Cheniere turns American natural gas into a liquid and sells it worldwide, mostly under long contracts. New plants are lifting results, but in 2025 payouts to shareholders exceeded the cash left after investment, and net debt kept rising.
The gas that lights a stove in Korea or feeds a power station in Spain may have started its trip at a Cheniere Energy terminal in the United States. Cheniere buys natural gas and chills it into a liquid at its Sabine Pass and Corpus Christi sites. It then sells that liquefied natural gas, or LNG, to buyers worldwide. It keeps the gap between what buyers pay and what it spends on gas and on running its plants.
LNG is nearly the whole business. Buyers pay for shiploads of LNG, mostly under agreements that run for many years. Cheniere also buys part of its gas under long-term supply deals, so much of the spread is predictable. The costs that matter are the gas and the processing units, called trains, that do the chilling: running them, the yearly charge for their wear (depreciation) and interest on the debt that built them. What remains depends on how much LNG flows through the trains and on the spread over gas costs. A growing share of shiploads is priced off global benchmarks (published reference prices for LNG and gas), which ties more of that spread to world prices.
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