01:38:32 EDT Thu 02 May 2024
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or Name
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CA



ARC Resources Ltd (3)
Symbol ARX
Shares Issued 597,826,014
Close 2024-01-29 C$ 21.18
Market Cap C$ 12,661,954,977
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Globe says Tourmaline, ARC see U.S. pull back on LNG

2024-01-30 06:49 ET - In the News

See In the News (C-TOU) Tourmaline Oil Corp

The Globe and Mail reports in its Tuesday edition that the Biden administration's decision to pause approvals for new U.S. projects seeking to export liquefied natural gas has spurred hopes for British Columbia's long-stalled LNG prospects. The Globe's Brent Jang writes that the White House announced the move on Friday, saying there would be a temporary pause on pending decisions on LNG exports for both energy-security and environmental reasons. President Joe Biden said the pause "sees the climate crisis for what it is: the existential threat of our time." Curbing the use of natural gas has long been a demand of environmental advocates worried about the fossil fuel's contribution to climate change, though the LNG industry has often noted that its product generates fewer greenhouse-gas emissions than coal. Canada's producers have an opportunity to fill the supply gap. The U.S. has seven operational LNG export terminals; another five are approved to open by 2028. Two Canadian-based producers -- Tourmaline Oil and ARC Resources -- have deals to supply natural gas to Cheniere's Corpus Christi LNG export terminal in Texas, though their ability to transport the fuel is limited by Canada-U.S. pipeline capacity.

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