JPM Natural Gas and NGL Reservoir Rising U.S. Gulf Coast FID Activity Bodes Well For Long-Term Feedgas Demand

Research evidence excerpt

JPM Natural Gas and NGL Reservoir Rising U.S. Gulf Coast FID Activity Bodes Well For Long-Term Feedgas Demand

J P M O R G A N North America Equity Research

15 June 2026

JPM Natural Gas and NGL

Reservoir

Rising U.S. Gulf Coast FID Activity Bodes Well For

Long-Term Feedgas Demand

JPM View: In this week’s Reservoir, we review three U.S. LNG projects that have Oil & Gas Exploration & Production

ACreached FID this year, which further underlines the growing importance of U.S. Arun Jayaram

LNG as a reliable source of incremental global supply amidst the current conflict (1-212) 622-8541

in the Middle East. On March 13, Venture Global announced an FID and successful arun.jayaram@jpmchase.com

closing of an $8.6 B project financing for Phase 2 of its CP2 LNG project. Venture Jack Jerusalmi

Global’s CP2 will have a peak production capacity of 29 MTPA and has secured (1-212) 622-6552

long-term contracts for nearly all of its nameplate capacity, with customers jack.jerusalmi@jpmorgan.com

primarily based in Europe and Asia. On May 15, Caturus announced FID for its Pankaj Bhatter, CFA

Commonwealth LNG project, closing $9.75 B in project financing for the (1-212) 622-3795

pankaj.bhatter@jpmchase.com

construction of the 9.5 MTPA LNG export facility located in Cameron Parish, J.P. Morgan Securities LLC

Louisiana. Long-term offtake agreements have been secured with a diversified

group of global counterparties, including EQT, Glencore, Mercuria, PETRONAS,

and Aramco Trading. Caturus cited that Phase 1 development is expected to deliver

more than $3 B in annual export revenue when operations commence in 2030.

Finally, on June 3, Delfin Midstream reached FID for the first floating liquefied

natural gas (FLNG) vessel of the Delfin LNG project, which will include up to three