Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Q2 2024 Earnings Presentation
25 slides from Cheniere Energy's earnings presentation, Aug 8, 2024
Slide 1: Cheniere Energy, Inc. Second Quarter 2024
Cheniere Energy, Inc. Second Quarter 2024 August 8, 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: Second Quarter 2024 Highlights & Full Year 2024 Guidance
Second Quarter 2024 Highlights & Full Year 2024 Guidance Raising Financial Guidance Consolidated Adjusted EBITDA Prior FY 2024 FY 2024 ($ billions, except per unit data) Consolidated Adjusted EBITDA $5.5 - $6.0 $5.7 - $6.1 $1,858 Distributable Cash Flow $2.9 - $3.4 $3.1 - $3.5 $1,322 2Q 2023 2Q 2024
Slide 6: Corpus Christi Growth Update
Corpus Christi Growth Update CCL Stage 3 Progress ✓ CCL Stage 3 progressing ahead of Overall Completion1 schedule and on-budget 62.4% ✓ Targeting first LNG from Train 1 of CCL Stage 3 project by year-end 2024 ✓ Energized Train 1 liquefaction and 0% 100% utility substations ✓ Expect first gas into Tr
Slide 7: Cheniere's Commitment to Safety & Operational Excellence
Cheniere’s Commitment to Safety & Operational Excellence Operations & Maintenance Commitment to Safety ✓ Planned turnarounds at Sabine Pass and Corpus Christi successfully completed ahead of schedule and on-budget Labor hours worked without a lost time – Zero employee recordable / lost time injuries
Slide 8: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 9: LNG Trade Growth Remains Constrained by Supply
LNG Trade Growth Remains Constrained by Supply Global Gas Price Benchmarks Change in 1H 2024 LNG Imports, YoY1 U.S. LNG Exports by Region2 $/MMBtu MT MT 80 20 New Markets, 18 Average Prices $/MMBtu 0.8 JKM - TTF spread 15 Europe India, 3.2 16 Asia Henry Hub 10 China, 5.2 60 JKM Global Net 5 Growth,
Slide 10: Asia Imports Remain Strong Through 1H 2024
Asia Imports Remain Strong Through 1H 2024 Asia LNG Imports S. & S.E. Asia LNG Imports India LNG Imports MT 5-Yr Range MT 5-Yr Range MT 5-Yr Range 2024 2024 2024 30 7 2023 3.0 2023 2023 6 2.5 25 5 2.0 4 20 1.5 3 1.0 2 15 1 0.5 10 0 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Slide 11: New Supply to Support Asian & European Demand Growth
New Supply to Support Asian & European Demand Growth Forecast LNG Imports to Asia & Europe Through 2040 Forecast Demand Growth by Region (2023 to 2040) mtpa mtpa 500 Actual Forecast 80 Share of Growth to 2040 450 SL Other Latam MY 70 4% 4% MENA SG 2% 400 PK Bunkers Asia drives long-term 60 10% PH LN
Slide 12: Financial Review
Financial Review Zach Davis, EVP and CFO
Slide 13: Second Quarter 2024 Financial Highlights
Second Quarter 2024 Financial Highlights Summary Results Key 2Q 2024 Financial Transactions and Updates ✓ Announced $4 billion increase to share repurchase authorization through 2027, ($ millions, except per share and LNG data) 2Q 2024 2Q 2023 1H 2024 1H 2023 and plans to increase 3Q’24 dividend ~15
Slide 14: Raising and Tightening Full Year 2024 Guidance
Raising and Tightening Full Year 2024 Guidance 2024 Guidance Full Year 2024 Snapshot Prior FY 2024 New FY 2024 ($ billions, except per unit data) ✓ Increased guidance reflects improved production forecast for 2H’24, as well as Consolidated Adjusted EBITDA $5.5 - $6.0 $5.7 - $6.1 portfolio optimizati
Slide 15: Cheniere Energy, Inc. Second Quarter 2024
Cheniere Energy, Inc. Second Quarter 2024 August 8, 2024
Slide 16: Appendix
Append ix CHENIERE
Slide 17: Cheniere LNG Exports
Cheniere LNG Exports ~3,570 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 2020 2021 2022 2023 2024 Europe Asia Latin America MENA Cheniere Destinations Source: Cheniere Research. 17 Note
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 >1,600 Employees Trains 1-3 operating, long-term contracts commenced Trains 1-6 operating, long-term contracts commenced 6 Offices Wor
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 permitting 3 Trains in operation 10+ mtpa brownfield expansion process; FID anticipated in 2026 project unde
Slide 20: June 2024 Updates Under '20/20 Vision'
June 2024 Updates Under ‘20/20 Vision’ >$20 >$20 A Accretive Growth B Share Repurchase Program ▪ Committed to financially disciplined, brownfield growth ▪ Upsized authorization by additional $4 billion through 2027 accretive to stock ▪ Target repurchasing another ~10% of LNG market cap ▪ Target FID
Slide 21: 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 22: Cheniere 2Q 2024 Debt Summary
Cheniere 2Q 2024 Debt Summary Cash Balance: ~$2.5B1 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 23: 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 24: 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 25: 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 © 2024 Cheniere Energy, Inc. All Rights Reserved