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Safety Bodies Urge EU Not To Let US Vehicles Skirt Safety Rules

Safety Bodies Urge EU Not To Let US Vehicles Skirt Safety Rules

Forbes24-07-2025
Independent European road safety bodies are concerned that the U.S. will skirt around the EU's ... More crash-safety regulations as part of any trade deal. Photo: Guido Kirchner/picture alliance via Getty Images.
Europe's peak independent transport safety bodies have urged the European Union not to follow Japan's lead and allow U.S.-made vehicles to be sold to European customers without passing European safety regulations.
The European Transport Safety Council (ETSC) has insisted that the EU should not allow American companies to sidestep EU safety regulations in the interests of lowered tariffs with the U.S.
The Trump administration this week announced a trade deal with Japan, the centerpiece of which is a 15% reciprocal tariff on goods exported from Japan to the U.S. - which has American automakers concerned.
But the fine print of the deal showed that American automakers would now be allowed to sell their vehicles into the Japanese market - without passing Japanese domestic crash or emissions regulations.
News stories today hinted that the EU was preparing to sign a similar deal, allowing its automakers to export to the U.S. for a 15% tariff rather than building cars there, with the same circumvention of its crash-safety regulations, which are considered the toughest in the world.
Autonomous emergency braking, ntelligent speed assistance and pedestrian protection are some ... More features mandated under EU law that are not mandatory in U.S. cars. Photo: Getty.
In a statement released today, the ETSC expressed deep concern that the move could undermine years of crash-safety science and improvement and urged the EU to reject any such deal and insisted vehicle-safety standards were public protections, not trade barriers.
'We are deeply concerned by the trade deal reached this week by the governments of Japan and the United States, which reportedly removes domestic Japanese safety testing requirements for American-made vehicles exported to Japan,' the statement read.
"This move sets a dangerous precedent - one that could undermine road safety in countries that have led the world in automotive safety regulation.
'Allowing vehicles to bypass proven national safety standards for the sake of trade expediency risks turning back the clock on decades of progress in reducing road deaths and serious injuries.'
Signatories to the statement include the the Executive Director of the European Transport Safety Council (Antonio Avenoso), the Acting Director General of the FIA's Region 1 (Diogo Pinto), the Executive Director of Transport & Environment (William Todts) and the President of the International Federation of Pedestrians (Geert van Waeg). Others involved included leaders of the European Consumer Voice in Standardization, Cities and Regions for Transport Innovation and the European Cyclists' Federation.
Leading the pushback were Michiel van Ratingen, the Secretary General of Euro NCAP (New Car Assessment Program) and the CEO of Global NCAP, Richard Woods. NCAP programs have been responsible for enormous steps forward in consumer awareness of vehicle crash safety and, more lately, in driver-assistance systems.
'Reports indicate that Japan will now allow U.S. vehicles to enter its market without being subject to Japan's specific crash testing or safety compliance requirements. We urge the European Union not to follow suit,' the statement continued.
"Trade talks must not become a backdoor to regulatory weakening. Vehicle safety standards are not trade barriers; they are public protections backed by science and evidence. Weakening or bypassing them would lead to real and measurable harm - particularly to vulnerable road users such as pedestrians and cyclists.
"The EU has consistently adopted some of the world's most effective vehicle safety regulations, culminating in the General Safety Regulation that is currently in force. These rules mandate technologies such as automated emergency braking, intelligent speed assistance, and pedestrian protection - none of which are currently required for vehicles sold in the U.S.
'We urge EU leaders to maintain this position, and to state clearly that no deal on vehicles will be accepted unless all products placed on the EU market meet existing European regulatory requirements in full.'While the Trump administration has insisted that its tariff war would bring jobs back to America, it was the Toyota Motor Corp whose shares boomed on the Japanese tariff announcement, rising 13% to a seven-month high yesterday.
The Big Three U.S. automakers called for caution on the tariffs yesterday, with the head of the American Automotive Policy Council (which represents Ford, GM and Stellantis) insisting they would harm American manufacturers, rather than helping them.
'Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers,' the council's head, Matt Blunt, said in a statement.
Auto Drive America, which represents automakers who sell imported vehicles in the U.S., had a different take, and urged Trump to reach similar deals with the EU, Mexico and South Korea.
