Cheniere Shipments Rise 15% to 188 in Third Quarter as Annual Guidance Increases

Key Facts

Cheniere Energy exported 188 liquefied natural gas cargoes in the third quarter of 2026, up 15% from 163 cargoes in the same period of 2025, according to the company's filing for the three months ended September 30. Exported gas volumes rose to 684 trillion British thermal units, from 586 trillion a year earlier, while loaded volumes totaled 685 trillion British thermal units. The results came in a quarter when revenue rose 39% to $6.173 billion and net income increased 12% to $1.170 billion. Consolidated adjusted EBITDA also rose 18% to $1.900 billion, from $1.608 billion. Cheniere raised its full-year guidance range, while its shares rose 4% in premarket trading on October 29, according to Reuters.

The increase in cargoes reflects growth in exported volumes alongside the company's expansion of production capacity. Cheniere said export volumes reached 684 trillion British thermal units, up 17% year over year, while cargoes increased from 163 to 188. Loaded volumes totaled 685 trillion British thermal units during the quarter. The seventh and final train at the Corpus Christi Stage 3 project was completed in August 2026, after trains 5, 6 and 7 were completed in March, June and August, respectively. The project expanded the company's LNG production capacity at its two Gulf Coast facilities by more than 20%.

The company attributed adjusted earnings growth to higher gross margins on gas delivered, reflecting increased volumes recognized in income and improved margins per million British thermal units. Consolidated adjusted EBITDA was $1.900 billion, compared with $1.608 billion in the third quarter of 2025. Net income was $1.170 billion, compared with $1.049 billion, while revenue rose from $4.441 billion to $6.173 billion. The figures show that revenue growth outpaced net income growth during the period, while adjusted earnings improved at a faster pace than net income. The company did not attribute the results solely to completion of the Corpus Christi Stage 3 project, but linked the increase in adjusted earnings to volumes and margins on gas delivered.

Following the results, Cheniere raised its 2026 consolidated adjusted EBITDA guidance range to $8.75–9.25 billion, from a previous range of $7.90 billion to $8.40 billion. It also raised its distributable cash flow range to $6.05–6.55 billion, compared with a previous estimate of $5.30 billion to $5.80 billion. Reuters said the increase in export volumes drove the higher guidance, as supply disruptions in the Middle East encouraged buyers to turn to U.S. cargoes. The agency reported that the Iran war disrupted gas supplies from Qatar and raised concerns about shipping through the Strait of Hormuz. The company's shares rose 4% in premarket trading after the results and guidance were announced, according to Reuters.

The higher guidance coincided with an increase in cash distributions to shareholders. The company announced a distribution of $0.625 per share, an increase of more than 12% from the previous quarter. The distribution is payable to shareholders of record as of the close of trading on November 9, 2026, and will be paid on November 17. On commercial expansion, Cheniere Marketing signed a long-term sale and purchase agreement with Petrobras in September to supply 0.8 million tonnes of LNG annually for 22 years. The agreement is part of a series of company contracts in a market affected by shifting supply routes and shipping concerns.

Cumulative cargoes from Cheniere's liquefaction projects reached about 5,120 through October 23, 2026, with more than 350 million tonnes of LNG produced, loaded and exported. The chief executive said completion of the Corpus Christi Stage 3 project and continued efforts to remove production bottlenecks strengthen visibility into preliminary production expectations for 2027. The company held its results conference on October 29, after the reporting period ended on September 30. The project's completion followed delivery of the final train in August, as part of an expansion that increased production capacity by more than 20%.