Cheniere(LNG) - 2025 Q1 - Quarterly Results

Financial Performance - Cheniere generated revenues of approximately $5.4 billion in Q1 2025, a 28% increase compared to $4.3 billion in Q1 2024[3][8] - Net income for Q1 2025 was approximately $0.4 billion, a decrease of 30% from $0.5 billion in Q1 2024, primarily due to unfavorable variances related to derivative instruments[3][8] - Consolidated Adjusted EBITDA for Q1 2025 was approximately $1.9 billion, up 6% from $1.8 billion in Q1 2024[3][8] - Total revenues for Q1 2025 reached $5,444 million, up from $4,253 million in Q1 2024, marking an increase of 28.1%[30] - Net income attributable to Cheniere decreased to $353 million in Q1 2025 from $502 million in Q1 2024, a decline of 29.7%[30] - Consolidated Adjusted EBITDA for Q1 2025 was $1,872 million, compared to $1,773 million in Q1 2024, reflecting an increase of 5.6%[36] - Interest expense, net of capitalized interest, was $229 million in Q1 2025, down from $266 million in Q1 2024, a decrease of 13.9%[30] - The company reported a loss of approximately $0.7 billion from changes in the fair value of commodity derivatives in Q1 2025[31] Guidance and Future Expectations - Cheniere reaffirmed its full year 2025 Consolidated Adjusted EBITDA guidance of $6.5 billion to $7.0 billion and Distributable Cash Flow guidance of $4.1 billion to $4.6 billion[4][6] - The company expects full-year 2025 Distributable Cash Flow to be between $5.1 billion and $5.7 billion[41] Shareholder Returns and Capital Management - The company repurchased approximately 1.6 million shares for about $350 million and paid a quarterly dividend of $0.500 per share, totaling approximately $112 million in Q1 2025[6] - The weighted average number of common shares outstanding decreased to 223.5 million in Q1 2025 from 234.2 million in Q1 2024[30] Project Developments - Substantial Completion of Train 1 of the CCL Stage 3 Project was achieved on March 16, 2025, with expectations to have the first three trains operational by the end of 2025[6][7] - Cheniere received authorization from FERC for the CCL Midscale Trains 8 & 9 Project and anticipates making a Final Investment Decision in 2025[6][18] Liquidity and Assets - As of March 31, 2025, Cheniere had total available liquidity of approximately $10.6 billion, including cash and cash equivalents of $2.5 billion[10] - Total assets as of March 31, 2025, were $43,546 million, slightly down from $43,858 million at the end of 2024[34] - Current liabilities decreased to $3,979 million in Q1 2025 from $4,441 million in Q4 2024, a reduction of 10.4%[34] LNG Operations - During Q1 2025, Cheniere exported 609 TBtu of LNG, with a total of 168 cargoes shipped[8][27] - LNG revenues increased to $5,305 million in Q1 2025 from $4,037 million in Q1 2024, representing a growth of 31.3%[30] - The company aims to focus on safe and reliable LNG delivery, project developments at Sabine Pass and Corpus Christi, and delivering shareholder returns in 2025[7]