Why did LNG project revenue fluctuate so drastically in 2023?

The fluctuation in LNG project revenue for 2023 can be attributed to a combination of factors: 1. **Global LNG Market Dynamics**: The global LNG market has been influenced by various factors such as the Russia-Ukraine conflict, which led to increased demand for LNG as Europe scrambled to replace Russian volumes. However, a warm winter and a sluggish global economy put pressure on LNG prices in 2023. 2. **LNG Price Volatility**: LNG prices experienced spikes in 2022 due to the Russia-Ukraine conflict but subsequently dropped as a result of a warm winter and ample inventories in Europe and Asia. This volatility directly impacted the revenue of LNG projects. 3. **Project Developments and Capacity Increases**: Despite the market challenges, US LNG export projects continued to advance with multiple facilities starting construction, which is expected to increase exported volumes in the coming years. The start of new projects and capacity increases can lead to initial revenue fluctuations as they ramp up production. 4. **Regulatory and Permitting Delays**: The construction of LNG export terminals and related infrastructure requires significant investment and involves various regulatory approvals, which can cause delays and affect project timelines and initial revenue projections. In summary, the fluctuation in LNG project revenue for 2023 was likely a result of a combination of factors including global market dynamics, price volatility, project developments, and regulatory delays.