Americas Pipelines and MLPs: US LNG Complex Post US-Iran MOU

Goldman Sachs remains constructive on the US LNG complex (Cheniere, Venture Global, Golar LNG) despite the US-Iran agreement to restore Strait of Hormuz energy flows. The firm expects global gas markets to remain tight through 2027 due to ex-Qatar supply disruptions.

Key Takeaways

• 1.The US and Iran signed an agreement to restore energy flows through the Strait of Hormuz, expected to normalize by end-July.
• 2.Global gas balances are expected to remain tight through 2027 due to Qatari supply disruptions and delays, despite long-term expectations of a market tilt into oversupply.
• 3.Goldman Sachs maintains a constructive outlook on the US LNG complex (Cheniere, Venture Global, Golar LNG) following the recent sell-off.

Table of Contents

• Key Takeaways
• Updating Estimates for LNG, VG, and GLNG
• Updating Estimates
• Cheniere Energy
• Venture Global
• Golar LNG
• Valuation and Risks
• CQP
• VG
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures

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