First LNG

18.1 mtpa

Golden Pass Train 1 produces first LNG at Sabine Pass — U.S. export capacity goes from construction story to cargo story

Today’s Menu

18.1 mtpa: Golden Pass produced first LNG from Train 1 and now targets first cargo in Q2 2026.

$3.9B / $5.0B / 5,650+ MW: Constellation’s first post-Calpine outlook tees up growth capex, buybacks, and clean-power contracting.

5.2 GW / $2.65B: Entergy and Meta rewired Louisiana’s data-center template with seven gas plants, 500-kV lines, and customer-savings math.

2x: Coastal GasLink Phase 2 gets a commercial framework that could double throughput — but LNG Canada still needs FID.

8.9 mtpa: Chevron says cyclone damage keeps both Wheatstone LNG trains offline for several weeks.

10+ mtpa: Cheniere hit substantial completion on Corpus Christi Stage 3 Train 5, ahead of schedule.

Lead Story

Golden Pass makes first LNG

U.S. LNG needed a clean startup milestone. Golden Pass just moved from construction story to export story.

The QatarEnergy / ExxonMobil JV said on March 30 that it produced first LNG from Train 1 at Sabine Pass, Texas — three trains totaling 18.1 mtpa, five 155,000-cbm tanks, two marine berths.

• First cargo expected Q2 2026. A successful ramp puts another large-scale Gulf Coast molecule stream into an already tightening global LNG balance.

• The narrative resets from delays and commissioning risk to startup sequencing — the question now is how quickly the remaining two trains follow.

The Headlines

Power • Clean Energy

Constellation lays out the post-Calpine power stack

• March 31 8-K initiates 2026 EPS guidance at $11.00–$12.00, ups buyback auth to $5.0B, and lays out $3.9B growth capex at double-digit returns.

• 5,650+ MW of clean deals signed, 147M MWh of PTC-backed nuclear available for premium contracting, path to add ~9,350 MW across restarts, gas, batteries, and renewables.

AI Power • Data Centers

Meta rewrites Louisiana’s powered-land playbook

• New Richland Parish agreement stacks to $2.65B in customer savings over 20 years, with Meta paying full cost of service on a site that could scale to 5 GW.

• Infra package: seven CCGTs (5,200+ MW), ~240 mi of 500-kV transmission, battery storage, nuclear uprates, $260M in community programs — first filing under the Lightning Amendment.

LNG • Midstream

Coastal GasLink Phase 2 gets a framework, not a blank check

• CGL and LNG Canada signed commercial agreements for FEED and execution — if it proceeds, the project would double pipeline throughput.

• LNG Canada leads construction; TC caps its capital commitment and schedule risk. Phase 2 stays alive as an option, but the downside is bounded this time.

Quick Hits

Cheniere hits Train 5 at Corpus Christi Stage 3 LNG
10+ mtpa — substantial completion March 27; full Stage 3 on budget, ahead of schedule. Trains 8–9 add ~5 mtpa by end-2028.

Crusoe expands Abilene for Microsoft — 900 MW / 2.1 GW total AI Power
900 MW dedicated campus in West Texas brings full Abilene site to ~2.1 GW; first new building targeted mid-2027.

Boardwalk to buy Spire Marketing Midstream
$215M cash; close expected fiscal Q3 2026. $12.9M break fee if HSR fails.

Sable starts oil sales through Santa Ynez E&P
>50 kbbl/d fill rate March 29. Harmony at ~22k, Heritage targeted >30k, Hondo slated >10k by end-Q2.

Flex buys EP² Grid
$1.1B including tax benefits; EP² expects ~$323M FY2026 revenue at mid- to high-teens EBITDA margin. Grid modernization bet.

TotalEnergies closes the NEO NEXT+ merger E&P
250 kboe/d in 2026; TotalEnergies at 47.5%. Biggest independent on the UKCS.

FERC rejects Colonial’s rehearing on gasoline shipment changes Regulatory
>100M gal/day — product-spec tweaks turn into market-structure fights on the largest U.S. refined-products pipeline.

Duke wins approval for Anderson County gas plant Power
1,365 MW CCGT approved. Construction summer 2027, service early 2031.

Chevron says Wheatstone damage keeps both trains offline LNG
8.9 mtpa offline after cyclone damage in Western Australia; full restart unlikely for several weeks.

Mesabi lines up Breakwall/Vitol debt for DR-grade pellet buildout Steel Feedstock
$520M senior secured facility for Essar-backed $2.5B Minnesota mine; ~7M mt/yr DR-grade pellets, Q3 2026 startup.

Federal panel tees up ESA exemption review for Gulf drilling Regulatory
Interior’s ESC will review an ESA exemption for Gulf of America oil and gas — endangered-species risk enters the offshore permitting stack.

Almost Headlines

Capstone recapitalizes for distributed power growth — $112.5M Power

Oklo and Blykalla deepen fast-reactor tie-up — $100–200M / 55 MWe Nuclear

Vingroup proposes swapping Hai Phong LNG for renewables + BESS — 4.8 GW / $25B Renewables

U.S. rig count falls for a second straight week — 543 / ▼9 w/w E&P

The Reading List

BloombergThe Strait of Hormuz Oil Shock Is Now Heading West

ReutersEuropean power companies plot U.S. expansion despite past struggles

ReutersBig Tech’s $635 billion AI spending faces energy shock test

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