Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Q4 2024 Earnings Presentation
24 slides from Cheniere Energy's earnings presentation, Feb 20, 2025
Slide 1: Cheniere Energy, Inc. Fourth Quarter and Full Year 2024
Cheniere Energy, Inc. Fourth Quarter and Full Year 2024 February 20, 2025
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 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 & Full Year 2024 Highlights & 2025 Guidance
Fourth Quarter & Full Year 2024 Highlights & 2025 Guidance Financial Guidance 2025 Consolidated Adjusted EBITDA FY 2024 FY 2025 Midpoint vs. 2024 ($ billions, except per unit data) Consolidated Adjusted EBITDA $6.2 $6.5 - $7.0 +10% Distributable Cash Flow $3.7 $4.1 - $4.6 +17% $8,771 $1,650 $1,577 $
Slide 6: Stage 3 Continues to Progress Ahead of Schedule
Stage 3 Continues to Progress Ahead of Schedule CCL Stage 3 Progress Update ✓ Achieved first LNG production at Train 1 in December 2024 ✓ First commissioning cargo from Train 1 loaded in February 2025 ✓ ~20% of Train 2 systems turned over to commissioning and start-up teams who are beginning to plac
Slide 7: Our 2025 Strategic Priorities
Our 2025 Strategic Priorities 55+ MTPA Platform Operational ✓ Deliver on production forecast; maintain operational excellence and best- in-class safety Excellence ✓ Progress towards Substantial Completion of Stage 3 Trains 1-3 in 2025 ✓ Continue to execute ahead of schedule and on-budget Midscale Tr
Slide 8: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 9: Limited New Supply Constrained LNG Trade in 2024
Limited New Supply Constrained LNG Trade in 2024 Tight Market Conditions Continued in 2024 Several Legacy Suppliers had Lower Output1 European Demand Sparks TTF Rally LNG Supply & Demand Variance 2024 vs. 2023 LNG Exports 2024 vs. 2023 TTF vs. JKM Prices MT MT $/MMBtu 6 2.0 25 Average Prices 2023 20
Slide 10: 2024 Flows & Demand Have Depleted European Storage
2024 Flows & Demand Have Depleted European Storage European LNG Imports Proved Flexible in 20241 European Storage Withdrawals Depleting Stock Levels Asia Sustained LNG Import Growth Momentum in 2024 MT Bcm MT 5-Yr Range 14 10 30 2024 Depletion relative to level 12 as of start November 2023 25 10 0 8
Slide 11: More LNG Supply Needed to Meet Long-Term Demand
More LNG Supply Needed to Meet Long-Term Demand LNG Market Sensitive to Supply & Demand Disruptions Market Will Require ~230 MTPA of Supply Over A Decade 2024 Trade Balance Drivers Incremental LNG Growth Requirements by Region MT Tightening Factors1 Δ MT 250 Trinidad and Tobago Exports (0.5) (5.1) M
Slide 12: Financial Review
Financial Review Zach Davis, EVP and CFO
Slide 13: Fourth Quarter and Full Year 2024 Financial Highlights
Fourth Quarter and Full Year 2024 Financial Highlights Summary Results Key 4Q and FY 2024 Financial Transactions and Updates 2023 2024 ✓ Repurchased ~13.8 million shares for ~$2.3 billion at an average of ~$164 per share ($ millions, except per share and LNG data) 4Q Full Year 4Q Full Year ✓ Shares
Slide 14: Full Year 2025 Guidance
Full Year 2025 Guidance Full Year 2025 Financial Guidance 2025 Key Drivers 2025 FY 2024 FY 2025 Midpoint ✓ Timing and ramp-up of CCL Stage 3 Trains 1-3 ($ billions, except per unit data) vs. 2024 ✓ Volatility in international gas prices Consolidated Adjusted EBITDA $6.2 $6.5 - $7.0 +10% ✓ Optimizati
Slide 15: Cheniere Energy, Inc. Fourth Quarter and Full Year 2024
Cheniere Energy, Inc. Fourth Quarter and Full Year 2024 February 20, 2025
Slide 16: Appendix
Append ix CHENIERE
Slide 17: Cheniere LNG Exports
Cheniere LNG Exports ~3,930 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 2Q 3Q 4Q 2020 2021 2022 2023 2024 Europe Asia Latin America MENA Cheniere Destinations Note: Cheniere Research. 17
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 Trains 1-3 operating, long-term contracts commenced Trains 1-6 operating, long-term contracts commenced >1,700 Employees 6 Offices Wor
Slide 19: Liquefaction Platform Update
Liquefaction Platform Update Sabine Pass Liquefaction Corpus Christi Liquefaction Liquefaction Operations Growth Liquefaction Operations Growth 6 Trains in operation SPL Expansion Project in permitting 3 Trains in operation Midscale Trains 8 & 9 in permitting process; FID anticipated in 2026 process
Slide 20: Cheniere's Balanced Capital Allocation Philosophy
Cheniere’s Balanced Capital Allocation Philosophy Operational Excellence + Relentless Focus on Safety Cash Flow Visibility ✓ Best-in-class operations and safety at the foundation ✓ Unmatched contracted portfolio ensures cash flow resiliency Long-Term Take-or-Pay Style Fixed Fee Cash Flows Investment
Slide 21: Cheniere 4Q & Full Year 2024 Debt Summary
Cheniere 4Q & Full Year 2024 Debt Summary Cash Balance: ~$2.8B1 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 ~$1.20B Notes due 2027 (5.125%
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