Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) today
announced its financial results for the third quarter 2023.
THIRD QUARTER 2023 SUMMARY FINANCIAL RESULTS
(in billions)
Three Months Ended
September 30, 2023
Nine Months Ended
September 30, 2023
Revenues
$4.2
$15.6
Net Income1
$1.7
$8.5
Consolidated Adjusted EBITDA2
$1.7
$7.1
Distributable Cash Flow2
$1.2
$5.5
2023 FULL YEAR FINANCIAL GUIDANCE
(in billions)
2023
Consolidated Adjusted EBITDA2
$8.3
-
$8.8
Distributable Cash Flow2
$5.8
-
$6.3
RECENT HIGHLIGHTS
- During the three and nine months ended September 30, 2023,
Cheniere generated revenues of approximately $4.2 billion and $15.6
billion, net income1 of approximately $1.7 billion and $8.5
billion, Consolidated Adjusted EBITDA2 of approximately $1.7
billion and $7.1 billion, and Distributable Cash Flow2 of
approximately $1.2 billion and $5.5 billion, respectively.
- Reconfirming full year 2023 Consolidated Adjusted EBITDA2
guidance of $8.3 billion - $8.8 billion and full year 2023
Distributable Cash Flow2 guidance of $5.8 billion - $6.3
billion.
- Pursuant to Cheniere’s comprehensive capital allocation plan,
during the three and nine months ended September 30, 2023, Cheniere
prepaid $50 million and approximately $1.1 billion, respectively,
of consolidated long-term indebtedness, repurchased an aggregate of
approximately 2.2 million shares and 7.6 million shares of common
stock for approximately $357 million and $1.1 billion,
respectively, and paid quarterly dividends of $0.395 and $1.185 per
share of common stock, respectively. For the third quarter 2023,
Cheniere increased its quarterly dividend by 10% to $0.435 per
share of common stock, which is payable on November 17, 2023.
- In August 2023, Cheniere Marketing, LLC (“Cheniere Marketing”)
entered into a long-term LNG sale and purchase agreement (“SPA”)
with BASF, under which BASF has agreed to purchase up to
approximately 0.8 million tonnes per annum (“mtpa”) of LNG from
Cheniere Marketing on a free-on-board (“FOB”) basis, with
deliveries commencing in mid-2026 and, subject to a positive Final
Investment Decision with respect to the first train (“Train Seven”)
of the SPL Expansion Project (defined below), increasing to
approximately 0.8 mtpa upon the start of commercial operations of
Train Seven, and extending through 2043.
- In August 2023, Cheniere published The Power of Connection, its
fourth annual Corporate Responsibility (“CR”) report, which details
Cheniere’s approach and progress on Environmental, Social and
Governance issues.
- In September 2023, Cheniere loaded its 3,000th LNG cargo since
commencing export operations in February 2016, achieving this
milestone faster than any other LNG operator in history. The cargo
was loaded and exported on a FOB basis from the Sabine Pass LNG
terminal and was discharged in France.
___________________________
1 Net income (loss) as used herein refers
to Net income (loss) attributable to common stockholders on our
Consolidated Statements of Operations.
2 Non-GAAP financial measure. See
“Reconciliation of Non-GAAP Measures” for further details.
CEO COMMENT
“The third quarter was marked by key milestones achieved across
the Cheniere platform, highlighted by the production of our 3,000th
LNG cargo since start-up in 2016. Cheniere achieved that production
milestone faster than any other LNG operator in history, which is
further evidence of our dedication to operational excellence,” said
Jack Fusco, Cheniere’s President and Chief Executive Officer.
“Persistent volatility in commodity markets continues to reinforce
the value of our commercial offering and the stability and
visibility of our cash flows, and we are confident in achieving
full year 2023 results at the high end of our guidance ranges.
Looking ahead to 2024, construction on Corpus Christi Stage 3
continues to progress ahead of plan, and I am optimistic first LNG
production from Train 1 will occur by the end of 2024.”
