Cheniere Energy, Inc.

LNG · NYSE

cheniere

$55.0B

USD

Market cap · 2026–07 · week 29

🇺🇸 United States, Houston

Country

Oil & Gas

Sector

Midstream Infrastructure · Senior · Midstream · Gas-weighted · USA

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Cheniere Energy, Inc. is a Houston, Texas-based energy infrastructure company primarily engaged in LNG-related businesses, operating in the United States with LNG shipped to more than 40 countries and regions worldwide. As of December 31, 2025 the company was the largest producer of LNG in the US and the second largest LNG operator globally based on total production capacity, with total expected capacity of over 60 mtpa inclusive of estimated debottlenecking opportunities, of which over 9 mtpa was under construction and the remainder in operation. The portfolio comprises 2 liquefaction complexes and 2 supply pipelines: the Sabine Pass LNG Terminal in Cameron Parish, Louisiana, one of the largest LNG production facilities in the world with over 30 mtpa of capacity, five storage tanks of approximately 17 Bcfe, regasification capacity of approximately 4 Bcf/d and three marine berths, held through Cheniere Energy Partners, L.P., in which the organization owns 100% of the general partner, a 48.6% limited partner interest and 100% of incentive distribution rights; and the wholly owned Corpus Christi LNG Terminal in Texas with over 30 mtpa of expected capacity, three storage tanks of approximately 10 Bcfe and two marine berths, plus the 94-mile Creole Trail Pipeline and the 21-mile Corpus Christi Pipeline. The business model rests on long-term sale and purchase agreements under which customers pay fixed fees irrespective of cargo cancellation, plus Henry Hub-indexed variable fees covering gas procurement and liquefaction fuel, complemented by integrated production marketing agreements; approximately 90% of total anticipated production is contracted through the mid-2030s with roughly 15 years of weighted average remaining contract life. Uncontracted volumes are sold by Cheniere Marketing, the integrated marketing function, under spot and short-term agreements. Since the first cargo in February 2016, over 4,610 cumulative cargoes totaling over 315 million tonnes have been exported. Results remain exposed to global LNG supply growth, weather-driven production variability, and the timing of expansion project completions.

Strategy: The primary business strategy is to be a full-service LNG provider to worldwide end-use customers by owning, constructing and operating LNG and natural gas infrastructure, operating safely and reliably, procuring gas and pipeline capacity, fulfilling long-term SPA commitments, and providing customers destination flexibility, options not to lift cargoes and diversity of price and geography. Capital investment parameters target contracting approximately 90% of current and planned liquefaction capacity under long-term SPAs and IPM agreements with creditworthy counterparties, achieving unlevered returns exceeding the cost of equity, and conservatively funding projects to sustain long-term run-rate leverage and credit metrics. Growth in execution includes the Corpus Christi Stage 3 Project, expected to add over 10 mtpa across seven midscale trains with the first four substantially complete during 2025 and remaining completion expected through 2026, and the CCL Midscale Trains 8 & 9 Project of approximately 5 mtpa, which received a positive FID on June 17, 2025 with substantial completion expected in the second half of 2028. Pre-FID development includes the SPL Expansion Project, a two-phased, three-train expansion of up to approximately 20 mtpa targeting FID in 2026/2027, and the CCL Expansion Project, a four-train phased expansion of up to 24 mtpa targeting FID in 2027/2028, with a FERC application filed in February 2026. The 'all of the above' capital allocation strategy balances strengthening the balance sheet, funding financially disciplined accretive growth and returning capital to stockholders; during 2025 the organization repurchased approximately 12.1 million shares for approximately $2.7 billion, repaid $652 million of notes, and announced a plan to increase the annualized dividend by over 10% to $2.22 per share, while in February 2026 the Board approved an increase in the share repurchase authorization to approximately $10 billion through 2030. Management expects global LNG demand to grow approximately 64% from about 410 mtpa in 2024 to 671 mtpa by 2040, supporting a market need for roughly 104 mtpa of additional production capacity by 2040.

