Chart Industries Signs Global Agreement with ExxonMobil for LNG Solutions

Chart Industries signs a global agreement with ExxonMobil to supply LNG equipment and technology for various projects.

Quiver AI Summary

Chart Industries, Inc. has announced a global master goods and services agreement with ExxonMobil, establishing a framework for providing LNG equipment and technology for ExxonMobil's global projects. This agreement focuses on the supply of cold boxes and Chart’s IPSMR® process technology, enabling the companies to streamline project designs and improve cost, schedule, and quality. The collaboration builds on Chart’s involvement in ExxonMobil's Mozambique LNG project and aims to enhance LNG production capabilities worldwide. Jill Evanko, CEO of Chart, highlighted the alignment of their technologies with ExxonMobil's commitment to efficient and reliable LNG solutions. This partnership underscores Chart's role in advancing clean energy technologies for a sustainable future.

Potential Positives

Chart Industries has signed a global master goods and services agreement with ExxonMobil, enhancing its collaboration with a leading international energy company.
The agreement allows Chart to supply LNG equipment and proprietary technology, positioning the company as a key player in advancing LNG production capabilities globally.
This partnership reinforces Chart’s commitment to cleaner energy solutions, aligning with industry trends focused on efficiency and sustainability.
The collaboration builds on Chart’s existing involvement in ExxonMobil's Mozambique LNG project, suggesting deepening trust and integration between the two companies.

Potential Negatives

The press release emphasizes a partnership with ExxonMobil, a company that has faced significant criticism and scrutiny for its environmental practices, which may negatively impact Chart's reputation related to sustainability.
Though the agreement aims to enhance Chart’s offerings, it relies heavily on LNG technology, which is increasingly viewed as a transitional rather than a sustainable energy solution, potentially limiting future growth opportunities as the market shifts towards more renewable energy sources.
The partnership indicates a substantial reliance on one major client (ExxonMobil) for future business, which may expose Chart to financial risks if the relationship were to decline or if ExxonMobil's projects were to face delays or cancellations.

FAQ

What is the significance of the agreement between Chart Industries and ExxonMobil?

The agreement establishes a framework for Chart to provide LNG equipment and services for ExxonMobil's global projects, enhancing their LNG production capabilities.

What technologies will Chart Industries supply to ExxonMobil?

Chart will supply cold boxes and the proprietary IPSMR® process technology to optimize LNG production efficiency and performance.

How does this agreement benefit the LNG industry?

The collaboration aims to optimize costs, schedules, and quality across LNG projects while advancing cleaner energy solutions globally.

What is Chart Industries' expertise in the energy sector?

Chart specializes in clean energy and industrial gas solutions, offering technologies and equipment for LNG, hydrogen, biogas, and CO2 capture applications.

Where can I learn more about Chart's LNG technology?

For more information on Chart's LNG technology and services, visit their website at https://www.chartindustries.com/Products/LNG-Liquefaction-Plants.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$GTLS Insider Trading Activity

$GTLS insiders have traded $GTLS stock on the open market 6 times in the past 6 months. Of those trades, 6 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $GTLS stock by insiders over the last 6 months:

JILLIAN C. EVANKO (President and CEO) has traded it 2 times. They made 2 purchases, buying 743 shares and 0 sales.
HERBERT HOTCHKISS (VP, GC and Secretary) purchased 212 shares.
LINDA S HARTY has traded it 2 times. They made 2 purchases, buying 6,000 shares and 0 sales.
PAUL E MAHONEY purchased 500 shares.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$GTLS Hedge Fund Activity

We have seen 282 institutional investors add shares of $GTLS stock to their portfolio, and 194 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

FMR LLC removed 795,661 shares (-21.0%) from their portfolio in Q3 2024
GATES CAPITAL MANAGEMENT, INC. removed 446,022 shares (-47.2%) from their portfolio in Q3 2024
FRANKLIN RESOURCES INC added 430,732 shares (+63.4%) to their portfolio in Q3 2024
POINT72 ASSET MANAGEMENT, L.P. removed 416,150 shares (-100.0%) from their portfolio in Q3 2024
ATLANTIC INVESTMENT MANAGEMENT, INC. added 359,070 shares (+513.0%) to their portfolio in Q3 2024
INVESCO LTD. added 340,225 shares (+37.6%) to their portfolio in Q3 2024
DIMENSIONAL FUND ADVISORS LP added 309,651 shares (+66.8%) to their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

ATLANTA, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (“Chart”), a global leader in clean energy and industrial gas solutions, is pleased to announce its signing of a global master goods and services agreement (“enabling agreement”) with ExxonMobil (NYSE: XOM).

This enabling agreement sets the terms, conditions, and commercial framework for Chart to provide LNG equipment, technology, and services for ExxonMobil’s global portfolio of projects. Specifically, the agreement includes the supply of cold boxes, as well as Chart’s proprietary IPSMR® process technology.

Under the agreement, ExxonMobil and Chart will deploy a design once, and then build many concepts to optimize cost, schedule, and quality for LNG projects globally. This collaboration builds on Chart’s previously announced participation in ExxonMobil’s Mozambique LNG project and reflects continued alignment to advance LNG production capabilities across multiple countries.

“We are proud to expand our relationship with ExxonMobil through this enabling agreement,” stated Jill Evanko, CEO and President of Chart Industries. “Chart’s industry-leading LNG technology, including our cold boxes and IPSMR® process, aligns with ExxonMobil’s commitment to efficient, scalable, and reliable LNG solutions. This agreement further strengthens our role as a trusted partner for ExxonMobil’s energy initiatives worldwide.”

Chart’s cold boxes and IPSMR® technology are designed to maximize efficiency, optimize performance, and support cost-effective LNG production, contributing to cleaner energy solutions worldwide.

For more information about Chart’s LNG technology and services, please visit: https://www.chartindustries.com/Products/LNG-Liquefaction-Plants

About Chart Industries

Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ - clean power, clean water, clean food, and clean industrials, regardless of molecule. The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas, and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social, and corporate governance (ESG) issues both for its company as well as its customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe, and South America, the company maintains accountability and transparency to its team members, suppliers, customers, and communities. To learn more, visit www.chartindustries.com .

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.

With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit exxonmobil.com and ExxonMobil’s Advancing Climate Solutions .

Investor Relations Contact – Chart Industries:
John Walsh
SVP, Investor and Government Relations
770-721-8899
[email protected]

Media Relations Contact – ExxonMobil:
737-272-1452

This press release was published by a CLEAR® Verified individual.