SUMMARY AND REVIEW OF FINANCIAL RESULTS
(in millions, except LNG data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
% Change
2023
2022
% Change
Revenues
$
4,159
$
8,852
(53
)%
$
15,571
$
24,343
(36
)%
Net income (loss)1
$
1,701
$
(2,385
)
nm
$
8,504
$
(2,509
)
nm
Consolidated Adjusted EBITDA2
$
1,663
$
2,782
(40
)%
$
7,120
$
8,464
(16
)%
LNG exported:
Number of cargoes
152
156
(3
)%
468
472
(1
)%
Volumes (TBtu)
545
558
(2
)%
1,684
1,705
(1
)%
LNG volumes loaded (TBtu)
548
559
(2
)%
1,684
1,708
(1
)%
Net income (loss) was approximately $1.7 billion and $8.5
billion for the three and nine months ended September 30, 2023,
respectively, as compared to approximately $(2.4) billion and
$(2.5) billion in the corresponding 2022 periods. The favorable
changes were primarily due to changes in fair value of our
derivative portfolio (further described below) of approximately
$1.4 billion and $6.9 billion for the three and nine months ended
September 30, 2023, respectively, (before tax and non-controlling
interests) as compared to $(5.5) billion and $(9.6) billion of
changes in fair value in the corresponding 2022 periods. The
favorable changes were partially offset by decreased total margins
per MMBtu of LNG delivered, higher provisions for income tax as
well as higher net income attributable to noncontrolling interests
in both periods.
Consolidated Adjusted EBITDA decreased approximately $1.1
billion and $1.3 billion for the three and nine months ended
September 30, 2023, respectively, as compared to the corresponding
2022 periods. The decreases were due primarily to decreased total
margins per MMBtu of LNG delivered, driven by lower international
gas prices in the current period, as well as a higher proportion of
volumes sold under long-term contracts and lower total volumes sold
into short-term markets. To a lesser extent, the decreases were
also driven by lower regasification revenues due to the early
termination of one of our terminal use agreements in 2022. The
decreases were partially offset by an increased contribution from
certain portfolio optimization activities.
Substantially all derivative gains (losses) relate to the use of
commodity derivative instruments indexed to international gas and
LNG prices, primarily related to our long-term Integrated
Production Marketing (“IPM”) agreements. Our IPM agreements are
designed to provide stable margins on purchases of natural gas and
sales of LNG over the life of the agreements and have a fixed fee
component, similar to that of LNG sold under our long-term, fixed
fee LNG SPAs. However, the long-term duration and international
price basis of our IPM agreements make them particularly
susceptible to fluctuations in fair market value from period to
period. In addition, accounting requirements prescribe recognition
of these long-term gas supply agreements at fair value each
reporting period on a mark-to-market basis, but do not currently
permit mark-to-market recognition of the associated sale of LNG,
resulting in a mismatch of accounting recognition for the purchase
of natural gas and sale of LNG. As a result of continued moderation
of international gas price volatility and declines in international
forward commodity curves during the three and nine months ended
September 30, 2023, we recognized $1.2 billion and $5.8 billion,
respectively, of non-cash favorable changes in fair value
attributable to such positions (before tax and non-controlling
interests).
Share-based compensation expenses included in net income (loss)
totaled $42 million and $128 million for the three and nine months
ended September 30, 2023, respectively, compared to $36 million and
$114 million for the three and nine months ended September 30,
2022, respectively.
Our financial results are reported on a consolidated basis. Our
ownership interest in Cheniere Energy Partners, L.P. (“Cheniere
Partners”) as of September 30, 2023 consisted of 100% ownership of
the general partner and a 48.6% limited partner interest.
BALANCE SHEET MANAGEMENT
Capital Resources
As of September 30, 2023, our total consolidated available
liquidity was approximately $11.9 billion. We had cash and cash
equivalents of $3.9 billion, of which $499 million was held by
Cheniere Partners. In addition, we had restricted cash and cash
equivalents of $422 million, $1.3 billion of available commitments
under the Cheniere Revolving Credit Facility, $1.3 billion of
available commitments under the Cheniere Corpus Christi Holdings,
LLC (“CCH”) Working Capital Facility, $3.3 billion of available
commitments under the CCH Credit Facility, $1.0 billion of
available commitments under the Cheniere Partners Revolving Credit
Facility, and $716 million of available commitments under the
Sabine Pass Liquefaction, LLC (“SPL”) Revolving Credit
Facility.
