Cheniere approves next phase of Corpus Christi LNG buildout

Cheniere Energy Inc. has reached a final investment decision on its Corpus Christi Midscale Trains 8 & 9 and associated debottlenecking project, aiming to add approximately 5 million tonnes per annum (mtpa) of liquefied natural gas (LNG) production capacity. Construction will be led by Bechtel Energy Inc., which received a full notice to proceed.

The new development represents a key phase in Cheniere’s expansion strategy. It will bring the total capacity at the Corpus Christi site to over 30 mtpa later this decade when combined with the ongoing Corpus Christi Stage 3 project and platform-wide debottlenecking. Across both its Sabine Pass and Corpus Christi facilities, Cheniere now expects to exceed 60 mtpa of total run-rate capacity by 2028, a more than 10% increase from prior guidance.

The Midscale Trains 8 & 9 project includes two new trains and other infrastructure upgrades to support system-wide optimization. This is part of a broader growth roadmap that includes potential brownfield expansions at both Corpus Christi and Sabine Pass. If fully built out, Cheniere’s total liquefaction capacity could reach approximately 75 mtpa by the early 2030s.

Capacity expansion breakdown

Cheniere’s updated run-rate production guidance reflects the following changes:

• Large-scale trains: No increase in the number of trains (remaining at 9), but an increase in run-rate capacity from approximately 44–46 mtpa to 45–47 mtpa.
• Midscale trains: Expansion from 7 to 9 trains, increasing run-rate capacity from approximately 10–11 mtpa to 15–16 mtpa.
• Total platform: Overall increase from 54–57 mtpa to 60–63 mtpa, a 6 mtpa capacity gain.

The midscale train design allows for more flexible, modular additions to existing infrastructure, which Cheniere has favored in recent brownfield developments.

Dividend, capital plan updates

The company also announced plans to raise its annualized dividend by more than 10%, from $2.00 to $2.22 per share, starting in the third quarter of 2025, pending board approval. Cheniere said it expects to deploy over $25 billion in available cash through 2030 across growth projects, share repurchases, dividend payments, and balance sheet management.

The updates build on Cheniere’s previously announced “20/20 Vision” capital plan, which targeted $20 billion in capital deployment and $20 per share of run-rate distributable cash flow (DCF) by 2026. Management now projects over $25 per share in run-rate DCF by the early 2030s, supported by incremental production and improved operational efficiency.

“Our upwardly revised run-rate production and financial forecasts are a direct result of Cheniere’s operational excellence and continuous optimization,” said Zach Davis, Cheniere’s executive vice president and chief financial officer. “These updates position us to allocate capital toward accretive growth while continuing to deliver value to shareholders.”

Construction progress and market outlook

Train 1 of Corpus Christi Stage 3 achieved substantial completion in March, and Train 2 began LNG production in June. The Midscale Trains 8 & 9 will follow a similar timeline, with Cheniere and Bechtel targeting on-time and on-budget execution.

“The FID of Midscale Trains 8 & 9 marks another step forward in Cheniere’s buildout of LNG infrastructure to meet growing global demand,” said Jack Fusco, president and chief executive officer. “These facilities are critical to enabling long-term energy security and flexibility for our customers around the world.”

Cheniere continues to emphasize long-term contracts in its commercial strategy. The company noted that more than 90% of its existing capacity is backed by long-term agreements, providing revenue stability amid global market volatility.

Ongoing project development

Looking beyond the 2028 horizon, Cheniere is evaluating further liquefaction capacity increases at both Corpus Christi and Sabine Pass. Initial plans call for single-train expansions at each site as part of a phased brownfield development strategy.

Any future additions would build on Cheniere’s established footprint and integrated gas sourcing, transportation, and marketing capabilities. The company remains the largest LNG exporter in the United States and one of the largest globally.

At present, Cheniere operates seven liquefaction trains at Sabine Pass and three at Corpus Christi, with additional capacity under construction. The modular midscale units being developed in Corpus Christi offer scalability and improved efficiency, which may factor into future expansion decisions.

Cheniere’s expansion provides a continued outlet for U.S. natural gas production, especially from the Permian Basin, Eagle Ford, and Haynesville Shale. As more LNG capacity comes online, midstream operators may benefit from new infrastructure demand, including gas gathering, compression, and pipeline takeaway services.

The Corpus Christi and Sabine Pass terminals are both strategically located on the U.S. Gulf Coast, with access to multiple interstate pipelines and gas supply hubs. Continued growth at these sites could support investment in pipeline expansions, gas storage, and related infrastructure.