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Cheniere(LNG) - 2024 Q4 - Annual Results
LNGCheniere(LNG)2025-02-20 12:30

Financial Performance - Cheniere reported Q4 2024 revenues of approximately 4.4billionandfullyearrevenuesof4.4 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 1.0billion,down291.0 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 1.6billion,a41.6 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 4,266million,adecreaseof74,266 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 15,703million,downfrom15,703 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 977million,comparedto977 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 1,577million,slightlydownfrom1,577 million, slightly down from 1,650 million in the same period of 2023[41]. - Net income attributable to Cheniere for Q4 2024 was 0.98billion,withatotalof0.98 billion, with a total of 3.25 billion for the full year 2024[44]. - Consolidated Adjusted EBITDA for Q4 2024 was 1.58billion,totaling1.58 billion, totaling 6.16 billion for the full year 2024, with a forecast of 6.5billionfor2025[44].−ConsolidatedDistributableCashFlowforQ42024was6.5 billion for 2025[44]. - Consolidated Distributable Cash Flow for Q4 2024 was 1.29 billion, amounting to 4.71billionforthefullyear2024,withguidanceof4.71 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 0.24billion,totaling0.24 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 281millioninQ42024and13.8millionsharesfor281 million in Q4 2024 and 13.8 million shares for 2.3 billion for the full year[6]. - Maintenance capital expenditures for 2024 were 0.17billion,withaforecastof0.17 billion, with a forecast of 0.2 billion for 2025[44]. - Interest expense for the full year 2024 was 1.01billion,withaforecastof1.01 billion, with a forecast of 1.0 billion for 2025[44]. - Income tax provision for Q4 2024 was 0.26billion,totaling0.26 billion, totaling 0.81 billion for the full year 2024, with a forecast of 0.6billionfor2025[44].−OtherincomeforQ42024was0.6 billion for 2025[44]. - Other income for Q4 2024 was 0.03 billion, with a total of 0.15billionforthefullyear2024[44].LiquidityandAssets−Cheniere′stotalavailableliquidityasofDecember31,2024,wasapproximately0.15 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 2.6billion[15].−AsofDecember31,2024,totalassetsamountedto2.6 billion[15]. - As of December 31, 2024, total assets amounted to 43,858 million, a slight increase from 43,076millionin2023[39].−TotalliabilitiesasofDecember31,2024,were43,076 million in 2023[39]. - Total liabilities as of December 31, 2024, were 33,798 million, compared to 34,056millionin2023,indicatingadecreaseofapproximately0.834,056 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 4,066millionin2023,reflectingadeclineofapproximately354,066 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 7.0billionandDistributableCashFlowof7.0 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].