Recent Key Financial Transactions and Updates
In July 2023, SPL, a subsidiary of Cheniere Partners, redeemed
$1.4 billion of SPL’s 5.75% Senior Secured Notes due 2024 (the
“2024 SPL Senior Notes”) using the proceeds from Cheniere Partners’
issuance of $1.4 billion aggregate principal amount of 5.95% Senior
Notes due 2033 in June 2023.
In September 2023, Cheniere and its subsidiaries redeemed $50
million in principal amount of the 2024 SPL Senior Notes with cash
on hand.
LIQUEFACTION PROJECTS OVERVIEW
CCL Stage 3 Progress as of September 30, 2023:
CCL Stage 3 Project
Project Status
Under Construction
Project Completion Percentage
44.1%(1)
Expected Substantial Completion
2Q/3Q 2025 - 2H 2026
(1) Engineering 74.1% complete,
procurement 63.3% complete, subcontract work 55.9% complete and
construction 7.5% complete.
SPL Project
Through Cheniere Partners, we operate six natural gas
liquefaction Trains for a total production capacity of
approximately 30 mtpa of LNG at the Sabine Pass LNG terminal in
Cameron Parish, Louisiana (the “SPL Project”).
SPL Expansion Project
Through Cheniere Partners, we are developing an expansion
adjacent to the SPL Project with a potential production capacity of
up to 20 mtpa of LNG (the “SPL Expansion Project”). In May 2023,
certain subsidiaries of Cheniere Partners entered the pre-filing
review process with respect to the SPL Expansion Project with the
Federal Energy Regulatory Commission (“FERC”) under the National
Environmental Policy Act, and in April 2023, a subsidiary of
Cheniere Partners executed a contract with Bechtel to provide the
Front-End Engineering and Design for the SPL Expansion Project.
CCL Project
We operate three natural gas liquefaction Trains for a total
production capacity of approximately 15 mtpa of LNG at the Corpus
Christi LNG terminal near Corpus Christi, Texas (the “CCL
Project”).
CCL Stage 3 Project
We are constructing an expansion adjacent to the CCL Project
consisting of seven midscale Trains with an expected total
production capacity of over 10 mtpa of LNG (the “CCL Stage 3
Project”).
CCL Midscale Trains 8 & 9
Project
We are developing two midscale Trains with an expected total
production capacity of approximately 3 mtpa of LNG (the “CCL
Midscale Trains 8 & 9 Project”) adjacent to the CCL Stage 3
Project. In March 2023, certain of our subsidiaries filed an
application with the FERC for authorization to site, construct and
operate the CCL Midscale Trains 8 & 9 Project, and in April
2023, filed an application with the Department of Energy requesting
authorization to export LNG to Free-Trade Agreement (“FTA”) and
non-FTA countries.
INVESTOR CONFERENCE CALL AND WEBCAST
We will host a conference call to discuss our financial and
operating results for the third quarter on Thursday, November 2,
2023, at 10 a.m. Eastern time / 9 a.m. Central time. A listen-only
webcast of the call and an accompanying slide presentation may be
accessed through our website at www.cheniere.com. Following the
call, an archived recording will be made available on our
website.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of
LNG in the United States, reliably providing a clean, secure, and
affordable solution to the growing global need for natural gas.
Cheniere is a full-service LNG provider, with capabilities that
include gas procurement and transportation, liquefaction, vessel
chartering, and LNG delivery. Cheniere has one of the largest
liquefaction platforms in the world, consisting of the Sabine Pass
and Corpus Christi liquefaction facilities on the U.S. Gulf Coast,
with total production capacity of approximately 45 mtpa of LNG in
operation and an additional 10+ mtpa of expected production
capacity under construction. Cheniere is also pursuing liquefaction
expansion opportunities and other projects along the LNG value
chain. Cheniere is headquartered in Houston, Texas, and has
additional offices in London, Singapore, Beijing, Tokyo, and
Washington, D.C.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Quarterly Report on Form 10-Q for the
quarter ended September 30, 2023, filed with the Securities and
Exchange Commission.
