Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Q1 2024 Earnings Presentation
24 slides from Cheniere Energy's earnings presentation, May 3, 2024
Slide 1: Cheniere Energy, Inc. First Quarter 2024
Cheniere Energy, Inc. First Quarter 2024 May 3, 2024
Slide 2: Safe Harbor Statements
Safe Harbor Statements Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, “forward-looking • statements regarding our planned development and construction of additional Trains or pipelines, including statements” within the meaning of Section 27
Slide 3: Agenda
Agenda Introduction Frances Smith Director, Investor Relations Company Highlights Jack Fusco President and Chief Executive Officer Commercial Update Anatol Feygin Executive Vice President and Chief Commercial Officer Financial Review Zach Davis Executive Vice President and Chief Financial Officer Q&
Slide 4: Operating and Financial Highlights
Operating and Financial Highlights Jack Fusco, President and CEO
Slide 5: First Quarter 2024 Highlights & Full Year 2024 Guidance
First Quarter 2024 Highlights & Full Year 2024 Guidance Reconfirming Financial Guidance Consolidated Adjusted EBITDA FY 2024 ($ billions, except per unit data) Consolidated Adjusted EBITDA $5.5 - $6.0 Distributable Cash Flow $2.9 - $3.4 $3,599 $1,773 CQP Distribution per Unit $3.15 - $3.35 1Q 2023 1
Slide 6: Leveraging Brownfield Infrastructure Platform
Leveraging Brownfield Infrastructure Platform Corpus Christi Stage 3 Corpus Christi Midscale Trains 8 & 9 SPL Expansion Project & Growth Up to 10+ ~5 ~20 MTPA MTPA2 MTPA2 ✓ 55.9% complete and ahead of schedule1 ✓ FERC application filed in March 2023; ✓ FERC & DOE applications3 both filed in ✓ First
Slide 7: The Benefits of U.S. LNG Are Clear
The Benefits of U.S. LNG Are Clear Facilitates Decarbonization 80-99% 47-57% ~8.5 GT ~700 MT P Enables decarbonization from • Reduction in CO2 coal-to-gas switching Less air pollutant Less GHG emissions Record high global emissions from coal- emissions vs. coal1 vs. coal2 coal use in 2023 to-gas swi
Slide 8: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 9: LNG Trade Highlights Emergence of Price Sensitive Buyers
LNG Trade Highlights Emergence of Price Sensitive Buyers Global Gas Price Benchmarks Tenders Awarded for Asia Delivery1 U.S. LNG Exports by Destination $/MMBtu # of Cargoes MT 80 Average Prices $/MMBtu 180 25 Other Asia In Transit JKM - TTF spread JKM TTF Middle East - North Africa Henry Hub 1Q 2023
Slide 10: Market Beginning to Shift from Europe to Asia
Market Beginning to Shift from Europe to Asia Gas Demand in Key Markets YoY Variance LNG Imports to Europe1 Gas Demand in Key European Markets2 Bcm (Bars) % (Dots) MT Bcm LDC Power Industrial Other Total YoY (%) 1 5% 14 5-Yr Range 50 5-Yr Range 4% 2024 2024 12 2023 40 2023 0 0% 10 -1% -3% 8 30 -2% -
Slide 11: Market Outlook for the Third LNG Supply Cycle
Market Outlook for the Third LNG Supply Cycle Cyclicality of LNG Supply Third LNG Supply Cycle vs. Previous Supply Cycles MT MT 140 Cycle 1 Cycle 2 Cycle 3 700 Cycle 1 Cycle 2 Cycle 3 Demand ~$6.60 – $9.50/MMBtu ~$6.80 – $9.80/MMBtu 600 120 Yet to FID JKM winter season average price range 500 100 40
Slide 12: Financial Review
Financial Review Zach Davis, EVP and CFO
Slide 13: First Quarter 2024 Financial Highlights
