Core Viewpoint - Cheniere Energy delivered strong Q4 2024 results, exceeding earnings and revenue estimates, driven by robust LNG shipments and maintaining a solid financial position despite a year-over-year revenue decline due to lower international gas prices [1][2]. Financial Performance - Adjusted earnings per share for Q4 2024 were reported at $4.33, significantly above the Zacks Consensus Estimate of $2.69, reflecting a surprise of 60.97% [1][5]. - Revenues for the quarter reached $4.4 billion, slightly surpassing estimates by $31 million, but showed an 8% decline year-over-year due to moderating international gas prices [2]. - The company maintained a quarterly dividend of 50 cents per share, indicating strong financial health [2]. Stock Performance - Cheniere's stock has appreciated by 42% over the past year, showcasing investor confidence in the company's long-term growth prospects [3]. - The company has consistently outperformed earnings estimates in three of the last four quarters, with a trailing four-quarter earnings surprise average of 74.4% [4]. Growth Drivers - Cheniere's success is supported by long-term LNG supply agreements with major global energy players, ensuring stable revenue streams and protection against price volatility [6]. - The Zacks Consensus Estimate for Cheniere's 2025 EPS has increased from $11.54 to $11.70, indicating growing optimism about future earnings potential [6]. - The company is strategically positioned to benefit from a projected surge in global LNG demand, expected to nearly double by 2040, primarily driven by Asia [7]. Infrastructure Expansion - Cheniere is advancing its Corpus Christi Liquefaction (CCL) Stage 3 project, which is ahead of schedule, with the first LNG cargo expected in February 2025, enhancing production capacity by 20% [9]. Valuation Concerns - The stock currently trades at a price-to-book (P/B) ratio of 4.91, higher than its median of 4.71, which may limit further upside potential if LNG prices decline or global demand slows [10]. Conclusion - Despite valuation concerns, Cheniere Energy remains a strong investment opportunity due to its solid Q4 performance, consistent earnings surprises, long-term contracts, and strategic expansion efforts, making it a dominant player in the LNG market [13].

Financial Performance - Cheniere Energy reported a fourth-quarter 2024 adjusted profit of $4.33 per share, exceeding the Zacks Consensus Estimate of $2.69, driven by strong LNG shipments of 606 TBtu, surpassing the consensus mark of 582 TBtu [1] - Revenues totaled $4.4 billion, beating the Zacks Consensus Estimate by $31 million, but decreased by 8% from the previous year's $4.8 billion [3] - Consolidated adjusted EBITDA was $1.57 billion, down 4.4% from the year-ago quarter due to moderating international gas prices and a higher share of LNG sold under long-term contracts [5] - Distributable cash flow (DCF) was reported at $1.1 billion, with 167 cargoes shipped compared to 169 in the previous year [6] Cost and Balance Sheet - Total costs and expenses for the fourth quarter amounted to $2.7 billion, an increase of 12.9% from the prior-year quarter [7] - As of December 31, 2024, Cheniere had approximately $2.6 billion in cash and cash equivalents, with net long-term debt of $22.6 billion and a debt-to-capitalization ratio of 69.2% [7] Future Guidance - The company expects consolidated adjusted EBITDA in the range of $6.5 billion to $7 billion for 2025 and anticipates DCF between $4.1 billion and $4.6 billion [8] Project Updates - The Sabine Pass Liquefaction Project operates six natural gas liquefaction trains with a total production capacity of approximately 30 million tonnes per annum (mtpa) [9] - The SPL Expansion Project is being developed with an anticipated production capacity of up to 20 mtpa, with applications submitted for site approval and export authorization [10][11] - The CCL Stage 3 Project is advancing with a total projected production capacity exceeding 10 mtpa, with the first LNG production achieved in December 2024 [12][13] - The CCL Midscale Trains 8 & 9 Project is under development, expected to have a production capacity of approximately 3 mtpa, with regulatory approvals anticipated in 2025 [14][15]

