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Commodities

New Fortress Energy Completes Restructuring, Cuts Debt to $700 Million

New Fortress Energy (NFE) said on Friday it had completed a restructuring that separates its Brazilian operations from the rest of the business and cuts the LNG and power producer's corporate debt by about $5 billion.The restructuring became effective Friday after the energy firm completed all required steps and received the necessary approvals under a UK restructuring plan approved in June. A US bankruptcy court in New York also recognized the plan.The transaction extinguished about $5.7 billion of third-party debt. Creditors received all the equity in the Brazilian business, known as BrazilCo, as well as preferred and common equity in the restructured New Fortress Energy and about $571.3 million of term loans.Following the restructuring, New Fortress Energy's corporate debt has fallen to about $700 million from about $5.7 billion, Chief Executive Officer Wes Edens said.The restructured company, known as New NFE, retains a portfolio of LNG and power assets, including terminals and logistics operations in Mexico and Puerto Rico, as well as a 735-megawatt power and turbine portfolio.New NFE also secured $136.5 million of new financing on the effective date of the restructuring. Certain creditors will have an opportunity to participate in the financing.The Brazilian business will operate as a separate entity following the transaction, while creditors also received preferred equity and term loans tied to the company's FLNG 2 assets.Edens said the simplified balance sheet and reduced leverage would allow New NFE to focus on deploying its existing assets and expanding its LNG portfolio.The company expects its assets to generate significant cash flow as projects are fully deployed in the coming months, he said.New Fortress Energy has been working to reduce its heavy debt burden as it stabilizes its business and focuses on LNG infrastructure and power generation.The restructuring gives the energy firm a smaller corporate debt load while leaving it with operations across Mexico, Puerto Rico and other markets.

$NFE
Wire

New Fortress Energy Anticipates Trading Halt for Reverse Stock Split

New Fortress Energy (NFE) said Thursday it expects trading of its class A common shares to be halted before 8 p.m. ET Thursday to execute a 1-for-50 reverse stock split.The energy firm said it expects split-adjusted trading to resume Monday on Nasdaq, pending the finalization of an ongoing restructuring transaction, the company said.Price: $0.29, Change: $+0.02, Percent Change: +7.00%

$NFE
Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index fell 1%.Brent crude prices crossed $100 per barrel for the first time since late July as Iran attacked 10 ships near the Strait of Hormuz, deepening the Middle East conflict.Front-month West Texas Intermediate crude oil rose 3.6% to $96.39 a barrel, and the global benchmark Brent crude contract gained 3.5% to $101.34 a barrel. Henry Hub natural gas futures fell 3.8% to $2.81 per 1 million BTU.In corporate news, BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg reported. Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the report said. BP shares rose 1.7%.Baker Hughes (BKR) said it now expects full-year revenue of $28.50 billion to $30.30 billion, compared with prior outlook of $26.65 billion to $28.05 billion. Analysts surveyed by FactSet expect $28.03 billion. Its shares lost 0.3%.New Fortress Energy (NFE) said Wednesday that its board approved a 1-for-50 reverse stock split of its class A common stock. The reverse stock split is intended to help the company regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. New Fortress shares rose 4.8%.Shell Lubricants and Faw Trucks have jointly developed a battery pack that has been successfully tested on the Shell Starship 3.0 hybrid concept truck and is ready for future use in Faw's hybrid commercial vehicles, the companies said. Shell shares were up 0.3%.

$BKR$BP$NFE$SHEL
Sectors

Sector Update: Energy

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index fell 1%.Brent crude prices crossed $100 per barrel for the first time since late July as Iran attacked 10 ships near the Strait of Hormuz, deepening the Middle East conflict.Front-month West Texas Intermediate crude oil rose 3.6% to $96.39 a barrel, and the global benchmark Brent crude contract gained 3.5% to $101.34 a barrel. Henry Hub natural gas futures fell 3.8% to $2.81 per 1 million BTU.In corporate news, New Fortress Energy (NFE) said Wednesday that its board approved a 1-for-50 reverse stock split of its class A common stock. The reverse stock split is intended to help the company regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. New Fortress shares rose 4.6%.

