Sabine Pass Liquefaction, LLC
Sabine Pass Liquefaction, LLC filed its 10-Q for the quarter ended September 30, 2026. Net income rose to $688M from $528M in the prior-year quarter, driven by higher LNG pricing per MMBtu. Total revenues reached $2.523B (+7.1% YoY). The company repaid $1.8B in senior secured notes during the nine-month period and designated its IPM agreement under the NPNS scope exception, reclassifying $1.189B out of Level 3 derivative liabilities.
- Q3 2026 net income: $688M vs $528M in Q3 2025, a 30% increase
- Q3 2026 total revenues: $2.523B, up 7.1% YoY from $2.355B
- Nine-month operating cash flow surged to $2.503B from $1.824B, a $679M increase
- Repaid $1.8B in senior secured notes during the nine months ended September 30, 2026
- Designated IPM agreement under NPNS scope exception, removing $1.189B from Level 3 fair value liabilities
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The 30% net income surge and $1.8B debt paydown signal strong cash generation at the largest U.S. LNG facility, while the NPNS accounting change removes a major source of earnings volatility.
Sabine Pass remains the largest U.S. LNG export facility at over 30 mtpa capacity. The NPNS election for the IPM agreement signals growing liquidity in Gulf Coast physical gas markets indexed to global LNG prices, a structural shift for U.S. LNG cost-of-sales accounting.
Level 3 Liquefaction Supply Derivatives carry a $117M net fair value liability with unobservable Henry Hub basis spread inputs ranging from -$0.568 to $0.275. The IPM agreement NPNS designation is judgment-based; if it no longer qualifies, the contract returns to fair value accounting with immediate earnings impact.