Cheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) today announced
its financial results for the first quarter 2024.
FIRST QUARTER 2024 SUMMARY FINANCIAL RESULTS
(in billions)
Three Months Ended March 31,
2024
Revenues
$4.3
Net Income1
$0.5
Consolidated Adjusted EBITDA2
$1.8
Distributable Cash Flow2
$1.2
2024 FULL YEAR FINANCIAL GUIDANCE
(in billions)
2024
Consolidated Adjusted EBITDA2
$5.5
-
$6.0
Distributable Cash Flow2
$2.9
-
$3.4
RECENT HIGHLIGHTS
- During the three months ended March 31, 2024, Cheniere
generated revenues of approximately $4.3 billion, net income1 of
approximately $0.5 billion, Consolidated Adjusted EBITDA2 of
approximately $1.8 billion, and Distributable Cash Flow2 of
approximately $1.2 billion.
- Reconfirming full year 2024 Consolidated Adjusted EBITDA2
guidance of $5.5 billion - $6.0 billion and full year 2024
Distributable Cash Flow2 guidance of $2.9 billion - $3.4
billion.
- Pursuant to Cheniere’s comprehensive capital allocation plan,
during the three months ended March 31, 2024, Cheniere repurchased
an aggregate of approximately 7.5 million shares of common stock
for approximately $1.2 billion, prepaid $150 million of
consolidated long-term indebtedness, and paid a quarterly dividend
of $0.435 per share of common stock.
- In April 2024, Cheniere declared a dividend with respect to the
first quarter 2024 of $0.435 per share of common stock, which is
payable on May 17, 2024.
- In February 2024, certain subsidiaries of Cheniere Energy
Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) submitted an
application3 to the Federal Energy Regulatory Commission (“FERC”)
for authorization to site, construct and operate the SPL Expansion
Project (defined below), as well as an application3 to the
Department of Energy (“DOE”) requesting authorization to export
liquefied natural gas (“LNG”) to Free-Trade Agreement (“FTA”) and
non-FTA countries.
CEO COMMENT
“Our strong financial results in the first quarter of 2024
reinforce our confidence in delivering full year Consolidated
Adjusted EBITDA and Distributable Cash Flow within our guidance
ranges,” said Jack Fusco, Cheniere’s President and Chief Executive
Officer. “Our focus for 2024 remains on excellence in execution
across our operations, construction and project development
initiatives. Our leading track record on these fronts is a
significant competitive advantage as we pursue LNG capacity
expansions at both Sabine Pass and Corpus Christi, which will
enable our customers to realize the energy security, reliability,
and environmental benefits of our LNG.”
SUMMARY AND REVIEW OF FINANCIAL RESULTS
(in millions, except LNG data)
Three Months Ended March
31,
2024
2023
% Change
Revenues
$
4,253
$
7,310
(42
)%
Net income1
$
502
$
5,434
(91
)%
Consolidated Adjusted EBITDA2
$
1,773
$
3,599
(51
)%
LNG exported:
Number of cargoes
166
167
(1
)%
Volumes (TBtu)
602
603
—
%
LNG volumes loaded (TBtu)
601
602
—
%
Net income1 was approximately $0.5 billion for the three months
ended March 31, 2024 as compared to approximately $5.4 billion for
the corresponding 2023 period. The unfavorable change was primarily
due to an approximate $5.0 billion unfavorable change in the fair
value of our derivative instruments (further described below), from
a $4.7 billion gain in the prior period to a $0.3 billion loss for
the three months ended March 31, 2024 (before tax and
non-controlling interests). The unfavorable change was partially
offset by a lower provision for income tax as well as lower net
income attributable to non-controlling interests during the
period.
Consolidated Adjusted EBITDA decreased approximately $1.8
billion for the three months ended March 31, 2024 as compared to
the corresponding 2023 period. The decrease was primarily due to
moderating international gas prices and the higher proportion of
our LNG being sold under long-term contracts, resulting in lower
total margins per MMBtu of LNG delivered compared to the prior
period.