Management: Safety leadership is exercised through an Executive Safety Committee that includes the Chief Executive Officer, senior leaders from across the company and site representatives, and the company recorded zero employee recordable injuries in 2025 with a combined total recordable incident rate of 0.20, placing it in the top quintile of industry benchmarks. The Chief Human Resources Officer oversees human capital management, including talent attraction and retention, rewards, employee relations, engagement and development, and together with the Chief Compliance and Ethics Officer reports progress to the Board quarterly. The Board of Directors made the positive final investment decision on the CCL Midscale Trains 8 & 9 Project in June 2025 and approved the expanded share repurchase authorization in February 2026, reflecting its central role in capital allocation governance. Corporate culture is anchored in the core values of teamwork, respect, accountability, integrity, nimble and safety, known as TRAINS, supported by a Code of Business Conduct and Ethics, anonymous hotlines and multiple employee feedback channels. The annual incentive program for all employees is linked to financial and non-financial performance metrics, and annual talent reviews and succession planning sessions are conducted to maintain internal leadership pipelines. As of December 31, 2025 the workforce comprised 1,717 full-time employees, with 1,617 in the US and 100 abroad, primarily in the United Kingdom supporting European trading activities, and voluntary turnover was 5.5% for 2025.

Sustainability: Corporate responsibility is guided by the Climate and Sustainability Principles of Transparency, Science, Supply Chain and Operational Excellence, and in August 2025 the company published 'Together, We Deliver', its sixth Corporate Responsibility report. In 2024 the organization announced a voluntary, measurement-informed Scope 1 annual methane emissions intensity target across its liquefaction facilities and achieved a third-party assured 2024 methane emissions intensity below the 0.03% target. The climate strategy leverages a multi-scale quantification, monitoring, reporting and verification (QMRV) emissions measurement program and life-cycle assessment models developed with natural gas midstream companies, technology providers and academic institutions, with methodologies published in peer-reviewed journals. The enterprise co-founded and sponsors the Energy Emissions Modeling and Data Lab, a multidisciplinary research initiative led by the University of Texas at Austin with Colorado State University and the Colorado School of Mines, has provided Cargo Emissions Tags to long-term customers since June 2022, and joined the UN Environment Programme's Oil and Gas Methane Partnership 2.0 in October 2022, achieving OGMP 2.0 Gold Standard reporting in 2025 alongside recognition from the Coalition for LNG Emissions Abatement toward Net-zero. Community investment includes apprenticeship, internship and vocational programs preparing local students for LNG careers, with annual workforce availability studies aligning hiring with community resources. Employee wellbeing is supported by a wellness program offering incentives, health education, fitness subsidies and screenings.

Structure: Substantially all assets are held through subsidiaries, with the defining structural feature being Cheniere's relationship with Cheniere Energy Partners, L.P. (CQP), the publicly traded limited partnership through which the Sabine Pass LNG Terminal, the SPL Project and the Creole Trail Pipeline are owned; as of December 31, 2025 Cheniere owned 100% of CQP's general partner interest, a 48.6% limited partner interest and 100% of the incentive distribution rights, with CQP required to distribute all available cash quarterly. The Corpus Christi LNG Terminal, the Corpus Christi Pipeline, the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project are held with 100% ownership through CCH and CCL entities. Bechtel Energy Inc. serves as the EPC contractor for the Corpus Christi construction projects, receiving full notice to proceed on the Midscale Trains 8 & 9 Project effective June 18, 2025. Long-term commercial arrangements include a 1 Bcf/d terminal use agreement at Sabine Pass regasification facilities with TotalEnergies Gas & Power North America under which fixed monthly fees are payable regardless of usage, an August 2025 SPA under which JERA Co., Inc. will purchase approximately 1 mtpa from 2029 through 2050, and a May 2025 IPM agreement with Canadian Natural Resources Limited for 140,000 MMBtu per day priced against the Japan Korea Marker for approximately 15 years from 2030. Financing structure developments in 2025 included CQP's issuance of $1.0 billion of 5.550% Senior Notes due 2035 used to redeem SPL 2026 notes, the amendment and extension of the $1.25 billion Cheniere Revolving Credit Facility, repayment of $652 million of SPL notes, and credit rating upgrades to BBB+ from S&P for Cheniere, CQP and CCH and to BBB from Fitch. The company also sold its equity interests in an equity method investment in the first quarter of 2025, recognizing a $26 million gain. Capital returns are executed under a share repurchase program expanded to approximately $10 billion through 2030 in February 2026.

