June 6, 2017 - 8:31 AM EDT
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Featured Company News - Cheniere Energy Announces Achievement of Financial and Regulatory Milestones for the Midship Project; Targets Receipt of FERC Authorization

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LONDON, UK / ACCESSWIRE / June 6, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Cheniere Energy, Inc. (NYSE: LNG). The Company announced on June 02, 2017, that it has achieved important regulatory and financial milestones related to the development of its previously announced 200-mile 36-inch interstate natural, gas pipeline project, namely, the Midship Project. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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The Announcement

Cheniere Energy reported that the Midship Pipeline Company, LLC, has filed an application for a Certificate of Public Convenience and Necessity with the Federal Energy Regulatory Commission ("FERC") with respect to the Midship Project. Midship currently targets receipt of FERC authorization in early 2018 and in-service of the project in late 2018 or early 2019. This filing of the FERC application is viewed as an important development for the Midship project, which is being developed to provide a solution to producers in the Anadarko Basin, that ensures their output reaches growing demand markets along the Gulf Coast, including LNG exports.

Midship Holdings additionally entered into agreements with investment funds managed by EIG Global Energy Partners under which EIG-managed funds have committed to making an investment of up to $500 million in the Midship Project. The Companies plan to develop and construct up to full project design of 1,440,000 Dekatherms per day of throughput capacity, subject to Midship Holdings making a positive investment decision with respect to the Midship project, the investment from EIG, and equity contributed by Cheniere. EIG previously collaborated with Cheniere on the Corpus Christi Liquefaction terminal and expects to generate multiple synergies further along the LNG and midstream value chain.

The Midship Project

The Midship project is being developed in an attempt to create a pipeline capacity of up to 1,440,000 Dekatherms per day of firm transportation to connect production from the upcoming STACK and SCOOP resource plays in the Anadarko Basin in Oklahoma to growing Gulf Coast and Southeast markets. The Midship Project will consist of about 200 miles of 36-inch diameter new mainline pipeline, several laterals, compressor stations, and interconnects that will deliver receipts from STACK and SCOOP processing plants. Additionally, the mainline will provide deliveries to Bennington, Oklahoma and generate access to downstream markets, including the TexOk hub near Atlanta, Texas, and the Perryville Hub near Tallulah, Louisiana.

Recently, on March 17, 2017, the Company announced that Midship Pipeline Company, its wholly owned subsidiary has signed precedent agreements with foundation shippers to support the construction of a 200 mile 36-inch interstate natural gas pipeline project. This announcement of achievement of regulatory and financial milestones comes on the heels of the previously announced agreement of Midship with affiliates of Cheniere, Devon Energy Corporation, Marathon Oil Corporation, and Gulfport Energy Corporation.

Company Growth Prospects

Cheniere Energy, Inc. is a Houston-based energy Company that excels in LNG-related business and owns and operates the Sabine Pass LNG terminal in Louisiana. The Company recently reported its Q1 FY17 results on May 04, 2017. Cheniere reported net revenues of $1.21 billion for Q1 FY17, which was greater than $69 million for Q1 FY16. The Company observed a net profit of $54 million for Q1 FY17 versus $321 million loss for Q1 FY16.

Last Close Stock Review

On Monday, June 05, 2017, the stock closed the trading session at $49.26, rising 1.15% from its previous closing price of $48.70. A total volume of 1.17 million shares have exchanged hands. Cheniere Energy's stock price soared 3.60% in the last three months, 19.30% in the past six months, and 47.66% in the previous twelve months. Moreover, the stock surged 18.90% since the start of the year. At Monday's closing price, the stock's net capitalization stands at $11.85 billion.

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Source: ACCESSWIRE (June 6, 2017 - 8:31 AM EDT)

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