ExxonMobil Secures LNG Export Extension for Golden Pass Project

Exxon Mobil Corporation XOM and QatarEnergy’s $10 billion Golden Pass LNG project in Texas has received a crucial export extension from the U.S. Department of Energy. The new approval extends the deadline to begin exports from Sept. 30, 2024, to March 31, 2027, providing additional time to complete construction and commence operations.Once operational, Golden Pass will be the ninth-largest liquefied natural gas (LNG) export terminal in the United States, with a daily export capacity of 2.57 billion cubic feet of LNG. The facility is expected to begin production in late 2025, with exports commencing shortly thereafter.The extension followed a broader U.S. policy shift on LNG exports. While the Biden administration recently paused new LNG export approvals to assess economic and environmental impacts, this decision does not affect previously sanctioned projects like Golden Pass. Initially approved for exports to non-free trade agreement countries under the Trump administration, the project remains a key part of ExxonMobil’s long-term LNG growth strategy.Golden Pass' developers requested a three-year construction extension last August, citing contractor changes that could delay full completion until November 2029. A company spokesperson emphasized that the extension provides necessary contingency time to address uncertainties inherent in large-scale infrastructure projects.With QatarEnergy holding a 70% stake and ExxonMobil owning the remaining 30%, Golden Pass represents a crucial asset for ExxonMobil’s expanding LNG portfolio. The project is strategically positioned to serve growing energy demand in Asia and Europe, reinforcing the company’s role in the global LNG market.As the United States maintains its position as the world’s largest LNG exporter, ExxonMobil’s Golden Pass project is set to play a significant role in meeting future energy needs despite ongoing regulatory and logistical challenges.XOM’s Zacks Rank & Key PicksCurrently, XOM carries a Zacks Rank #3 (Hold).Investors interested in the energy sector may look at some better-ranked stocks like Antero Resources Corporation AR, NextDecade Corporation NEXT and EOG Resources, Inc. EOG. While Antero Resources presently sports a Zacks Rank #1 (Strong Buy), NextDecade and EOG Resources carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.Antero Resources, one of the fastest-growing natural gas producers in the United States, boasts a strategic acreage position in the low-risk properties of the Appalachian Basin. The company has more than two decades of premium low-cost drilling inventory in the prolific basin, securing a strong production outlook. AR is well-positioned to capitalize on the increasing demand for LNG, both in the United States and globally. NextDecade is an emerging player in the LNG space with its Rio Grande LNG project in Texas. As demand for LNG continues to grow, the company’s strategic investments in infrastructure and its planned liquefaction capacity provide strong upside potential. With the global LNG market expanding, NEXT is well-positioned to tap into the increasing export demand from the United States.EOG Resources is an oil and gas exploration and production company with an attractive growth profile, upper-quartile returns and a disciplined management team. With highly productive acreages in premier oil shale plays like the Permian and Eagle Ford, the company has numerous untapped high-quality drilling sites. Additionally, EOG maintains a strong balance sheet and continues to reward shareholders with regular and special dividends. Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.See Stocks Now >>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 Exxon Mobil Corporation (XOM): Free Stock Analysis Report EOG Resources, Inc. (EOG): Free Stock Analysis Report Antero Resources Corporation (AR): Free Stock Analysis Report NextDecade Corporation (NEXT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks