HOUSTON, March 17, 2017 /PRNewswire/ -- Cheniere Energy,
Inc. ("Cheniere") (NYSE MKT: LNG) announced today that Midship
Pipeline Company, LLC ("Midship"), a wholly owned subsidiary of
Cheniere, has signed precedent agreements with foundation shippers
to support construction of a 200 mile 36 inch interstate natural
gas pipeline project (the "Midship Project") and has launched a
binding open season ("Open Season") to solicit additional long-term
commitments from shippers. The transactions contemplated by the
precedent agreements are subject to satisfaction of various
conditions.
The Midship Project is being developed to create pipeline
capacity of up to 1,400,000 Dekatherms per day of firm
transportation to connect production from the emerging STACK and
SCOOP resource plays in the Anadarko Basin in Oklahoma to growing Gulf Coast and Southeast
markets. The Midship Project is expected to consist of
approximately 200 miles of 36 inch diameter new mainline pipeline,
several laterals, compressor stations and interconnects that will
provide receipts from STACK and SCOOP processing plants and provide
deliveries to Bennington,
Oklahoma, the TexOk hub near Atlanta, Texas, and the Perryville Hub near
Tallulah, Louisiana.
Midship has secured commitments from subsidiaries and/or
affiliates of Cheniere, Devon Energy Corporation, Marathon Oil
Corporation, and Gulfport Energy Corporation.
"We are pleased to help facilitate a market solution to STACK
and SCOOP producers as they continue to make exciting progress in
this important resource basin," said Jack
Fusco, Cheniere's President and CEO. "Not only will the
Midship Project help meet the Anadarko Basin's need for additional natural
gas takeaway and serve demand along the Gulf Coast, it also
demonstrates the uniquely integrated market solution Cheniere can
provide by leveraging our LNG platform along the entire value
chain."
The Open Season is expected to commence at 9:00 a.m. CDT on Friday,
March 17, 2017 and end at 3:00 p.m.
CDT on Thursday, March 30,
2017. Following the Open Season, Midship plans to submit its
official FERC 7C application and currently targets in-service of
the Midship Project in early 2019. Cheniere would require
acceptable commercial and financing arrangements, which may include
project financings and offerings by it or its subsidiaries of debt
or equity, and regulatory and other approvals before the proposed
project begins construction.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements" within the meanings of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical facts, included herein are "forward-looking statements."
Included among "forward-looking statements" are, among other
things, statements regarding Cheniere's business strategy, plans
and objectives. Although Cheniere believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Cheniere's actual results
could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in Cheniere's periodic reports that are
filed with and available from the Securities and Exchange
Commission. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Other than as required under the securities laws,
Cheniere does not assume a duty to update these forward-looking
statements.
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SOURCE Cheniere Energy, Inc.