Cheniere Energy (LNG) Q4 2024 earnings summary

Executive summary

• Delivered strong Q4 and full-year 2024 results, with net income of $3.3 billion and record LNG production of 45 million tons, over 10% of global supply.

• Achieved record operational performance in 2024, with 2,327 TBtu of LNG loaded and 646 cargoes exported, and completed major turnarounds ahead of schedule and on budget.

• Achieved first LNG production from Corpus Christi Stage 3 in December 2024; first cargo shipped in February 2025.

• Maintained a highly contracted business model, providing resilience amid geopolitical and market volatility.

• Signed a 20-year SPA with Galp and received key regulatory approvals for expansion projects, supporting long-term growth.

Financial highlights

• FY 2024 revenue was $15.7B, down from $20.4B in 2023; Q4 2024 revenue was $4.4B, down from $4.8B in Q4 2023.

• FY 2024 net income was $3.3B, down from $9.9B in 2023; Q4 2024 net income was $977M, down from $1.4B in Q4 2023.

• FY 2024 Consolidated Adjusted EBITDA was $6.2B, down from $8.8B in 2023; Q4 2024 Adjusted EBITDA was $1.6B, down from $1.7B in Q4 2023.

• Distributable cash flow for FY 2024 was $3.7B, down from $6.5B in 2023.

• Outperformed original guidance: EBITDA $155 million above, DCF $300 million above high end of initial range.

Outlook and guidance

• 2025 guidance: Adjusted EBITDA $6.5–$7.0B, DCF $4.1–$4.6B, CQP distributions $3.25–$3.35 per unit.

• 2025 LNG production forecast at 47–48 million tons, driven by Corpus Christi Stage 3 ramp-up.

• Over 90% of 2025 forecasted operational volumes expected to be sold under long-term agreements.

• Key drivers include CCL Stage 3 ramp-up, international gas price volatility, and major maintenance at SPL.

• 2024 marked as a trough year, with expectations for growth in 2025.