'We share President Trump's vision to make the U.S. the worldwide center of automotive production, and our member companies need stability in order to create an environment where we can maintain our competitive edge both in the U.S. and on the global stage,' Auto Drive America said in a statement.
The Trade War has been a collection of ups and downs that have driven automakers to despair, given that all U.S.-built cars contain at least 15% foreign-made parts.
The irony is that American cars have been sold tariff-free in Japan for decades, but have failed to garner interest due to being too large and inefficient for Japanese tastes. Now, they'll be at least 15% more expensive to Japanese buyers.
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Cheniere Reports Second Quarter 2025 Results and Updates Full Year 2025 Financial Guidance
Cheniere Reports Second Quarter 2025 Results and Updates Full Year 2025 Financial Guidance

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Cheniere Reports Second Quarter 2025 Results and Updates Full Year 2025 Financial Guidance

HOUSTON, August 07, 2025--(BUSINESS WIRE)--Cheniere Energy, Inc. ("Cheniere") (NYSE: LNG) today announced its financial results for the second quarter 2025. SECOND QUARTER 2025 SUMMARY FINANCIAL RESULTS (in billions) Three Months EndedJune 30, 2025 Six Months EndedJune 30, 2025 Revenues $4.6 $10.1 Net Income1 $1.6 $2.0 Consolidated Adjusted EBITDA2 $1.4 $3.3 Distributable Cash Flow2 $0.9 $2.2 2025 FULL YEAR FINANCIAL GUIDANCE (in billions) 2025 Previous 2025 Revised Consolidated Adjusted EBITDA2 $6.5 - $7.0 $6.6 - $7.0 Distributable Cash Flow2 $4.1 - $4.6 $4.4 - $4.8 RECENT HIGHLIGHTS Financial During the three and six months ended June 30, 2025, Cheniere generated revenues of approximately $4.6 billion and $10.1 billion, net income1 of approximately $1.6 billion and $2.0 billion, Consolidated Adjusted EBITDA2 of approximately $1.4 billion and $3.3 billion, and Distributable Cash Flow2 of approximately $0.9 billion and $2.2 billion, respectively. Tightening full year 2025 Consolidated Adjusted EBITDA2 guidance from $6.5 billion - $7.0 billion to $6.6 billion - $7.0 billion and raising and tightening full year 2025 Distributable Cash Flow2 guidance from $4.1 billion - $4.6 billion to $4.4 billion - $4.8 billion. Capital Allocation Pursuant to Cheniere's comprehensive capital allocation plan, Cheniere deployed approximately $1.3 billion and $2.6 billion towards accretive growth, balance sheet management and shareholder returns in the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2025, Cheniere repurchased an aggregate of approximately 1.4 million and 3.0 million shares of common stock for approximately $306 million and $656 million, respectively, paid quarterly dividends of $0.500 and $1.000 per share of common stock, totaling approximately $111 million and $223 million, respectively, and in the six months ended June 30, 2025, Cheniere repaid $300 million of consolidated long-term indebtedness. In June 2025, Cheniere announced updates to its long-term company outlook, including an over 10% increase to its run-rate liquefied natural gas ("LNG") production forecast, inclusive of the CCL Midscale Trains 8 & 9 Project (defined below) and debottlenecking. Cheniere also increased and extended its committed capital allocation targets, designed to maintain investment grade credit metrics through cycles, further return capital to shareholders, and continue to invest in accretive growth, as the Company expects to generate over $25 billion of available cash3 through 2030 to reach over $25 per share of run-rate Distributable Cash Flow2. In June 2025, Cheniere declared a dividend with respect to the second quarter 2025 of $0.500 per share of common stock, which is payable on August 18, 2025. In June 2025, Cheniere announced, subject to declaration by its Board of Directors, an increase to its quarterly dividend by over 10% from $2.00 to $2.22 per common share annualized, commencing with the third quarter of 2025. Growth In June 2025, Cheniere made a positive Final Investment Decision ("FID") with respect to the CCL Midscale Trains 8 & 9 Project and issued full notice to proceed to Bechtel Energy, Inc. ("Bechtel") effective June 18, 2025. In June 2025, LNG was produced for the first time from the second train ("Train 2") of the CCL Stage 3 Project (defined below), and on August 6, 2025, substantial completion of Train 2 was achieved. In June 2025, certain subsidiaries of Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE: CQP) updated the SPL Expansion Project's (defined below) application with the Federal Energy Regulatory Commission ("FERC") to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 million tonnes per annum ("mtpa") of LNG, inclusive of estimated debottlenecking opportunities. In July 2025, certain subsidiaries of Cheniere initiated the pre-filing review process with the FERC under the National