XOM
The LNG faucet is on
Exxon’s Golden Pass LNG project has started exports from the Sabine Pass terminal, which is basically the moment a mega-project stops being a promise and starts acting like a business. For years, the project has been part construction saga, part patience test. Now it’s shipping.
Why this matters
This is a classic “show me” milestone. LNG projects are expensive, messy, and wildly sensitive to timing. Once the cargoes start moving, investors can start focusing on the part they actually care about: volumes, utilization, and how much of that giant investment can eventually be turned into recurring cash.
The investor angle
For Exxon, this gives its gas strategy a little more muscle at a time when energy markets still love a good supply story. A few things to watch:
- whether ramp-up stays smooth or gets snagged by logistics
- how quickly exports scale beyond the first cargoes
- whether the project becomes a meaningful profit engine or just a very shiny industrial science project
Big picture: the hard part isn’t over, but the project has crossed the line from “coming soon” to “now generating.” That’s usually when Wall Street perks up.