Exporting

Venture Global (VG), the Arlington, Virginia-based LNG exporter that operates the Calcasieu Pass and Plaquemines liquefaction plants in Louisiana — and is building a third, CP2 — reported second quarter 2026 results Tuesday that were, by any measure, a blowout. Revenue hit $4.6 billion (up 48% from 2Q25), net income came in at $1.3 billion (up 266%), and consolidated adjusted EBITDA reached $2.5 billion (up 79%), the largest quarterly EBITDA in company history. VG shipped 127 cargoes in the quarter and raised its full-year EBITDA guidance to $8.7-$9.1 billion, up from the $8.2-$8.5 billion it guided to in May. The company also passed its 1,000th cargo overall and jacked up its quarterly dividend by 122%. Why do we care in Appalachia? Because Plaquemines is fed by pipelines that carry Marcellus/Utica molecules south — and VG is planning to nearly double in size. Read More “Venture Global 2Q26: Record $2.5B EBITDA, 127 LNG Cargoes Shipped”

America’s biggest LNG exporter just had a monster quarter — and raised its full-year forecast for the second time this year. Cheniere Energy (NYSE: LNG) shipped 184 cargoes in the second quarter and is now building toward a platform that could eventually swallow more than 10 billion cubic feet of gas a day. Appalachian producers should be paying attention. Cheniere Energy reported second quarter 2026 results on Aug. 6, and the numbers were eye-popping. Revenues hit $5.73 billion, up 24% from a year ago. Consolidated adjusted EBITDA came in at $1.80 billion, up 27%. Net income was $3.07 billion, up 89% — though a big chunk of that is non-cash accounting noise we’ll get to in a minute. Read More “Big LNG Quarter at Cheniere Means Big Demand for M-U Gas”

The Golden Pass LNG terminal is a liquefied natural gas (LNG) terminal and regasification facility in Sabine Pass (Port Arthur), Texas. It is among the largest LNG facilities in the world. It can accommodate up to 15.6 million metric tons (MT) of LNG per year, the equivalent of approximately 2 billion cubic feet of natural gas per day (Bcf/d). In April, Golden Pass exported its first LNG cargo (see Inaugural Cargo Departs Golden Pass LNG, Heading to Belgium). It exported its second cargo in May. On June 25, the facility exported its third cargo since commissioning began. But by Monday, June 29, almost all feedgas flowing to the facility stopped and has stayed stopped. Read More “Golden Pass LNG Offline After Sending Out First 3 Cargoes”

Freeport LNG has become something of a punchline for its frequent outages. Except it’s no laughing matter. Outages at Freeport have happened so frequently that we’ve lost count (see our Freeport outage stories here). According to gas flow data, one of Freeport’s three “trains” was (once again) out of commission last Friday and Saturday, but came back online over the weekend. Freeport is fed, in part, with molecules from the Marcellus/Utica. Antero Resources sells some of its molecules to the Freeport facility (see Antero 4Q: Sending Gas for LNG Exports to Gulf Coast & Cove Point). We suspect other M-U drillers also sell molecules to Freeport. Hence, our ongoing interest in this facility and its somewhat regular outages. Read More “Freeport LNG Returns to Full Output Following Another Outage”

The Appalachian Basin, spanning Pennsylvania, West Virginia, and Ohio, has become America’s premier natural gas province, producing over 35 billion cubic feet daily (Bcf/d) in 2024. Driven by hydraulic fracturing in the Marcellus and Utica shales, private mineral rights, and low breakeven costs below $2 per MMBtu, the basin has reshaped *global* energy markets. How? Infrastructure constraints (lack of pipelines) and Mid-Atlantic political opposition prevent local LNG export terminal development. Even so, Marcellus/Utica gas underwrites domestic power markets, fuels digital infrastructure, and indirectly propelled the United States to become the world’s leading LNG superpower by displacing Gulf Coast gas for export liquefaction. Read More “How the Marcellus/Utica Made the U.S. #1 in LNG Exports”

U.S. natural gas flows to LNG export facilities were set to hit a 16-week low of 15.1 Bcf/d on Tuesday, May 19, despite the anticipated return of QatarEnergy/ExxonMobil’s Golden Pass plant in Texas, according to LSEG data. Average flows dropped from a record 18.8 Bcf/d in April to 16.9 Bcf/d in May due to spring maintenance at multiple facilities, including Golden Pass and Freeport LNG. Read More “Feedgas Flows to U.S. LNG Export Plants Hit 16-Week Low on Tues.”

Caturus LLC made a positive Final Investment Decision (FID) for its Commonwealth LNG project, securing $9.75 billion in financing for the 9.5 million tonnes per annum (MTPA) export facility in Cameron Parish, Louisiana. This FID initiates full construction of one of the most cost-competitive LNG projects in the U.S., with operations expected to commence by 2030 and generate over $3 billion in annual export revenue. Read More “Caturus Makes FID to Build Commonwealth LNG Export Plant in La.”