Energy · Profile from Energy Research Companion
Cheniere Energy
The Houston company that built a terminal at Sabine Pass, Louisiana to import liquefied natural gas, finished it in 2008 just as shale gas made the United States self-sufficient, and then reversed it. Cheniere signed 20-year sale-and-purchase agreements (SPAs) that paid a fixed liquefaction fee whether or not the buyer lifted a cargo, raised project debt against those fees, and shipped the first LNG export cargo from the lower 48 states in February 2016. By 2026 it was the largest US LNG exporter, with ~30 million tonnes a year (mtpa) at Sabine Pass and ~25 mtpa at Corpus Christi, Texas once Stage 3 was finished in August 2026 (company, reported). It exported a record 188 cargoes in Q3 2026 and its 5,000th cargo overall (company). Its main asset is not steel but contracts: the plant earns a fee on gas priced at ~115% of Henry Hub, and the buyer takes the price risk on the other side of the ocean.
At a glance
- Founded
- 1996 (Charif Souki took over a small Gulf Coast exploration shell; reported); LNG strategy from ~2000–01
- Headquarters
- Houston, Texas
- Ownership / structure
- Public, NYSE American: LNG (Cheniere Energy, Inc.); controls and owns ~48.6% of NYSE-listed Cheniere Energy Partners, L.P. (CQP), which owns Sabine Pass (reported, verify current stake); widely held by institutions; Carl Icahn was the largest holder in 2015–16 and later sold down (reported)
- Leadership (2026)
- Jack Fusco (president and CEO since May 2016); Zach Davis (CFO, verify); Anatol Feygin (chief commercial officer, verify); G. Andrea Botta (chairman from Dec 2015; verify current)
- Assets
- Sabine Pass Liquefaction (Cameron Parish, Louisiana): six large trains, ~30 mtpa (company); Corpus Christi Liquefaction (Texas): three large trains (~15 mtpa) plus seven Stage 3 midscale trains (>10 mtpa), Stage 3 completed 28 Aug 2026 (reported); midscale Trains 8–9 under construction (verify); Creole Trail and Midship pipeline interests; ~3 storage tanks at each site plus marine berths; chartered LNG carrier fleet
- Scale
- Q3 2026: revenue ~$6.17bn, net income ~$1.17bn, consolidated adjusted EBITDA ~$1.90bn, distributable cash flow ~$1.23bn, 188 cargoes (~684 TBtu) (company, 29 Oct 2026); 2026 adjusted EBITDA guidance raised to ~$8.75–9.25bn (company)
- Contract book
- ~95% of production sold under long-term SPAs or integrated production marketing (IPM) deals for the next decade-plus (company claim, verify current figure); typical weighted average remaining term ~15+ years (company claim)
- Signature moves (incl. failures)
- Sabine Pass as an import terminal (2008); the pivot to export and the first DOE non-FTA approval (2010–11); BG and the 20-year SPAs, FID 2012; Corpus Christi (FID 2015, first LNG 2018); Icahn and Souki's exit (2015); first lower-48 export cargo (Feb 2016); Europe's 2022 pull; Corpus Christi Stage 3 (FID 2022, complete 2026); the 2026 Gulf crisis and the QatarEnergy SPAs (Oct 2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2008
Sabine Pass Import Terminal
Construction or commissioning (failed thesis)
2010
Pivot to Export and DOE Approval
Strategy pivot / regulatory action
2011
BG and the Twenty Year SPAs
Offtake or supply contract / financing (project finance)
2015
Corpus Christi Liquefaction
Project final investment decision / construction
2015
Icahn and Souki Exit
Restructuring (governance) / activism
2016
First Lower 48 Export Cargo
Construction or commissioning
2022
Corpus Christi Stage 3
Project final investment decision / construction
2022
Europe Pull and the Spot Windfall
Strategy pivot (market shift) / offtake
2026
Gulf Crisis and the QatarEnergy SPAs
Offtake or supply contract / geopolitics