Shell (SHEL) Backs Energy Transfer's New LNG Export License Bid
Shell plc (SHEL) has extended its support to Energy Transfer LP’s ET application for a fresh license to export liquefied natural gas (LNG) to countries lacking free trade agreements with the United States, reinforcing ET’s reputation as a reliable gas supplier, per a Reuters report.
Jill Davies, president of Shell North America LNG, emphasized the growing importance of supply reliability in recent dealings with non-free trade nations purchasing U.S. LNG. In a letter obtained by Reuters, Davies praised Energy Transfer's credibility to deliver on what it promises.
In August, ET sought an expedited export license for its proposed Lake Charles, LA, LNG facility, per a filing with the Department of Energy (DOE).
Earlier in May, the DOE declined Energy Transfer's request for a three-year extension on its previous license, citing insufficient grounds for a second extension. Numerous companies, including Commonwealth LNG, have been awaiting approval for their non-FTA licenses.
SK Gas LLC of South Korea and U.S.-based independent gas producer EQT Corporation EQT have also submitted letters to the DOE supporting Energy Transfer's application.
Energy Transfer has been actively pursuing the multi-billion-dollar Lake Charles LNG project since 2012. In an August filing, the company cited an inability to meet the existing license's 2025 deadline, proposing a new license by Feb 19, 2024, which would allow an additional seven years for project completion. The company cited unforeseen delays and the decision to incorporate a carbon capture and sequestration component into the plant as contributing factors to the construction timeline.
Shell is a group of U.S. and Europe-based big energy multinationals with operations across the world. Another stock for investors interested in the energy sector is Matador Resources Company MTDR.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2023 and 2024 over the past seven days.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 11.77%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
EQT Corporation (EQT) : Free Stock Analysis Report
Energy Transfer LP (ET) : Free Stock Analysis Report
Matador Resources Company (MTDR) : Free Stock Analysis Report
Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report
