Cameron LNG

What Cameron LNG does

Cameron LNG, LLC operates a $10 billion liquefied natural gas (LNG) export terminal in Hackberry, Louisiana, on the deep-water Calcasieu ship channel. The facility consists of three liquefaction trains with a combined export capacity of approximately 12 million tonnes per annum (~1.7 Bcf/day), processing natural gas into LNG for maritime shipment to international markets. The facility was developed from an earlier regasification asset starting in 2011, reached full Phase 1 commercial operations in August 2020, and marked its 1,000th cargo export in July 2025 to customers across 28 countries. Cameron LNG employs over 200 people across its Hackberry facility and Houston head office and operates with FERC authorization and digital twin-based real-time operational monitoring.

Cameron LNG earns revenue through long-term tolling agreements with investment-grade counterparties, under which customers supply natural gas and Cameron LNG liquefies and loads it onto ships for a contracted fee—a subscription/recurring revenue model with limited direct commodity price exposure. Contracts average 20+ years, providing stable, predictable cash flow. The facility is a private joint venture owned by Sempra Infrastructure (50.2%, indirect via Sempra Energy), TotalEnergies, Mitsui & Co., and Japan LNG Investment LLC (jointly owned by Mitsubishi Corporation and NYK Line), with Sempra's projected share of run-rate equity earnings at $400-450 million annually. Customers are global LNG importers, utilities, and energy companies serving power generation, industrial, and residential heating end-markets, primarily in Asia and Europe.

The company's go-to-market is enterprise sales-led and relationship-managed via its JV partner consortium, which provides downstream offtake channels, shipping capacity, and trading expertise. Distribution is direct maritime export from the deep-water terminal, eliminating intermediary logistics. With Phase 1 fully commissioned and capacity contractually tolled, future growth depends on Phase 2 or new-train expansion decisions, which are referenced on the company website but not yet quantified in available disclosures.

Name

Cameron LNG

Legal name

Cameron LNG, LLC

Website

https://cameronlng.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

Cameron LNG operates a $10 billion, three-train LNG export terminal in Hackberry, Louisiana with 12 Mtpa capacity, serving global utilities and energy importers under long-term tolling agreements. It is a private joint venture led by Sempra Infrastructure alongside TotalEnergies, Mitsui, Mitsubishi, and NYK Line.

Ownership category

akta.pro rank

Product category

LNG Liquefaction & Export Services

NAICS

Pipeline Transportation of Natural Gas (48621)

SIC

Natural Gas Transmission (4922)

akta.pro primary industry

LNG Liquefaction Plants (Onshore & FLNG) (EUALAFAA)

akta.pro secondary industries

LNG Liquefaction (Export Terminals) (EUAAACAE), LNG Import/Export Terminals & Storage (Regas, Peak Shaving, Small-Scale LNG) (EUALAEAD), Liquefied Gas Transport (LNG/LPG/Ammonia) (TLADALAC), LNG Environmental, Safety & Compliance (Methane, Flaring, ESG, Safety Cases) (EUALAFAL)

Keywords

• LNG liquefaction services
• Natural gas export
• Liquefied natural gas
• LNG terminal operations
• Gas processing facility

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Others

Revenue model

1. LNG Liquefaction Tolling Agreements: Cameron LNG earns revenue through long-term tolling agreements with customers, providing liquefaction services to process natural gas into LNG for export. Under these agreements, customers supply natural gas and Cameron LNG processes it into LNG for a fee, then loads it onto ships for delivery. This model provides stable, predictable tolling fee revenue with limited direct commodity price exposure.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Cameron LNG operates a $10 billion liquefaction-export facility in Hackberry, Louisiana consisting of three liquefaction trains with a combined export capacity of 12 Mtpa (approximately 1.7 Bcf/day). The facility processes natural gas into LNG under long-term tolling agreements with its joint venture partners and loads cargoes onto ships via the deep-water Calcasieu ship channel for delivery to global markets in 28+ countries. The company provides safe, efficient, and cost-effective natural gas liquefaction services.

Product overview

Cameron LNG operates a single unified LNG liquefaction and export facility located in Hackberry, Louisiana. The facility consists of three liquefaction trains (Train 1, Train 2, and Train 3), each with approximately 4 Mtpa capacity, totaling approximately 12 Mtpa of export capacity. The facility processes natural gas into LNG under tolling agreements with its joint venture partners and loads cargoes onto ships for delivery to global markets. Cameron LNG Phase 1 represents the completed three-train project, with each train contributing to the facility's total export capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• Cameron LNG Facility A liquefied natural gas (LNG) liquefaction and export terminal with three trains located in Hackberry, Louisiana, on the deep-water Calcasieu ship channel. The facility converts natural gas to LNG and loads it onto ships for export to global markets.
• LNG Tolling Services Long-term tolling arrangements under which Cameron LNG processes customer-supplied natural gas into LNG for export to global markets. Tolling fees are contracted under confidential multi-year commercial terms with investment-grade counterparties.
• LNG Cargo Export and Loading Loading and exporting LNG cargoes from the Cameron LNG terminal to customers worldwide via the deep-water Calcasieu ship channel. LNG is delivered to customers across 28 countries.