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 changes in international
forward commodity curves during the three months ended March 31,
2024, we recognized $0.3 billion of non-cash unfavorable changes in
fair value attributable to such positions (before tax and
non-controlling interests), compared to $4.0 billion of non-cash
favorable changes in fair value in the corresponding 2023
period.
Share-based compensation expenses included in net income totaled
$40 million for the three months ended March 31, 2024, compared to
$49 million for the corresponding 2023 period.
Our financial results are reported on a consolidated basis. Our
ownership interest in Cheniere Partners as of March 31, 2024
consisted of 100% ownership of the general partner and a 48.6%
limited partner interest.
BALANCE SHEET MANAGEMENT
Capital Resources
The table below provides a summary of our available liquidity
(in millions) as of March 31, 2024:
March 31, 2024
Cash and cash equivalents (1)
$
4,411
Restricted cash and cash equivalents
(2)
427
Available commitments under our credit
facilities:
Sabine Pass Liquefaction, LLC (“SPL”)
Revolving Credit Facility
728
Cheniere Partners Revolving Credit
Facility
1,000
Cheniere Corpus Christi Holdings, LLC
(“CCH”) Credit Facility
3,260
CCH Working Capital Facility
1,345
Cheniere Revolving Credit Facility
1,250
Total available commitments under our
credit facilities
7,583
Total available liquidity
$
12,421
(1)
$333 million of cash and cash
equivalents was held by our consolidated variable interest entities
(“VIEs”).
(2)
$64 million of restricted cash
and cash equivalents was held by our consolidated VIEs.
Subsequent to March 31, 2024, approximately $1.5 billion of cash
was used to retire all of the remaining outstanding principal
amount of CCH’s 5.875% Senior Secured Notes due 2025 (the “2025 CCH
Senior Notes”) (see Recent Key Financial Transactions and Updates
below).
Recent Key Financial Transactions and Updates
In March 2024, Cheniere issued $1.5 billion aggregate principal
amount of 5.650% Senior Notes due 2034 (the “2034 Cheniere Senior
Notes”). In April 2024, the net proceeds of the 2034 Cheniere
Senior Notes, together with cash on hand, were used to retire all
of the remaining outstanding aggregate principal amount of the 2025
CCH Senior Notes.
During the three months ended March 31, 2024, SPL prepaid $150
million in principal amount of its 5.750% Senior Secured Notes due
2024 with cash on hand.
LIQUEFACTION PROJECTS OVERVIEW
SPL Project
Through Cheniere Partners, we operate six natural gas
liquefaction Trains for a total production capacity of
approximately 30 million tonnes per annum (“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 an expected total production
capacity of up to approximately 20 mtpa of LNG (the “SPL Expansion
Project”), inclusive of estimated debottlenecking opportunities. In
February 2024, certain subsidiaries of Cheniere Partners submitted
an application to the FERC for authorization to site, construct and
operate the SPL Expansion Project, as well as an application to the
DOE requesting authorization to export LNG to FTA and non-FTA
countries, both of which applications exclude debottlenecking.
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”). First LNG production from the first train of the CCL
Stage 3 Project is currently forecast to be achieved by the end of
2024.
CCL Stage 3 Project Progress as of March 31, 2024:
CCL Stage 3 Project
Project Status
Under Construction
Project Completion Percentage
55.9%(1)
Expected Substantial Completion
1H 2025 - 2H 2026
(1)
Engineering 89.3% complete, procurement
74.8% complete, subcontract work 75.4% complete and construction
16.5% complete.
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 DOE requesting authorization to
export LNG to FTA and non-FTA countries. In July 2023, we received
authorization from the DOE to export LNG to FTA countries.
INVESTOR CONFERENCE CALL AND WEBCAST
We will host a conference call to discuss our financial and
operating results for the first quarter 2024 on Friday, May 3,
2024, at 11 a.m. Eastern time / 10 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.
___________________________
1 Net income as used herein refers to Net
income attributable to Cheniere Energy, Inc. on our Consolidated
Statements of Operations.
2 Non-GAAP financial measure. See
“Reconciliation of Non-GAAP Measures” for further details.
