Research Alert: Lng: Record Cargoes In Q1 And Strong Project Execution

-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Cheniere delivered strong Q1 2026 results with record 187 LNG cargoes (+11% Y/Y) and Adjusted EBITDA of $2.33B (+25% Y/Y), though GAAP showed a $3.5B loss due to $4.8B unfavorable derivative fair value changes. Revenue grew 8% to $5.87B, with management's Adjusted Net Income of $1.01B providing clearer operational visibility. We see robust demand for U.S. LNG and high capacity utilization as supportive of the investment thesis despite accounting volatility. Management raised CY 26 guidance with EBITDA now $7.25B-$7.75B and distributable cash flow $4.75B-$5.25B. Train 5 achieved substantial completion in March, with Trains 6-7 targeted for year-end completion adding 10 mtpa capacity. Major expansion projects totaling 40 mtpa remain on hold pending final investment decisions. We think management should remain cautious given potential Asian buyer shifts back to coal following Middle East geopolitical disruptions that eliminated Qatar's LNG capacity.