Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Q4 2023 Earnings Presentation
22 slides from Cheniere Energy's earnings presentation, Feb 22, 2024
Slide 1: Cheniere Energy, Inc. Fourth Quarter and Full Year 2023
Cheniere Energy, Inc. Fourth Quarter and Full Year 2023 February 22, 2024
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 2023 Highlights & 2024 Guidance
Fourth Quarter & Full Year 2023 Highlights & 2024 Guidance Financial Guidance Consolidated Adjusted EBITDA ($ billions, except per unit data) FY 2024 Consolidated Adjusted EBITDA $5.5 - $6.0 $11,564 Distributable Cash Flow $2.9 - $3.4 $8,771 $1,650 $3,100 CQP Distribution per Unit $3.15 - $3.35 4Q 2
Slide 6: Cheniere Regulatory Update
Cheniere Regulatory Update P Supports the U.S. Economy P Enhances Energy Security P Facilitates Global Decarbonization Corpus Christi Stage 3 Sabine Pass Liquefaction Corpus Christi Liquefaction DOE Project FERC Status Cheniere Regulatory Update FTA Non-FTA Sabine Pass Trains 1-6 P P P Operational C
Slide 7: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 8: Global LNG Trade Grew to over 400 MT in 2023
Global LNG Trade Grew to over 400 MT in 2023 Global LNG Demand Top 3 LNG Exporters in 2023 Gas and LNG Prices Asia Europe Americas MENA $/MMBtu MT MT Average JKM Price 85 ($/MMBtu) 450 9 +3% 75 JKM - TTF spread +5% Henry Hub 2020 $3.83 +5% 403 65 The US became the 86 MT JKM 2021 $15.03 +12% +0% 393
Slide 9: LNG Trade Remains Delicately Balanced
LNG Trade Remains Delicately Balanced LNG Imports to Europe(1) EU+UK Gas Demand YoY Variance by Sector EU Gas Storage Levels MT 5-Yr Range Bcm Industry Power LDZ Total Demand Variance % % Full Bcm 2023 4 8% 100 14 2022 100 12 2 4% 80 80 10 0 0% 60 8 60 -2 -4% -5% 5-Yr Range 6 -6% 40 5-Yr Average 40
Slide 10: Sustained Demand for Natural Gas Through 2050 & Beyond
Sustained Demand for Natural Gas Through 2050 & Beyond Global Coal Consumption at All-Time High Global Gas Demand Forecasts Global coal consumption was up Asia Pacific 1.4% in 2023, primarily in price MT Europe sensitive emerging and developing 8,800 +31 Latin America and Caribbean economies +98 Mid
Slide 11: Financial Review
Financial Review Zach Davis, EVP and CFO
Slide 12: Fourth Quarter & Full Year 2023 Financial Highlights
Fourth Quarter & Full Year 2023 Financial Highlights Summary Results Key Financial Transactions and Updates 2022 2023 ~$5 Billion Deployed Under Capital Allocation Plan in 2023 ($ millions, except per share and LNG data) 4Q Full Year 4Q Full Year ✓ 7 distinct credit rating upgrades Revenues $9,085 $
Slide 13: Full Year 2024 Guidance
Full Year 2024 Guidance Full Year 2024 Guidance – Above Midpoint of 9-Train Run-Rate Guidance ($ billions, except per unit data) FY 2024 2024 Snapshot Consolidated Adjusted EBITDA $5.5 - $6.0 ✓ ~15 TBtu remains unsold today ✓ ~$1.5-2.0 billion of expected CCL 9-Train Run-Rate Guidance $5.3 - $5.7 St
Slide 14: Cheniere Energy, Inc. Fourth Quarter and Full Year 2023
Cheniere Energy, Inc. Fourth Quarter and Full Year 2023 February 22, 2024
Slide 15: Appendix
Append ix CHENIERE
Slide 16: Cheniere LNG Exports
Cheniere LNG Exports ~3,280 Cargoes Exported from our Liquefaction Projects to 39 Countries & Regions 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 2020 2021 2022 2023 Europe Asia Latin America MENA Cheniere Destinations Sources: Cheniere R
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 >1,600 Employees Trains 1-3 operating, contracts with long-term buyers Trains 1-6 operating, contracts with long-term buyers 6 Offices
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 4Q 2023 Debt Summary
Cheniere 4Q 2023 Debt Summary Cash Balance: ~$3.5B(1) Cheniere Energy, Inc. Cheniere Energy, Inc. $1.5B Notes due 2028 (4.625%) (NYSE: LNG) $1.25B Unsecured Revolving Credit Facility due 2026 Cheniere Corpus Christi Holdings, LLC ~$1.49B Notes due 2025 (5.875%) ~$1.20B Notes due 2027 (5.125%) ~$1.13
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 © 2024 Cheniere Energy, Inc. All Rights Reserved