Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Q3 2023 Earnings Presentation
22 slides from Cheniere Energy's earnings presentation, Nov 2, 2023
Slide 1: Cheniere Energy, Inc. Third Quarter 2023
Cheniere Energy, Inc. Third Quarter 2023 November 2, 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: Third Quarter 2023 Highlights
Third Quarter 2023 Highlights Financial Guidance Reconfirmed – Tracking to High End Consolidated Adjusted EBITDA ($ billions, except per unit data) FY 2023 Consolidated Adjusted EBITDA $8.3 - $8.8 $2,782 Distributable Cash Flow $5.8 - $6.3 $1,663 CQP Distribution per Unit $4.00 - $4.25 3Q 2022 3Q 20
Slide 6: CCL Stage 3 Progressing Ahead of Schedule
CCL Stage 3 Progressing Ahead of Schedule CCL Stage 3 total project progress reaches 44.1% Train 1 Cryo Rack Structural Steel Installation Train 1 Cold Box Installation Underground Feed Gas Fabrication Substantial FID Engineering Procurement Subcontracts Construction First LNG Completion Potentially
Slide 7: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 8: Global LNG Market Remains Delicately Balanced
Global LNG Market Remains Delicately Balanced • Markets remained sensitive to potential supply International Prices & Spreads Global LNG Supply Output vs. Utilization interruptions, despite near full EU storage $/MMBtu MT Run Rate (%) 80 120 88% • Uncertainty around Australian exports amid 104 JKM -
Slide 9: Europe and Asia Market Overview
Europe and Asia Market Overview LNG Imports to Europe EU+UK Supply & Storage YoY Change in 3Q US LNG Destinations MT 5-Yr Range Bcm MT 14 2023 Supply YoY Variance Storage Build YoY Variance 6 2022 12 0 5 Europe 10 4 8 -5 3 6 2 -10 Asia 4 1 2 Norwegian Pipe Russian Pipe -15 0 0 Africa Pipe Azerbaijan
Slide 10: Long-Term Demand Forecast Highlights Need for New LNG Capacity
Long-Term Demand Forecast Highlights Need for New LNG Capacity Global LNG Supply & Demand(1) Outlook to 2040 Over 3% per annum of LNG demand MT growth expected through 2040 800 Cheniere LNG Trade • Steady long-term growth driven by Forecast 2023 developing Asian economies LNG Supply Wave • Strong ne
Slide 11: Financial Review
Financial Review Zach Davis, EVP and CFO
Slide 12: Third Quarter 2023 Financial Highlights
Third Quarter 2023 Financial Highlights Summary Results Key Financial Transactions and Updates ($ millions, except per share and LNG data) 3Q 2023 3Q 2022 YTD 2023 YTD 2022 Credit Rating Upgrades Since ‘20/20 Vision’ in September 2022 • In August, Moody’s upgraded CEI to Baa3 and CCH to Baa2, and Re
Slide 13: Updating Our Outlook for 2023 and 2024
Updating Our Outlook for 2023 and 2024 Full Year 2023 Guidance ($ billions, except per unit data) FY 2023 Consolidated Adjusted EBITDA $8.3 - $8.8 Distributable Cash Flow $5.8 - $6.3 Currently Tracking to the High End of Ranges 2024 Preliminary Outlook ✓ ~45 MTPA expected production ✓ Moderated comm
Slide 14: Cheniere Energy, Inc. Third Quarter 2023
Cheniere Energy, Inc. Third Quarter 2023 November 2, 2023 NYSE American: LNG
Slide 15: Appendix
Append ix CHENIERE
Slide 16: Cheniere LNG Exports
Cheniere LNG Exports >3,070 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 2020 2021 2022 2023 Europe Asia Latin America MENA Cheniere Destinations Sources: Cheniere Research. 16 Note: Cumulative
Slide 17: 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 18: 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 19: Cheniere 3Q 2023 Debt Summary
Cheniere 3Q 2023 Debt Summary Cash Balance: ~$3.4B(1) Cheniere Energy, Inc. Cheniere Energy, Inc. $1.5B Notes due 2028 (4.625%) (NYSE American: LNG) $1.25B Senior Unsecured Revolving Credit Facility due 2026 Cheniere Corpus Christi Holdings, LLC ~$1.49B Notes due 2025 (5.875%) ~$1.20B Notes due 2027
Slide 20: 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 21: 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 22: 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 © 2023 Cheniere Energy, Inc. All Rights Reserved