XOM - Exxon's Texas LNG Project Faces Major Setback As Lead Contractor Files For Bankruptcy | Benzinga
Exxon Mobil Corporation (NYSE:XOM) and Qatar Energy‘s lead contractor for their Texas liquefied natural gas (LNG) plant reportedly filed for Chapter 11 bankruptcy protection, citing challenges at the project.
Zachry Holdings, which held the lion’s share of the $10 billion construction project called Golden Pass LNG, said it was pursuing a “structured exit,” according to Reuters.
Golden Pass LNG is one of two large U.S. LNG terminals whose startup will significantly expand exports in the next 12 months.
Zachry Holdings, whose share of the project was valued at $5.8 billion, stated that it faced cost challenges over ...