Golden Pass LNG Produces First Gas From Train 1 as ExxonMobil and QatarEnergy Prepare Maiden Cargo

The Golden Pass LNG export terminal in Sabine Pass, Texas, has produced its first liquefied natural gas from Train 1, marking a major milestone for a project that will become one of the largest LNG facilities in the United States. The joint venture between QatarEnergy (70%) and ExxonMobil (30%) is now ramping up feed gas intake ahead of its maiden cargo, expected in the second quarter of 2026.

On April 2, Golden Pass drew 434 million cubic feet per day (MMcf/d) of natural gas for liquefaction, up 25% from 298 MMcf/d the previous day, according to data from financial firm LSEG. The LNG tanker HL Sea Eagle is expected to arrive at the terminal around April 20 to load the facility’s first export cargo, a symbolic moment for a project that has been under construction since 2019.

Scale and Significance

Once all three trains are operational, Golden Pass will have a nameplate capacity of more than 18 million metric tons per annum (MTPA), making it one of the top five LNG export plants in the United States. The facility joins an expanding roster of Gulf Coast terminals that have positioned the U.S. as the world’s largest LNG exporter, surpassing both Australia and Qatar.

The project represents QatarEnergy’s single largest investment in the United States. For ExxonMobil, Golden Pass complements the company’s massive upstream operations in the Permian Basin, where it is targeting 1.8 million barrels of oil equivalent per day in 2026, and its growing portfolio of gas assets along the Gulf Coast.

U.S. LNG Exports Approach 20 Bcf/d

Golden Pass enters service at a time of rapid expansion for U.S. LNG infrastructure. Total export capacity is on track to increase from approximately 17 billion cubic feet per day (Bcf/d) at the end of 2025 to slightly above 19 Bcf/d in 2026, according to the U.S. Energy Information Administration (EIA). By late 2026, capacity could reach 20 Bcf/d once the Corpus Christi LNG Stage 3 expansion also achieves full production.

U.S. LNG exports have surged from just 0.5 Bcf/d in 2016 to 15 Bcf/d in 2025, a thirty-fold increase in under a decade. The growth has transformed the country from a net gas importer into the world’s dominant supplier of spot LNG cargoes, particularly to Europe and Asia.

Market Conditions: Gas Prices and Geopolitics

The timing of Golden Pass’s startup is complicated by the geopolitical upheaval in global energy markets. The April 8 U.S.-Iran ceasefire temporarily crashed crude oil prices, with WTI falling from above $117 to $95.50 and Brent settling at $94.80. Natural gas markets, while less directly affected by the ceasefire, have been volatile as traders assess the implications for Strait of Hormuz shipping and Qatari LNG cargoes that transit the waterway.

Approximately 20% of the world’s LNG supply passes through the Strait of Hormuz. Any sustained disruption to this route would benefit U.S. Gulf Coast exporters, including Golden Pass, by increasing the premium on Atlantic-basin cargoes. Conversely, a full reopening of the Strait and de-escalation in the Middle East could ease prices and compress margins for new projects.

Competitive Landscape

Golden Pass enters an increasingly crowded U.S. LNG market. Sabine Pass, also located in the area, is operated by Cheniere Energy and already runs six trains with a combined capacity of roughly 30 MTPA. Venture Global’s Plaquemines LNG facility in Louisiana began producing LNG in late 2024, and additional projects from Sempra, NextDecade, and Driftwood LNG are at various stages of development along the Gulf Coast.

For oilfield service companies like Baker Hughes, which supplies LNG turbomachinery, the wave of new projects represents a multi-year revenue stream. Halliburton and

Published by Oil Authority