Hedge: Cheniere's contracting structure is itself the primary commodity risk mitigant: long-term SPAs carry fixed fees plus variable fees generally equal to 115% of Henry Hub sized to cover gas supply, transportation and liquefaction fuel, limiting exposure to US natural gas price increases, while IPM agreements purchase feedstock at global LNG or natural gas index prices less fixed liquefaction fees, generating take-or-pay style fixed fee economics. Approximately 90% of total anticipated production from the Liquefaction Projects is contracted through the mid-2030s with approximately 15 years of weighted average remaining contract life, and excluding IPM agreements approximately 6,847 TBtu of natural gas feedstock has been secured under long-term supply agreements with remaining fixed terms of up to 14 years, covering roughly 70% of forecast 2026 production needs with a further 8% secured under IPM agreements. Commodity derivative instruments, including liquefaction supply derivatives and financial positions used to economically hedge the purchase and sale of physical LNG, are carried at fair value without hedge accounting designation, producing earnings volatility: 2025 results included $2.3 billion of favorable pre-tax fair value changes largely on IPM-related derivatives, a $344 million net derivative gain within LNG revenues, and $2.1 billion of gains within cost of sales from the narrowing of global and US natural gas spreads. The company qualifies as a non-financial-entity end user under CFTC margin rules for swaps hedging commercial risks, and its UK-based European trading activities operate under EMIR, REMIT, MiFID II and UK onshored equivalents, relying on applicable exemptions from authorization. Counterparty credit risk on derivative positions is managed through standardized agreements, and LNG vessel time charters with fixed minimum terms of up to 15 years secure shipping for DAP cargoes.

Source: Cheniere Energy, Inc. - 10-K Filing - 2025

Portfolio Aggregate · 1 project

Portfolio mode — asset rows are for context only; tab totals use the company aggregation.

Cheniere Liquefaction Projects Portfolio

Portfolio · Lng Export · Operating

United States

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Company portfolio

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Lng

Country: United States

Facility kind: Lng Export

Licensed capacity: 60

Capacity unit: mt

Capacity period: Per Year

Capacity kind: Nameplate

Description

As at 31 December 2025

Consolidated rollup of the SPL Project at Sabine Pass and the CCL Project at Corpus Christi (the Liquefaction Projects). Largest producer of LNG in the US and second largest LNG operator globally; total production capacity expected to be over 60 mtpa inclusive of estimated debottlenecking opportunities, of which over 9 mtpa was under construction and the remainder in operation as of December 31, 2025. Approximately 90% of total anticipated production contracted through the mid-2030s under SPAs and IPM agreements with ~15 years weighted average remaining life. Over 4,610 cumulative cargoes totaling over 315 million tonnes exported to over 40 countries since February 2016; uncontracted volumes sold by Cheniere Marketing under spot/short-term agreements.

Portfolio Aggregate · Processing facilities

Multiple effective dates

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Processing facilities · 8 projects

Corpus Christi LNG Terminal (CCL Project)

District · Lng Export · Operating

United States, near Corpus Christi, Texas

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: District / complex

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Lng

Country: United States

Region: near Corpus Christi, Texas

Facility kind: Lng Export

Licensed capacity: 30

Capacity unit: mt

Capacity period: Per Year

Capacity kind: Nameplate

Description

As at 31 December 2025

Wholly owned liquefaction and export facility with over 30 mtpa of total expected production capacity, inclusive of estimated debottlenecking opportunities, including over 4 mtpa under construction from the Corpus Christi Stage 3 Project and ~5 mtpa under construction from the CCL Midscale Trains 8 & 9 Project, with the remainder in operation as of December 31, 2025. Three LNG storage tanks (~10 Bcfe aggregate) and two marine berths accommodating vessels up to 266,000 m3. FERC/DOE approved export volumes: Trains 1-3 875.16 Bcf/yr (17 mtpa) and Stage 3 582.14 Bcf/yr (11.45 mtpa) to FTA and non-FTA countries through 2050. December 2025 FERC application filed to increase authorized Stage 3 / Trains 8 & 9 capacity by ~5 mtpa. Feedstock secured partly via long-term supply agreements including IPM agreements.

