Chevron sells its first US LNG cargo in Europe

Market: Natural gas
01/05/26

Chevron recently sold its first US-loaded LNG cargo as its long-term supply deal with US LNG producer Cheniere begins.

Chevron sold the cargo into Europe on spot-based prices, chief executive Mike Wirth said on Friday. The company signed a deal with Cheniere in 2022 for offtake from the 33mn t/yr Sabine Pass export plant in Louisiana beginning in 2026, with volumes reaching 1mn t/yr in 2027 and continuing until mid-2042.

The offtake is part of 4mn t/yr Chevron will ultimately receive from US LNG producers later this decade. The firm has another 1mn t/yr agreement with Cheniere and two 1mn t/yr deals with Venture Global for supply from the 27.2mn t/yr Plaquemines and 28mn t/yr CP2 terminals, both in Louisiana.

Chevron has a roughly 16mn t/yr LNG portfolio that will grow to 20mn t/yr by 2030, Wirth said. About 80pc of the volume consists of oil-linked contracts, with the remaining 20pc exposed to the spot market.

Chevron's LNG focus historically has been in the Pacific basin, operating the 15.6mn t/yr Gorgon and 8.9mn t/yr Wheatstone terminals in Australia. Chevron also holds a share of the 5.2mn t/yr Angolo LNG export facility in west Africa.

By Tray Swanson

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