First Quarter 2024 Financial Highlights Summary Results Key 1Q 2024 Financial Transactions and Updates ✓ ~$2 billion of capital allocation in 1Q and >$10 billion deployed across ($ millions, except LNG data) 1Q 2024 1Q 2023 20/20 Vision capital allocation plan ✓ Repurchased >7.5 million shares of co
Slide 14: Reconfirming Full Year 2024 Guidance
Reconfirming Full Year 2024 Guidance 2024 Guidance Full Year 2024 Snapshot ($ billions, except per unit data) Full Year 2024 ✓ Minimal amount of unsold LNG ✓ <$1 billion to catch-up to 1:1 debt volumes for the remainder of the year paydown-to-share repurchase ratio Consolidated Adjusted EBITDA $5.5
Slide 15: Cheniere Energy, Inc. First Quarter 2024
Cheniere Energy, Inc. First Quarter 2024 May 3, 2024
Slide 16: Appendix
Append ix CHENIERE
Slide 17: Cheniere LNG Exports
Cheniere LNG Exports >3,400 Cargoes Exported from our Liquefaction Projects Cheniere LNG Exports by Destination MT 14 12 10 8 6 4 2 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2020 2021 2022 2023 2024 Europe Asia Latin America MENA Cheniere Destinations Sources: Cheniere Research. 17 Note:
Slide 18: Industry Leading U.S. LNG Export Platform
Industry Leading U.S. LNG Export Platform Corpus Christi LNG Terminal Sabine Pass Liquefaction ~25+ mtpa Total Production Capacity ~30 mtpa Total Production Capacity >1,600 Employees Trains 1-3 operating, long-term contracts commenced Trains 1-6 operating, long-term contracts commenced 6 Offices Wor
Slide 19: Liquefaction Platform Update
Liquefaction Platform Update Sabine Pass Liquefaction Corpus Christi Liquefaction Liquefaction Operations Growth Liquefaction Operations Stage 3 6 Trains in operation SPL Expansion Project in permitting 3 Trains in operation 10+ mtpa brownfield expansion process project under construction - ~55.9% >
Slide 20: Cheniere Pro Forma 1Q 2024 Debt Summary
Cheniere Pro Forma 1Q 2024 Debt Summary Cash Balance: ~$2.6B(1)(2) Cheniere Energy, Inc. Cheniere Energy, Inc. $1.5B Notes due 2028 (4.625%) (NYSE: LNG) $1.5B Notes due 2034 (5.650%) $1.25B Unsecured Revolving Credit Facility due 2026 Cheniere Corpus Christi Holdings, LLC(2) ~$1.20B Notes due 2027 (
Slide 21: Long-Term Capital Allocation Progress
Long-Term Capital Allocation Progress Executing on a comprehensive capital allocation plan designed to >$20 >$20 GUIDING achieve our long-term balance sheet, shareholder return, and Total Under Total Since growth priorities 1Q 2024 ‘20/20 Vision’ 2021 PRINCIPLES Position Cheniere Capital Complex for
Slide 22: Run-Rate Guidance
Run-Rate Guidance Assumes CMI Run-Rate of $2.00 - $2.50 / MMBtu 9 Trains + Stage 3 + Midscale 8 & 9 + 9 Trains 9 Trains + Stage 3 Capital Return (Full Year) (Full Year) (Full Year) SPL T1-6 SPL T1-6 SPL T1-6 ($ bn, unless otherwise noted) CCL T1-3 CCL T1-3 + Stage 3 CCL T1-3 + Stage 3 + Midscale T8-
Slide 23: Reconciliation to Non-GAAP Measures
Reconciliation to Non-GAAP Measures Regulation G Reconciliations This presentation contains non-GAAP financial measures. Consolidated Adjusted EBITDA, Distributable Cash Flow, Distributable Cash Flow per Share, and Distributable Cash Flow per Unit are non-GAAP financial measures that we use to facil
Slide 24: Investor Relations Contacts
Investor Relations Contacts Randy Bhatia Vice President, Investor Relations – (713) 375-5479, randy.bhatia@cheniere.com Frances Smith Director, Investor Relations – (713) 375-5753, frances.smith@cheniere.com © 2024 Cheniere Energy, Inc. All Rights Reserved