Environmental Policy Act ("NEPA") for the CCL Stage 4 Expansion Project (defined below). Commercial In May 2025, Cheniere Marketing, LLC ("Cheniere Marketing") entered into a long-term Integrated Production Marketing ("IPM") gas supply agreement with a subsidiary of Canadian Natural Resources Limited to purchase 140,000 MMBtu per day of natural gas at a price based on the Platts Japan Korea Marker ("JKM") less fixed LNG shipping costs and a fixed liquefaction fee for a term of 15 years, which is expected to commence in 2030. The LNG associated with this gas supply, approximately 0.85 mtpa, will be marketed by Cheniere Marketing. In August 2025, Cheniere Marketing entered into a long-term LNG sale and purchase agreement ("SPA") with JERA Co., Inc. ("JERA"), under which JERA has agreed to purchase approximately 1.0 mtpa of LNG from Cheniere Marketing on a free-on-board basis from 2029 through 2050. The purchase price for LNG under the SPA is indexed to the Henry Hub price, plus a fixed liquefaction fee. CEO COMMENT "The second quarter of 2025 marked another outstanding quarter for Cheniere, as our team demonstrated its ability to execute safely, reliably and strategically throughout our business, highlighted by the positive FID of the CCL Midscale Trains 8 & 9 Project and the successful completion of our large-scale planned maintenance turnaround at Sabine Pass," said Jack Fusco, Cheniere's President and Chief Executive Officer. "Our strong financial and operational results year-to-date, coupled with our constructive outlook and visibility for the remainder of the year, have enabled us to tighten our full year 2025 Consolidated Adjusted EBITDA and Distributable Cash Flow guidance ranges. For the remainder of the year, we are focused on growing our brownfield platform, bringing online new capacity at Corpus Christi ahead of schedule and on budget, and delivering results within our upwardly revised guidance ranges." SUMMARY AND REVIEW OF FINANCIAL RESULTS (in millions, except LNG data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Change 2025 2024 % Change Revenues $ 4,641 $ 3,251 43 % $ 10,085 $ 7,504 34 % Net income1 $ 1,626 $ 880 85 % $ 1,979 $ 1,382 43 % Consolidated Adjusted EBITDA2 $ 1,416 $ 1,322 7 % $ 3,288 $ 3,095 6 % LNG exported: Number of cargoes 154 155 (1 )% 322 321 — % Volumes (TBtu) 550 553 (1 )% 1,159 1,155 — % LNG volumes loaded (TBtu) 550 552 — % 1,158 1,153 — % Net income1 increased approximately $746 million and $597 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding 2024 periods. The increases were primarily attributable to approximately $873 million and $596 million of favorable variances related to changes in fair value of our derivative instruments, including the impact of derivative instruments related to our long-term Integrated Production Marketing ("IPM") agreements (before tax and non-controlling interests) for the three and six months ended June 30, 2025, respectively, as compared to the corresponding 2024 periods. The increases were partially offset by higher provisions for income tax during both periods. Consolidated Adjusted EBITDA2 increased approximately $94 million and $193 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding 2024 periods. The increases were primarily due to higher total margins per MMBtu of LNG delivered during the 2025 periods as compared to the corresponding 2024 periods. The increases were partially offset by higher operating expenses related to planned maintenance activities at both the SPL Project (defined below) and CCL Project (defined below), as well as new capacity from the CCL Stage 3 Project, during the three months ended June 30, 2025, in addition to lower contributions from certain optimization activities related to our vessel charter portfolio during both periods. Share-based compensation expenses included in net income totaled $49 million and $105 million for the three and six months ended June 30, 2025, respectively, compared to $52 million and $92 million for the corresponding 2024 periods. Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Partners as of June 30, 2025 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 June 30, 2025: June 30, 2025 Cash and cash equivalents (1) $ 1,648 Restricted cash and cash equivalents (2) 369 Available commitments under our credit facilities: Sabine Pass Liquefaction, LLC ("SPL") Revolving Credit Facility 785 Cheniere Partners Revolving Credit Facility 1,000 Cheniere Corpus Christi Holdings, LLC ("CCH") Credit Facility 3,260 CCH Working Capital Facility 1,390 Cheniere Revolving Credit Facility 1,250 Total available commitments under our credit facilities 7,685 Total available liquidity $ 9,702 (1) $108 million of cash and cash equivalents was held by our consolidated variable interest entities ("VIEs"). (2) $40 million of restricted cash and cash equivalents was held by our consolidated VIEs. Recent Key Financial Transactions and Updates In July 