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NEW FORTRESS ENERGY INC.

(NFE)
  Report
Real-time Estimate Cboe BZX  -  03:07 2022-12-09 pm EST
44.77 USD   -1.43%
11/22New Fortress Energy Inc. : Entry into a Material Definitive Agreement, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits (form 8-K)
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11/22New Fortress finalizes deal to develop Lakach gas project in Mexico
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11/22New Fortress finalizes deal for Mexico's Lakach gas project
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East Coast natural gas plant on hold after legal challenge

03/21/2022 | 04:31pm EST

The future of a major liquified natural gas facility proposed for northeastern Pennsylvania was thrown into question Monday after its developer settled a legal challenge brought by environmental activists.

A subsidiary of New Fortress Energy Inc. agreed to pull the plug on its proposed LNG plant in Wyalusing — at least for now — in an agreement with a coalition of environmental groups that filed suit seeking to overturn the company's air emissions permit.

The $800 million plant was intended to liquify million of gallons of natural gas from the Marcellus Shale gas field per day, with the liquified gas to be transported by rail or truck more than 175 miles (281 kilometers) to a proposed New Fortress export terminal in Gibbstown, New Jersey, along the Delaware River near Philadelphia. From there, the LNG would have been loaded onto ships for overseas delivery.

PennFuture, the Clean Air Council and the Sierra Club took legal action to block the project. Under a settlement announced Monday, a New Fortress subsidiary agreed to halt construction and allow its air emissions permit from the Pennsylvania Department of Environmental Protection to lapse. If it wants to restart the project, the company will need to begin the state permitting process over again, according to settlement documents.

The company's intentions weren't immediately clear. A message was sent to New Fortress seeking comment.

Environmental groups had raised concern about air and water pollution near the proposed Wyalusing facility, as well as the risk of catastrophe during transport to New Jersey by either truck or train. New Fortress had obtained a special federal permit from the Trump administration to move the liquified gas by rail; the company applied for a renewal of that permit in November.

In its renewal application, the company said its plan to export LNG from Pennsylvania's gas fields had been delayed by the “pandemic, massive supply chain and workforce disruptions, and widespread economic and political uncertainties.”

Abigail Jones, a vice president at PennFuture, said the settlement with New Fortress, which was reached Friday, could wind up killing the company's planned New Jersey export terminal as well.

“By halting the construction of the Wyalusing facility, we’re hopefully eliminating all of those impacts across the two states from this New Fortress energy export scheme,” she said.

Industry officials decried the environmental groups' efforts.

“Unnecessary regulatory hurdles and frivolous lawsuits hinder consumer access to clean, affordable natural gas,” said Marcellus Shale Coalition President David Callahan. “The worldwide need for U.S. natural gas exports has never been more critical.”

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

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Analyst Recommendations on NEW FORTRESS ENERGY INC.
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Financials (USD)
Sales 2022 2 418 M - -
Net income 2022 582 M - -
Net Debt 2022 3 481 M - -
P/E ratio 2022 23,2x
Yield 2022 0,95%
Capitalization 9 482 M 9 482 M -
EV / Sales 2022 5,36x
EV / Sales 2023 3,88x
Nbr of Employees 671
Free-Float 46,7%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 45,42 $
Average target price 69,33 $
Spread / Average Target 52,6%
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Managers and Directors
Wesley Robert Edens Chairman & Chief Executive Officer
Christopher S. Guinta Chief Financial Officer
John Joseph Mack Independent Director
Desmond Iain Catterall Independent Director
David J. Grain Independent Director
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