Good morning, here's what the Oilman has for you today:

• U.S. Emerges as Top LNG Exporter in 2023

• Millionaire of the Week: Charif Souki

• Upcoming Oil and Gas Events

• Tweet of the Day

U.S. Emerges as Top LNG Exporter in 2023

The United States emerged as the world’s largest LNG exporter in 2023.

It overtook heavyweights Australia and Qatar with 88.9 million metric tons.

Where there’s demand, there will be supply

U.S. LNG exports grew with lightning speed, especially in the last two years.

The industry benefited strongly from the Russian invasion of Ukraine.

It prompted the EU to look for other suppliers of gas.

What better option than friend and ally U.S.?

In 2022, U.S. LNG exports rose to 77.5 million tons, breaking previous records.

Then, this year, growth continued strongly.

Despite Europeans’ complaints last year of high prices.

They must’ve realized energy security doesn’t come cheap.

That’s why they took in close to two-thirds of all U.S. exports

Industry set for another strong year

Gas flows to the seven LNG facilities in the country are already higher this month than last.

And last month, they reached another all-time high.

It looks like this year will be even stronger for LNG producers.

Thanks to record natural gas production.

And to healthy global gas demand.

It’s hard to believe that barely a decade ago, the U.S. did not export any LNG.

Then came Cheniere Energy, and others followed suit.

More will be coming, too, despite doom-and-gloom predictions about stranded assets.

Because where there’s demand, there will be supply.

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Millionaire of the Week: Charif Souki

In December, business media broke the news that Tellurian had ousted its chairman.

The name of that chairman: Charif Souki, a Lebanese immigrant, Wall Street banker and restaurant investor.

Also, the man who got the U.S. LNG industry started.

From Wall Street to the Gulf Coast

Souki spent 20 years in the financial services industry.

In search of a new challenge, he set his sights on energy.

More specifically, on gas.

Cheniere Energy started its life in 1996 as an offshore exploration company.

It also built a gas import terminal in the early 2010s…

Until Souki figured out the U.S. was pumping way too much gas to let it go to waste.

When there was a strong and growing demand for gas abroad.

In 2016, Cheniere began operating as an LNG producer.

Moving on with Tellurian

Souki left Cheniere soon after the company became an LNG exporter.

He was once again ousted by activist investor Carl Icahn, who had built a 15% stake in the company.

And he did not see eye to eye with Souki when it came to expansion.

So Souki founded another LNG company, Tellurian.

His new brainchild: the Driftwood LNG terminal in Louisiana.

It’s going to cost $25 billion and have a capacity of 27.6 million tons.

If it ever gets built, Tellurian has warned it might go into bankruptcy.

Souki’s second act didn’t go as well as his first one.

But he’s got more than $500 million to keep him company.

Until the next challenge.

Upcoming Oil & Gas Events

• January 16: TIPRO/IPAA Leaders in Industry Luncheon, Petroleum Club of Houston, Houston, TX

• January 17: IPAA Private Capital Conference, The Post Oak at Uptown Houston, Houston, TX

• January 17-18: GO-WV Winter Meeting, Marriott Town Center Hotel, Charleston, WV

• January 18: Kansas Oil and Gas Day Legislative Reception, Kansas State Capital, Topeka, KS

• January 23-25: POWERGEN International, Ernest N. Morial Convention Center, New Orleans

Around the Global Patch

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