Papua LNG Progress Lifts TotalEnergies Amid Rising Oil Prices
Oil prices surged on Tuesday, propelling energy stocks forward as TotalEnergies announced significant progress in its Papua LNG project. The company reported reaching key contractual and commercial milestones, moving the project closer to a final investment decision.
TotalEnergies' stock rose over 1% following the announcement, with investors taking note of the development's potential implications for the project's funding and approval. The Energy Select Sector SPDR Fund (XLE) also saw an increase in value due to the rising oil prices.
Other energy companies, such as Solaris Energy Infrastructure and Tamboran Resources, received a boost from firm-specific fundamentals. Solaris raised its third-quarter adjusted EBITDA outlook to $110-130 million, while Tamboran's Daly Waters Energy joint venture recorded first gas sales from a pilot project in Australia's Beetaloo Basin.