Lead contractor on $10B Exxon Mobil LNG project files for bankruptcy, FT reports

Zachry Holdings, the lead contractor on Exxon Mobil and QatarEnergy’s $10B Texas liquefied natural gas development, has filed for bankruptcy, saying that unforeseen disruptions” in the construction of the Golden Pass terminal and an inability to reach a resolution with the project’s shareholders had prompted it to initiate Chapter 11 proceedings as it pursues a “structured exit” from the project, The Financial Times’ Myles McCormick reports. Exxon says it recognizes “the potential for impact on the timeline” for the project and was “considering all available options to implement a smooth transition and minimize any impacts.” Exxon owns a 30% stake in the Gulf Coast export terminal.