Exxon-backed Golden Pass LNG Facility Offline, Gas Intake Halts
XOM sits 29% above its 52-week low of $105.525 on light trading volume (0.1× avg).
Summary
Golden Pass LNG, a joint venture involving Exxon Mobil, appears to be offline with a near halt in natural gas intake, according to LSEG data. The facility, which has been commissioning its first LNG train since March, processed significantly less gas than its capacity, leading to flaring. This operational setback indicates a delay or issue in bringing the large-scale export project online, potentially impacting Exxon Mobil's future LNG production and revenue. The cause of the flaring remains under investigation.
At the time of this announcement, XOM was trading at $135.95 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $563.5B. The 52-week trading range was $105.53 to $176.41. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.