After several years of delays, ExxonMobil’s Golden Pass LNG export facility has finally begun receiving material volumes of feedgas. Golden Pass will be one of the primary drivers of LNG feedgas demand growth in 2026 and into 2027, although the timing of Trains 2 and 3 remains somewhat uncertain.
Inflows into the facility off the Golden Pass Pipeline recently reached 300 MMcf/d, a substantial increase from the 0-25 MMcf/d averaged over the past few months, but still less than 50% of Train 1’s total capacity of 790 MMcf/d. With the first cargo expected to ship in March, flows into the facility should continue to rise over the next few weeks.
However, the timeline for the startup of Trains 2 and 3 has recently been called into question. Until earlier this year, guidance from the project developers called for material feedgas and the first cargo shipment in February. During ExxonMobil’s fourth quarter earnings call, the company said first production would begin in March instead. Following this one-month delay, expectations for the startup of Trains 2 and 3 have also been moved forward. This should put the startup of Train 2 around fall 2026 and Train 3 in the first quarter of 2027.
By the end of 2026, Lower-48 LNG feedgas demand is expected to grow by about 2.17 Bcf/d. Most of this demand growth is from Golden Pass, with the rest from the Corpus Christi Stage Three expansion. The continued growth in export demand is expected to keep the market relatively undersupplied in 2026 and 2027.