Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Q2 2023 Earnings Presentation
23 slides from Cheniere Energy's earnings presentation, Aug 3, 2023
Slide 1: Cheniere Energy, Inc. Second Quarter 2023
Cheniere Energy, Inc. Second Quarter 2023 August 3, 2023 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 regarding our planned development and construction of additional Trains or pipelines, including the statements” within the meaning of Sectio
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: Second Quarter 2023 Highlights
Second Quarter 2023 Highlights Raising Full Year 2023 Financial Guidance Consolidated Adjusted EBITDA ($ billions, except per unit data) Prior FY 2023 FY 2023 Consolidated Adjusted EBITDA $8.2 - $8.7 $8.3 - $8.8 $2,529 Distributable Cash Flow $5.7 - $6.2 $5.8 - $6.3 $1,858 CQP Distribution per Unit
Slide 6: Long-Term Contract Portfolio Demonstrates Value of Cheniere Offering
Long-Term Contract Portfolio Demonstrates Value of Cheniere Offering >30 >90% A- / A3 / A- ~17 years Long-term(1), creditworthy Contracted through the Weighted-average credit rating(2) of Weighted-average remaining counterparties mid-2030s long-term(1) counterparties life of long-term(1) contracts L
Slide 7: Track Record of Operational Excellence & Reliability
Track Record of Operational Excellence & Reliability Completed First Large-Scale Planned Maintenance Safely and On-Schedule SPL Maintenance Turnaround by the Numbers Cheniere Safety Record Reinforced 0.25 LNG Industry – Top Quartile Trains 1 & 2 1,900+ Work orders 0.20 0.15 0.10 0 Recordable and los
Slide 8: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 9: European LNG Imports Remain Elevated
European LNG Imports Remain Elevated LNG Imports to Europe Total Natural Gas Demand in Key European Markets(1) Imports remain elevated relative to last year & 5-year range; seasonal declines during Decline in natural gas consumption appears to be moderating as gas burn economics the quarter improved
Slide 10: Asia Near-Term LNG Demand Reaches Inflection Point
Asia Near-Term LNG Demand Reaches Inflection Point LNG Imports to Asia Japan & Korea Power Gen YoY Variance Japan Nuclear Availability Continued moderation of prices throughout Q2 supported Slower economic activity & energy conservation efforts Nuclear availability reduced LNG imports price-sensitiv
Slide 11: Robust Global Demand for Long-Term LNG
Robust Global Demand for Long-Term LNG Term LNG Contracts(1) Signed Annually Regional Demand for Term U.S. LNG Volumes Since 2022(2) More volumes signed under long-term contracts linked to Henry Hub or U.S. pricing since Elevated demand from European counterparties to replace Russian volume 2022 tha
Slide 12: Financial Review
Financial Review Zach Davis, EVP and CFO
Slide 13: Second Quarter 2023 Financial Highlights
Second Quarter 2023 Financial Highlights Summary Results Key Financial Transactions and Updates • In July, Fitch upgraded CCH to BBB, and in April, Moody’s placed CEI and CCH under review ($ billions, except per share and LNG data) Q2 2023 Q2 2022 1H 2023 1H 2022 • In June, CQP refinanced and replac
Slide 14: Raising Full Year 2023 Financial Guidance
Raising Full Year 2023 Financial Guidance Full Year 2023 Guidance ($ billions, except per unit data) Prior FY 2023 New FY 2023 Consolidated Adjusted EBITDA $8.2 - $8.7 $8.3 - $8.8 Distributable Cash Flow $5.7 - $6.2 $5.8 - $6.3 <10 TBtu of unsold LNG volumes for the remainder of the year FY 2023 fin
Slide 15: Cheniere Energy, Inc. Second Quarter 2023
Cheniere Energy, Inc. Second Quarter 2023 August 3, 2023 NYSE American: LNG
Slide 16: Appendix
Append ix CHENIERE
Slide 17: Cheniere LNG Exports
Cheniere LNG Exports >2,900 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 2020 2021 2022 2023 Europe Asia Latin America MENA Cheniere Destinations Sources: Cheniere Research. 17 Note: Cumulative car
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, contracts with long-term buyers Trains 1-6 operating, most contracts with long-term commenced buyers commenced >
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 pre-filing 3 Trains in operation 10+ mtpa brownfield expansion process with FERC project under construction
Slide 20: Cheniere Pro Forma Q2 2023 Debt Summary
Cheniere Pro Forma Q2 2023 Debt Summary Cash Balance: ~$2.7B(1) Cheniere Energy, Inc. Cheniere Energy, Inc. $1.5B Senior Notes due 2028 (4.625%) (NYSE American: LNG) $1.25B Senior Secured Revolving Credit Facility due 2026 Cheniere Corpus Christi Holdings, LLC ~$1.49B Notes due 2025 (5.875%) ~$1.20B
Slide 21: 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 22: 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 23: 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 Danna Tao Analyst, Investor Relations – (713) 375-5376, danna.tao@cheniere.com © 2023 Chenier