This article presents an optimization formulation for the synthesis of heat exchanger networks where pressure levels of process streams can be adjusted to improve heat integration. Especially important at subambient conditions, this allows for the inter-conversion of work, temperature, and pressure-based exergy and leads to reduced usage of expensive cold utility. Furthermore, stream temperatures and pressures are tuned for close tracking of the composite curves yielding increased exergy efficiency. The formulation is showcased on a simple example and applied to a case study drawn from the design of an offshore natural gas liquefaction process. Aided by the optimization, it is demonstrated how the process can extract exergy from liquid nitrogen and carbon dioxide streams to support the liquefaction of a natural gas stream without additional utilities. This process is part of a liquefied energy chain, which, supplies natural gas for power generation while facilitating carbon dioxide sequestration. (C) 2010 American Institute of Chemical Engineers AIChE J, 57: 2090-2108, 2011