX. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Whiting’s 2022 earnings is pegged at $25.31 per share, up 87.6% from the projected year-ago earnings of $13.49.

The Zacks Consensus Estimate for WLL’s 2022 earnings has been revised about 13.2% upward over the past 60 days from $22.36 per share to $25.31.

Marathon Petroleum beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 65%.

The Zacks Consensus Estimate for MPC’s 2022 earnings is projected at $13.72 per share, up approximately 460% from the projected year-ago earnings of $2.45.

The Zacks Consensus Estimate for CNX Resources’ 2022 earnings is pegged at $3 per share, up 86.3% from the projected year-ago earnings of $1.61.


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