Core Viewpoint - Cheniere Energy's stock price is expected to continue its uptrend into 2025, driven by improving cash flow, capital returns, and rising global natural gas demand [1][2]. Financial Performance - Cheniere Energy's Q4 2024 results showed an 8% decline in revenue, attributed to softer pricing and volumes, but income and distributable cash flow (DCF) remained steady, exceeding guidance [2]. - DCF was sufficient to reduce long-term debt by $0.350 million while maintaining dividends and share buybacks, improving the balance sheet [2][4]. Growth Outlook - The company forecasts a more than 17% growth in DCF for 2025 as new projects come online and capital spending needs decrease [4]. - A significant new deal with India's Indian Oil is expected to provide up to 2 million metric tons annually for 15 years, contributing to long-term revenue stability [5]. Stock Forecast - The 12-month stock price forecast for Cheniere Energy is $235.75, indicating a 6.72% upside, with a moderate buy rating based on 13 analyst ratings [3]. - The stock has seen a 15% decline in mid-February but is up 35% year-over-year, with expectations of gaining another $75 in 2025 [2]. Institutional Support - Analyst coverage has increased, with 92% of ratings being buy or better, indicating strong institutional interest and support for the stock [6]. - Institutional ownership is above 87%, with bullish activity noted for three consecutive quarters, suggesting a positive outlook for 2025 [6]. Technical Analysis - The stock price is expected to find support at a critical moving average, with potential resistance near the all-time high, which may be reached before mid-year [7].

Core Viewpoint - Cheniere Energy has demonstrated strong Q4 earnings, exceeding expectations significantly, which may attract investor interest amid market uncertainty [1][2]. Financial Performance - Cheniere reported Q4 EPS of $4.33, surpassing expectations by 61%, while the previous year's EPS was $5.76 [2][3]. - Sales for Q4 were $4.43 billion, down from $4.82 billion in the same quarter last year, but slightly above estimates of $4.4 billion [3]. - The company has exceeded earnings expectations in three of the last four quarters, with an average EPS surprise of 74.42% [3][4]. Earnings Estimate Revisions - Fiscal 2025 EPS estimates increased by 6% over the last 60 days, from $11.04 to $11.70 [5]. - FY26 EPS estimates rose by 4% in the last two months, from $12.28 to $12.84 [5][6]. Stock Performance - Cheniere's stock has increased by approximately 3% year-to-date, despite a broader market selloff [6]. - Over the past year, the stock has surged over 40%, and it has gained around 90% over the last three years [6]. Investment Outlook - Cheniere Energy is recognized for its significant earnings potential and currently holds a Zacks Rank 2 (Buy) [8]. - The stock is trading at a forward earnings multiple of 19.4X and offers a 0.88% annual dividend yield [8].

Core Insights - The natural gas market is experiencing a resurgence after a period of stability following the crash in 2022-2023, with current prices around $3.5, down from approximately $5 last month, but still higher than previous lows [1]. Industry Summary - The Henry Hub natural gas prices indicate a significant fluctuation, reflecting the market's volatility and potential for investment opportunities [1]. - The market has shown resilience, bouncing back from the lows experienced during the crash, suggesting a potential recovery phase [1].

Cheniere Energy, Inc. Fourth Quarter and Full Year 2024 February 20, 2025 Safe Harbor Statements Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical or present facts or conditions, included or incorporated by reference herein are " ...

