Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Q1 2025 Earnings Presentation
23 slides from Cheniere Energy's earnings presentation, May 8, 2025
Slide 1: Cheniere Energy, Inc. First Quarter 2025
Cheniere Energy, Inc. First Quarter 2025 May 8, 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 and Communications 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 Ch
Slide 4: Operating and Financial Highlights
Operating and Financial Highlights Jack Fusco, President and CEO
Slide 5: First Quarter 2025 Highlights & 2025 Guidance
First Quarter 2025 Highlights & 2025 Guidance Reconfirming Financial Guidance Consolidated Adjusted EBITDA FY 2025 ($ billions, except per unit data) $1,773 $1,872 Consolidated Adjusted EBITDA $6.5 - $7.0 Distributable Cash Flow $4.1 - $4.6 CQP Distribution per Unit $3.25 - $3.35 1Q 2024 1Q 2025 Gro
Slide 6: Cheniere is Well Positioned Amid Trade Policy Uncertainty
Cheniere is Well Positioned Amid Trade Policy Uncertainty Considerations Mitigants ✓ Destination flexibility of U.S. LNG − Cheniere has ~49 MTPA of free-on-board (FOB) long-term contracted volumes1 Commercial • Global LNG market & − DES / IPM long-term contracts enable further optimization downstrea
Slide 7: Midscale Trains 8 & 9 Progressing Towards 2025 FID
Midscale Trains 8 & 9 Progressing Towards 2025 FID CCL Midscale Trains 8 & 9 Overview and Update Two additional midscale liquefaction trains adjacent to CCL Stage 3 Expected total production capacity of up to ~5mtpa, together with debottlenecking Expected to integrate directly with existing CCL Stag
Slide 8: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 9: U.S. LNG Production Growth Increases Global LNG Supply
U.S. LNG Production Growth Increases Global LNG Supply U.S. Project Start-Ups Unlock New Exports Incremental Capacity to Improve Near-Term Balances1 Competing Factors Impact Price Outlook for 2025 Feedgas Deliveries to U.S. Facilities Forecast U.S. LNG Capacity Additions 2025 – 2029 TTF & JKM Prices
Slide 10: Europe Imports Rise to Refill Storage
Europe Imports Rise to Refill Storage Record High LNG Imports to Europe1 LNG Critical to Balance the European Market EU Gas Storage Levels Remain Below 5-Year Average EU & UK Change in Gas Supply 1Q’25 vs. 1Q’24 MT 2025 Q1: 36.0 MT % Full Bcm 5-Yr Range 2024 Q1: 29.3 MT 14 2025 100 YoY Change: +23%
Slide 11: Flexibility & Depth of LNG Market Mitigates U.S. / China Trade Impacts
Flexibility & Depth of LNG Market Mitigates U.S. / China Trade Impacts China Redirecting U.S. LNG Post Tariffs Destination Flexible U.S. LNG Contracts1 LNG to Remain Strategic to China’s Gas Supply Mix2 China LNG Imports 2016 – 2025 U.S. LNG Contracts & Flows to China 2018 – 2025 China Gas Supply by
Slide 12: Financial Review
Financial Review Zach Davis, EVP and CFO
Slide 13: First Quarter 2025 Financial Highlights
First Quarter 2025 Financial Highlights Summary Results Key 1Q 2025 Financial Updates ($ millions, except LNG data) 1Q 2025 1Q 2024 ✓ Repurchased ~1.6 million shares for ~$350 million ✓ Funded ~$325 million of CCL Stage 3 growth capex and ~$230 million of capex Revenues $5,444 $4,253 towards future
Slide 14: Reconfirming Full Year 2025 Guidance
Reconfirming Full Year 2025 Guidance Full Year 2025 Financial Guidance 2025 Key Drivers FY 2025 ✓ Timing and ramp-up of CCL Stage 3 Trains 2 & 3 ($ billions, except per unit data) ✓ Volatility in international gas prices Consolidated Adjusted EBITDA $6.5 - $7.0 ✓ Optimization upstream & downstream ✓
Slide 15: Cheniere Energy, Inc.
Cheniere Energy, Inc. First Quarter 2025 May 8, 2025
Slide 16: Appendix
Append ix CHENIERE
Slide 17: Cheniere LNG Exports
Cheniere LNG Exports ~4,070 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 1Q 2020 2021 2022 2023 2024 2025 Europe Asia Latin America MENA Cheniere Destinations Source: Cheniere Res
Slide 18: Industry Leading U.S. LNG Export Platform
Industry Leading U.S. LNG Export Platform >1,700 Employees 7 Offices Worldwide Houston | London | Washington D.C. Singapore | Beijing | Tokyo | Dubai Corpus Christi LNG Terminal 16+ mtpa total production capacity in operation Sabine Pass Liquefaction ~30 mtpa total production capacity in operation ~
Slide 19: 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 20: Cheniere 1Q 2025 Debt Summary
Cheniere 1Q 2025 Debt Summary Cash Balance: ~$2.7B1 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%) ~$1.13B No
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 Director, Investor Relations – (713) 375-5753, frances.smith@cheniere.com John Naumovski Lead Analyst, Investor Relations – (713) 375-5087, john.naumovski@cheniere.co