Use of Non-GAAP Financial Measures
In addition to disclosing financial results in accordance with
U.S. GAAP, the accompanying news release contains non-GAAP
financial measures. Consolidated Adjusted EBITDA and Distributable
Cash Flow are non-GAAP financial measures that we use to facilitate
comparisons of operating performance across periods. These non-GAAP
measures should be viewed as a supplement to and not a substitute
for our U.S. GAAP measures of performance and the financial results
calculated in accordance with U.S. GAAP and reconciliations from
these results should be carefully evaluated.
Non-GAAP measures have limitations as an analytical tool and
should not be considered in isolation or in lieu of an analysis of
our results as reported under GAAP and should be evaluated only on
a supplementary basis.
Forward-Looking Statements
This press release contains certain statements that may include
“forward-looking statements” within the meanings of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical or present facts or conditions, included herein are
“forward-looking statements.” Included among “forward-looking
statements” are, among other things, (i) statements regarding
Cheniere’s financial and operational guidance, business strategy,
plans and objectives, including the development, construction and
operation of liquefaction facilities, (ii) statements regarding
regulatory authorization and approval expectations, (iii)
statements expressing beliefs and expectations regarding the
development of Cheniere’s LNG terminal and pipeline businesses,
including liquefaction facilities, (iv) statements regarding the
business operations and prospects of third-parties, (v) statements
regarding potential financing arrangements, (vi) statements
regarding future discussions and entry into contracts, and (vii)
statements relating to Cheniere’s capital deployment, including
intent, ability, extent, and timing of capital expenditures, debt
repayment, dividends, share repurchases and execution on the
capital allocation plan. Although Cheniere believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Cheniere’s actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in Cheniere’s periodic reports that are
filed with and available from the Securities and Exchange
Commission. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Other than as required under the securities laws,
Cheniere does not assume a duty to update these forward-looking
statements.
(Financial Tables and Supplementary
Information Follow)
LNG VOLUME SUMMARY
As of October 26, 2023, over 3,070 cumulative LNG cargoes
totaling over 210 million tonnes of LNG have been produced, loaded
and exported from our liquefaction projects.
During the three and nine months ended September 30, 2023, we
exported 545 TBtu and 1,684 TBtu, respectively, of LNG from our
liquefaction projects. 29 TBtu of LNG exported from our
liquefaction projects and sold on a delivered basis was in transit
as of September 30, 2023, none of which was related to
commissioning activities.
The following table summarizes the volumes of operational LNG
that were loaded from our liquefaction projects and for which the
financial impact was recognized on our Consolidated Financial
Statements during the three and nine months ended September 30,
2023:
Three Months
Ended
September 30,
2023
Nine Months
Ended
September 30,
2023
(in TBtu)
Operational
Operational
Volumes loaded during the current
period
548
1,684
Volumes loaded during the prior period but
recognized during the current period
26
56
Less: volumes loaded during the current
period and in transit at the end of the period
(29
)
(29
)
Total volumes recognized in the current
period
545
1,711
In addition, during the three and nine months ended September
30, 2023, we recognized 10 TBtu and 24 TBtu of LNG, respectively,
on our Consolidated Financial Statements related to LNG cargoes
sourced from third-parties.
Cheniere Energy, Inc.
Consolidated Statements of
Operations
(in millions, except per share
data)(1)
(unaudited)
Three Months
Ended
Nine Months
Ended
September 30,
September 30,
2023
2022
2023
2022
Revenues
LNG revenues
$
3,974
$
8,236
$
14,984
$
23,449
Regasification revenues
34
455
101
591
Other revenues
151
161
486
303
Total revenues
4,159
8,852
15,571
24,343
Operating costs and expenses
(recoveries)
Cost (recovery) of sales (excluding items
shown separately below) (2)
556
11,073
(71
)
24,161
Operating and maintenance expense
445
419
1,376
1,227
Selling, general and administrative
expense
102
92
296
265
Depreciation and amortization expense
298
280
892
827
Other
3
4
24
15
Total operating costs and expenses
1,404
11,868
2,517
26,495
Income (loss) from operations
2,755
(3,016
)
13,054
(2,152
)
Other income (expense)
Interest expense, net of capitalized
interest
(283
)
(354
)
(871
)
(1,060
)
Gain (loss) on modification or
extinguishment of debt
(3
)
3
15
(43
)
Interest and dividend income
58
20
147
28
Other income (expense), net
4
(49
)
7
(47
)
Total other expense
(224
)
(380
)
(702
)
(1,122
)
Income (loss) before income taxes and
non-controlling interest
2,531
(3,396
)
12,352
(3,274
)
Less: income tax provision (benefit)
440
(752
)
2,119
(762
)
Net income (loss)
2,091
(2,644
)
10,233
(2,512
)
Less: net income (loss) attributable to
non-controlling interest
390
(259
)
1,729
(3
)
Net income (loss) attributable to common
stockholders
$
1,701
$
(2,385
)
$
8,504
$
(2,509
)
Net income (loss) per share attributable
to common stockholders—basic (3)
$
7.08
$
(9.54
)
$
35.12
$
(9.94
)
Net income (loss) per share attributable
to common stockholders—diluted (3)
$
7.03
$
(9.54
)
$
34.87
$
(9.94
)
Weighted average number of common shares
outstanding—basic
240.2
249.9
242.1
252.5
Weighted average number of common shares
outstanding—diluted
242.0
249.9
243.9
252.5
__________________________
(1)
Please refer to the Cheniere
Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023, filed with the Securities and Exchange
Commission.
