Since reentering the contracting market last April, the company has secured 9.25 MTPA of new 20-year SPAs, including a 1.5 MTPA deal with Hanwha Aerospace, lifting contracted third-party revenue to $134 billion and covering 69% of production capacity.

Calcasieu Pass exported 38 cargoes in Q4 with minor delays from ship availability and storms and received a favorable no-liability arbitration ruling in January. Plaquemines completed initial startups on all 36 trains, targets a Q2 permanent power transition and late-summer EPC completion, while CP2 Phase I raised its first LNG tank roof on schedule with six trains in place and awaits its first pretreatment module.

Q4 revenue increased to $4.4 billion from $1.5 billion year-over-year and full-year revenue reached $13.8 billion, driven by volume growth; operating income rose to $1.7 billion and net income to $1.1 billion, while adjusted EBITDA jumped 191% to $2.0 billion. The company issued $3 billion of Plaquemines notes, repaid $3.2 billion of construction loans and secured an undrawn $2 billion corporate revolving facility.

For 2026, the company expects to export 486–527 LNG cargoes from Calcasieu Pass and Plaquemines, with 145–156 cargoes at Calcasieu Pass and 341–371 at Plaquemines. The implied weighted average liquefaction fee was $2.01 per MMBtu in Q4 and is forecast at $1.98 per MMBtu, reflecting arbitration reserves.