Chevron sells its first US LNG cargo in Europe

Spanish 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

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

11/05/26

US' Golden Pass LNG exports second cargo

Houston, 11 May (Argus) — Golden Pass LNG exported its second cargo on 9 May as it ramps up the 18.1mn t/yr (2.4bn ft³/d) export terminal in southeast Texas. The ExxonMobil-operated 174,000m³ HL Sea Eagle left the facility on 9 May with a 76,000t cargo bound for Asia, 17 days after the QatarEnergy-operated Al Qaiyyah departed with the first export, Kpler ship-tracking data show. The Al Qaiyyah arrived on 8 May at Belgium's 12.4mn t/yr Zeebrugge import terminal, where QatarEnergy holds long-term regasification capacity. A commissioning terminal's second export is often more indicative of production rates than the first because the first shipment typically includes a partial re-export of the facility's imported cool-down cargo. Golden Pass, a joint venture between QatarEnergy and ExxonMobil, also received a record 412mn ft³ of feedgas on 8 May, pipeline data show, equal to roughly half of train 1's capacity. Flows have since retreated slightly, averaging 365mn ft³/d over the weekend. The terminal was nominated to receive 250mn ft³ on 11 May, but shippers can revise pipeline nominations throughout the day. ExxonMobil said the project is targeting "mechanical completion" of the second of three trains in the fourth quarter, with the final train due to be mechanically complete by the second quarter of next year. The company did not give a timeframe for when it expects first production or exports from the terminal's remaining trains but said in 2024 that each train would come into service in six-month intervals. By Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran says its response to US 'reasonable, generous'

11/05/26

Iran says its response to US 'reasonable, generous'

Dubai, 11 May (Argus) — Iran's foreign ministry said on Monday that Tehran's response to the latest US proposal to end the war was "reasonable" and "generous," pushing back against US president Donald Trump's characterisation of it as "totally unacceptable." "Is our proposal for safe passage through the strait of Hormuz excessive? Is an important issue like re-establishing security and peace in the region, an irresponsible demand?" foreign ministry spokesman Esmail Baghaei asked, rhetorically. "All we proposed were reasonable and responsible demands, and generous proposals, not only for Iran's national interests, but also for the good, stability and security of the region and the world," he said. Trump overnight labelled the Iranian position as "totally unacceptable," dashing hopes of an imminent conclusion to the conflict. Crude futures rose sharply in early trading today, with the front-month July Ice Brent contract hitting an intraday peak of $105.99/bl before coming off to trade just below $104/bl. Trump last week said a peace deal under discussion with Iran would reopen the strait of Hormuz to navigation and lift the US blockade on Iranian trade. Baghaei today said the US' conditions continue to be "one-sided… and unreasonable". The US has been highlighting the reopening of the strait of Hormuz, and a shuttering of Iran's nuclear capabilities, as its top conditions to bring the war to an end. Washington is looking for Iran to put an end to its nuclear enrichment activities, and to hand over its stocks of around 400kg of highly-enriched uranium. But Iran's priorities to end the war lie elsewhere, which has been complicating the diplomatic track. "At this stage, our focus is on what is urgent," Baghaei said. "And what is urgent is ending the war in all its forms, including Lebanon and ensuring the safety and security of navigation through the [Mideast] Gulf and the strait of Hormuz… which includes stopping the illegal actions of the US against commercial ships." "What decisions we make on the nuclear issue, on Iran's [highly enriched] materials and on issues related to enrichment activities is something we will discuss when the time is right," Baghaei said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Aramco 1Q profit jumps 26pc despite Hormuz disruption

10/05/26

Aramco 1Q profit jumps 26pc despite Hormuz disruption

Dubai, 10 May (Argus) — State-controlled Saudi Aramco said it sold more crude and refined products in the first quarter than in the same period last year, despite shipping disruption through the strait of Hormuz since late February. The company did not disclose volumes but said higher sales, combined with firmer crude and product prices, lifted revenue to $115bn from $108bn a year earlier. Adjusted profit rose by 26pc year on year to $33.6bn, exceeding the $31.16bn median of analysts' forecasts. The increased revenues came despite the US-Iran war causing severe disruption to Mideast Gulf oil flows through the strait of Hormuz during the final month of the quarter. The effective closure of the waterway has forced Saudi Arabia, the UAE, Iraq, Kuwait, Qatar and Bahrain to reduce exports of crude and products since the start of March, weighing on crude output. Kuwait, Qatar, Bahrain and, to a large extent, Iraq have shut in the largest volumes of crude production relative to total output, reflecting their near total dependence on the strait to export oil. Saudi Arabia and the UAE have also shut in significant volumes, but to a lesser extent as a share of total production because both have pipelines that allow some exports to bypass the strait. The 7mn b/d East-West pipeline, which runs from the Abqaiq oil processing complex in eastern Saudi Arabia to the Yanbu port on the Red Sea, has "reached its maximum capacity", Aramco chief executive Amin Nasser said. "Our East-West pipeline... has proven itself to be a critical supply artery, helping to mitigate the impact of an energy shock and providing relief to customers affected by shipping constraints in the strait of Hormuz," Nasser said. Aramco did not disclose its oil and gas production for the quarter. Argus estimated Saudi crude output, including its share of production from the Saudi-Kuwaiti Neutral Zone, at 7mn b/d in March, down from 10.88mn b/d in February and 10.08mn b/d in January. This puts average Saudi crude output for the quarter at 9.32mn b/d, down from 10.03mn b/d in the previous quarter but up from 8.93mn b/d in the first quarter of 2025. The Saudi oil giant sold its crude at an average of $76.9/bl in the first quarter of 2026, marginally higher than $76.3/bl in the same three-month period in 2025. Aramco's board declared a base dividend of $21.9bn for the first quarter, up by 3.5pc from the corresponding period in 2025. The dividend will be paid in the second quarter. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Colombia gets ball rolling on fossil fuel shift talks

