Explore small cap ideas before they hit the headlines.
Explore small cap ideas before they hit the headlines.
The one-yard line.
On 1st down Beast Mode barrels for 4 yards and should have gotten the ball even if the entire Pat's D knew it was coming.
In the two days since the Gunvor deal 19 different energy related publications have posted TO Delfin Midstream's LinkedIn page. Compare that to only 2 that posted re Expand Energies. There has never been that many postings to Delfin in the past, not even close.
The eyes of Texas, (Louisiana and the world) are upon you Delfin.
2nd and goal with 26 seconds remaining on the clock. Just give it to Beast Mode. Pretty simple.
May 7th is 90 days.
-Root Cause Failure Analysis. Within 90 days following receipt of this Order (CAO), Delfin must complete a root cause failure analysis (RCFA) and submit a final report of this RCFA to the Director.
-Remedial Work Plan.Within 90 days following receipt of this Order (CAO), Delfin must submit a Remedial Work Plan (RWP) to the Director for approval.
Does this article go beyond what we already know about Expand Energy and Delfin?
https://www.naturalgasintel.com/news/expand-energy-reworks-delfin-lng-deal-in-push-to-capture-more-demand/
Great intel. It's starting to hit all the major outlets with Delfin front and center. Nice PR being a major part of Expand Energy's earnings call laying out future initiatives for both companies.
Expand Energy (NASDAQ: EXE) is North America's largest independent natural gas producer, formed in October 2024 through the merger of Chesapeake Energy and Southwestern Energy. Based in Oklahoma City with a significant presence in Houston, the company focuses on producing, developing, and marketing natural gas in major U.S. basins, including the Marcellus, Utica, and Haynesville shales.
Per the following, it looks like the center should not impact today's projects but in the future, yes. From AI.
The Center is currently operational as of its grand opening on April 20, 2026. While it is already conducting key activities like research and education, its role is initially focused on coordination and expertise rather than direct regulatory enforcement.
Operational Status & Timeline: Active Now: The Center is already functioning as a research and coordination hub. It has been hosting a monthly webinar series, "Prioritizing Safety: Best Practices in LNG," since at least February 2026.
Business & Coordination: The facility is currently open for business during standard hours (9:00 AM – 5:00 PM ET, Monday–Friday). It serves as the physical meeting ground for experts from the U.S. Coast Guard, Department of Energy, and FERC to streamline regulatory alignment.
Workforce Training: The 100% online post-baccalaureate certificate is already available for professionals. A more extensive training program is currently in the development phase with a targeted launch for Fall 2026.
Regulatory Evolution: While it does not currently act as a standalone regulatory body, it is expected to eventually publish official standards and guidance that will influence future regulatory oversight of LNG facilities. Department of Transportation (.gov)
The facility is specifically designed to be a "resource for expertise" that companies can utilize immediately for operational best practices.
The report has to be submitted within 90 days, not necessarily on the 90th day, by the independent, third party contractor.
That firm is on the PHMSA's preferred vendor list which makes the process much easier for all.
My bet is that it has already been submitted based on the PHMSA response from last week. Delfin cranked it up the minute the explosion occurred and no reason to think that based upon where they were in February just prior to the big bang (FID ready), that they wouldn't be moving as fast as humanly possible and not waiting for the 90 days to elapse.
I'm not an engineer but this isn't rocket science. Not like the PHMSA doesn't have a blueprint from thousands of prior incidents over the years.
Soon. Just a common sense guess.
It's a good question. I spent many years as a commercial banker and came in contact with EXIM many times. I had to look it up as a refresher, but the EXIM Bank's primary mandate is to support small business (90%), mostly privately held, as they operate much like the SBA but for foreign related transactions for companies whose banks need additional levels of support to assist with financing.
They also support large, publicly held companies, so it really doesn't matter. Per so much, great DD by so many over the years, it's hard to imagine a realistic scenario where they don't go public. I am of course as biased as they come with regard to TGLO!
Public Service Announcement. Do Not be swayed by pop up BS, cut and paste articles by industry experts speculating that they will or won't FID RM etc. Unless they reference a specific, credible source like the VITOL Exec, they are just trying to stay relevant. Publish or Perish.
