Cheniere Energy (LNG) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenues were $3.76B–$3.8B, net income was $893M–$900M, and Adjusted EBITDA was $1.48B–$1.5B, all down year-over-year due to lower LNG prices and unfavorable derivative impacts.

• Raised and tightened 2024 full-year guidance to $6.0–$6.3B Adjusted EBITDA and $3.4–$3.7B Distributable Cash Flow, reflecting higher production and margins.

• Achieved major operational milestones, including the 1,000th LNG cargo from Corpus Christi and 158 cargoes exported in Q3.

• Corpus Christi Stage 3 construction reached 68% completion, with first LNG from Train 1 expected by year-end 2024 and substantial completion of three trains targeted for 2025.

• Over 1.6M shares repurchased in Q3 for ~$282M; YTD repurchases exceed 12M shares for ~$2B.

Financial highlights

• Q3 2024 revenues: $3.76B–$3.8B (down 10% YoY); net income: $893M–$900M (down 48% YoY); Adjusted EBITDA: $1.48B–$1.5B (down 11% YoY); DCF: ~$820M.

• Nine-month 2024 revenues: $11.27B–$11.3B (down 28% YoY); net income: $2.28B–$2.3B (down 73% YoY); Adjusted EBITDA: $4.58B (down 36% YoY); DCF: $2.68B–$2.7B.

• Q3 basic EPS: $3.95, diluted EPS: $3.93; nine-month basic EPS: $9.91, diluted EPS: $9.88.

• Paid down $150M in debt in Q3; funded $400M–$500M in CapEx, mainly for Stage 3.

• Increased quarterly dividend by 15% to $0.50/share ($2.00 annualized), with $1.305–$1.37/share declared YTD.

Outlook and guidance

• 2024 guidance raised to $6.0–$6.3B Adjusted EBITDA and $3.4–$3.7B DCF.

• 2025 LNG production forecast: 47–48M tonnes, with 3–4M tonnes available for spot sales.

• Corpus Christi Stage 3 Trains 1–3 expected to reach substantial completion in 2025.

• Official 2025 guidance to be provided in February.

• Regulatory approvals for CCL Midscale Trains 8 & 9 expected in 2025; new SPA with Galp contingent on SPL Train 8 FID.