Analysis-US LNG producers ink near record contract volumes, even as fees climb

By Curtis Williams

HOUSTON (Reuters) -U.S. liquefied natural gas developers are on track this year to ink the second-highest annual number of binding sales contracts, despite industry concerns about increasing capacity and rising costs.

In the first 10 months of 2025, U.S. LNG producers signed sales and purchase agreements (SPAs) for 29.5 million metric tonnes of LNG per year, more than four times the 7 mtpa signed in all of 2024, data from consulting firm Rapidan Energy Group shows.

The SPAs are used by project developers to raise financing by demonstrating that planned projects can generate positive cash flow with customers locked into contracts for as long as 20 years. The only time more binding agreements were signed by U.S. exporters was in 2022, when Russia invaded Ukraine, accord