$RMTGLO
It never hurts to remind ourselves that this project is an extremely high-profile project, the first FLNG in the US and one being developed by a small, privately held bunch of investors, not Chevron. Further, there is the highest-level, US Government backing as evidenced by the EXIM Bank commitment in the $$$ billions. The PHMSA's response corroborates this belief.
and is committed to ensuring the line can be brought back into service safely to support this important LNG project.
In response to my email from this past Sunday.
Good afternoon,
Delfin is fully complying with the corrective measures in the CAO under the oversight of PHMSA's Southwest Regional Office.
The operator has made progress on several elements of its remedial work plan.
PHMSA approved mechanical and metallurgical testing and a root cause failure analysis performed by an independent 3rd party.
Repairs have been made using contractors and procedures vetted and approved by PHMSA.
PHMSA continues to monitor the operator's compliance with the corrective measures required by the order and is committed to ensuring the line can be brought back into service safely to support this important LNG project.
Sincerely,
Marta Riendeau
Supervisory Program Manager - Community Liaison Services
Office of Pipeline Safety / Pipeline and Hazardous Materials Safety Administration
U.S. Department of Transportation
Whatever.
We are in the second quarter. April 13th and we're almost halfway done with the month.
Question as to why the report was late in being filed since there was nothing new in the semi-annual, unless they were waiting for a wink and a nod off record from the PHMSA that things looked positive based upon their findings and submissions to date.
Thanks to Troubles we know they've been operating at warp speed in the repair and investigation
PHMSA is governed by the DOT and Duffy. I would not be surprised if this case was elevated based upon everything we know.
I'm betting on late April, early May. Why? Why not. Definitely not June. June would indicate a slow walk or additional issues beyond the pig and I don't see that happening.
Thanks for the update much appreciated! 👍
Yes sir, these semi-annuals are always full of great intel. No doubt this one is going to come as close to saying "Go" as anything we have witnessed before. No other reason for not filing on time, this time, the only time!
Boom time and not from some pig sniffing another pig's ass! And we thought we had seen everything after 8 plus years and more!
Good to hear from you. Hope all's well.
Clarification just so we aren't on a countdown to April 21st. The April 21st deadline referenced falls under the Davis Bacon Act. Delfin does not fall under the Davis-Bacon Act. (See below)
The April 21st deadline is for prime recipients and awardees of Department of Energy (DOE) financial assistance that are subject to the Davis-Bacon Act (DBA) and its Related Acts. The Davis-Bacon Act applies to projects that are federally funded or federally assisted.
Based on available information regarding the Delfin LNG project, it is subject to various federal regulations, but it is primarily structured as a private project financed by equity and debt, rather than a federally funded construction project.
ASAP as in yesterday.
The Vitol representative so much as said that FID would have happened by now back in February if not for the pipeline issue. And if that were the case, they probably would have RM'd by now.
So, this puppy (FID) will launch immediately after a clean or semi clean PHMSA report, which as Mr C indicated is most likely being expedited as we speak.
You now have beaucoup money and guarantees being thrown at their feet by the US EXIM Bank as well as potentially from South Korea's government indicated in the article provided by Senior C this morning.
Pretty easy call in my book.
Not an irrelevant nugget at all. This represents a potential/additional level of support for the project and future projects.
According to industry sources on the 7th, the Ministry of Trade, Industry and Energy is discussing with the Korea Trade Insurance Corporation (K-SURE) and The Export-Import Bank of Korea (KEXIM) a plan to provide more than 1 billion dollars (about 1.5 trillion won) in export guarantees for the Louisiana FLNG plant project in the United States.
Samsung Heavy Industries has secured construction orders worth 3 to 4 billion dollars for this project, which involves building a floating LNG plant off the coast of Cameron Parish, Louisiana. It will be the first offshore plant in the United States to liquefy and store natural gas that is in gaseous form at sea. Project owners include U.S. energy developer Delfin LNG, Japanese shipping company Mitsui O.S.K. Lines, investment firm BlackRock, and the Korea Overseas Infrastructure & Urban Development Corporation (KIND). The construction period is expected to be five years, with operations projected to last more than 25 years. The total project cost is about 4.7 billion dollars (around 7 trillion won), and once completed, the plant is expected to produce 4.4 million tons of LNG annually.
The Korean government is also reportedly reviewing an investment in the project using the Korea–U.S. Investment Fund.
