Direct Answer
48 SEC filers are classified under the Standard Industrial Classification codes that describe the lng producers & exporters industry, and their latest annual reports show $182.0 billion of combined revenue and a median operating margin of 10.7%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
LNG producers and exporters own liquefaction trains and sell gas to buyers worldwide, usually under long-term contracts indexed to oil or gas prices plus a fixed fee. Plant reliability and contract mix drive their cash flow. The first numbers to compare across companies here are volumes loaded, cash margin per million British thermal units and contracted share of capacity.
Key Industry Metrics
- Volumes loaded: Quantity of LNG delivered to ships in the period. It tracks plant reliability and demand, and it is the base for revenue under fee- or margin-based contracts.
- Cash margin per million British thermal units: Unit profit after feed gas, liquefaction and shipping costs. Contract indexation makes it relatively stable, while the spot-exposed portion moves with global price spreads.
- Contracted share of capacity: Part of output sold under long-term contracts. A high share reduces revenue volatility; the remainder is sold at market prices and adds upside and risk.
- Debt and project costs: Project borrowings and total capital spent on trains. These large fixed charges must be covered by contracted cash flow, so check coverage ratios and refinancing dates.
- Plant availability: Percentage of time the liquefaction plant is able to operate. Outages from hurricanes, equipment faults or maintenance cut loadings and revenue directly.
Primary Macro Drivers
- Asian and European gas demand: Buyers in these regions pay prices that determine export margins, so stronger demand supports volumes loaded and uncontracted cargo prices.
- US natural gas prices and spreads: Feed gas cost and the gap to overseas prices set cash margin per million British thermal units on spot-exposed volumes.
- Contract indexing: Linking prices to oil or hub gas plus a fixed fee determines how much margin moves with commodity prices versus staying stable.
- New plant construction: Added trains increase volumes available to sell once built, but also raise competition for buyers in the global market.
Major Risks
- Cost overruns: Builds that exceed budgets raise debt and lower returns on the project; watch capital cost per tonne and revisions to completion dates.
- Counterparty and contract risk: A buyer failing to take cargoes or dispute over terms can cut revenue; watch customer credit quality and the contracted share of capacity.
- Price spreads narrowing: If overseas prices fall toward US gas costs, margins on uncontracted volume shrink; watch spreads and the spot-exposed share of output.
- Hurricanes and plant outages: Storms and equipment faults halt loadings while costs continue; watch plant availability and downtime disclosures.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Growth |
| Geographic Importance | Global |
LNG Producers & Exporters Filers in the SEC Record
48 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 4922, 1311. Their latest fiscal years end between 2025 and 2026, and together they reported $182.0 billion of revenue. Median revenue growth over the prior year was 6.8%. Median operating margin was 10.7% and median net margin 10.6%. Median total liabilities were 42% of total assets, and 35 of 48 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Eog Resources Inc | $22.6 billion | -4.5% | 28.2% | 22.0% | FY 2025 |
| Occidental Petroleum Corp | $21.6 billion | -1.9% | n/a | 11.0% | FY 2025 |
| Devon Energy Corp | $17.2 billion | 7.8% | n/a | 15.4% | FY 2025 |
| Targa Resources Corp. | $17.0 billion | 3.9% | 19.6% | 11.3% | FY 2025 |
| Kinder Morgan, Inc. | $16.9 billion | 12.2% | 27.9% | 18.0% | FY 2025 |
| Diamondback Energy, Inc. | $15.0 billion | 35.8% | 8.4% | 10.3% | FY 2025 |
| Expand Energy Corp | $12.1 billion | 186.3% | 20.4% | 15.0% | FY 2025 |
| Williams Companies, Inc. | $11.9 billion | 13.8% | 35.1% | 21.9% | FY 2025 |
The 8 largest of 48 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The LNG Producers & Exporters guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the LNG Producers & Exporters industry?
Key performance indicators for the LNG Producers & Exporters industry include: Volumes loaded, Cash margin per million British thermal units, Contracted share of capacity, Debt and project costs, Plant availability. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the LNG Producers & Exporters industry?
The LNG Producers & Exporters industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the LNG Producers & Exporters industry?
The primary risks for LNG Producers & Exporters companies include: Cost overruns, Counterparty and contract risk, Price spreads narrowing, Hurricanes and plant outages. Investors should assess each company's exposure to these factors and its track record of navigating them.