1 company owns 1/4 of the pipeline behind US LNG and AI power demand
How One Company Seized Control of 25 billion cubic feet of gas per day trapped in West Texas and 110 million tonnes of LNG sailing to Europe
Dear Merchants,
You already know the geopolitical story.
Europe cut off Russian gas and replaced it with American LNG, spending billions in the process.
11 European countries now source over 50% of their gas from the United States. Germany, Europe’s industrial powerhouse, gets 94% of its LNG from a single supplier 5,000 miles across the Atlantic.
But while everyone obsesses over export terminals and cargo rates, they’re missing the real money.
Someone has to move 20 billion cubic feet of gas per day from West Texas wellheads to those Gulf Coast liquefaction plants. The infrastructure gap between supply and demand is measured in billions of dollars and the company that controls that gap controls the huge cash flows.
That company just made its move, and the market completely missed it.
US LNG exports hit almost 110 million tonnes in 2025, making America the 1st country to breach 100 Mt in a single year. US now exports roughly 25% of global LNG supply, about 20 million tonnes ahead of Qatar.
But 2025 was just the opening act.
LNG feedgas demand at Gulf Coast terminals averaged 15.8 Bcf/d in late January 2026 and spiked over 20 Bcf/d during winter peaks. By early 2029, when Golden Pass, CP2, Port Arthur LNG, and Louisiana LNG reach full operation, that number jumps to 21.7 Bcf/d. The EIA projects US LNG export capacity climbing from roughly 15 Bcf/d today to 25 Bcf/d by 2030.
⚠️That’s a 67% increase in liquefaction capacity in just 5 years. North American capacity (including Mexico and Canada) more than doubles from 11.4 Bcf/d in 2024 to 28.7 Bcf/d by 2029.
Every single molecule of that gas has to come from somewhere. And increasingly, it’s coming from one place… the Permian Basin.
The Permian Basin produces 25.8 billion cubic feet of natural gas per day as of early 2026. Projections show that climbing toward 30 Bcf/d by 2030, representing a 50% increase in LNG volumes alone. This is structural geology. As Permian oil wells mature, they produce more associated gas. The gas to oil ratio is rising across the basin, meaning even flat oil production generates exponentially more gas.
Here’s where it gets brutal, and this is very important to understand before deep diving into the investment thesis, Waha Hub, the Permian’s pricing benchmark traded negative in March 2024, hitting -$0.55/MMBtu. Producers were literally paying someone to take their gas because pipeline capacity couldn’t move it to premium Gulf Coast markets where the same molecules fetch $4-5/MMBtu.
Think about that spread. When Houston gas trades at $4.50 and your wellhead gas is worth less than zero, you don’t have a commodity problem you have an infrastructure problem.
💰And infrastructure problems create infrastructure fortunes. Let’s find out which company is at the center of this
