[Part I. Financial Information](index=5&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Cheniere Energy's unaudited consolidated financial statements for the three and six months ended June 30, 2025, including statements of operations, balance sheets, changes in stockholders' equity, cash flows, and detailed notes [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Total revenues for the six months ended June 30, 2025, increased to **$10,085 million**, with net income attributable to Cheniere rising to **$1,979 million**, or **$8.85 per diluted share** | Financial Metric | Six Months Ended June 30, 2025 ($ million) | Six Months Ended June 30, 2024 ($ million) | | :--- | :--- | :--- | | **Total Revenues** | $10,085 | $7,504 | | **Income from Operations** | $3,491 | $2,742 | | **Net Income** | $2,565 | $2,001 | | **Net Income Attributable to Cheniere** | $1,979 | $1,382 | | **Diluted EPS** | $8.85 | $5.96 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets reached **$44,578 million**, with total liabilities decreasing to **$33,269 million** and total stockholders' equity increasing to **$11,251 million** | Balance Sheet Item | June 30, 2025 ($ million) | December 31, 2024 ($ million) | | :--- | :--- | :--- | | **Total Current Assets** | $3,704 | $4,801 | | **Total Assets** | $44,578 | $43,858 | | **Total Current Liabilities** | $3,775 | $4,441 | | **Total Liabilities** | $33,269 | $33,798 | | **Total Stockholders' Equity** | $11,251 | $10,053 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities for H1 2025 was **$2,059 million**, with investing activities using **$1,575 million** and financing activities using **$1,653 million**, a significant decrease from the prior year | Cash Flow Activity (Six Months Ended June 30) | 2025 ($ million) | 2024 ($ million) | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $2,059 | $2,362 | | **Net Cash Used in Investing Activities** | ($1,575) | ($1,185) | | **Net Cash Used in Financing Activities** | ($1,653) | ($2,746) | | **Net Decrease in Cash** | ($1,173) | ($1,571) | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail operations, accounting policies, and financial items, including Corpus Christi LNG Terminal expansion, derivative instruments, debt, revenue recognition, and share repurchases - The company is expanding its Corpus Christi LNG Terminal with the Corpus Christi Stage 3 Project and made a positive Final Investment Decision (FID) on the Midscale Trains 8 & 9 Project in June 2025[33](index=33&type=chunk) Derivative Asset (Liability), Net | Derivative Asset (Liability), Net | June 30, 2025 ($ million) | December 31, 2024 ($ million) | | :--- | :--- | :--- | | Liquefaction Supply Derivatives | ($2) | ($742) | | LNG Trading Derivatives | $91 | $17 | | FX Derivatives | ($33) | $16 | | **Total** | **$56** | **($709)** | - As of June 30, 2025, the company had **$106.3 billion** in transaction price allocated to future performance obligations (backlog), with a weighted average recognition timing of approximately 8 years for LNG revenues[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting increased net income from derivative changes and LNG pricing, operational progress at Corpus Christi, and a strong liquidity position supporting growth, debt reduction, and shareholder returns - In June 2025, the Board made a positive Final Investment Decision (FID) for the CCL Midscale Trains 8 & 9 Project and issued a full notice to proceed with construction to Bechtel[150](index=150&type=chunk) - Net income attributable to Cheniere for H1 2025 increased by **$597 million** compared to H1 2024, primarily due to a **$596 million** favorable change in the fair value of derivative instruments and a **$508 million** increase in LNG revenues (net of cost of sales and excluding derivatives)[157](index=157&type=chunk) Liquidity Source | Liquidity Source | Amount (as of June 30, 2025) ($ million) | | :--- | :--- | | Cash and cash equivalents | $1,648 | | Restricted cash and cash equivalents | $369 | | Available commitments under credit facilities | $7,685 | | **Total available liquidity** | **$9,702** | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company discloses commodity price risk exposure from its derivative portfolio, with a 10% price change impacting Liquefaction Supply Derivatives by **$2,327 million** and LNG Trading Derivatives by **$59 million** Derivative Type | Derivative Type | Fair Value (June 30, 2025) ($ million) | Change in Fair Value from 10% Price Change ($ million) | | :--- | :--- | :--- | | Liquefaction Supply Derivatives | ($2) | $2,327 | | LNG Trading Derivatives | $91 | $59 | [Item 4. Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures are effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures are effective as of the end of the period covered by the report[197](index=197&type=chunk) [Part II. Other Information](index=56&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) No material changes to legal proceedings have occurred since those disclosed in the company's 2024 annual report on Form 10-K - There have been no material changes to the legal proceedings disclosed in the company's annual report on Form 10-K for the fiscal year ended December 31, 2024[200](index=200&type=chunk) [Item 1A. Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the 2024 annual report and the Q1 2025 quarterly report - No material changes have occurred in the risk factors since the disclosures in the 2024 Form 10-K and the Q1 2025 Form 10-Q[201](index=201&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, Cheniere repurchased **1.41 million shares** at an average of **$217.38 per share**, with **$3.2 billion** remaining for future repurchases Share Repurchases | Period (2025) | Total Shares Purchased | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | April | 1,049,473 | $212.54 | | May | 246,149 | $231.37 | | June | 112,666 | $231.92 | | **Total Q2** | **1,408,288** | N/A | [Item 5. Other Information](index=56&type=section&id=Item%205.%20Other%20Information) On August 1, 2025, the company entered a **$1.25 billion** Third Amended and Restated Revolving Credit Agreement, extending maturity to 2030, reducing costs, and incorporating sustainability-linked pricing - On August 1, 2025, Cheniere amended and restated its **$1.25 billion** revolving credit facility, extending the maturity to 2030 and reducing borrowing costs[204](index=204&type=chunk) - The amended credit facility's interest rate and commitment fees can be reduced based on the achievement of certain methane emissions management standards[206](index=206&type=chunk) [Item 6. Exhibits](index=59&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including supplemental indentures, construction agreement changes, the new credit agreement, and CEO/CFO certifications

