COP · Earnings call · 2026Q3T · Full report

LNG Offtake Expansion

CONOCOPHILLIPS · 2026-11-05 · Importance 44 · Surprise 24

ConocoPhillips’ LNG offtake portfolio has reached 13 million tonnes per annum. The first volumes coming online include Port Arthur Phase 1 and a small amount from ECHA, with additional new capacity expected later this decade and into the early part of the next decade. ConocoPhillips owns 30% of Port Arthur Phase 1 and will receive its share of the project’s commissioning cargoes. Management said Port Arthur Phase 1 is the key source of volumes coming on next year, while the costs between TTF and Henry Hub are effectively locked in.

Key facts

• CONOCOPHILLIPS said it expanded its commercial LNG offtake portfolio to 13 million tonnes per annum.
• CONOCOPHILLIPS owns 30% of Port Arthur Phase 1 and will capture its share of the project's commissioning cargoes.
• CONOCOPHILLIPS expected LNG from NFE to begin contributing the following year and said Port Arthur LNG would also contribute to cash flows the following year, though not to production.
• CONOCOPHILLIPS's new LNG capacity is expected to come on later in this decade and into the early part of the next decade.
• The first LNG volumes coming online for CONOCOPHILLIPS will be from Port Arthur Phase 1 and a small amount from ECHA.
• Port Arthur Phase 1 is among the LNG volumes coming on for CONOCOPHILLIPS next year.
• CONOCOPHILLIPS's LNG offtake has reached 13 million tonnes.
• CONOCOPHILLIPS's free-cash-flow inflection is based on assumptions of $10 TTF and $4 Henry Hub.