(2)
Cost of Sales includes
approximately $1.4 billion and $7.0 billion of gains from changes
in the fair value of commodity derivatives prior to contractual
delivery or termination during the three and nine months ended
September 30, 2023, respectively, as compared to $5.5 billion and
$9.9 billion of losses in the corresponding 2022 periods,
respectively.
(3)
Earnings per share in the table
may not recalculate exactly due to rounding because it is
calculated based on whole numbers, not the rounded numbers
presented.
Cheniere Energy, Inc.
Consolidated Balance
Sheets
(in millions, except share
data)(1)(2)
September 30,
December 31,
2023
2022
ASSETS
(unaudited)
Current assets
Cash and cash equivalents
$
3,861
$
1,353
Restricted cash and cash equivalents
422
1,134
Trade and other receivables, net of
current expected credit losses
811
1,944
Inventory
400
826
Current derivative assets
95
120
Margin deposits
73
134
Other current assets, net
107
97
Total current assets
5,769
5,608
Property, plant and equipment, net of
accumulated depreciation
32,053
31,528
Operating lease assets
2,549
2,625
Derivative assets
620
35
Goodwill
77
77
Deferred tax assets
40
864
Other non-current assets, net
611
529
Total assets
$
41,719
$
41,266
LIABILITIES AND STOCKHOLDERS’
EQUITY (DEFICIT)
Current liabilities
Accounts payable
$
126
$
124
Accrued liabilities
1,433
2,679
Current debt, net of discount and debt
issuance costs
349
813
Deferred revenue
209
234
Current operating lease liabilities
612
616
Current derivative liabilities
991
2,301
Other current liabilities
38
28
Total current liabilities
3,758
6,795
Long-term debt, net of discount and debt
issuance costs
23,389
24,055
Operating lease liabilities
1,907
1,971
Finance lease liabilities
476
494
Derivative liabilities
2,882
7,947
Deferred tax liabilities
1,178
—
Other non-current liabilities
222
175
Stockholders’ equity (deficit)
Preferred stock: $0.0001 par value, 5.0
million shares authorized, none issued
—
—
Common stock: $0.003 par value, 480.0
million shares authorized; 277.8 million shares and 276.7 million
shares issued at September 30, 2023 and December 31, 2022,
respectively
1
1
Treasury stock: 39.0 million shares and
31.2 million shares at September 30, 2023 and December 31, 2022,
respectively, at cost
(3,522
)
(2,342
)
Additional paid-in-capital
4,394
4,314
Accumulated income (deficit)
3,271
(4,942
)
Total Cheniere stockholders’ equity
(deficit)
4,144
(2,969
)
Non-controlling interest
3,763
2,798
Total stockholders’ equity (deficit)
7,907
(171
)
Total liabilities and stockholders’ equity
(deficit)
$
41,719
$
41,266
___________________________
(1)
Please refer to the Cheniere
Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023, filed with the Securities and Exchange
Commission.
