Tellurian Inks Binding Letter for $1B Acreage Divestment, Leaseback
Tellurian Inc. inked a binding commitment letter to divest 800 acres of land owned by ...
Tellurian Inc. inked a binding commitment letter to divest 800 acres of land owned by Driftwood LNG LLC to Blue Owl Real Estate Capital LLC for $1 billion. The commitment also extends to the leaseback of the acres to Driftwood.
The commitment letter replaced a letter of intent dated April 4, 2023, between Tellurian and Blue Owl, Houston-based Tellurian revealed July 18 in a Securities and Exchange Commission Form 8-K filing.
Tellurian, which is developing the 27.6 million tonnes per annum (mtpa) Driftwood LNG project in Lake Charles, Louisiana,in two phases, has struggled to obtain financing to move forward with Phase 1 of the project estimated at around $14 billion. The leaseback deal is seen as part of Tellurian’s actions to get the project over the starting line.
Benchmark U.S. crudeoil for August delivery fell 40 cents to $75.35 a barrel Wednesday. Brent crudefor September delivery fell 17 cents to $79.46 a barrel.
Wholesale gasolinefor August delivery rose 3 cents $2.72 a gallon. August heating oilrose 4 cents to $2.64 a gallon. August natural gas fell 3 cents to $2.60 per 1,000 cubic feet.
Dow logs longest winning streak in 4 years, sees highest close in 15 months
U.S. stocks finished higher on Wednesday as the Dow Jones Industrial...
U.S. stocks finished higher on Wednesday as the Dow Jones Industrial Average clinched its eighth straight day in the green amid a flurry of corporate earnings reports. The blue-chip gauge DJIA, 0.31% finished 108.88 points, or 0.3%, higher at 35,060.81, according to preliminary closing data from FactSet. It marked the first time that the Dow finished above 35,000 since April 20, 2022, and its longest winning streak since September 2019. The S&P 500SPX, 0.24% gained 10.72 points, or 0.2%, to 4,565.69. The Nasdaq Composite COMP, 0.03% gained 4.38 points, or less than 0.1%, to finish at 14,358.02, preliminary data show.
The markets persisted even as earnings proved to be a mixed bag.Goldman Sachs' second-quarter earnings came in weaker than expected, and after the bell, Netflix's revenue fell short of forecasts—despite showing a surprisingly strong jump in subscribers. United Airlines and Teslabeat earnings estimates.
Energy benchmarks opened above the flat line, with higher oil prices and modest gains in S&P 500 futures aiding. Earnings season is ramping up, with Baker Hughes and Halliburton reporting second-quarter results. Both companies are lower in the premarket as tempered North American activity and revenues overshadow continuing momentum in the international markets.
Global oil benchmark Brent hovered above $80 on Wednesday, buoyed by China's pledge to reinvigorate economic growth and expectations that the U.S. Federal Reserve will stop raising interest rates soon.
U.S. housing starts declined 8% in June after 15.7% gain in May
The monthly data published by the US Census Bureau revealed on Wednesday that Housing...
The monthly data published by the US Census Bureau revealed on Wednesday that Housing Starts declined 8% on a monthly basis in June, following the 15.7% increase (revised from +21.7%) recorded in May. This reading came in much worse than the market expectation for a growth of 7.2%.
In the same period, Building Permits fell 3.7%, down sharply from May's 5.6% increase.
