Cheniere Energy is the largest LNG producer in the U.S. and the second largest globally. Cheniere takes natural gas, liquefies it at two terminals in Louisiana and Texas, and sells LNG to energy companies, utilities, and traders across more than 40 countries. The two terminals — Sabine Pass in Louisiana and Corpus Christi in Texas — together are expected to produce over 50 mtpa in 2026. Roughly 90% of anticipated production is sold under long-term, take-or-pay contracts with a weighted average remaining life of around 15 years. Under these contracts, customers pay a fixed liquefaction fee plus a variable fee indexed to Henry Hub, which passes feedstock gas costs through to the buyer and insulates Cheniere from U.S. gas price swings. The remaining uncontracted volumes are sold by Cheniere Marketing at spot or short-term prices, adding some sensitivity to global LNG prices. Cheniere's growth strategy is focused on brownfield expansion at its two existing sites, targeting growth from ~50 mtpa today to ~75 mtpa by the early 2030s, with longer-term ambitions exceeding 100 mtpa. Capital allocation balances funding these expansions, share buybacks, a growing dividend, and debt reduction — all primarily self-funded through operating cash flow.