Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Consolidated Adjusted EBITDA | $1.9 billion | Not stated |
| Distributable Cash Flow | $1.2 billion | Not stated |
| Net Income | $1.2 billion | Not stated |
| Quarterly LNG Cargoes | 188 | 17% increase |
| Quarterly LNG Volume Recognized | 697 TBtu | Not stated |
Guidance and outlook
- Full-year 2026 consolidated adjusted EBITDA: $8.75 billion to $9.25 billion
- Full-year 2026 distributable cash flow: $6.05 billion to $6.55 billion
- 2027 total production forecast: 56 million to 58 million tons
How management sounded
Positive (+7 on our -10 to +10 scale). Management raised full-year guidance for the third consecutive time, citing strong operational reliability, early completion of Train 7, and elevated market pricing. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
QatarEnergy SPA
Asked: Theresa Chen (Barclays) asked about the strategic value of the QatarEnergy deal and the evolving competitive landscape.
Answer: Management noted that QatarEnergy is a key partner and that U.S. LNG is increasingly valuable, emphasizing that they do not view QatarEnergy as a competitor but as a partner in the global market.
2027 Forward Sold Volumes
Asked: An analyst from Citi asked about the margins on forward-sold volumes for 2027.
Answer: Management stated they have locked in 4 million tons for 2027 at margins around $10, noting they proactively sell capacity when margins are high to increase cash flow visibility.
Corpus Christi Expansion
Asked: An analyst from Citi asked about the EPC process and pricing for the Corpus Christi expansion.
Answer: Management is currently in a value engineering phase with Bechtel to ensure competitive pricing and aims to maintain the Cheniere standard of building under $1,000 a ton.
Guidance Raise Drivers
Asked: Keith Stanley (Wolfe Research) asked for details on the drivers behind the large guidance raise.
Answer: Management attributed the increase to higher global gas spreads, optimization efforts, and the early completion of Train 7, which added an extra cargo.
What to watch before the next call
- Final regulatory approvals and FID for the first phase of the Sabine Pass expansion project.
- Progress on the Corpus Christi expansion project and potential permitting timelines.
- Global LNG market pricing volatility and its impact on spot cargo sales.