3 Excludes debottlenecking potential.
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 March 31, 2024, 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, (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, and (viii) statements relating to our
goals, commitments and strategies in relation to environmental
matters. 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 April 25, 2024, over 3,400 cumulative LNG cargoes totaling
over 230 million tonnes of LNG have been produced, loaded and
exported from our liquefaction projects.
During the three months ended March 31, 2024, we exported 602
TBtu of LNG from our liquefaction projects. 30 TBtu of LNG exported
from our liquefaction projects and sold on a delivered basis was in
transit as of March 31, 2024, none of which was related to
commissioning activities.
The following table summarizes the volumes of LNG that were
loaded from our liquefaction projects and for which the financial
impact was recognized on our Consolidated Financial Statements
during the three months ended March 31, 2024:
(in TBtu)
Three Months Ended March 31,
2024
Volumes loaded during the current
period
601
Volumes loaded during the prior period but
recognized during the current period
37
Less: volumes loaded during the current
period and in transit at the end of the period
(30
)
Total volumes recognized in the current
period
608
In addition, during the three months ended March 31, 2024, we
recognized 11 TBtu of LNG 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
March 31,
2024
2023
Revenues
LNG revenues
$
4,037
$
7,091
Regasification revenues
34
34
Other revenues
182
185
Total revenues
4,253
7,310
Operating costs and expenses
(recoveries)
Cost (recovery) of sales (excluding items
shown separately below) (2)
2,236
(1,539
)
Operating and maintenance expense
451
444
Selling, general and administrative
expense
101
107
Depreciation and amortization expense
302
297
Other
9
10
Total operating costs and expenses
(recoveries)
3,099
(681
)
Income from operations
1,154
7,991
Other income (expense)
Interest expense, net of capitalized
interest
(266
)
(297
)
Gain on modification or extinguishment of
debt
—
20
Interest and dividend income
61
35
Other income (expense), net
(1
)
2
Total other expense
(206
)
(240
)
Income before income taxes and
non-controlling interest
948
7,751
Less: income tax provision
109
1,316
Net income
839
6,435
Less: net income attributable to
non-controlling interest
337
1,001
Net income attributable to Cheniere
$
502
$
5,434
Net income per share attributable to
common stockholders—basic (3)
$
2.14
$
22.28
Net income per share attributable to
common stockholders—diluted (3)
$
2.13
$
22.10
Weighted average number of common shares
outstanding—basic
234.2
243.9
Weighted average number of common shares
outstanding—diluted
235.0
245.8
___________________________
(1)
Please refer to the Cheniere
Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended
March 31, 2024, filed with the Securities and Exchange
Commission.
(2)
Cost of sales includes
approximately $0.3 billion of losses from changes in the fair value
of commodity derivatives prior to contractual delivery or
termination during the three months ended March 31, 2024, as
compared to $4.7 billion of gains in the corresponding 2023
period.
(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)
March 31,
December 31,
2024
2023
(unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
4,411
$
4,066
Restricted cash and cash equivalents
427
459
Trade and other receivables, net of
current expected credit losses
675
1,106
Inventory
363
445
Current derivative assets
122
141
Margin deposits
34
18
Other current assets, net
77
96
Total current assets
6,109
6,331
Property, plant and equipment, net of
accumulated depreciation
32,705
32,456
Operating lease assets
2,924
2,641
Derivative assets
367
863
Deferred tax assets
27
26
Other non-current assets, net
779
759
Total assets
$
42,911
$
43,076
LIABILITIES, REDEEMABLE
NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
102
$
181
Accrued liabilities
1,097
1,780
Current debt, net of unamortized debt
issuance costs
3,633
300
Deferred revenue
125
179
Current operating lease liabilities
678
655
Current derivative liabilities
536
750
Other current liabilities
41
43
Total current liabilities
6,212
3,888
Long-term debt, net of unamortized
discount and debt issuance costs
21,401
23,397
Operating lease liabilities
2,247
1,971
Finance lease liabilities
458
467
Derivative liabilities
2,359
2,378
Deferred tax liabilities
1,534
1,545
Other non-current liabilities
402
410
Total liabilities
34,613
34,056
Redeemable non-controlling interest
4
—
Stockholders’ equity
Preferred stock: $0.0001 par value, 5.0
million shares authorized, none issued
—
—
Common stock: $0.003 par value, 480.0
million shares authorized; 278.5 million shares and 277.9 million
shares issued at March 31, 2024 and December 31, 2023,
respectively
1
1
Treasury stock: 48.4 million shares and
40.9 million shares at March 31, 2024 and December 31, 2023,
respectively, at cost
(5,067
)
(3,864
)
Additional paid-in-capital
4,371
4,377
Retained earnings
4,945
4,546
Total Cheniere stockholders’ equity
4,250
5,060
Non-controlling interest
4,044
3,960
Total stockholders’ equity
8,294
9,020
Total liabilities, redeemable
non-controlling interest and stockholders’ equity
$
42,911
$
43,076
___________________________
(1)
Please refer to the Cheniere
Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended
March 31, 2024, filed with the Securities and Exchange
Commission.