The 2026 LNG Project Scorecard:
One confirmed FID (Venture Global LNG CP2 Phase 2), one imminent (Delfin Midstream), one on track for Q2 (Texas LNG), and one notable casualty (Lake Charles LNG).
There are two main criteria for being classified as an investment company. People can look it up but in TGLO's case the reason for the reference is based on the loan/funding from Delfin. A prime example of an investment company is think Vanguard etc. I do not believe that the SEC would even attempt to classify TGLO as investment company, but they still need to disclose the possibility no matter how small. I'm sure their legal team reviewed this day 1 and made sure to structure everything so as to avoid this designation.
Private Loan Complications: The loan from a private company could be treated as a security or an "investment security" if not structured correctly, which could exacerbate the 40% test under Section 3(a)(1)(C)—the rule that deems companies with substantial investment securities as investment companies.
Damn LT! "Marriage of the two". While an embellishment/interpretation by the author, this is what section 1A implies.
Our management may have other interests that may conflict with the interests of our stockholders.
Much appreciated. Thanks!
Great work.
Were you able to determine if the testing pertained to just the repaired section? Did he mention if the hydrostatic testing been done over the entire length of the UTOs utilizing the pig entry point?
All test on the pipeline are good
The following was tagged by Alyssa Pettus, new Chief of Staff at the U.S. EXIM to Delfin's LinkedIn account yesterday. Nice shout out to Delfin.
Can't overstate the importance of this support.
Alyssa Pettus, Chief of Staff at U.S. EXIM
"A few reflections from the recent Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo:
-U.S. leadership on energy, critical minerals, and advanced manufacturing was front and center. 🇺🇸🤝⚡️
-The work of the Export-Import Bank of the United States under Chairman Jovanovic’s leadership is helping unlock nearly $30 billion in financing across the Indo-Pacific, advancing projects that strengthen supply chains, expand domestic industrial capacity, and deepen partnerships with key allies.
-From LNG and nuclear fuel to critical minerals, the throughline was clear: economic security and national security are increasingly inseparable – and sustained coordination with trusted partners is essential. Proud to have been part of a team driving this work forward! 🇺🇸🤝🇯🇵🤝🇦🇺🤝🇦🇹🤝🇮🇳
Sarah Whitten Jeff Wilson Tamar Rowe Thad Brock Jarrod Agen Mesabi Metallics General Matter Scott Duff RZ Resources U.S. Department of Energy (DOE) U.S. Department of the Interior US Environmental Protection Agency (EPA) Delfin Midstream & many more!
Doesn't appear that they were. They were not listed as speakers and if they had been lurking, then someone would have spoken to them directly instead of Vitol's Investment Officer, which granted, is the closest speak to real speak that we have heard in months. FID was right there!
Probably saved face by not being in attendance. And now we hold our collective breaths for positive news about pipeline integrity! Can't make this s-hit up!
Thank God! For a minute there I thought Senor C had decided to throw in the towel and forfeit his Pappy!
I think most feel that FID 2 has to be right on the heels. If for no other reason time is slipping away real fast.
SHI has budgeted two units for their fiscal year p&l projections with each unit represent a significant profit.
Thanks for reminding us about KIND. Most likely that's why we haven't seen any new SPAs as it was mentioned that KIND is sourcing for the boys. We will going forward most likely due to Qatar's bombing.
The icing on the cake, the glue that will bring all parties together, is the government's backing to the tune of $1.4 billion in either direct funding or guarantees. Absolutely huge news.
Anytime now says the guy who's been saying that for 8 years. Ha!
It was a glitch. If you went to the trade tab you will see the 7,000 ish were all time stamped yesterday. They're gone now as you noticed.
Awesome! When things break, they are going to break fast and furious.
Governmental support for Delfin makes it a hell of a lot easier for banks/equity to finalize their support. There is no time left to screw around. (Kind of get the feeling that the pipeline is just a side show at this point.)
Here is what AI said about the $750 Million referenced by the US Senior Economic Diplomat who was in attendance at the EX-IM meeting last week. Regardless, If they can't get off the ground now......
The $750 Million Figure: Specific Tranche or Loan: The $750 million mentioned by the economic diplomat likely refers to a specific portion of the total EXIM commitment, such as a direct loan or a guarantee for a particular phase or vessel.
