Operational execution and the credit upgrade track record deserve credit, but leadership transition reduces our score. On February 6, 2026, Chairman Michael Wichterich became interim CEO, succeeding Nick Dell’Osso; the company also plans to relocate HQ to Houston in mid‑2026 to deepen commercial/LNG access.
The new EVP Marketing & Commercial brings global LNG trading expertise. Interim titles (CEO and CFO) and the ongoing CEO search are near‑term governance risks; execution consistency in 2026 will be key.







