“In February 2026, LNG was produced for the first time from Train 5 of the Corpus Christi Stage 3 project,” Cheneire said in its fourth-quarter and full-year 2025 results report on Thursday.
Cheniere kicked off commissioning activities at this train last month.
Cheniere expects this train and the two remaining trains to achieve substantial completion in 2026.
The project is ahead of schedule.
It includes building seven midscale trains, each with an expected liquefaction capacity of about 1.49 mtpa. However, Cheniere is seeking authorization from the US FERC to increase the capacity of these trains and the other two midscale trains.
In March 2025, Cheniere achieved substantial completion of the first liquefaction train at the Corpus Christi Stage 3 expansion project, while the company completed the second liquefaction train in August, the third train in October, and the fourth train in December.
The Stage 3 expansion project was 95 percent complete as of the end of January this year.
Moreover, the Trains 8 & 9 project was 32.9 percent complete.
Upon completion of these expansion projects, and together with expected debottlenecking, the Corpus Christi LNG terminal is expected to reach over 30 mtpa in total liquefaction capacity later this decade, according to Cheniere.
In addition to these projects, Cheniere received approval from FERC to initiate the environmental pre-filing review for its Corpus Christi Liquefaction Stage 4 project.
The trains will have a peak production capacity of approximately 24 mtpa of LNG.
Revenue reaches $19.97 billion
The owner of the Sabine Pass and Corpus Christi LNG export said its total revenue reached $19.97 billion in 2025, a 27.2 percent increase compared to 2024.
Cheniere attributed the rise to a $2.9 billion increase due to higher pricing per MMBtu primarily from increased Henry Hub pricing, to which the majority of its long-term LNG sales contracts are indexed.
The company also attributed the rise to a $1.2 billion increase due to higher volumes of LNG delivered between the periods, primarily as a result of increased production volume due to the substantial completions of the first four trains of the Corpus Christi Stage 3 project in 2025.
Furthermore, net income attributable to Cheniere rose 64 percent to $5.33 billion last year.
Cheniere said net income increased primarily due to $2.3 billion of favorable changes in the fair value of agreements accounted for as derivative instruments (before tax and the impact of NCI), largely associated with its derivatives related to IPM agreements.
Net income also rose due to an $876 million increase in revenues, net of cost of natural gas feedstock, from increased volume of LNG loaded and recognized between the years, it said.
Consolidated adjusted Ebitda reached approximately $6.94 billion last year.
Cheniere introduced full-year 2026 consolidated adjusted Ebitda guidance of $6.75 billion – $7.25 billion and full-year 2026 distributable cash flow1 guidance of $4.35 billion – $4.85 billion.
LNG production hits record
Cheniere produced a record amount of more than 46 million tonnes of LNG in 2025, with 670 cargoes exported, up 24 cargoes from 2024.
Most of these volumes landed in Europe.
The company’s loaded LNG volumes reached 2,424 trillion British thermal units (TBtu) in 2025, up 4 percent year-on-year.