Financial Data and Key Metrics Changes - In Q4 2024, the company generated consolidated adjusted EBITDA of approximately $1.6 billion, bringing the total for the full year to $6.155 billion [12] - Distributable cash flow (DCF) for Q4 was approximately $1.1 billion, totaling approximately $3.73 billion for the full year [13] - Net income for Q4 was approximately $1 billion, with a full-year net income of approximately $3.3 billion [13] - Full-year EBITDA exceeded the high end of the original guidance by $155 million, while DCF results were $300 million above the recent range [13] Business Line Data and Key Metrics Changes - The company produced a record amount of LNG in 2024, approximately 45 million tons, representing over 10% of the global LNG supply [14] - The company completed turnarounds at both Sabine Pass and Corpus Christi while achieving top quintile safety performance [14] Market Data and Key Metrics Changes - Global LNG trade grew by less than four million tons year-on-year, with project delays and geopolitical tensions limiting supply growth [30] - European LNG imports declined by 19% year-on-year, while Asia added over 20 million tons of LNG imports, up 8% year-on-year [32][35] Company Strategy and Development Direction - The company aims to reinforce its track record of best-in-class operations and is committed to advancing the Corpus Christi mid-scale trains eight and nine to FID [22][24] - The company is actively pursuing permits to ensure long-term growth optionality at both Sabine Pass and Corpus Christi, with a goal of exceeding 90 million tons per annum in total capacity [25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of energy security and the role of natural gas, particularly in light of geopolitical conflicts [11] - The company expects year-over-year growth in 2025, driven by the start-up of Corpus Christi stage three [16] Other Important Information - The company increased its dividend by 15% to $2 per share annualized and announced a $4 billion share repurchase authorization [15] - The company has made significant progress on its capital allocation plan, deploying over $5.4 billion towards shareholder returns, growth, and balance sheet management [46] Q&A Session Summary Question: Impact of geopolitical developments on US LNG - Management noted that energy security and diversity are critical for stability and growth, with a record amount of LNG sent to Europe in January [68] Question: Regulatory and permitting backdrop under the new administration - Management expressed optimism about the regulatory environment, noting strong communication and support from the administration [80] Question: Volume sensitivity in 2025 guidance - The company expects to produce 47 to 48 million tons of LNG in 2025, with a significant portion coming from the first three trains of stage three [82] Question: Optimization and pricing for long-term SPAs - Management indicated that the market remains competitive, with costs for new builds rising, but they are confident in leveraging their operational performance [93]

Core Viewpoint - Cheniere Energy reported Q4 2024 financial results that exceeded EPS estimates but showed declines in revenue and net income compared to the previous year [2][6]. Financial Performance - The company achieved an EPS of $4.33, significantly higher than the estimated $2.71, but this represented a 24.8% decrease from $5.76 in Q4 2023 [3][6]. - Revenue for Q4 2024 was $4.44 billion, matching forecasts but down 8% from $4.82 billion in Q4 2023 [3][6]. - Net income fell to $1.0 billion, a 27.5% decline from $1.38 billion in the same quarter last year [3][8]. - Consolidated adjusted EBITDA was reported at $1.577 billion, down 4.2% from $1.65 billion in Q4 2023 [3]. Business Operations - Cheniere Energy is a leading provider of LNG, with significant production and export capabilities, including facilities like Sabine Pass and Corpus Christi [4]. - The company is focused on long-term contracts to ensure steady cash flows amid market fluctuations [4][8]. - In Q4 2024, Cheniere exported a record 646 LNG cargoes, with the Corpus Christi Stage 3 Project beginning production in December 2024 [7]. Strategic Focus - The company allocated $5.4 billion towards growth, debt reduction, and shareholder returns, emphasizing capital management [8]. - Regulatory compliance is a priority as Cheniere expands its capacity while adhering to environmental and operational standards [9]. Future Outlook - Cheniere anticipates adjusted EBITDA between $6.5 billion and $7.0 billion for the upcoming year, reflecting confidence in operational efficiencies and demand [10]. - The company recognizes the risks associated with commodity price volatility and aims to enhance strategies to mitigate these effects through long-term contracts [10].

Core Viewpoint - Cheniere Energy reported quarterly earnings of $4.33 per share, significantly exceeding the Zacks Consensus Estimate of $2.69 per share, although down from $5.76 per share a year ago, indicating a 60.97% earnings surprise [1][2] Financial Performance - The company achieved revenues of $4.44 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.70%, but down from $4.82 billion year-over-year [2] - Over the last four quarters, Cheniere Energy has exceeded consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance and Outlook - Cheniere Energy shares have increased approximately 1.8% since the beginning of the year, underperforming compared to the S&P 500's gain of 4.5% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $2.86 on revenues of $4.31 billion, and for the current fiscal year, it is $11.70 on revenues of $17.92 billion [7] - The estimate revisions trend for Cheniere Energy is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently ranked in the top 20% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8]