(2)
Amounts presented include
balances held by our consolidated VIEs, substantially all of which
are related to Cheniere Partners. As of March 31, 2024, total
assets and liabilities of our VIEs, which are included in our
Consolidated Balance Sheets, were $17.4 billion and $18.3 billion,
respectively, including $333 million of cash and cash equivalents
and $64 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 months ended March 31, 2024 and
2023 (in millions):
Three Months Ended March
31,
2024
2023
Net income attributable to Cheniere
$
502
$
5,434
Net income attributable to non-controlling
interest
337
1,001
Income tax provision
109
1,316
Interest expense, net of capitalized
interest
266
297
Gain on modification or extinguishment of
debt
—
(20
)
Interest and dividend income
(61
)
(35
)
Other expense (income), net
1
(2
)
Income from operations
$
1,154
$
7,991
Adjustments to reconcile income from
operations to Consolidated Adjusted EBITDA:
Depreciation and amortization expense
302
297
Loss (gain) from changes in fair value of
commodity and foreign exchange (“FX”) derivatives, net (1)
285
(4,731
)
Total non-cash compensation expense
32
42
Consolidated Adjusted EBITDA
$
1,773
$
3,599
___________________________
(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 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
attributable to Cheniere before net income 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 attributable to
Cheniere for the three months ended March 31, 2024 and forecast
amounts for full year 2024 (in billions):
Three Months Ended March
31,
Full Year
2024
2024
Net income attributable to Cheniere
$
0.50
$
1.6
-
$
2.0
Net income attributable to non-controlling
interest
0.34
1.0
-
1.1
Income tax provision
0.11
0.4
-
0.5
Interest expense, net of capitalized
interest
0.27
1.1
-
1.1
Depreciation and amortization expense
0.30
1.2
-
1.2
Other expense (income), financing costs,
and certain non-cash operating expenses
0.26
0.2
-
0.1
Consolidated Adjusted EBITDA
$
1.77
$
5.5
-
$
6.0
Interest expense (net of capitalized
interest and amortization) and realized interest rate
derivatives
(0.25
)
(1.0
)
-
(1.0
)
Maintenance capital expenditures
(0.02
)
(0.2
)
-
(0.2
)
Income tax
(0.11
)
(0.4
)
-
(0.5
)
Other income (expense)
0.05
(0.1
)
-
0.1
Consolidated Distributable Cash
Flow
$
1.44
$
3.8
-
$
4.4
Distributable Cash Flow attributable to
non-controlling interest
(0.27
)
(0.9
)
-
(1.0
)
Cheniere Distributable Cash
Flow
$
1.16
$
2.9
-
$
3.4
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
(Deficit) 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 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/20240501192138/en/
Investors Randy Bhatia,
713-375-5479 Frances Smith, 713-375-5753 Media Relations Eben Burnham-Snyder, 713-375-5764
Bernardo Fallas, 713-375-5593
Cheniere Energy (NYSE:LNG)
過去 株価チャート
から 4 2024 まで 5 2024
Cheniere Energy (NYSE:LNG)
過去 株価チャート
から 5 2023 まで 5 2024