$NFE
Wire

New Fortress Energy Approves 1-for-50 Reverse Stock Split

New Fortress Energy (NFE) said Wednesday that its board approved a 1-for-50 reverse stock split of its class A common stock.The reverse stock split is intended to help the company regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market.The split is expected to become effective at 8:30 a.m. ET on Friday, with the class A common stock expected to begin trading on a split-adjusted basis that day under the existing ticker symbol "NFE."Shares of New Fortress Energy were down more than 10% in Wednesday trading.Price: $0.23, Change: $-0.03, Percent Change: -10.46%

$NFE
Commodities

New Fortress Energy Wins UK Court Approval for Restructuring Plan

New Fortress Energy (NFE) advanced its restructuring efforts after creditors overwhelmingly supported a UK restructuring plan, the company said Thursday.The High Court of Justice of England and Wales approved the restructuring plans. The two inter-conditional plans cover NFE Global Holdings and NFE Brazil Newco under a consensual agreement reached with participating creditors, the company said.New Fortress Energy said the restructuring plan will become effective once the sanction order is filed with the Registrar of Companies.Creditors strongly backed the proposal at meetings held on June 15. About 99% of plan creditors voted in favor of the restructuring, while nearly all creditor classes approved it unanimously, the company said.The company will next seek US recognition of the UK-approved restructuring plan. The US Bankruptcy Court for the Southern District of New York is scheduled to hold a hearing on June 26, 2026, New Fortress Energy said.New Fortress Energy expects to implement the transactions contemplated under the restructuring during the third quarter of 2026, subject to customary conditions and regulatory approvals, the company said.Price: $0.43, Change: $-0.08, Percent Change: -15.10%

$NFE
Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index falling 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.7%.The Philadelphia Oil Service Sector Index shed 3.3%, and the Dow Jones US Utilities Index added 0.2%.Front-month West Texas Intermediate crude oil rose 0.1% to $76.86 a barrel, and the global benchmark Brent crude contract added 0.1% to $79.62 a barrel. Henry Hub natural gas futures gained 2.5% to $3.22 per 1 million BTU.US natural gas stocks rose 73 billion cubic feet in the week ended June 12, below the 76 billion rise expected in a Bloomberg survey, and following an increase of 108 billion cubic feet in the previous week.In corporate news, New Fortress Energy (NFE) shares fell 13%. The firm said Thursday the UK restructuring plan between its subsidiaries and some creditors was approved at a hearing in the High Court of Justice of England and Wales.Energy Fuels (UUUU) shares jumped more than 6% after the company said Thursday it obtained a conditional $725 million senior-secured debt commitment from the US Office of Strategic Capital.Energy Transfer (ET) said it is expanding its Nederland, Texas NGL export terminal, adding 240,000 bpd of ethane capacity and 55,000 bpd of LPG capacity, with all ethane volumes committed under long-term contracts into the 2040s. Its shares were fractionally lower.Double Eagle Energy said Thursday that it has no interest in a publicly proposed arrangement that would see principal John Sellers serve as chairman of Fermi Inc. (FRMI), operating as Fermi America. Fermi shares climbed past 6%.

$ET$FRMI$NFE$UUUU
Sectors

Sector Update: Energy Stocks Fall Thursday Afternoon

Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index falling 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.The Philadelphia Oil Service Sector Index shed 3.5%, and the Dow Jones US Utilities Index rose 1.2%.Crude oil prices fell after US President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding aiming to reopen the Strait of Hormuz, lift the US blockade of Iranian ports, and pursue a permanent peace deal to end the war.Front-month West Texas Intermediate crude oil dropped 2.3% to $75.04 a barrel, and the global benchmark Brent crude contract fell 2% to $77.95 a barrel. Henry Hub natural gas futures gained 2.5% to $3.22 per 1 million BTU.US natural gas stocks rose 73 billion cubic feet in the week ended June 12, below the 76 billion rise expected in a Bloomberg survey and following an increase of 108 billion cubic feet in the previous week.In corporate news, New Fortress Energy (NFE) shares fell 7.5%. The firm said Thursday the UK restructuring plan between its subsidiaries and some creditors was approved at a hearing in the High Court of Justice of England and Wales.Energy Transfer (ET) said it is expanding its Nederland, Texas NGL export terminal, adding 240,000 bpd of ethane capacity and 55,000 bpd of LPG capacity, with all ethane volumes committed under long-term contracts into the 2040s. Its shares rose 0.7%.Venture Global (VG) signed new binding agreements with German energy company EnBW to supply 820,000 tonnes per annum of US liquefied natural gas over a period of five years starting this year. Venture Global shares shed 1.2%.

