Monday, December 07, 2020

PGAP Application Withdrawn


The Concho Valley will not have a new natural gas pipeline from Tellurian anytime soon.  Yahoo Finance reported:

Tellurian Inc. discarded its plan of developing the Permian Global Access Pipeline (“PGAP”) worth $4.2 billion in Texas and Louisiana, following the departure of CEO Meg Gentle from the company.

Tellurian stated that it revoked its application from U.S. Federal Energy Regulatory Commission’s (“FERC”) review. 

The company previously dropped the project from its capital budget, as shown in an investor presentation   Tellurian CEO Meg Gentle left the company with a robust exit package.

Update 6-9-21:  Morgan Stanley said the pipeline could be back on the table.  "The project features plans to build a $4.2 billion pipeline to bring supply from the Permian Basin.  While those plans have hit snags in recent months, Morgan Stanley analysts expect a final decision on the project within a year."

Update 3-10-23:  Tellurian's Chief Financial Officer resigned effective today according to an SEC filing.  The company's Chief Accounting Officer will assume the CFO duties.  That gentleman is a CPA but that means less and less in today's world of ethical lapses and distorted numbers.

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