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Released November 05, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Chart Industries Incorporated (NYSE:GTLS) (Atlanta, Georgia), which provides engineered equipment to the clean-energy and industrial-gas markets, enjoyed strong revenues in the third quarter as orders increased amid rising demand for its liquefied natural gas (LNG), hydrogen, data-center and carbon-capture equipment. Industrial Info is tracking more than $34 billion worth of active projects across the U.S. featuring Chart's services, the bulk of which is attributed to the LNG production sector.
Click on the image at right for a graph detailing the parent companies for U.S.-based projects featuring Chart's services, by total investment value.
"Our third-quarter 2024 had sales of $1.06 billion, an increase of 22.4% compared to third-quarter 2023 and an increase sequentially of 2% when compared to the second quarter of 2024," said Jill Evanko, the chief executive officer of Chart, in a quarterly earnings-related conference call. "This is the first time in our history that sales sequentially increased from the second to the third quarter, reflecting continued efforts for throughput improvements, LNG project activity and specialty products projects moving to construction phases. Three of our four segments had record sales in the third quarter."
LNG projects accounted for a significant share of the quarterly revenues, led by big-ticket developments such as Cheniere Energy Incorporated's (Houston, Texas) $8 billion Stage III at its Corpus Christi LNG Liquefaction Plant in Gregory, Texas. The project comprises seven LNG production trains that will produce 10.5 million metric tons per year and a 160,000-cubic-meter storage tank. Construction started in the third quarter of 2022 and is expected to wrap up in autumn of 2026. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project and Plant databases can learn more from a detailed project report and plant profile.
The global demand for LNG is so strong that Stage III already is productive, if not yet complete. Last month, U.S. federal regulators granted a request from Cheniere to start shipping gas from the completed trains to foreign markets. For more information, see October 21, 2024, article - Stage 3 of Cheniere's Corpus Christi LNG Plant Ready for Exports.
Chart also is serving as technology provider on a much-anticipated LNG project now under new management: Woodside Energy Group's (NYSE:WDS) (Perth, Australia) LNG Production and Export Terminal in Lake Charles, Louisiana, which is designed to produce 5.2 million metric tons per year from four liquefaction units and one pretreatment unit. The facility is expected to use Chart Industries' IPSMR liquefaction process technology. Subscribers can learn more from a detailed project report and plant profile.
Formerly called Driftwood LNG, the project was renamed after Woodside completed its acquisition of U.S. LNG developer Tellurian Incorporated (Houston, Texas) last month. Woodside expects to make a final investment decision on the project in the first quarter of 2025.
"Interest in IPSMR continues to grow as it is an accepted and validated solution for many projects," Evanko said in the conference call.
IPSMR also is a component in Pointe LNG's (New Orleans, Louisiana) proposed LNG Production and Export Terminal in Pointe a la Hache, Louisiana, which could begin construction as early as next year. Smaller in scale than the Cheniere and Woodside projects, it would produce about 2 million metric tons per year. Subscribers can learn more from a detailed project report and plant profile.
Chart also is wading into the market for green hydrogen, including two projects for Plug Power Incorporated (NASDAQ:PLUG) (Latham, New York). Construction began toward the end of 2021 on Plug Power's $600 million green hydrogen plant in Alabama, New York, for which Chart is providing electrical and instrumentation (E&I) services and liquefaction equipment. The plant is expected to produce up to 80 metric tons per day upon completion, which currently is scheduled for early 2025.
Plug Power also is turning to Chart to expand capacity at its green hydrogen plant in Woodbine, Georgia, which completed its 15-metric-ton-per-day Phase I in May and is considering a Phase II that would double capacity. The expansion could begin construction as early as next quarter. Subscribers can read detailed reports on the New York project and Phase I and Phase II of the Georgia project.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects featuring Chart's services.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing the parent companies for U.S.-based projects featuring Chart's services, by total investment value."Our third-quarter 2024 had sales of $1.06 billion, an increase of 22.4% compared to third-quarter 2023 and an increase sequentially of 2% when compared to the second quarter of 2024," said Jill Evanko, the chief executive officer of Chart, in a quarterly earnings-related conference call. "This is the first time in our history that sales sequentially increased from the second to the third quarter, reflecting continued efforts for throughput improvements, LNG project activity and specialty products projects moving to construction phases. Three of our four segments had record sales in the third quarter."
LNG projects accounted for a significant share of the quarterly revenues, led by big-ticket developments such as Cheniere Energy Incorporated's (Houston, Texas) $8 billion Stage III at its Corpus Christi LNG Liquefaction Plant in Gregory, Texas. The project comprises seven LNG production trains that will produce 10.5 million metric tons per year and a 160,000-cubic-meter storage tank. Construction started in the third quarter of 2022 and is expected to wrap up in autumn of 2026. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project and Plant databases can learn more from a detailed project report and plant profile.
The global demand for LNG is so strong that Stage III already is productive, if not yet complete. Last month, U.S. federal regulators granted a request from Cheniere to start shipping gas from the completed trains to foreign markets. For more information, see October 21, 2024, article - Stage 3 of Cheniere's Corpus Christi LNG Plant Ready for Exports.
Chart also is serving as technology provider on a much-anticipated LNG project now under new management: Woodside Energy Group's (NYSE:WDS) (Perth, Australia) LNG Production and Export Terminal in Lake Charles, Louisiana, which is designed to produce 5.2 million metric tons per year from four liquefaction units and one pretreatment unit. The facility is expected to use Chart Industries' IPSMR liquefaction process technology. Subscribers can learn more from a detailed project report and plant profile.
Formerly called Driftwood LNG, the project was renamed after Woodside completed its acquisition of U.S. LNG developer Tellurian Incorporated (Houston, Texas) last month. Woodside expects to make a final investment decision on the project in the first quarter of 2025.
"Interest in IPSMR continues to grow as it is an accepted and validated solution for many projects," Evanko said in the conference call.
IPSMR also is a component in Pointe LNG's (New Orleans, Louisiana) proposed LNG Production and Export Terminal in Pointe a la Hache, Louisiana, which could begin construction as early as next year. Smaller in scale than the Cheniere and Woodside projects, it would produce about 2 million metric tons per year. Subscribers can learn more from a detailed project report and plant profile.
Chart also is wading into the market for green hydrogen, including two projects for Plug Power Incorporated (NASDAQ:PLUG) (Latham, New York). Construction began toward the end of 2021 on Plug Power's $600 million green hydrogen plant in Alabama, New York, for which Chart is providing electrical and instrumentation (E&I) services and liquefaction equipment. The plant is expected to produce up to 80 metric tons per day upon completion, which currently is scheduled for early 2025.
Plug Power also is turning to Chart to expand capacity at its green hydrogen plant in Woodbine, Georgia, which completed its 15-metric-ton-per-day Phase I in May and is considering a Phase II that would double capacity. The expansion could begin construction as early as next quarter. Subscribers can read detailed reports on the New York project and Phase I and Phase II of the Georgia project.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects featuring Chart's services.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
