BUZZ-Verde Clean Fuels soars on joint gasoline project with Diamondback unit

Reuters
2024.02.13 15:06
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Shares of Verde Clean Fuelssurged 25% to $3.50 as the company announced a joint development agreement with Cottonmouth Ventures, a unit of Diamondback Energy, to convert natural gas to gasoline in Texas. The facility is expected to produce around 3,000 barrels per day of fully-refined gasoline. VGAS is up approximately 46% year-to-date.

** Shares of Verde Clean Fuels Inc (VGAS.O) up 25% at $3.50

** Verde and Cottonmouth Ventures LLC, a unit of Diamondback Energy (FANG.O) , announce joint development agreement to develop, construct and operate a facility capable of converting natural gas to gasoline in Martin County, Texas

** The proposed facility is expected to produce commodity-grade gasoline utilizing associated natural gas feedstock supplied from Diamondback’s operations in the Permian Basin

** Project is expected to produce around 3,000 barrels per day of fully-refined gasoline utilizing Verde’s patented process

** Including Tuesday’s gains, VGAS up ~46% YTD

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