Growth / Operations
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In September 2026, the Federal Energy Regulatory Commission (“FERC”) issued the final environmental impact statement (“EIS”) relating to the SPL Expansion Project.
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In September 2026, the FERC issued a draft EIS relating to the CCL Expansion Project (defined below).
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In September 2026, Cheniere and its subsidiaries obtained commitments for a term loan to finance the construction costs of the first phase of the SPL Expansion Project that are not expected to be funded with available cash. The term loan is being sized to finance approximately 50% of the total estimated project costs of the first phase. Closing and funding are subject to customary conditions, including the issuance of a positive FID with respect to the first phase of the SPL Expansion Project.
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In August 2026, Cheniere produced and exported its 5,000th cargo of LNG from its U.S. Gulf Coast operations, achieving this milestone faster than any other LNG producer worldwide.
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In August 2026, substantial completion of the seventh train (“Midscale Train 7”) of the CCL Stage 3 Project (defined below) was achieved, marking the project complete ahead of the guaranteed completion schedule and within budget, and expanding Cheniere’s LNG production capacity by over 20%.
CEO COMMENT
“We achieved key milestones across the Cheniere platform in the third quarter of 2026, highlighted by the substantial completion of the seventh and final train of the CCL Stage 3 Project, the export of our 5,000th LNG cargo, and our continued commercial success in support of future brownfield growth at Sabine Pass and Corpus Christi,” said Jack Fusco, Cheniere’s Chairman, President and Chief Executive Officer. “Our outstanding results and improved outlook enable us to further raise our guidance ranges for 2026, and the successful completion of CCL Stage 3 and our continued debottlenecking efforts provide increased visibility into our initial production forecast for 2027. Across our business, we continue to reinforce our track record for operational excellence and safety, executing on our long-term capital allocation plan, and accretively growing our leading infrastructure platform to reliably meet the energy needs of our customers worldwide for decades to come.”
SUMMARY AND REVIEW OF FINANCIAL RESULTS
(in millions, except LNG data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
% Change
2026
2025
% Change
Revenues
$
6,173
$
4,441
39
%
$
17,773
$
14,526
22
%
Net income1,2
$
1,170
$
1,049
12
%
$
736
$
3,028
N/M
Consolidated Adjusted EBITDA3
$
1,900
$
1,608
18
%
$
6,037
$
4,896
23
%
LNG exported:
Number of cargoes
188
163
15
%
559
485
15
%
Volumes (TBtu)
684
586
17
%
2,044
1,745
17
%
LNG volumes loaded (TBtu)
685
586
17
%
2,045
1,744
17
%
Net income1,2 was approximately $1.2 billion and $736 million for the three and nine months ended September 30, 2026, respectively, as compared to net income1,2 of approximately $1.0 billion and $3.0 billion for the corresponding 2025 periods. The increase for the three months ended September 30, 2026 is due to higher total margins on LNG delivered, driven by higher volumes recognized in income as well higher margins per MMBtu of LNG delivered during the period, as well as lower provisions for income tax relative to the 2025 period. The decrease for the nine months ended September 30, 2026 is primarily due to $3.6 billion of unfavorable variances related to the changes in the fair value of our derivative instruments, predominantly related to our long-term Integrated Production Marketing (“IPM”) agreements (before tax and non-controlling interests), and partially offset primarily by higher volumes recognized in income and to a lesser extent higher margins per MMBtu of LNG delivered during the period, as well as the recognition of a nonrecurring excise tax credit during the 2026 period.
Share-based compensation expenses included in net income totaled $75 million and $190 million for the three and nine months ended September 30, 2026, respectively, compared to $35 million and $140 million for the corresponding 2025 periods.
Consolidated Adjusted EBITDA3 increased approximately $292 million and $1.1 billion for the three and nine months ended September 30, 2026, respectively, as compared to the corresponding 2025 periods, due to higher total margins on LNG delivered, driven by higher volumes recognized in income as well higher margins per MMBtu of LNG delivered during the period.
Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) as of September 30, 2026 consisted of 100% ownership of the general partner interest and a 48.6% limited partner interest.
BALANCE SHEET MANAGEMENT
Capital Resources
The table below provides a summary of our available liquidity (in millions) as of September 30, 2026:
September 30, 2026
Cash and cash equivalents(1)
$
1,663
Restricted cash and cash equivalents(2)
393
Available commitments under our credit facilities:
SPL Revolving Credit Facility
873
Cheniere Partners Revolving Credit Facility
1,000
CCH Credit Facility
1,510
CCH Revolving Credit Facility
890
Cheniere Revolving Credit Facility
1,750
Total available commitments under our credit facilities
6,023
Total available liquidity
$
8,079
(1)
$569 million of cash and cash equivalents was held by Cheniere Partners.
(2)
$35 million of restricted cash and cash equivalents was held by Cheniere Partners.
Recent Key Financial Transactions and Updates
In September 2026, SPL repaid approximately $54 million aggregate principal amount outstanding of its Senior Secured Notes due 2037 with weighted average rate of 4.748% as of June 30, 2026 (the “2037 SPL Senior Notes”) based on the fixed amortization schedules.
In September 2026, Cheniere and its subsidiaries obtained commitments for a term loan to finance the construction costs of the first phase of the SPL Expansion Project that are not expected to be funded with available cash. Closing and funding are subject to customary conditions, including the issuance of a positive FID with respect to the first phase of the SPL Expansion Project. Additionally, we have secured commitments to amend and extend the maturities of the SPL Revolving Credit Facility and the Cheniere Partners Revolving Credit Facility, including the reallocation of $250 million in commitments from the SPL Revolving Credit Facility to the Cheniere Partners Revolving Credit Facility.
LIQUEFACTION PROJECTS OVERV
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
