Veteran coal marketer Ernie Thrasher, who founded Pennsylvania-based coal export firm Xcoal Energy & Resources, is founding a new company to export liquefied natural gas (LNG), said an April 22 report from Bloomberg Business.
Thrasher is starting XLNG Energy & Resources, which plans to begin exporting liquefied natural gas no later than 2018. The company will focus on selling gas from the Marcellus shale region, which includes Pennsylvania, West Virginia and Ohio, he said.
“Gas is going to continue to grow at an accelerated rate,” Thrasher said at the IHS CERAWEEk Energy Conference in Houston. “Coal will grow, but maybe at a moderated rate. I owe it to the people in our organization and the suppliers we have to make sure that we’re ahead of that curve.”
Xcoal overtook Alpha Natural Resources (NYSE: ANR) as the largest U.S. coal exporter in the first quarter of this year, Thrasher said. “We’re looking to take advantage of the synergies of our global coal presence,” Thrasher said. “We have a number of our global customers who are quite interested in the possibility of LNG from U.S. origins. We want to get involved in that decision-making process as existing contracts with these customers expire and they start to plan for long-term renewal.”