OIL - EQT Announces Tolling Agreement with Commonwealth LNG | Benzinga
PITTSBURGH, Sept. 18, 2023 /PRNewswire/ -- EQT Corporation (NYSE:EQT) ("EQT" or the "Company") today announced it has entered into a Heads of Agreement (HOA) for liquefaction services from Commonwealth LNG's facility in Cameron, Louisiana to produce 1 million tons per annum of LNG under a 15-year tolling agreement. Final terms remain subject to negotiation of a definitive agreement between the parties. Commonwealth anticipates a final investment decision on the project in the first quarter of 2024, with first cargo deliveries expected in 2027.
Toby Z. Rice, President and CEO, said, "This HOA with Commonwealth represents another step forward in EQT's risk-adjusted LNG strategy, which seeks to diversify a portion of our production to international markets via arrangements that offer the best combination of upside exposure and downside risk mitigation. Our tolling capacity gives us the flexibility to sell our gas directly to end users globally and we are currently pursuing long-term purchase agreements with prospective international buyers."
Rice continued, "EQT's scale, peer-leading inventory depth and environmental attributes uniquely position us to provide energy security while driving emissions reductions via coal displacement both domestically and abroad. We are excited to begin unleashing EQT's reliable, low emissions natural gas on the global stage."
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