Previous Estimates: Some sources have broken down the financing into smaller formalized chunks. For instance, reports from Business Korea earlier mentioned formalized amounts around $1.4 billion for initial project acceleration. A figure of $750 million would typically represent a single finalized credit agreement or a specific tranche within the overarching $14 billion framework.
Didn't catch this when we were discussing XM Bank's involvement. I had never seen Hanwha Asset Management mentioned before but it looks like there is now even greater financial support for Delfin.
https://www.hanwha.com/companies/hanwha-asset-management.do
From the DOI article you posted:
The Export-Import Bank of the United States has issued a detailed term sheet for the $14 billion Delfin LNG Project, the first offshore LNG export project in the United States—a floating facility off Louisiana with capacity of about 13 million metric tons annually serving markets such as Japan and South Korea—in partnership with companies including Delfin Midstream, Mitsui O.S.K. Lines, Samsung Heavy Industries, Hanwha Asset Management, and Korea Overseas Infrastructure & Urban Development Corporation.
Yes, Hanwha Asset Management's involvement in the Delfin LNG project is very recent. While the project itself has been in development for years, Hanwha Asset Management was officially named as a partner in a strategic consortium in March 2026.
U.S. Department of the Interior (.gov)
Timeline of Involvement: March 2026 (Consortium Announcement): Hanwha Asset Management was identified as a key financial partner during the Indo-Pacific Energy Security Forum. This announcement included a detailed term sheet from the U.S. Export-Import Bank for the $14 billion project.
Correct. From the DOI article it clearly states the $14 billion is the project total. See "for the" below.
It is $750 million from Ex/Im
The Export-Import Bank of the United States has issued a detailed term sheet for the $14 billion Delfin LNG Project, the first offshore LNG export project in the United States—a floating facility off Louisiana with capacity of about 13 million metric tons annually
Saw reference to the $$$ amount earlier but couldn't find the source. Posted by Evan Felsing, a Senior US Diplomat, on his LinkedIn page.
The inaugural Indo-Pacific Energy Security Ministerial has concluded with over $56bn in deals signed and transformational results.
LNG: Venture Global LNG closed an $8.6 billion Final Investment Decision for the CP2 LNG facility in Louisiana. Venture Global and Hanwha Aerospace executed a binding 20-year agreement for 1.5 million tonnes per annum valued at $10 billion.
Export-Import Bank of the United States approved a $750 million term sheet for the $7 billion Delfin Midstream floating LNG export facility.
This LOI announcement is great news. While it isn't the final binding commitment to provide specific guarantees or direct funding it does set the stage for Delfin to utilize this additional level of support. Think of an SBA guarantee for a domestic company looking to finance a piece of equipment with a bank. Higher risk projects benefit from EX/IM or SBA support.
To move an EXIM Bank Letter of Interest (LI) to a full direct loan or guarantee, the exporter must submit a formal, comprehensive application for a Preliminary Commitment (PC) or Final Commitment (AP) after winning the contract. Key requirements include submitting detailed financial information, meeting U.S. content standards, and satisfying environmental/economic impact reviews
Based on EXIM Bank’s guidelines, it is unlikely that they would issue a Letter of Interest (LI) if a company does not meet the core eligibility requirements, as the LI acts as a preliminary, high-level review of a transaction's feasibility
Having this standby letter of interest from the Ex/Im Bank is almost as good as having the full faith and backing of the United States government.
Instant legitimacy.
A standby Letter of Interest (LOI) from the EX/IM Bank is a very strong, credible signal, indicating that a potential export transaction fits EXIM's financing requirements. While non-binding, it demonstrates U.S. government commitment to support the deal and helps lenders, exporters, and foreign buyers move forward with financing.
Great find. Current. Awesome news. Both this and Troubles' great work!
Those letters came on top of bank backing for other enterprises that was rolled out during the summit, including for Delfin Midstream Inc, the developer of a liquefied natural gas (LNG) export project off the Louisiana coast, as well as critical metals extraction and refining projects.
HUGE News. They're not screwing around.
Congratulations to two great Hockey Teams!
"If we played 'em ten times, they might win nine. But not this game. Not tonight... Tonight, we are the greatest hockey team in the world".HB '80
Nice imagery and analysis from this firm not just for the site of the explosion but for the visible segment of the line as well.
