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Verde Clean Fuels Suspends Development Of Its Permian Basin Project Due To Changing Market Conditions

Benzinga·02/06/2026 21:18:45
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Verde Clean Fuels, Inc. (NASDAQ:VGAS) ("Verde" or the "Company") announced today the suspension of development of its Permian Basin project primarily as a result of changing market conditions driven by increasing demand for natural gas in the Permian Basin.

In February 2024, the Company and Cottonmouth Ventures, LLC ("Cottonmouth"), a wholly-owned subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) ("Diamondback") entered into a joint development agreement ("JDA") to develop a natural gas-to-gasoline plant in the Permian Basin utilizing Verde's STG+® technology and associated natural gas from Diamondback's operations (the "Permian Basin Project"). Following announcement of the JDA, the Company began development work on the Permian Basin Project, which included a front-end engineering and design ("FEED") study that was completed in December 2025.