Port of Corpus Christi celebrates completion of $625m channel deepening project – Investing in U.S. infrastructure, utilities, oil and gas is a top global priortiy.

Summary of Import and Export Volumes

• Total Cargo: In 2023, the port moved 203 million tons of cargo, an 8.1% increase from 2022, setting a new annual record.
• Crude Oil:
  • Volume: 126.1 million tons (2.4 million barrels per day, bpd) in 2023, up 12.5% from 2022. Year-to-date through Q3 2024, exports averaged 2.4 million bpd, up from 2.3 million bpd in 2023. Q1 2025 saw 33.4 million tons (2.5 million bpd), a 10.5% increase from Q1 2024.
  • Estimated Value: Assuming an average crude oil price of $80 per barrel (approximate WTI price in 2023), 126.1 million tons (920 million barrels) equates to ~$73.6 billion annually. For Q1 2025, 33.4 million tons (244 million barrels) is worth ~$19.5 billion at $80/barrel.
• LNG:
  • Volume: 16.3 million tons in 2023, an 81.2% increase from 2022. Q1 2025 recorded 4.3 million tons, up 12.3% from Q1 2024. The Corpus Christi Stage 3 expansion, producing LNG since December 2024, will boost capacity to 3.1 Bcf/d nominal by 2026.
  • Estimated Value: Using an average LNG price of $15 per million British thermal units (MMBtu) in 2023 (global LNG prices varied widely), 16.3 million tons (600 Bcf) equates to ~$9 billion. For Q1 2025, 4.3 million tons (158 Bcf) is worth ~$2.4 billion.
• Refined Products:
  • Volume: 42.5 million tons in 2023, a slight increase from 2022. Includes diesel, gasoline, and petrochemicals.
  • Estimated Value: Assuming an average price of $100 per ton for refined products (approximate market value), 42.5 million tons equates to ~$4.25 billion.
• Other Commodities:
  • Agricultural Commodities: 2.2 million tons in 2023, up 13.5% from 2022.
  • Dry Bulk/Break Bulk: Modest increases, e.g., 2.1 million tons in Q3 2022. Includes coal, grain, and wind components.
  • Estimated Value: Agricultural and dry bulk goods vary widely in price (e.g., grain at ~$200/ton), but 2.2 million tons of agricultural goods might be worth ~$440 million.

• Crude Oil: Imports are minimal, as the port focuses on exports. U.S. net crude oil imports averaged 2.67 million bpd from July to September 2024, but specific volumes for Corpus Christi are not detailed, suggesting a small role in imports.
• Other Imports: The port handles some refined products and break bulk cargo (e.g., wind components), but volumes are not well-documented. Historically, imports like cotton were significant, but oil and petroleum products have dominated since the 1930s.
• Estimated Value: Without specific import volumes, precise dollar estimates are challenging. However, the port’s total trade (imports + exports) in 2018 was $29.5 billion, with exports dominating. Imports likely contribute a small fraction, possibly $2–3 billion annually, based on the port’s export-heavy profile.

• Crude Oil: The port handles ~60% of U.S. crude oil exports, with 99% of its 2.3–2.4 million bpd going to foreign markets, especially Europe. It supports Very Large Crude Carriers (VLCCs) and Suezmax tankers, with channel deepening to 54 feet by Q2 2025.
• LNG: A top U.S. LNG export hub, driven by Cheniere’s Corpus Christi Liquefaction facility. The Stage 3 expansion will add 1.3 Bcf/d by 2026.
• Refined Products: Includes diesel, gasoline, and petrochemicals, with steady export growth.
• Other: Agricultural goods, dry bulk (coal, grain), and break bulk (wind components) are secondary but growing.

• In 2018, the port’s trade (imports + exports) was valued at $29.5 billion, contributing $19.9 billion to Texas GDP and supporting ~132,000 jobs.
• Crude oil and LNG exports in 2023 alone likely exceeded $80 billion, reflecting significant growth driven by global energy demand.

• Crude Oil: Calculated using $80/barrel, approximate WTI price in 2023. Prices fluctuated (e.g., $70–$90/barrel), so values are estimates.
• LNG: Based on $15/MMBtu, reflecting global LNG prices in 2023. Prices varied significantly (e.g., $10–$20/MMBtu).
• Refined Products: Assumed $100/ton, a rough average for diesel/gasoline. Actual prices depend on product mix.
• Agricultural Goods: Assumed $200/ton for grains, a conservative estimate.
• Limitations: Import values are speculative due to limited data. Dollar estimates are approximate, as market prices and commodity mixes vary.

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