Plugging the coordinates from the images into Google Map confirms that this is the location "Very close to Transco Station 44."
https://blog.synmax.com/vulcan-exclusive/infrastructure-watch-delfin-lng-pipeline-drone-damage-assessment
Assessment:
Confirmed: Localized damage at the blast site consistent with the reported pipeline explosion. Damage is contained to a single point along the route. Surrounding pipeline infrastructure appears intact based on visual and thermal aerial inspection.
Physical Visibility: While the main pipeline is buried, appurtenant facilities such as a mainline block valve and blowdown site are visible just south of Louisiana Highway 82, near the approach to Station 44.
Total Onshore Segment: The total length of the reactivated onshore portion of the UTOS pipeline, from the mean high-water mark to the station, is approximately 1.1 miles
And sometimes it pays to double check my own research! Oops.
https://investorshub.advfn.com/uimage/uploads/2026/2/17/eea[oHIOS.jpeg
From Delfin's website. It looks like the lateral 30 in new lines referenced are to connect the main gas line to the FLNG's. Still, lots of costs associated with the pipes that needs funding.
The HIOS pipeline is being repurposed for transporting natural gas from UTOS via a bypass at WC-167 to the Delfin Deepwater Port location. Spur pipelines will be installed to transport gas from the HIOS pipeline to the respective FLNG Vessel mooring sites.
I should have posted this image with the previous post. You have all seen it before. Pictures are worth a thousand words. This image is old, prior to the change to 3 FLNGs.
Lots of new pipe to be laid. How will they fund this new section in addition to the costs associated with the existing UTO's?
https://investorshub.advfn.com/uimage/uploads/2026/2/17/iq[xbDelfin-LNG-Project-20240903.width-900.format-webp.jpeg
"WC 327" refers to West Cameron Block 327, a specific lease block area in the Gulf of Mexico, rather than a single pre-existing pipeline name. Delfin LNG has designated this area as the location for its proposed floating liquefied natural gas vessels (FLNGVs) and associated new, short lateral pipelines.
Key Details Regarding "WC 327" and Delfin LNG:
Project Location: The Delfin LNG deepwater port is planned for Federal waters in the West Cameron Area, where four FLNGVs are slated to be moored near West Cameron blocks 319, 327, 328, and 334.
Infrastructure Plan: Delfin LNG plans to modify the existing High Island Offshore System (HIOS) pipeline to terminate in the vicinity of WC 327.
New Construction: The project involves constructing new 30-inch diameter lateral pipelines (approximately 6,400 feet long) to supply natural gas to the FLNGVs in that area.
Existing Pipelines: Delfin purchased the existing 42-inch UTOS pipeline and has a lease for the HIOS pipeline to deliver gas to the offshore site.
In summary, WC 327 is a geographic location (lease block) for the new infrastructure, not the name of a pre-existing pipe.
WC-167 does not go all the way to the intended FLNG's location. I am sure they have already built in a substantial financial commitment just to reach the FLNGs located an additional 10-20 miles further offshore from WC-167 plus have allocated contingency funding for whatever they are going to find with the existing Enbridge section. Funding would have to come from sources other than FLNG 1 LLC which is intended solely for the build-out. Maybe some public sector funding? Just a thought.
West Cameron Block 167 (WC-167) is located approximately 26 to 30 miles offshore Louisiana, serving as a key junction for existing infrastructure. While Delfin uses existing 42-inch pipelines (UTOS/HIOS) to reach the area, they must construct a new, roughly 700-foot bypass pipeline at WC-167 and additional laterals to connect these lines to the FLNG vessels situated 40–46 miles offshore.
Key Pipeline Construction Details:Existing Infrastructure: Delfin acquired the existing 42-inch U-T Offshore System (UTOS) pipeline, which runs from Cameron Parish to the WC-167 platform.
New Construction Needed: To connect the existing pipelines to the FLNG vessels (located further out than the WC-167 platform), Delfin is constructing a 700-foot-long, 42-inch diameter bypass pipeline to directly connect the UTOS and HIOS pipelines, bypassing the older platform structure.
Final Delivery: Additional lateral pipelines will be installed to connect this main line system to the specific FLNG vessels moored approximately 40–46 miles offshore.