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Cheniere Energy raised its full-year 2026 financial guidance after posting record LNG export volumes in the first quarter, underscoring strong global demand and improving margins in an increasingly volatile energy market.

The Houston-based LNG exporter said Thursday it now expects full-year consolidated adjusted EBITDA of $7.25 billion to $7.75 billion, up from previous guidance of $6.75 billion to $7.25 billion. The company also lifted its distributable cash flow forecast to between $4.75 billion and $5.25 billion.

The revised outlook follows a quarter in which Cheniere exported a record 187 LNG cargoes from its Gulf Coast facilities, up 11% year-over-year, while LNG export volumes rose 13% to 688 TBtu. The company attributed the stronger guidance to higher LNG production forecasts, improved market margins, and gains from optimization activities.

Despite operational strength, Cheniere reported a net loss attributable to shareholders of $3.5 billion for the first quarter, compared with net income of $353 million a year earlier. The loss was largely tied to non-cash mark-to-market impacts on long-term commodity derivative contracts linked to international gas prices. The company emphasized that these accounting swings do not reflect underlying operating performance.

Adjusted EBITDA climbed 25% year-over-year to $2.33 billion, driven by higher LNG volumes and improved trading and optimization margins. Revenues rose 8% to $5.87 billion.

CEO Jack Fusco said current volatility in global energy markets highlights the need for additional reliable LNG supply and pointed to continued expansion opportunities at both the Sabine Pass and Corpus Christi facilities.

Operationally, Cheniere continued advancing its Corpus Christi Stage 3 expansion project. Train 5 reached substantial completion in March, while first LNG production from Train 6 is expected imminently. The company said Trains 6 and 7 remain on track for completion by the end of 2026.

Cheniere is simultaneously pursuing further brownfield growth projects across its LNG portfolio. In total, the company now has more than 53 million tonnes per annum (mtpa) of liquefaction capacity operating, roughly 8 mtpa under construction, and more than 40 mtpa in the regulatory permitting pipeline.

The results come as U.S. LNG exporters continue benefiting from resilient global demand, particularly in Europe and Asia, where buyers remain focused on supply security following years of geopolitical disruption and tighter energy balances. Rising U.S. export capacity has increasingly positioned Gulf Coast LNG producers like Cheniere at the center of global gas trade flows.

Cheniere also continued shareholder returns and balance sheet management during the quarter. The company repurchased roughly $537 million worth of stock, paid $117 million in dividends, and repaid approximately $253 million in long-term debt. Moody’s upgraded Cheniere’s senior unsecured ratings earlier this year, citing improving credit metrics and cash flow visibility.

By Charles Kennedy for Oilprice.com

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