Processing facilities

As at 31 December 2025

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Sabine Pass LNG Terminal (SPL Project)

District · Lng Export · Operating · Ownership 48.6%

United States, Cameron Parish, Louisiana

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: District / complex

Status: Operating

Report standard: -

Ownership %: 48.6

Operator: Yes

Extraction: Lng

Country: United States

Region: Cameron Parish, Louisiana

Facility kind: Lng Export

Licensed capacity: 30

Capacity unit: mt

Capacity period: Per Year

Capacity kind: Nameplate

Description

As at 31 December 2025

One of the largest LNG production facilities in the world with over 30 mtpa of total production capacity in operation, owned and operated through Cheniere Energy Partners, L.P. (Cheniere owns 100% of the general partner, a 48.6% limited partner interest and 100% of incentive distribution rights). Five LNG storage tanks (~17 Bcfe aggregate), vaporizers with ~4 Bcf/d regasification capacity and three marine berths (two up to 266,000 m3, one up to 200,000 m3). FERC/DOE approved export volumes of 1,661.94 Bcf/yr (33 mtpa) to FTA and non-FTA countries through December 31, 2050. SPLNG holds a long-term 1 Bcf/d third-party TUA with TotalEnergies; ~2 Bcf/d of remaining regas capacity reserved by SPL. Planned large-scale maintenance completed on two Trains in Q2 2025. Feedstock secured partly through long-term gas supply agreements including an IPM agreement.

Processing facilities

As at 31 December 2025

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CCL Expansion Project

Asset · Lng Export · Development

United States, near Corpus Christi, Texas

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Lng

Country: United States

Region: near Corpus Christi, Texas

Facility kind: Lng Export

Licensed capacity: 24

Capacity unit: mt

Capacity period: Per Year

Capacity kind: Nameplate

Description

As at 31 December 2025

Pre-FID phased expansion of the CCL Project, inclusive of four liquefaction trains and supporting infrastructure, with expected total peak production capacity of up to 24 mtpa of LNG inclusive of estimated debottlenecking opportunities. Following a July 2025 pre-filing, a FERC application under the NGA to site, construct and operate the project was filed in February 2026; FERC environmental assessment and NGA Section 3 order pending, DOE FTA export authorization received, non-FTA pending. Capacity partially contracted by Cheniere Marketing through conditional SPAs. Target FID 2027/2028, expected to be subject to phased FID, with financing anticipated through committed facilities and/or additional debt.

Processing facilities

As at 31 December 2025

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SPL Expansion Project

Asset · Lng Export · Development · Ownership 48.6%

United States, Cameron Parish, Louisiana

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Development

Report standard: -

Ownership %: 48.6

Operator: Yes

Extraction: Lng

Country: United States

Region: Cameron Parish, Louisiana

Facility kind: Lng Export

Licensed capacity: 20

Capacity unit: mt

Capacity period: Per Year

Capacity kind: Nameplate

Description

As at 31 December 2025

Pre-FID two-phased expansion adjacent to the SPL Project, inclusive of three liquefaction trains and supporting infrastructure, with expected total peak production capacity of up to approximately 20 mtpa of LNG inclusive of estimated debottlenecking opportunities. FERC application (originally February 2024) updated June 2025 to reflect the two-phased design; FERC environmental assessment, NGA Section 3 order and construction certification pending. DOE FTA export authorization of 950 Bcf/yr received November 2025 (effective 25 years from first commercial export); non-FTA authorization pending. SPL Stage V has an IPM agreement to supply the project; capacity partially contracted by Cheniere Marketing through conditional SPAs. Target FID 2026/2027, expected to be subject to phased FID.

Processing facilities

As at 31 December 2025

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Corpus Christi Stage 3 Project

Asset · Lng Export · Construction

United States, near Corpus Christi, Texas

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Construction

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Lng

Country: United States

Region: near Corpus Christi, Texas

Facility kind: Lng Export

Licensed capacity: 10

Capacity unit: mt

Capacity period: Per Year

Capacity kind: Nameplate

Description

As at 31 December 2025

Seven midscale Trains expected to add total production capacity of over 10 mtpa of LNG once fully completed, with over 4 mtpa under construction and the remainder in operation from the first four Trains, which reached substantial completion in March, August, October and December 2025; Train 5 produced first LNG in February 2026. Overall project completion 94.1% as of December 31, 2025 (engineering 99.6%, procurement 100.0%, subcontract 95.1%, construction 84.7%); expected substantial completion 1H 2026 - 2H 2026. Bechtel is the EPC contractor. 2025 commissioning volume sales of 23 TBtu ($187 million) offset LNG terminal construction costs.