$ET$NFE$VG
Wire

New Fortress Energy Reports UK Restructuring Plan Approval

New Fortress Energy (NFE) said Thursday the UK restructuring plan between its subsidiaries and some creditors was approved at a hearing in the High Court of Justice of England and Wales.The company said creditors showed "overwhelming" support for the UK restructuring plan.A hearing before the US Bankruptcy Court of the Southern District of New York to confirm the recognition of the UK RP is set on June 26, the firm said, adding that the transactions contemplated by the plan are expected to be implemented by Q3.Price: $0.48, Change: $-0.03, Percent Change: -5.10%

$NFE
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks advanced late Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.8%.The Philadelphia Oil Service Sector Index was climbing 1.3%, and the Dow Jones US Utilities Index was up 0.3%.Front-month West Texas Intermediate crude oil was rising 0.8% to $101.79 a barrel, and the global benchmark Brent crude contract was adding 0.6% to $106.30 a barrel. Henry Hub natural gas futures rose 1.6% to $2.91 per 1 million BTU.US natural gas stocks rose by 85 billion cubic feet in the week ended May 8, smaller than the 87 billion gain expected in a survey compiled by Bloomberg and following an increase of 63 billion cubic feet in the previous week.In corporate news, Infinity Natural Resources (INR) shares gained 3% after RBC Capital Markets said in a note the company is positioned to outperform peers over the next year as a "niche player" that can switch focus between oil and natural gas.Constellation Energy (CEG) and Pine Creek RNG said Thursday they have signed a long-term agreement under which Constellation will buy a minority equity interest in five Pine Creek production facilities. Constellation shares increased 0.3%.Chevron (CVX) has agreed to sell its downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, to Eneos for $2.17 billion, Eneos said. Chevron shares added 0.2%.New Fortress Energy (NFE) is seeking permission from a UK court for a restructuring plan that will convert 90% of its $6.5 billion debt into equity and transfer ownership of the company to creditors, Bloomberg reported. New Fortress shares fell 7%.

$CEG$CVX$INR$NFE
Sectors

Sector Update: Energy Stocks Higher Thursday Afternoon

Energy stocks advanced Thursday afternoon, with the NYSE Energy Sector Index rising 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.The Philadelphia Oil Service Sector Index was climbing 1%, and the Dow Jones US Utilities Index was fractionally higher.Front-month West Texas Intermediate crude oil was rising 0.7% to $101.70 a barrel, and the global benchmark Brent crude contract was adding 0.1% to $105.73 a barrel. Henry Hub natural gas futures rose 1.4% to $2.90 per 1 million BTU.US natural gas stocks rose by 85 billion cubic feet in the week ended May 8, smaller than the 87 billion gain expected in a survey compiled by Bloomberg and following an increase of 63 billion cubic feet in the previous week.In corporate news, Constellation Energy (CEG) and Pine Creek RNG said Thursday they have signed a long-term agreement under which Constellation will buy a minority equity interest in five Pine Creek production facilities. Constellation shares increased 0.6%.Chevron (CVX) has agreed to sell its downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, to Eneos for $2.17 billion, Eneos said. Chevron shares added 0.3%.New Fortress Energy (NFE) is seeking permission from a UK court for a restructuring plan that will convert 90% of its $6.5 billion debt into equity and transfer ownership of the company to creditors, Bloomberg reported. New Fortress shares fell nearly 6%.

$CEG$CVX$NFE
Wire

Market Chatter: New Fortress Energy Seeks UK Court Approval for $6.5 Billion Debt Restructuring Plan

New Fortress Energy (NFE) is seeking permission from a UK court for a restructuring plan that will convert 90% of its $6.5 billion debt into equity and transfer ownership of the company to creditors, Bloomberg reported Thursday.The plan would see creditors get new equity, along with around $971 million of new debt instruments, according to the report. New Fortress Energy would be split in two, with one entity housing the company's assets and operations in Brazil, and another containing everything outside the country, Bloomberg said.The company's plan has received support from 97% of interested creditors, according to lawyers representing New Fortress Energy, the report said.New Fortress Energy did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $0.72, Change: $-0.02, Percent Change: -2.96%

$NFE

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