Golden Pass ships first cargo, the 9th US LNG export terminal
The QatarEnergy-ExxonMobil terminal finally exports after a contractor bankruptcy, adding 2 Bcf/d to record US capacity
Summary
US LNG capacity hit a new high as Golden Pass, the country's 9th export terminal, shipped its first cargo. The Texas plant is a joint venture of QatarEnergy (70%) and ExxonMobil (30%): three trains, 2.0 Bcf/d nominal (2.4 Bcf/d peak). It reached FID back in 2019 but stalled when its lead contractor filed Chapter 11 in 2024, forcing a rebuild of the construction team. Startup adds to a buildout in overdrive, Venture Global's Plaquemines (2.6 Bcf/d) ramping since late 2024, plus Corpus Christi and Sabine Pass, that could more than double North American export capacity by 2029. The new feedgas pull tightens the US balance even as cheap Henry Hub keeps the export arbitrage open against JKM and TTF. Qatar is now both a rival exporter and a US partner.
By the numbers
- 9th, Golden Pass's rank among operating US LNG export terminals.
- 2.0 Bcf/d nominal (2.4 peak), three 0.7-Bcf/d trains.
- 70% / 30%, QatarEnergy / ExxonMobil ownership.
- 2019 → 2026, FID to first cargo, delayed by a 2024 contractor bankruptcy.
- 2.6 Bcf/d, Plaquemines nominal capacity, the parallel ramp.
Why it matters
Each new US train deepens the wedge between cheap domestic gas and pricey world gas, the arbitrage that makes the US the swing LNG supplier. More flexible US cargoes give Europe and Asia an alternative to Russian and spot supply, and hand Washington more energy-diplomacy leverage.
What to watch
- Golden Pass's ramp to full 2.4 Bcf/d and the timing of the next FIDs.
- Where the cargoes sail, the JKM-TTF spread decides Atlantic vs Pacific.
- Feedgas pull as a fresh driver of Henry Hub into winter.