TC Energy's (TRP) GTN XPress Expansion Receives FERC Approval
TC Energy Corporation (TRP) secured permission from the Federal Energy Regulatory Commission (“FERC”) for its GTN XPress project, a significant expansion initiative led by TRP’s Gas Transmission Northwest LLC (“GTN”). This development will enable GTN to integrate an additional 150,000 dekatherms per day of firm transportation service into its existing mainline system.
The order extends permission for GTN to proceed with the installation, construction, modification and operation of specific natural gas compression facilities located at the No. 5 Athol, No. 7 Starbuck and No. 10 Kent Compressor Stations, strategically situated in Idaho, Washington and Oregon, respectively.
Despite the regulatory nod from FERC, the GTN XPress project has faced opposition from prominent figures in Northwest Pacific. The current Governor of Washington, Jay Inslee, said that the decision, in his view, contradicts the federal government's ongoing climate investments under the Inflation Reduction Act.
Furthermore, Oregon's U.S. Senator Jeff Merkley raised alarm over the potential environmental impact of the project. Merkley asserted that the venture could lead to an annual addition of 1.9 million metric tons of carbon emissions, which will raise the region’s pollution level.
TC Energy is a powerhouse in North America's energy sector, boasting an extensive infrastructure portfolio that drives everyday life. Some other stocks for investors interested in the energy sector are Matador Resources Company MTDR, Pioneer Natural Resources Company PXD and Diamondback Energy Inc. FANG.
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 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%.
Pioneer Natural Resources is a leading upstream energy firm with primary operations in the Permian basin, which is among the lucrative oil shale plays in the United States with fewer risks. Its total holding of more than 1 million net acres in the Permian basin will support long-term oil production growth. PXD has witnessed an upward earnings estimate revision for 2023 in the past seven days.
PXD’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 4.34%.
Diamondback Energy is an independent oil and gas exploration and production company with its primary focus on the Permian Basin, where it has around 491,000 net acres. With an attractive production profile, favorable industry trends and FANG’s low breakeven economics, the margin of safety on investment is likely very high. The company has witnessed an upward earnings estimate revision for 2023 in the past seven days.
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
Pioneer Natural Resources Company (PXD) : Free Stock Analysis Report
TC Energy Corporation (TRP) : Free Stock Analysis Report
Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report
Matador Resources Company (MTDR) : Free Stock Analysis Report
