Aug 11, 2026 earnings call — Operational growth, dividend raise, and expansion plans
Raised 2026 consolidated adjusted EBITDA guidance to $8.7 billion to $9.1 billion after record quarterly EBITDA of $2.5 billion.
Revenue $4.6B (est $4.7B) · EPS $0.51 (est $0.48)
Key quotes
"In the second quarter, we exported 127 cargoes, while maintaining our incredible record of safety."
"On that basis, the Board has recently approved an increase in our quarterly common dividends to $0.04 per share, a 122% increase."
"Our contracted position for 2026 has increased markedly to over 91% of the portfolio from the 84% previously reported on our first quarter earnings call in May."
Analyst Q&A 8
Why guidance was raised
Q (Manav Gupta · UBS): He asked what drove the guidance raise and why the new guidance is almost 60% above the original. He also asked how a $1 change in liquefaction fees should affect 2027 EBITDA.
A: Management said the guidance raise is driven by execution and production at their facilities, plus the facility configuration that gives redundancy and availability during maintenance. They pointed to their confidence in production and market outlook and noted cash EBITDA could move past $9 billion. They also referred to Page 23 and said the $1 liquefaction fee impact for 2027 is $650 million to $700 million and that Plaquemines Phase 1 and 2 CODs remain on schedule.
"The basis, obviously, of all of it is our -- the execution by the team and the production at our facilities." — Michael Sabel (CEO·CHAIR)
Customer demand and forward selling
Q (John Mackay · Goldman Sachs): He asked how customer conversations changed after the Middle East disruption and whether that changed forward selling of cargoes. He also asked why the volume outlook rose versus last quarter.
A: Management said customer activity is busier and they remain active on 20-year discussions while seeing an uptick in interest in 5-year deals; they expect multiple deals completed by year-end. For volume, they said increased operational data and progress at Plaquemines, including passing their 1,000th cargo, increased confidence in forward production and warm-weather output.
"You've seen us do several billion dollars of 5-year deals and we continue to have and are active in those discussions as well, and expect to have multiple deals completed between now and the end of the year." — Michael Sabel (CEO·CHAIR)
Contract mix and bolt-on timing
Q (Jean Ann Salisbury · BofA): She asked their ideal steady-state mix of long-, medium-term and uncontracted volumes and how far the current mix is from that. She also asked if the Plaquemines Phase 1 bolt-on FID moved to first half 2027 and why.
A: They said the plan is to largely contract nameplate capacity and to contract excess capacity production on a multiyear basis while retaining option value. They said they have been focused on first half of 2027 for the bolt-on and customer demand can comfortably support that; the constraint is not the timing of offtake contracts.
"So our plan and our target is to largely contract -- and which we've already done on the nameplate capacity, largely contract all of the excess capacity production on a multiyear basis." — Michael Sabel (CEO·CHAIR)
Expansion contracting and dividend reason
Q (Elvira Scotto · RBC): She asked whether CP2 and Plaquemines expansions will be long-term or mixed contracts. She also asked why they raised the dividend 122% and how to think about future dividends.
A: Management said the expansions will be a mix and brownfield timing is much shorter, allowing more midterm contracts and less need for 20-year deals. On the dividend, they said the increase was a catch-up because they were significantly below peers on yield, they plan to continue growing the dividend, and future capital returns could include buybacks.
"A lot of it was largely just we were significantly below the rest of the group on an absolute and a percentage yield basis." — Michael Sabel (CEO·CHAIR)
Pipelines and gas/power supply
Q (Zackery Van Everen · TPH): He asked if Williams' Delta Access project will feed Plaquemines or if their Cloud Connector is enough. He also asked how they secure long-term gas and power supply amid rising demand.
A: Jonathan said the Delta Access pipeline is headed directly to Plaquemines, is expected to connect into their Cloud Connector, and they have capacity on that pipe. Management said they negotiate a mixed blend of gas supply opportunistically, believe there is plenty of gas, and focus on pipeline interconnect and transport capacity; they cited investments in nitrogen removal, CPX lateral and Blackfin pipeline as part of that work.
"So as you surmised, that's headed directly towards our Plaquemines facility, and we would expect that pipeline to connect into our Cloud Connector pipe, and we have capacity on that pipe." — Jonathan Thayer
Medium-term deals and multiyear outlook
Q (Craig Shere · Tuohy Brothers Investment): He asked to confirm the "multiple more deals anticipated by year-end '26" and whether those are 3–5 year deals. He also asked if more hedging could enable a multiyear guidance by H1 2027.
A: Management said they can talk to customers about almost any term and expect multiple deals of varied terms this year and in coming years as CP2 and bolt-ons add capacity. They emphasized that production capacity will more than double as projects come online and pointed to slides showing option value and projected production growth that support stronger cash generation and returns.
"So we're uniquely in the market now able to talk to customers about almost any term that customers have need for." — Michael Sabel (CEO·CHAIR)
CP2 timing and regional contracting
Q (Wade Suki · Capital One): He asked what holds them back from narrowing CP2 startup timing and what might move it earlier. He also asked how commercial conversations vary by customer region and type.
A: Management said these are large complex projects so they are being disciplined and conservative, though CP2 is progressing very well; their second-half definition is July 1 to December 31. On contracting, they said multibillion-dollar 20-year deals take years of talks, contracting activity has stayed steady, and demand is broadly distributed between Europe and Asia with growing regas terminal and data center demand.
"We're -- I mean, these are very large complex construction projects and have tens of thousands of scopes." — Michael Sabel (CEO·CHAIR)
Buybacks vs ratings and arbitration update
Q (Sunil Sibal · Seaport Global): He asked how they prioritize share buybacks versus maintaining investment-grade ratings and how they view junior debt. He also asked for any update on Calcasieu Pass arbitrations.
A: Management said the coming production growth will generate large cumulative cash that supports continued growth, an investment-grade path at project and parent levels, dividend growth and future buybacks; they also noted their growing asset base and projected $9 billion cash EBITDA this year. On arbitration, they said they don't control arbitration schedules, expect resolution of the next one before year-end, have a hearing starting at the end of November if not settled, and remain open to settlements.
"So we don't control the schedule of the arbitration processes." — Michael Sabel (CEO·CHAIR)