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered minor and core.

• Entergy LouisianaminorStrategic or Co-development Partner · 7 December 2022Cameron LNG entered into a memorandum of understanding (MOU) with Entergy Louisiana, LLC to negotiate terms for a new electric service agreement. This partnership addresses renewable energy service needs for the Cameron LNG facility's power requirements.
• Sempra InfrastructurecoreStrategic or Co-development PartnerSempra Infrastructure (an affiliate of Sempra Energy) is the primary developer and operator of Cameron LNG. Sempra Energy indirectly owns 50.2% of Cameron LNG. Sempra Infrastructure brings extensive energy infrastructure development and operations experience, including the development of Cameron LNG Phase 1 and Phase 2 plans.
• TotalEnergiescoreStrategic or Co-development PartnerTotalEnergies became a Cameron LNG partner through its acquisition of Engie's upstream LNG business in September 2018 for an enterprise value of $1.5 billion. TotalEnergies holds an ownership stake in Cameron LNG Phase 1 and contributes extensive LNG market experience and global customer relationships.
• Mitsui & Co.coreStrategic or Co-development PartnerMitsui & Co. is a Japanese trading company and joint venture partner in Cameron LNG, bringing extensive LNG market experience and global energy trading capabilities to the partnership.
• Mitsubishi CorporationcoreStrategic or Co-development PartnerMitsubishi Corporation holds its stake in Cameron LNG through Japan LNG Investment, LLC (a joint venture with NYK Line). Mitsubishi recently integrated Cameron LNG tolling agreements with its Haynesville Shale gas asset acquisitions, demonstrating the strategic importance of the partnership for vertical integration of U.S. gas supply.
• NYK Line (Nippon Yusen Kabushiki Kaisha)coreStrategic or Co-development PartnerNYK Line is a Japanese shipping company and joint venture partner in Cameron LNG through Japan LNG Investment, LLC. NYK Line contributes extensive LNG shipping and maritime logistics experience, enabling reliable LNG transport to global markets.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Venture Global LNG: Operates the Calcasieu Pass and Plaquemines LNG export facilities in Louisiana, directly adjacent to Cameron LNG's regional market. Venture Global is a rapidly scaling peer using a similar liquefaction and export model, though with more controversy around commissioning and contract structure.
• Cheniere Energy: Largest U.S. LNG exporter operating the Sabine Pass (Louisiana) and Corpus Christi (Texas) liquefaction and export terminals. Cheniere is the closest direct competitor to Cameron LNG, with comparable scale, U.S. Gulf Coast siting, tolling-based revenue model, and FERC-authorized operations.
• Dominion Energy (Cove Point LNG): Operates the Cove Point LNG export terminal in Maryland, one of the few operating U.S. LNG export facilities alongside Cameron LNG. Comparable as an FERC-authorized, multi-train U.S. LNG liquefaction and export facility serving global markets.
• Freeport LNG Development, L.P. Operates the Freeport LNG export terminal on the Texas Gulf Coast with three liquefaction trains totaling roughly 15 Mtpa. Directly comparable to Cameron LNG as a multi-train U.S. LNG export facility using tolling agreements with investment-grade offtakers.

Emerging players

• Tellurian: Developing the Driftwood LNG export terminal in Louisiana with planned capacity of approximately 27.6 Mtpa. Comparable as a U.S. Gulf Coast LNG export project targeting similar global offtake customers and using long-term SPAs/tolling structures.
• Energy Transfer (Lake Charles LNG): Developing the Lake Charles LNG export project in Louisiana using existing regasification infrastructure, comparable to Cameron LNG's original conversion from a regasification facility. A regional peer leveraging Gulf Coast siting and existing infrastructure.
• NextDecade: Developing the Rio Grande LNG export facility at the Port of Brownsville, Texas, with planned capacity of 27+ Mtpa across multiple trains. A comparable emerging U.S. LNG liquefaction project competing for the same Gulf Coast offtake customers and capital.

Broad incumbents

• Sempra Infrastructure: Cameron LNG's majority owner and developer (50.2% indirect stake). Operates a broader portfolio of LNG, renewables, and energy infrastructure assets beyond Cameron LNG, including Port Arthur LNG and Energia Costa Azul in Mexico, making it a natural parent-level comparable for understanding the asset's economics.
• Shell (Prelude FLNG): Operates the Prelude FLNG facility offshore Australia, the world's first floating LNG vessel. Comparable as a global LNG liquefaction operator; a partner-owner-style incumbent in the broader LNG liquefaction value chain rather than a direct U.S. Gulf Coast competitor.

Regional players

• Kinder Morgan (Elba Island LNG): Operates the Elba Island LNG facility in Georgia via a 10-train small-scale liquefaction joint venture with Shell. Comparable as a U.S.-based LNG infrastructure operator, though smaller scale and primarily focused on domestic/regional markets rather than large-scale export.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/CameronEnergyAlliance
• LinkedInlinkedin.com/company/cameron-lng
• Xx.com/cameron_lng

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cameron LNG