(2)
Amounts presented include
balances held by our consolidated variable interest entity,
Cheniere Partners. As of September 30, 2023, total assets and
liabilities of Cheniere Partners, which are included in our
Consolidated Balance Sheets, were $17.8 billion and $19.0 billion,
respectively, including $499 million of cash and cash equivalents
and $35 million of restricted cash and cash equivalents.
Reconciliation of Non-GAAP
Measures
Regulation G
Reconciliations
Consolidated Adjusted EBITDA
The following table reconciles our Consolidated Adjusted EBITDA
to U.S. GAAP results for the three and nine months ended September
30, 2023 and 2022 (in millions):
Three Months
Ended
September 30,
Nine Months
Ended
September 30,
2023
2022
2023
2022
Net income (loss) attributable to common
stockholders
$
1,701
$
(2,385
)
$
8,504
$
(2,509
)
Net income (loss) attributable to
non-controlling interest
390
(259
)
1,729
(3
)
Income tax provision (benefit)
440
(752
)
2,119
(762
)
Interest expense, net of capitalized
interest
283
354
871
1,060
Loss (gain) on modification or
extinguishment of debt
3
(3
)
(15
)
43
Interest and dividend income
(58
)
(20
)
(147
)
(28
)
Other expense (income), net
(4
)
49
(7
)
47
Income (loss) from operations
$
2,755
$
(3,016
)
$
13,054
$
(2,152
)
Adjustments to reconcile income (loss)
from operations to Consolidated Adjusted EBITDA:
Depreciation and amortization expense
298
280
892
827
Loss (gain) from changes in fair value of
commodity and FX derivatives, net (1)
(1,428
)
5,485
(6,941
)
9,683
Total non-cash compensation expense
39
33
114
103
Other
(1
)
—
1
3
Consolidated Adjusted EBITDA
$
1,663
$
2,782
$
7,120
$
8,464
___________________________
(1)
Change in fair value of commodity
and FX derivatives prior to contractual delivery or termination
Consolidated Adjusted EBITDA is commonly used as a supplemental
financial measure by our management and external users of our
Consolidated Financial Statements to assess the financial
performance of our assets without regard to financing methods,
capital structures, or historical cost basis. Consolidated Adjusted
EBITDA is not intended to represent cash flows from operations or
net income (loss) as defined by U.S. GAAP and is not necessarily
comparable to similarly titled measures reported by other
companies.
We believe Consolidated Adjusted EBITDA provides relevant and
useful information to management, investors and other users of our
financial information in evaluating the effectiveness of our
operating performance in a manner that is consistent with
management’s evaluation of financial and operating performance.
Consolidated Adjusted EBITDA is calculated by taking net income
(loss) attributable to common stockholders before net income (loss)
attributable to non-controlling interest, interest expense, net of
capitalized interest, taxes, depreciation and amortization, and
adjusting for the effects of certain non-cash items, other
non-operating income or expense items, and other items not
otherwise predictive or indicative of ongoing operating
performance, including the effects of modification or
extinguishment of debt, impairment expense and loss on disposal of
assets, changes in the fair value of our commodity and FX
derivatives prior to contractual delivery or termination, and
non-cash compensation expense. The change in fair value of
commodity and FX derivatives is considered in determining
Consolidated Adjusted EBITDA given that the timing of recognizing
gains and losses on these derivative contracts differs from the
recognition of the related item economically hedged. We believe the
exclusion of these items enables investors and other users of our
financial information to assess our sequential and year-over-year
performance and operating trends on a more comparable basis and is
consistent with management’s own evaluation of performance.