Financial Performance - Cheniere reported Q4 2024 revenues of approximately $4.4 billion and full year revenues of $15.7 billion, representing a decrease of 8% and 23% respectively compared to the same periods in 2023[3][9]. - Net income for Q4 2024 was approximately $1.0 billion, down 29% year-over-year, while full year net income was $3.3 billion, a decrease of 67% compared to 2023[3][9][10]. - Consolidated Adjusted EBITDA for Q4 2024 was approximately $1.6 billion, a 4% decrease from Q4 2023, and full year EBITDA was $6.2 billion, down 30% year-over-year[3][9][10]. - For the three months ended December 31, 2024, Cheniere reported LNG revenues of $4,266 million, a decrease of 7% from $4,585 million in the same period of 2023[35]. - Total revenues for the twelve months ended December 31, 2024, were $15,703 million, down from $20,394 million in 2023, reflecting a decline of approximately 23%[35]. - The net income attributable to Cheniere for the three months ended December 31, 2024, was $977 million, compared to $1,377 million in the same period of 2023, representing a decrease of 29%[35]. - Consolidated Adjusted EBITDA for the three months ended December 31, 2024, was $1,577 million, slightly down from $1,650 million in the same period of 2023[41]. - Net income attributable to Cheniere for Q4 2024 was $0.98 billion, with a total of $3.25 billion for the full year 2024[44]. - Consolidated Adjusted EBITDA for Q4 2024 was $1.58 billion, totaling $6.16 billion for the full year 2024, with a forecast of $6.5 billion for 2025[44]. - Consolidated Distributable Cash Flow for Q4 2024 was $1.29 billion, amounting to $4.71 billion for the full year 2024, with guidance of $5.1 billion for 2025[44]. - Distributable Cash Flow attributable to non-controlling interest for Q4 2024 was $0.24 billion, totaling $0.98 billion for the full year 2024[44]. Share Repurchase and Capital Expenditures - The company repurchased approximately 1.5 million shares for $281 million in Q4 2024 and 13.8 million shares for $2.3 billion for the full year[6]. - Maintenance capital expenditures for 2024 were $0.17 billion, with a forecast of $0.2 billion for 2025[44]. - Interest expense for the full year 2024 was $1.01 billion, with a forecast of $1.0 billion for 2025[44]. - Income tax provision for Q4 2024 was $0.26 billion, totaling $0.81 billion for the full year 2024, with a forecast of $0.6 billion for 2025[44]. - Other income for Q4 2024 was $0.03 billion, with a total of $0.15 billion for the full year 2024[44]. Liquidity and Assets - Cheniere's total available liquidity as of December 31, 2024, was approximately $10.9 billion, including cash and cash equivalents of $2.6 billion[15]. - As of December 31, 2024, total assets amounted to $43,858 million, a slight increase from $43,076 million in 2023[39]. - Total liabilities as of December 31, 2024, were $33,798 million, compared to $34,056 million in 2023, indicating a decrease of approximately 0.8%[39]. - Cheniere's cash and cash equivalents decreased to $2,638 million as of December 31, 2024, from $4,066 million in 2023, reflecting a decline of approximately 35%[39]. LNG Production and Export - Cheniere exported a record 646 LNG cargoes in 2024, achieving top quintile safety performance[8]. - Cheniere exported 604 TBtu of LNG during the three months ended December 31, 2024, and 2,327 TBtu for the twelve months ended December 31, 2024[32]. - Cheniere loaded 606 TBtu of LNG during the three months ended December 31, 2024, with total volumes recognized in the current period being 605 TBtu[33]. - The company recognized 10 TBtu and 24 TBtu of LNG from third-party sources during the three and twelve months ended December 31, 2024, respectively[33]. Future Projects and Guidance - Cheniere introduced full year 2025 guidance for Consolidated Adjusted EBITDA of $6.5 billion to $7.0 billion and Distributable Cash Flow of $4.1 billion to $4.6 billion, with over 90% of forecasted operational volumes expected to be sold under long-term agreements[4][6]. - The first LNG production from the CCL Stage 3 Project was achieved in December 2024, with substantial completion expected by the end of Q1 2025[6][21]. - The company is developing the SPL Expansion Project with an expected total production capacity of up to 20 mtpa of LNG, and received DOE authorization to export LNG to FTA countries in October 2024[19]. - Cheniere's CCL Midscale Trains 8 & 9 Project is expected to have a production capacity of approximately 3 mtpa of LNG, with regulatory approvals anticipated in 2025[23]. Key Performance Measures - The company emphasizes that Distributable Cash Flow is a key performance measure for evaluating cash earnings after servicing debt and paying taxes[46]. - Future cash tax payments are subject to market volatility and regulatory changes, which could impact the timing and amount significantly[45].