Processing facilities

Multiple effective dates

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CCL Midscale Trains 8 & 9 Project

Asset · Lng Export · Construction

United States, near Corpus Christi, Texas

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Construction

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Lng

Country: United States

Region: near Corpus Christi, Texas

Facility kind: Lng Export

Licensed capacity: 5

Capacity unit: mt

Capacity period: Per Year

Capacity kind: Nameplate

Description

As at 31 December 2025

Two additional midscale Trains expected to add approximately 5 mtpa of LNG production capacity once fully completed, inclusive of estimated debottlenecking opportunities. Positive FID on June 17, 2025 with full notice to proceed issued to Bechtel effective June 18, 2025. Overall project completion 31.8% as of December 31, 2025 (engineering 75.5%, procurement 47.3%, subcontract 29.0%, construction 0.2%); expected substantial completion 2H 2028. FERC siting/construction authorization received March 2025; non-FTA DOE export authorization pending; 170 Bcf/yr FTA authorization (July 2023) effective from first commercial export.

Processing facilities

As at 31 December 2025

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Corpus Christi Pipeline

Asset · Pipeline Gas · Operating

United States, Texas

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Texas

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

Approximately 21-mile natural gas supply pipeline owned and operated through CCP that interconnects the Corpus Christi LNG Terminal with several large interstate and intrastate natural gas pipelines, providing firm transportation of feedstock gas. Subject to FERC and PHMSA regulation.

Processing facilities

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Creole Trail Pipeline

Asset · Pipeline Gas · Operating · Ownership 48.6%

United States, Louisiana

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 48.6

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Louisiana

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

94-mile natural gas supply pipeline owned and operated through CQP that interconnects the Sabine Pass LNG Terminal with several large interstate and intrastate pipelines, providing firm transportation of feedstock gas. Subject to FERC and PHMSA regulation.

Processing facilities

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Oil & gas

1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Hydrocarbon commodity_code (normalized product streams)

Commodity

Physical idea

Benchmark / anchor

Typical relationship (rule-of-thumb)

Oil equivalent (BOE)

See commodity documentation in the domain package.

Oil

Generic crude (undifferentiated)

WTI

Use West Texas Intermediate directly as a coarse benchmark when the filing does not split product quality.

Natural gas

Pipeline natural gas

Henry Hub

Henry Hub is the reference US benchmark for US pipeline gas; use it directly when the disclosure is Hub-indexed.

NGL

NGL barrel (mixed NGLs)

Mont Belvieu NGL basket vs WTI

NGL barrels often track a fraction of crude; order-of-magnitude context is commonly cited around two-fifths to three-fifths of WTI.

Shale gas

Gas from shale / tight reservoirs

Henry Hub plus regional basis

Regional hubs price as Henry Hub plus or minus basis; shale supply broke tight coupling to oil, so do not back-solve shale gas from WTI.

Light oil

Light sweet crude

WTI / Brent

WTI and Brent are often treated as roughly 1:1 for light sweet barrels when a single anchor is enough.

Heavy oil

Heavy sour crude

WCS vs WTI

Western Canadian Select–style heavy blends often trade on the order of $10–20/bbl below WTI when differentials are in a normal range.

Bitumen

Oil-sands bitumen blend

WCS vs WTI

Same broad idea as heavy oil: bitumen blends anchor to wide differentials versus light sweet benchmarks such as WTI.

Synthetic crude

Upgraded oil-sands synthetic crude (SCO)

SCO vs WTI

Synthetic crude typically tracks WTI within a few dollars — sometimes near par, sometimes a small premium or discount.

Condensate

Field condensate / diluent

US condensate vs WTI

Field condensate can trade below WTI; some multi-year averages have been in the high single-digit dollars per barrel under WTI.

Coal bed methane

Coalbed methane (CBM)

Regional hub vs Henry Hub

CBM is usually quoted off a regional benchmark versus Henry Hub; it is a distinct product stream from tight shale gas in many filings.

Hydrocarbon commodity — notes

The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.

Crude grade primer

API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Natural gas

Score

Production

Resource base

1 / 5

0–4 Bcf/yr

0–50 Bcf

2 / 5

4–20 Bcf/yr

50–500 Bcf

3 / 5

20–75 Bcf/yr

500–2000 Bcf

4 / 5

75–180 Bcf/yr

2000–10000 Bcf

5 / 5

≥ 180 Bcf/yr

≥ 10000 Bcf

Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.