ConocoPhillips Bets Big on LNG, Nearly Doubles Sempra Purchase Deal
The ConocoPhillips headquarters in Houston.
Photographer: Brandon Bell/Getty Images
ConocoPhillips is increasing its bet on the future of US liquefied natural gas through an agreement to nearly double the amount of fuel it will buy from an export plant Sempra is expanding in Texas.
The oil and gas company is boosting its deal to take 4 million metric tons a year from the expansion phase at Port Arthur LNG in eastern Texas, according to a statement released Thursday. The producer is looking to sell more gas internationally to meet growing demand for LNG in Asia and Europe.