ExxonMobil raises LNG sales target 25% amid Hormuz crisis

ExxonMobil Exxon Mobil Corporation ↘ 2.35% has raised its annual liquefied natural gas sales target to 50 million tonnes by 2030, up 25% from a previous goal of 40 million tonnes, as the prolonged closure of the Strait of Hormuz reshapes global gas trade and drives Asian buyers toward American suppliers.

Gastech Announcement Reflects Shifting Market

Peter Clarke, senior vice president for LNG at ExxonMobil International, disclosed the revised target on Monday at the Gastech conference in Bangkok, telling Bloomberg that the company expects sales to keep rising beyond 2030 in line with broader market growth. Clarke said ExxonMobil anticipates global LNG demand will climb from roughly 400 million tonnes today to about 500 million tonnes by 2030 and roughly double by 2050, with Asia accounting for about 70% of that consumption.energynews+3

The announcement came alongside remarks from executives at Shell ↘ 1.71%, Chevron ↘ 1.86%, Eni ↘ 1.49% and ADNOC, who warned that even if the Strait of Hormuz reopens, restoring normal gas flows will take time. Shell's president of integrated gas, Cederic Cremers, said nearly seven months of Middle East disruption had removed 36 million tonnes of Qatari and Emirati LNG from the market, with the company's Pearl gas-to-liquids plant in Qatar unlikely to resume operations until early 2027.nationthailand

US Supply Fills the Gap

Clarke said ExxonMobil expects the United States to supply around 30% of global LNG by 2030. The company's Golden Pass LNG project in Sabine Pass, Texas — a joint venture with QatarEnergy — shipped its first cargo from Train 1 in April 2026 and is targeting full production across all three trains by the end of 2027, with nameplate capacity of roughly 18 million tonnes per year.theedgemalaysia+3

Asian buyers are already accelerating contracts with US exporters. According to The Edge Malaysia, companies in Thailand, Pakistan and Bangladesh are in talks to sign long-term deals, while China Gas Holdings signed a rare supply agreement with Venture Global ↘ 4.00% this week for deliveries starting in 2030. Jera, Japan's largest gas importer, said on Bloomberg TV that buyers worldwide are "more focused on diversifying their LNG procurement," with long-term US contracts delivering LNG to Asia at about $8 per million British thermal units — a fraction of spot prices near $30.theedgemalaysia

Valuation and Outlook

The raised target adds to a growth narrative already supported by strong quarterly results. ExxonMobil reported Q2 2026 net income of $14.53 billion, up more than 90% year over year, on revenue of $113 billion. Analyst consensus places the stock's price target near $167, close to current levels, while Piper Sandler ↘ 4.39% has set a target of $185. The company's next earnings report is scheduled for October 22.ad-hoc-news