Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Q4 2021 Earnings Presentation
26 slides from Cheniere Energy's earnings presentation, Feb 24, 2022
Slide 1: Cheniere Earnings Presentation
Cheniere Earnings Presentation Fourth Quarter and Full Year 2021 February 24, 2022 NYSE American: LNG
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 that our Trains, when completed, will have certain characteristics, including amounts of liquefaction statements” within the meaning of Sect
Slide 3: Agenda
Agenda Introduction Randy Bhatia Vice President, 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 Offic
Slide 4: Operating and Financial Highlights
Operating and Financial Highlights Jack Fusco, President and CEO
Slide 5: Fourth Quarter 2021 Highlights and 2022 Guidance Update
Fourth Quarter 2021 Highlights and 2022 Guidance Update Consolidated Adjusted EBITDA Financial Guidance Midpoint of initial ($ billions, except per unit data) Initial FY 2022 Revised FY 2022 guidance range Consolidated Adjusted EBITDA $5.8 - $6.3 $7.0 - $7.5 $4,867 $3,961 Distributable Cash Flow $3.
Slide 6: The Power of the Cheniere Platform
The Power of the Cheniere Platform Sabine Pass Train 6 Construction P Corpus Christi Train 3 Substantial Completion P Substantial Completion Milestones All 9 trains completed ahead of schedule and within budget 2021 ~$4.9 Billion Adjusted EBITDA ~$2.0 Billion Distributable Cash Flow Execution Record
Slide 7: 2022 Priority Goals
2022 Priority Goals DELIVER ON REVISED FID CORPUS CHRISTI LEAD ON ACTIONABLE ESG FINANCIAL GUIDANCE STAGE 3 INITIATIVES Continued operational excellence across platform Finalize EPC contract with Bechtel Begin providing cargo emissions (“CE”) tags for each cargo produced at our facilities Manage vol
Slide 8: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 9: Global LNG Trade Exceeds Pre-Pandemic Levels
Global LNG Trade Exceeds Pre-Pandemic Levels Global LNG Demand Global LNG Supply Annual Change (2021 – 2020) Monthly Price vs. Daily Move Global LNG consumption rose ~5% in 2021, amid intense Annual global exports back to pre-pandemic levels, due JKM & TTF saw unprecedented spikes and volatility in
Slide 10: LNG Provides Relief to Tight Markets
LNG Provides Relief to Tight Markets Europe LNG Imports EU Gas Storage Surplus / Deficit vs. TTF Asia LNG Imports European imports rebounded in Q4 as tight balances TTF prices reached new highs attracting cargoes away from While Q4 was flat yoy, Asian imports were up ~8% yoy in 2021 supported demand
Slide 11: LNG Market Environment Supports Long-Term Contracts
LNG Market Environment Supports Long-Term Contracts LNG Contracts Signed Annually Long-term Gulf Coast Margins Contract activity picked up in 2021, with volume for mid- and long-term deals up ~80% Gulf Coast margins through 2024 have significantly increased since September 2021 mtpa Price assumed li
Slide 12: Financial Update
Financial Update Zach Davis, EVP and CFO
Slide 13: Fourth Quarter and Full Year 2021 Financial Highlights
Fourth Quarter and Full Year 2021 Financial Highlights Summary Results ✓ Record ~$4.9 billion of Consolidated Adjusted EBITDA ($ millions, except per share and LNG data) 4Q 2021 3Q 2021 FY 2021 FY 2020 ✓ Record ~$2.0 billion of Distributable Cash Flow Revenues $6,557 $3,200 $15,864 $9,358 ✓ Record 2
Slide 14: Raising Full Year 2022 Financial Guidance
Raising Full Year 2022 Financial Guidance Full Year 2022 Guidance • FY 2022 forecast improved due to the early substantial completion of Sabine Pass Train 6, higher market margins and Initial FY 2022 Revised FY 2022 timing of year-end 2021 cargoes; remains subject to volatility ($ billions, except p
Slide 15: Cheniere Earnings Presentation
Cheniere Earnings Presentation Fourth Quarter and Full Year 2021 February 24, 2022 NYSE American: LNG
Slide 16: Appendix
Append ix CHENIERE
Slide 17: Cheniere LNG Exports
Cheniere LNG Exports More than 2,000 Cargoes Exported from our Liquefaction Projects Cheniere LNG Exports by Destination MT 12 10 8 6 4 2 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2021 Europe Asia Latin America MENA Cheniere Destinations Sources: Cheniere Research, Kpler 17 Note: Cumulative cargoes and volumes
Slide 18: Industry Leading U.S. LNG Export Platform
Industry Leading U.S. LNG Export Platform Corpus Christi LNG Terminal Sabine Pass Liquefaction ~15 mtpa Total Production Capacity ~30 mtpa Total Production Capacity Trains 1-3 operating, contracts with long-term buyers Trains 1-6 operating, most contracts with long-term commenced buyers commenced >1
Slide 19: Sabine Pass Update
Sabine Pass Update Liquefaction Operations 6 Trains in operation Increased production via maintenance optimization and debottlenecking >1,550 cargoes produced and exported Growth 3rd berth expansion 73.4% complete Evaluating CCUS opportunities Own/control ~500 acres of adjacent land for potential fu
Slide 20: Corpus Christi Update
Corpus Christi Update Liquefaction Operations 3 Trains in operation Increased production via maintenance optimization and debottlenecking ~450 cargoes produced and exported Growth ~10+ mtpa Stage 3 expansion project fully permitted 20 Note: Cumulative cargoes as of February 18, 2022.
Slide 21: Cheniere Corporate Structure
Cheniere Corporate Structure Cheniere Energy, Inc. (NYSE American: LNG) CQP GP Cheniere Corpus Cheniere Marketing (& IDRs) Christi Holdings Cheniere Energy Corpus Christi Cheniere Corpus Partners, L.P. Liquefaction Christi Pipeline (NYSE American: CQP) Cheniere Creole Sabine Pass Sabine Pass LNG Tra
Slide 22: Run Rate Guidance
Run Rate Guidance 9 Trains (Full Year) SPL T1-6 ($billions, except per share and per unit amounts or unless otherwise noted) CCL T1-3 CEI Consolidated Adjusted EBITDA $5.3 - $5.7 Less: Distributions to CQP Non-Controlling Interest ($0.9) – ($1.0) Less: CQP Interest Expense / SPL Interest Expense / O
Slide 23: Cheniere Debt Summary
Cheniere Debt Summary Cash Balance: ~$1.4B1 Cheniere Energy, Inc. Cheniere Energy, Inc. ~$0.63B Convertible Notes due 2045 (4.250%)4 (NYSE American: LNG) $2.0B Senior Notes due 2028 (4.625%) Cheniere Corpus Christi Holdings, LLC $1.25B Senior Secured Revolving Credit Facility due 2026 $1.25B Notes d
Slide 24: 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 25: Reconciliation to Non-GAAP Measures (continued)
Reconciliation to Non-GAAP Measures (continued) Regulation G Reconciliations (continued) Beginning with our 2022 financial guidance, we have adopted a revised definition for Distributable Cash Flow, which aims to more accurately reflect the consolidated distributable cash flow of each of our subsidi
Slide 26: Investor Relations Contacts
Investor Relations Contacts Randy Bhatia Vice President, Investor Relations – (713) 375-5479, randy.bhatia@cheniere.com Frances Smith Manager, Investor Relations – (713) 375-5753, frances.smith@cheniere.com © 2021 Cheniere Energy, Inc. All Rights Reserved