ConocoPhillips Edges Closer To Yr Highs As Energy Department Approves Natural Gas Exports from Freeport Project

By Staff,

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ConocoPhillips ( COP ) shares are up 0.5% and nearer year highs after The Energy Department granted preliminary authorization to Freeport LNG Expansion L.P. and FLNG Liquefaction LLC to export up to 1.4 billion cubic feet per day of liquefied natural gas from its facility in Quintana Island, Texas, according to The Wall Street Journal. Freeport is a joint venture between COP and other private investors.

U.S. regulations require Energy Department approval for exports to countries with which the U.S. does not have a free-trade agreement.

The project still requires final approval from the Federal Energy Regulatory Commission.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: COP

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