08/05/26

Colombia gets ball rolling on fossil fuel shift talks

The conference offered a calmer space to discuss fraught topics and how to convert words into actions, writes Lucas Parolin Rio de Janeiro, 8 May (Argus) — A conference on transitioning away from fossil fuels, held in Santa Marta, Colombia, at the end of April did not bring any new commitments to phase out hydrocarbons, but it did look to keep the topic at the top of the climate agenda. Delegates attended from about 60 countries, including some oil and gas-producing nations committed to advancing energy transition talks. Countries represented accounted for about a fifth of global oil production, a third of oil consumption and a third of the world's GDP, according to Colombian officials. Colombia and the Netherlands — co-hosts of the conference — were looking to push the topic forward outside official UN channels. Despite the historic UN Cop 28 climate summit pledge in 2023 , discussions on transitioning away from fossil fuels continue to face opposition from large hydrocarbon-producing and consuming countries, such as China, Russia, the US and Saudi Arabia, which tend to want the focus to be on reducing emissions, rather than fossil fuel output. These countries were not invited because the conference was intended to work as a ‘coalition of the willing'. Only countries " already convinced and ready to work on solutions for the transition " were invited, the Colombian environment ministry's head of international affairs, Daniela Duran, said. Santa Marta kept its focus on fossil fuels, according to non-governmental organisation Earth Insight's engagement director, Juan Pablo Osornio. Participants discussed "the input for combustion", rather than the resulting emissions, he said, adding that this could change the way countries address the topic in future. The debate is shifting from discussing climate change drivers — emissions — to their root cause — fossil fuels — something largely overlooked until Dubai. The disruption to oil and gas supplies from the closure of the strait of Hormuz could make energy security, rather than climate change, the key driver of any acceleration in consumer moves away from these fuels . But fossil fuels are responsible for 80pc of all global emissions, according to a study by the Energy Transitions Commission, a global coalition of leaders from across the energy landscape committed to achieving net zero emissions by 2050. Some countries invited to Santa Marta are still looking to only reduce emissions, but not necessarily fossil fuel usage and production. Canada and Norway stuck to their positions on production. And Nigeria — Africa's largest oil and gas producer — reiterated its call for a just transition for developing economies, saying countries should discuss a phase-down, not a phase-out, of fossil fuels. Safe space Santa Marta was not a place for new commitments, but a space for productive discussions on controversial topics. It aimed for "multilateralism without de facto vetoes" that is "capable of translating agreements into implementation", according to Colombia's environment minister, Irene Velez Torres. Three workstream plans were laid down, including one to help nations develop their own voluntary transition roadmaps. France presented one during the event, and Colombia published a draft document, intended to work as a potential template for other countries. Brazil is also working on one . The impact of Santa Marta on future Cop negotiations is difficult to assess, with the Turkish Cop 31 presidency putting progress in phasing out fossil fuels lower down the list of priorities . No country has shown it is willing to propose putting transition on the summit agenda. But Cop 30's presidency has pledged to present a roadmap in Turkey. The ball is rolling, Osornio said, and conversations at Santa Marta and future phase-out conferences "will continue to push the issue of fossil fuels and will undoubtedly have an impact within the [UN Framework Convention on Climate Change]". Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US, Iran again exchange fire in Hormuz

07/05/26

US, Iran again exchange fire in Hormuz

Washington, 7 May (Argus) — The US and Iranian militaries exchanged fire for the second time in three days on Wednesday during an attempted passage by US warships through the strait of Hormuz. Iranian forces targeted three US destroyers with missiles, drones and small boats while they were in transit through Hormuz to the Gulf of Oman, according to US Central Command (Centcom), which oversees the Middle East-based US forces. The US forces struck back at Iranian missile and drone launch sites, command and control locations and surveillance nodes, Centcom said. Iran's state news agencies reported explosions near the Iranian port of Bandar Abbas and other locations along the Iranian coastline hugging the strait of Hormuz. Iran's forces damaged the US warships and forced them to abandon the attempted transit, according to the Tasnim news agency, which is affiliated with Iran's Islamic Revolutionary Guard Corps. "No US assets were struck," Centcom said. US and Iranian naval forces clashed on 4 May, when two US destroyers passed through Hormuz to help two US-flagged vessels to depart the Mideast Gulf. The US forces that day launched the Project Freedom mission to enable the departure of ships stranded in the Mideast Gulf, but President Donald Trump put the mission on hold on 5 May. The US and Iran halted hostilities on 7 April. The 4 May clash was not deemed a serious violation of the ceasefire, the Pentagon said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more

Chevron sells its first US LNG cargo in Europe

Related news posts

US' Golden Pass LNG exports second cargo

US' Golden Pass LNG exports second cargo

Iran says its response to US 'reasonable, generous'

Iran says its response to US 'reasonable, generous'

Aramco 1Q profit jumps 26pc despite Hormuz disruption

Aramco 1Q profit jumps 26pc despite Hormuz disruption

Colombia gets ball rolling on fossil fuel shift talks

Colombia gets ball rolling on fossil fuel shift talks

US, Iran again exchange fire in Hormuz

US, Iran again exchange fire in Hormuz

Argus North American Long-Term Electricity Forward Curves

Argus North American Long-Term Electricity Forward Curves

Argus North American Long-Term Electricity Forward Curves

Argus North American Long-Term Electricity Forward Curves

Argus Carbon

Informe Argus Low Carbon Hydrogen Strategy

Argus Hydrogen and Future Fuels

Business intelligence reports