Golden Pass LNG exports second cargo as ramp-up of Texas facility continues

Feedgas deliveries to Golden Pass LNG reached the highest level to date over the weekend to May 11, as the terminal, undergoing commissioning in Texas, exported its second cargo.

The cargo was exported aboard ExxonMobil's HL Sea Eagle on May 9, three days after the vessel arrived at the terminal in Sabine Pass, Texas, S&P Global Commodities at Sea data showed. The vessel was underway in the Atlantic on May 11, heading toward Asia and awaiting orders, the tracking data showed.

Golden Pass is ramping up the first of three liquefaction trains, which will have a combined production capacity of about 18.1 million metric tons/year when the project is fully online, expected in 2027.

Feedgas deliveries to the plant owned 70% by QatarEnergy and 30% by ExxonMobil topped 400 million cubic feet/day for the first time on May 8 and again on May 9, S&P Global Energy CERA data showed. Golden Pass was scheduled to receive less than 300 MMcf/d on May 11. The terminal started receiving small amounts of gas in July 2025.

The initial exports from Golden Pass come amid strong demand for US LNG cargoes as the war in the Middle East continues to constrain about 20% of global LNG supply that normally transits the Strait of Hormuz.

The first shipment from Golden Pass, exported April 22 via QatarEnergy's Al Qaiyyah, marked a major milestone for the project that experienced significant delays after reaching a final investment decision in 2019. The cargo arrived at Belgium's Zeebrugge LNG import terminal on May 8, according to CAS data.

The first trains of Golden Pass are among the limited additions of US LNG capacity expected to come online in 2026, ahead of an anticipated wave of supply over the following years.

ExxonMobil said during a May 1 earnings call that it expects Train 2 to reach mechanical completion in the fourth quarter, followed by Train 3 in the second quarter of 2027.

ExxonMobil and the joint venture entity developing Golden Pass did not immediately respond to requests for comment on May 11.

QatarEnergy and ExxonMobil are independently marketing their shares of supply from the project.

Feedgas deliveries to Golden Pass remain below full utilization levels for Train 1.

Overall, US LNG feedgas demand declined in May amid seasonal maintenance work after averaging more than 20 billion cubic feet/day in April, CERA data showed. Scheduled flows on May 11 to nine major US LNG export plants in operation were 18.2 Bcf/d, the data showed, based on nominations for the morning cycle that could later be revised.

Global LNG spot prices remain elevated and volatile, after a Qatari LNG vessel transited the strait over the weekend for the first time since the war began on Feb. 28. CERA analysts described a continued stalemate around the Strait of Hormuz despite the crossing and uncertainty regarding efforts to resolve the disruption to shipping traffic.

Platts, part of S&P Global Energy, assessed the June JKM benchmark price reflecting LNG delivered to Northeast Asia at $17.188/million British thermal unit on May 11, an increase of about 1% from the previous assessment and still more than 60% higher than pre-war levels.

In the Atlantic Basin, Platts assessed the DES Northwest Europe marker for June at $15.732/MMBtu on May 11, up about 5% day over day and also nearly 60% higher than before the conflict.