The U.S. energy landscape has shifted from a net importer to a key global exporter of oil and natural gas. This transformation, driven by advancements in domestic production and infrastructure, has positioned the U.S. as a pivotal player in international energy markets. A primary driver of this shift has been the remarkable growth in liquefied natural gas (LNG) exports, which are reshaping supply dynamics and creating new investment opportunities.
Since 2017, the U.S. has been a net exporter of oil and refined products. Still, natural gas has experienced the most significant growth, mainly attributable to LNG exports destined for Europe and Asia. By 2023, the U.S. officially became the world’s largest LNG exporter, cementing its role in global energy security. In the first half of 2025, exports averaged 16.2 billion cubic feet per day (Bcf/d), up from 14.1 Bcf/d in 2023, fueled by heightened European demand for diversified energy sources.
To meet this growing demand, the U.S. is on track to add substantial new export capacity. Projections for 2026 range from 15.5 Bcf/d to 17.0 Bcf/d, with forecasts suggesting capacity could reach 25 Bcf/d by 2030, driven by five major LNG export projects already under construction.
The sustained growth of U.S. LNG exports presents a compelling long-term investment theme for energy sector investors. As global demand for reliable energy sources continues to rise, our analysts believe U.S. producers and infrastructure operators may be well-positioned to capitalize on this trend. The expansion of export capacity not only enhances shareholder returns through increased revenues but also strengthens the strategic importance of U.S. energy assets on the global stage. Investors should monitor the progress of new LNG projects and evolving geopolitical dynamics, as these factors will shape capital allocation and returns across the energy value chain.
For more information on related investment opportunities and insights, please see our equity research report, “Can’t Fight This Feeling”—Approaching Energy Cyclical Bottom, Likely Inflection Point, or explore more topics on William Blair’s Equity Research Rewind page.