Why Golar LNG Stock Is Popping Today

Shares of Golar LNG (NASDAQ: GLNG) rebounded more than 11% by 11:00 a.m. EDT on Thursday. Fueling the bounce back in the liquefied natural gas (LNG) stock were updates to two major issues that had been weighing on shares.

First, the company announced on Wednesday that the board of directors of Hygo Energy Transition accepted the leave-of-absence request of CEO Eduardo Antonello. Hygo, a joint venture between Golar and private equity company Stonepeak Infrastructure Partners, planned to go public this week. But they postponed the IPO following allegations of Antonello's involvement in a bribery scandal at a prior employer. The leave will enable him to concentrate on addressing those allegations while the board takes over his functions at Hygo.

Golar also made it clear that Antonello's leave "is not in any way linked to any action or misconduct during his tenure at Hygo where he has been instrumental in building a very robust integrated LNG business, delivering cheaper and cleaner energy to the Brazilian market."

Source Fool.com