Verde Clean Fuels suspends Permian Basin project development

Verde Clean Fuels, Inc. (NASDAQ: VGAS) announced the suspension of development of its Permian Basin project, citing changing market conditions driven by increasing demand for natural gas in the region.

The Houston-based company entered into a joint development agreement in February 2024 with Cottonmouth Ventures, LLC, a wholly-owned subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG), to develop a natural gas-to-gasoline plant in the Permian Basin using Verde's STG+® technology. The project utilized associated natural gas from Diamondback's operations.

Verde completed a front-end engineering and design study for the project in December 2025 following the announcement of the joint development agreement.

"We are thankful to Diamondback for their support of the Permian Basin project," said Ernest Miller, CEO of Verde. "The learnings from the work that was completed, in particular from the FEED study, will continue to be useful as we explore other opportunities to deploy our technology."

The company stated it will redirect resources toward opportunities in regions where natural gas is stranded or flared without access to higher value market outlets. Cottonmouth remains Verde's second largest shareholder and continues to support the company's technology deployment efforts, according to the press release.

Verde operates as a clean fuels company focused on deploying its proprietary liquid fuels processing technology through commercial production plants. The company's syngas-to-gasoline plus process converts synthesis gas from various feedstocks into finished liquid fuels without requiring additional refining.

You May Also Be Interested In

• CleanSpark (NASDAQ: CLSK) spike attributed to vague unsourced unconfirmed chatter making rounds
• Marvell Technology and Flex to join S&P 500; others to join S&P MidCap 400 and S&P SmallCap 600
• Crown Point Energy files prospectus for $30 million rights offering