For American college sports fans, the past weekend kicked off the March Madness basketball tournament, when 64 teams battle for the national championship title. I enjoyed watching young athletes compete wholeheartedly for their schools. The tournament resumes this weekend!
Now, let’s shoot into two energy business news bytes.
Shangyou Nie
Editor, Well Read
The DOE Approves a Fifth LNG Permit
GreenOak/Shutterstock.com
The U.S. Department of Energy approved Venture Global LNG’s application to export gas to non-foreign trade agreement (FTA) countries from Calcasieu Pass 2 (CP2). This is the fifth LNG-related approval since the Trump administration has taken office.
Granting more time to commence LNG exports at Golden Pass (5 March)
Delaying the start of exports at Delfin LNG (10 March)
Project background:
The Biden administration approved CP2’s construction in June 2024. In November, it ordered a new environmental analysis be completed before Biden left office.
A draft of the new environmental analysis is in a public comment period until 31 March 2025.
Two months later, Venture Global’s share price was $11.78, down 51.6 percent. Its market cap was $28 billion. According to analysts, the poor stock price performance is partially due to revenue decline and operational red flags.
Venture Global said the costs to complete the project may increase further with potential tariff-related cost increases.
Investors are also reportedly concerned about Venture Global’s arbitration with customers Shell and BP, in which the two majors accused Venture Global of not honoring its long-term supply contracts and selling earlier LNG cargos to high-priced spot markets.
What they are saying: “The benefits of expanding U.S. LNG exports have never been more clear, and I am proud to be taking action to support the American people and our allies abroad with more affordable, reliable, secure American energy,” Wright said in a DOE statement.
What to watch:
Will Venture Global be able to take FID for Phase 1 of CP 2 project sometime in Q2 or Q3?
How will the arbitration between Venture Global LNG and Shell and BP end? What effect will the ruling have on future Venture Global LNG customers?
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Greenpeace Ordered to Pay $660 Million to Energy Transfer
Image by Axios AI
A North Dakota jury found Greenpeace liable for defamation and trespassing in connection with protests against the Dakota Access Pipeline project. Greenpeace was ordered to pay more than $660 million.
Greenpeace said that it will appeal to the North Dakota Supreme Court. It has also filed a lawsuit against Energy Transfer in the Netherlands.
The jury deliberated for two days before awarding damages of more than $660 million—more than twice the initial filing.
According to the Wall Street Journal, the lawsuit was initially filed in 2017 by pipeline giant Energy Transfer.
The lawsuit centers around 2016 protests in which Greenpeace, Native American tribal groups, and other activists camped onsite to block the pipeline’s construction. The protests lasted nearly a year.
Greenpeace denies the allegations, saying it played a minor role in the protests and did not participate in any violence.
The 1,172-mile pipeline was built to transfer crude oil from North Dakota to Illinois. It was completed in 2017 and cost $3.8 billion.
About Energy Transfer:
Dallas-based midstream giant Energy Transfer was founded in 1996 by Kelcy Warren and Ray Davis, now the majority owner of the Texas Rangers.
Energy Transfer has acquired several competitors and now has more than 125,000 miles of oil and gas pipelines and assets.
Its market cap is $64.7 billion.
About Greenpeace:
Greenpeace USA was established in 1975. It’s coordinated by Greenpeace International based in Amsterdam, the Netherlands and has offices in Washington, D.C. and Oakland, California.
Energy Transfer initially filed the lawsuit in the District Court of North Dakota. On 15 February 2019, the U.S. District Court dismissed the case.
Energy Transfer then filed a similar lawsuit in a North Dakota state court in 2019.
Energy Transfer sought $300 million in damages, including “delays, security measures, and reputational and physical damages.”
A payment of this size could threaten Greenpeace ability to continue its U.S. operations.
Energy Transfer alleges that Greenpeace was instrumental to the protests by spreading misinformation, training thousands of protesters, and donating money and supplies.
“We’ve got to stand up for ourselves,” said Warren in a video deposition, alleging that protesters had created “a total false narrative” about Energy Transfer, and “It was time to fight back.”
“This case should alarm everyone, no matter their political inclinations. It’s part of a renewed push by corporations to weaponize our courts to silence dissent,” said Sushma Raman, interim executive director for Greenpeace USA.
What to watch:
This case has important implications for the interaction between environmental groups and the corporate world, especially in the oil and gas industry.
Will Greenpeace USA survive this lawsuit?
Will Greenpeace win its case in the Netherlands?
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