Market Outlook - Infrastructure Capital Advisers 认为市场目前处于一年中表现较差的时期，但对市场持中性态度而非负面 [2] - Infrastructure Capital Advisers 预计标普 500 指数目标为 6600 点，并可能在年底超过该目标，但预计秋季表现不佳 [2] - 利率是判断科技股或传统经济、分红股票表现的关键指标 [6] - Infrastructure Capital Advisers 看好利率，10 年期国债收益率目标为 375% (375 basis points)，因此认为传统经济股票和分红股票将表现良好 [7] Investment Strategy & Portfolio - Infrastructure Capital Advisers 建议持有多元化投资组合 [2] - AMZA 基金（pipeline fund）最大的超配股之一是 LNG Cheniere，美国最大的液化天然气出口商，beta 值为 06 [3] - Infrastructure Capital Advisers 的 IAP 基金持有高 beta 股票，如金融股 Goldman Sachs 和 Morgan Stanley [3] - Infrastructure Capital Advisers 认为天然气是关键的过渡燃料，美国天然气比世界其他地区便宜 80% [4] - 美国总统及其团队正在推广美国出口，其他国家更容易同意购买比世界其他地区便宜 80% 的产品 [4] Risk Assessment - 大多数科技股的风险是市场平均水平的两倍，而 Infrastructure Capital Advisers 讨论的保守型股票的风险是市场平均水平的一半或更低 [7]

Key Takeaways Cheniere Energy, Inc. (LNG) is set to release second-quarter results on Aug. 7. The Zacks Consensus Estimate for earnings is $2.30 per share on revenues of $4.1 billion. Let us delve into the factors that are likely to have influenced the liquefied natural gas ("LNG") exporter's performance in the to-be-reported quarter. But it is worth taking a look at Cheniere Energy's previous-quarter performance first. Highlights of Q1 Earnings & Surprise History In the last reported quarter, this Houston, ...

Trade Deals & Investments - The US is aligning trade deals with the EU with investments in the US, particularly in the energy sector [2] - EU's commitment to energy creates opportunities for US LNG exports [2] LNG Market Dynamics - Sanctions on Russia are expected to increase the EU's need for LNG imports from the US [3] - LNG terminals require years to implement, highlighting the long-term nature of LNG infrastructure [3] Company Positioning - Cheniere Energy (Sheener/Shaneer) is well-positioned to benefit from increased LNG demand in the EU [2][3] - Cheniere Energy shares are up approximately 15% [3]

The market expects Cheniere Energy (LNG) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released ...

Group 1 - The UP World LNG Shipping Index increased by 4.83 points, representing a 2.98% gain, closing at 166.96 points [1] - The S&P 500 index also saw an increase, gaining 1.46% [1] - A chart illustrating the performance of both indices with weekly data is referenced [1]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Group 1 - Shares of liquefied natural gas (LNG) companies increased significantly following the European Union's agreement to purchase $750 billion of energy from the U.S. [1] - Cheniere and Venture Global saw their shares rise approximately 3% and over 4% respectively, while NextDecade and New Fortress Energy experienced increases of more than 2% and about 3% [1] Group 2 - EU President Ursula von der Leyen stated that the energy purchases aim to reduce the bloc's dependence on Russian natural gas, enhancing Europe's energy security [2] - The deal includes a commitment to replace Russian gas and oil with substantial purchases of U.S. LNG, oil, and nuclear fuels [2] - The broader trade deal also imposes a 15% tariff on EU exports to the U.S. and includes an agreement for Brussels to invest an additional $600 billion in the U.S. [2] Group 3 - President Donald Trump emphasized the importance of energy in the trade deal during discussions with von der Leyen [3]

Cheniere Energy shares were higher ahead of today's session following a trade deal between the U.S. and the European Union. https://t.co/TXILuT9NbV ...

Core Viewpoint - The stock prices of U.S. liquefied natural gas (LNG) developers surged collectively following the EU's commitment to invest $750 billion in U.S. LNG over the next three years as part of a comprehensive trade agreement [1] Group 1: Stock Performance - NextDecade (NEXT.US), Venture Global (VG.US), and Cheniere Energy (LNG.US) saw stock price increases of over 5% [1] - Expand Energy (EXE.US) and EQT Energy (EQT.US) experienced stock price rises of approximately 1% [1] Group 2: Trade Agreement Details - The framework trade agreement includes a commitment from the EU to purchase $250 billion worth of LNG annually from the U.S. to reduce dependence on Russian gas [1] - The U.S. has become the world's largest LNG supplier in 2023, surpassing Australia and Qatar, primarily due to supply disruptions and sanctions resulting from the Russia-Ukraine conflict [1] Group 3: Tariff Implications - The agreement stipulates a 15% import tariff on most EU goods from the U.S., which is lower than the previously feared 30% rate [1] - Analyst Ashley Kelty from Panmure Liberum noted that the 15% tariff is better than expected, which will mitigate the impact on industrial activities in both regions [1] Group 4: Market Outlook - The increase in U.S. energy procurement by the EU may exert pressure on natural gas prices, potentially leading to a surplus in the LNG market in Europe [1]