Consolidated Adjusted EBITDA and Distributable Cash
Flow
The following table reconciles our actual Consolidated Adjusted
EBITDA and Distributable Cash Flow to Net income (loss)
attributable to common stockholders for the three and nine months
ended September 30, 2023 and forecast amounts for full year 2023
(in billions):
Three Months
Ended
September 30,
Nine Months
Ended
September 30,
Full Year
2023
2023
2023
Net income attributable to common
stockholders
$
1.70
$
8.50
$
8.7
-
$
9.1
Net income attributable to non-controlling
interest
0.39
1.73
2.0
-
2.1
Income tax provision
0.44
2.12
2.3
-
2.4
Interest expense, net of capitalized
interest
0.28
0.87
1.2
-
1.2
Depreciation and amortization expense
0.30
0.89
1.2
-
1.2
Other expense (income), financing costs,
and certain non-cash operating expenses
(1.45
)
(7.00
)
(7.0
)
-
(7.2
)
Consolidated Adjusted EBITDA
$
1.66
$
7.12
$
8.3
-
$
8.8
Interest expense (net of capitalized
interest and amortization) and realized interest rate
derivatives
(0.27
)
(0.83
)
(1.2
)
-
(1.2
)
Maintenance capital expenditures
(0.06
)
(0.16
)
(0.2
)
-
(0.2
)
Income tax
(0.01
)
(0.10
)
(0.1
)
-
(0.1
)
Other income (expense)
0.05
0.13
(0.1
)
-
0.1
Consolidated Distributable Cash
Flow
$
1.39
$
6.16
$
6.7
-
$
7.3
Cheniere Partners’ distributable cash flow
attributable to non-controlling interest
(0.22
)
(0.70
)
(0.9
)
-
(1.0
)
Cheniere Distributable Cash
Flow
$
1.17
$
5.46
$
5.8
-
$
6.3
Note: Totals may not sum due to
rounding.
Distributable Cash Flow is defined as cash generated from the
operations of Cheniere and its subsidiaries and adjusted for
non-controlling interest. The Distributable Cash Flow of Cheniere’s
subsidiaries is calculated by taking the subsidiaries’ EBITDA less
interest expense, net of capitalized interest, interest rate
derivatives, taxes, maintenance capital expenditures and other
non-operating income or expense items, and adjusting for the effect
of certain non-cash items and other items not otherwise predictive
or indicative of ongoing operating performance, including the
effects of modification or extinguishment of debt, amortization of
debt issue costs, premiums or discounts, changes in fair value of
interest rate derivatives, impairment of equity method investment
and deferred taxes. Cheniere’s Distributable Cash Flow includes
100% of the Distributable Cash Flow of Cheniere’s wholly-owned
subsidiaries. For subsidiaries with non-controlling investors, our
share of Distributable Cash Flow is calculated as the Distributable
Cash Flow of the subsidiary reduced by the economic interest of the
non-controlling investors as if 100% of the Distributable Cash Flow
were distributed in order to reflect our ownership interests and
our incentive distribution rights, if applicable. The Distributable
Cash Flow attributable to non-controlling interest is calculated in
the same method as Distributions to non-controlling interest as
presented on our Consolidated Statements of Stockholders’ Equity in
our Forms 10-Q and Forms 10-K filed with the Securities and
Exchange Commission. This amount may differ from the actual
distributions paid to non-controlling investors by the subsidiary
for a particular period.
We believe Distributable Cash Flow is a useful performance
measure for management, investors and other users of our financial
information to evaluate our performance and to measure and estimate
the ability of our assets to generate cash earnings after servicing
our debt, paying cash taxes and expending sustaining capital, that
could be considered for deployment by our Board of Directors
pursuant to our capital allocation plan, such as by way of common
stock dividends, stock repurchases, retirement of debt, or
expansion capital expenditures1. Distributable Cash Flow is not
intended to represent cash flows from operations or net income
(loss) as defined by U.S. GAAP and is not necessarily comparable to
similarly titled measures reported by other companies.
______________________________
1
Capital spending for our business consists
primarily of:
-
Maintenance capital expenditures. These expenditures include
costs which qualify for capitalization that are required to sustain
property, plant and equipment reliability and safety and to address
environmental or other regulatory requirements rather than to
generate incremental distributable cash flow; and
-
Expansion capital expenditures. These expenditures are
undertaken primarily to generate incremental distributable cash
flow and include investment in accretive organic growth,
acquisition or construction of additional complementary assets to
grow our business, along with expenditures to enhance the
productivity and efficiency of our existing facilities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101661294/en/
Cheniere Energy, Inc. Investors
Randy Bhatia 713-375-5479 Frances Smith713-375-5753 Media Relations Eben Burnham-Snyder 713-375-5764
Bernardo Fallas 713-375-5593
Cheniere Energy (AMEX:LNG)
過去 株価チャート
から 4 2024 まで 5 2024
Cheniere Energy (AMEX:LNG)
過去 株価チャート
から 5 2023 まで 5 2024