The following video is from Thursday's Digging for Value, in which host Alison Southwick and Motley Fool energy analysts, Taylor Muckerman and Joel South, get to the heart of the biggest stories in energy investing today.
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It's been a long time coming for Dominion Resources (NYSE: D), but its Cove Point LNG facility was finally approved by the Departement of Energy to export liquified natural gas to non-Free Trade Agreement countries. It now joins a group of Gulf Coast facilities that will ship nearly 10% of current natural gas production overseas. While it might be the smallest approval yet, it adds some geographic diversity since it is based on the East Coast. Its approval is welcomed news for ConocoPhillips (NYSE: CVX) which holds a 50% stake in Freeport LNG Development's general partner (see ownership flowchart). Freeport LNG has expansion plans submitted for approval and is nearing the top of the list. Tune in below for more details.
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Editors note: in the video, Chevron is referenced as having interest in Freeport LNG. Viewers, please insert ConocoPhillips into that statement. Additionally, America's Energy Advantage, of which Dow Chemical is a member, issued this press release shortly after Dominion's announcement.