Who is still backstopping US LNG?
The buyers, contracts, and balance sheets behind 2025 FIDs
Despite bearish headwinds both from a strengthening Henry Hub and weakening global prices, 8 Bcfd of North American LNG capacity took FID in 2025. Unlike prior FID waves, these projects were underwritten primarily by LNG developers, North American E&Ps, and portfolio players — not LNG consumers.
That shift, in this cycle, turns North American LNG from a…
