Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Q1 2026 Earnings Presentation
22 slides from Cheniere Energy's earnings presentation, May 7, 2026
Slide 1: Cheniere Energy, Inc. First Quarter 2026
Cheniere Energy, Inc. First Quarter 2026 May 7, 2026
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 2026 Highlights & 2026 Guidance
First Quarter 2026 Highlights & 2026 Guidance Consolidated Adjusted EBITDA Raising Full Year 2026 Financial Guidance Prior FY 2026 Revised FY 2026 ($ billions, except per unit data) +25% $2,333 Consolidated Adjusted EBITDA $6.75 - $7.25 $7.25 - $7.75 $1,872 Distributable Cash Flow $4.35 - $4.85 $4.7
Slide 6: Our 2026 Strategic Priorities
Our 2026 Strategic Priorities Uphold ‘Cheniere Standard’ in Execution ✓ Maintain operational excellence and top-tier safety record Execution ✓ Reliably deliver on production and financial forecasts ✓ Proactively manage platform amid continued market volatility Deliver on Near-Term Growth ✓ Leverage
Slide 7: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 8: Middle East Disruptions Impact Global LNG Market Dynamics
Middle East Disruptions Impact Global LNG Market Dynamics Change in LNG Supply U.S. LNG Exports Shift Across Regions Global Benchmarks Higher While HH Remains Stable YoY Pre-War vs. Post-War MT Qatar U.S. Australia UAE MT % of U.S. LNG $/MMBtu EUROPE Europe ASIA Asia 5 10 100% 18 Australian % to Eur
Slide 9: Structural Tightening Reinforces LNG Contracting Outlook
Structural Tightening Reinforces LNG Contracting Outlook As supply growth resumes and prices normalize, demand is expected to expand, particularly in price-sensitive markets Near-Term Disruption Reduces Incremental Global LNG Market Still Expected to Reach Key Markets Drive LNG Demand Growth2 LNG Su
Slide 10: Financial Review
Financial Review Zach Davis, EVP and CFO
Slide 11: First Quarter 2026 Financial Highlights
First Quarter 2026 Financial Highlights Summary Results Key 1Q 2026 Financial Updates ($ millions, except per share and LNG data) 1Q 2026 1Q 2025 ✓ Produced 646 TBtu recognized in income ▪ 1Q volumes recognized were impacted by in-transit timing dynamics Revenues $5,868 $5,444 ▪ 2Q – 4Q volumes expe
Slide 12: Full Year 2026 Guidance
Full Year 2026 Guidance Full Year 2026 Financial Guidance Key Drivers of Today’s Increase Prior FY 2026 Revised FY 2026 ($ billions, except per unit data) ✓ Increased 2026 production forecast due to CCL Stage 3 trains acceleration and overall outperformance Consolidated Adjusted EBITDA $6.75 - $7.25
Slide 13: Cheniere Energy, Inc. First Quarter 2026
Cheniere Energy, Inc. First Quarter 2026 May 7, 2026
Slide 14: Appendix
Append ix CHENIERE
Slide 15: Cheniere LNG Exports
Cheniere LNG Exports >4,760 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 2022 2023 2024 2025 2026 Europe Asia Latin America MENA Cheniere Destinations Source: Cheniere Research. 15 Note: C
Slide 16: Industry Leading U.S. LNG Export Platform
Industry Leading U.S. LNG Export Platform Corpus Christi LNG Terminal Sabine Pass Liquefaction ~23 MTPA total production capacity >30 MTPA total production capacity in operation in operation >1,400 cargoes produced & exported ~3,360 cargoes produced & exported ~8 MTPA under construction or in Up to
Slide 17: 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 18: Cheniere 1Q 2026 Debt Summary
Cheniere 1Q 2026 Debt Summary Cash Balance: ~$1.5B1 Cheniere Energy, Inc. Cheniere Energy, Inc. $1.5B Notes due 2028 (4.625%) (NYSE: LNG) $1.5B Notes due 2034 (5.650%) $1.0B Notes due 2036 (5.200%) $0.75B Notes due 2056 (6.000%) $1.25B Unsecured Revolving Credit Facility due Cheniere Corpus Christi
Slide 19: Run-Rate Guidance Update
Run-Rate Guidance Update Assumes CMI Run-Rate of $2.50 - $3.00 / MMBtu 9 Trains + Stage 3 + CCL Midscale 8 & 9 + 9 Trains + Stage 3 + Debottlenecking + CCL Midscale 8 & 9 + CCL Expansion Phase 1 + Debottlenecking SPL Expansion Phase 1 ($ billions, unless otherwise noted) (Full Year) (Full Year) Liqu
Slide 20: Reconciliation to Non-GAAP Measures
Reconciliation to Non-GAAP Measures 20
Slide 21: Reconciliation to Non-GAAP Measures (Continued)
Reconciliation to Non-GAAP Measures (Continued) Regulation G Reconciliations This presentation contains non-GAAP financial measures. Consolidated Adjusted EBITDA, Adjusted Net Income, Distributable Cash Flow, Distributable Cash Flow per Share, and Distributable Cash Flow per Unit are non-GAAP financ
Slide 22: Investor Relations Contacts
Investor Relations Contacts Randy Bhatia Vice President, Investor Relations and Communications – (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.na