Cheniere Energy (LNG) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenues were $3.76B–$3.8B, net income was $893M–$900M, both down year-over-year due to lower LNG prices and unfavorable derivative fair value changes.

• Nine-month 2024 revenues were $11.27B–$11.3B, net income $2.28B–$2.3B, reflecting a 28% and 73% decrease year-over-year, respectively.

• Raised and tightened 2024 full-year guidance: Consolidated Adjusted EBITDA $6.0–$6.3B, Distributable Cash Flow $3.4–$3.7B.

• Achieved major milestones: 1,000th LNG cargo from Corpus Christi, 158 cargoes exported in Q3, and Corpus Christi Stage 3 Project 68% complete.

• Announced voluntary Scope 1 methane emissions intensity target of 0.03% per ton of LNG by 2027 and received ESG rating upgrades.

Financial highlights

• Q3 2024 Consolidated Adjusted EBITDA: $1.48B–$1.5B; distributable cash flow: ~$820M; net income: $893M–$900M.

• Q3 2024 LNG volumes exported: 563–568 TBtu, 158 cargoes; nine-month volumes: 1,723–1,734 TBtu, 479 cargoes.

• Year-to-date, repurchased over 12M shares for ~$2B; Q3 repurchases: 1.6M shares for $282M.

• Paid down $150M of debt at Sabine Pass and funded ~$400M–$500M CapEx, mainly for Stage 3.

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

Outlook and guidance

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

• Corpus Christi Stage 3 substantial completion expected between 1H 2025 and 2H 2026; first LNG by year-end 2024.

• 2025 LNG production forecast: 47–48M tonnes, with >3–4M tonnes of spot volume available.

• Plan to provide official 2025 guidance in February; timing of Stage 3 commissioning may drive earnings variability.

• CQP distribution per unit guidance increased to $3.15–$3.35.