2025, Cheniere Partners issued $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035, and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of the aggregate principal amount of SPL's 5.875% Senior Secured Notes due 2026. In August 2025, the $1.25 billion Cheniere Revolving Credit Facility was amended and restated to extend its maturity into 2030, reduce the rate of interest and commitment fees applicable thereunder, and make certain other changes to its terms and conditions. During the six months ended June 30, 2025, SPL repaid the remaining $300 million in principal amount of its 5.625% Senior Secured Notes due 2025 with cash on hand. LIQUEFACTION PROJECTS OVERVIEW SPL Project Through Cheniere Partners, we operate liquefaction and export facilities with a total production capacity of over 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 an expected total peak 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 Department of Energy ("DOE") requesting authorization to export LNG to Free-Trade Agreement ("FTA") and non-FTA countries, both of which applications exclude debottlenecking. In October 2024, we received authorization from the DOE to export LNG to FTA countries. In June 2025, the SPL Expansion Project's FERC application was updated to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities. CCL Project We operate liquefaction and export facilities with a total production capacity of over 18 mtpa of LNG at the Corpus Christi LNG terminal near Corpus Christi, Texas (the "CCL Project"), inclusive of Trains 1 and 2 of the CCL Stage 3 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"), including approximately 3 mtpa in operation and over 7 mtpa under construction. Substantial Completion was achieved for the first train of the CCL Stage 3 Project in March 2025, and substantial completion of Train 2 was achieved in August 2025. CCL Stage 3 Project Progress as of June 30, 2025: CCL Stage 3 Project Project Status Under Construction / Commissioning Project Completion Percentage 86.7%(1) Expected Substantial Completion 2H 2025 - 2H 2026 (1) Engineering 98.9% complete, procurement 99.8% complete, subcontract work 91.6% complete and construction 64.9% complete. CCL Midscale Trains 8 & 9 Project We are constructing an expansion adjacent to the CCL Stage 3 Project consisting of two additional midscale Trains with an expected total production capacity of approximately 5 mtpa of LNG (the "CCL Midscale Trains 8 & 9 Project"), inclusive of estimated debottlenecking opportunities. In June 2025, our Board of Directors made a positive FID with respect to the CCL Midscale Trains 8 & 9 Project and debottlenecking, and full notice to proceed was issued to Bechtel effective June 18, 2025. CCL Stage 4 Expansion Project We are developing an expansion adjacent to the CCL Project with an expected total peak production capacity of up to approximately 24 mtpa of LNG, inclusive of estimated debottlenecking opportunities (the "CCL Stage 4 Expansion Project"). In July 2025, certain of our subsidiaries initiated the pre-filing review process with the FERC with respect to the CCL Stage 4 Expansion Project. INVESTOR CONFERENCE CALL AND WEBCAST We will host a conference call to discuss our financial and operating results for the second quarter 2025 on Thursday, August 7, 2025, 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 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 Forecast as of June 24, 2025 and subject to change based upon, among other things, changes in commodity prices over time. 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 a total combined production capacity of approximately 49 mtpa of LNG in operation and an additional over 12 mtpa of expected production capacity under construction, inclusive of estimated debottlenecking opportunities. 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, Dubai and Washington, D.C. For additional information, please refer to the Cheniere website at and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, 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 August 1, 2025, approximately 4,220 cumulative LNG cargoes totaling approximately 290 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects. During the three and six months ended June 30, 2025, we exported 550 and 1,159 TBtu, respectively, of LNG from our liquefaction projects. 32 TBtu of LNG exported from our liquefaction projects and sold on a delivered basis was in transit as of June 30, 2025, 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 and six months ended June 30, 2025: Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 (in TBtu) Operational Commissioning Total Operational Commissioning Total Volumes loaded during the current period 550 — 550 1,152 6 1,158 Volumes loaded during the prior period but recognized during the current period 32 1 33 39 — 39 Less: volumes loaded during the current period and in transit at the end of the period (32 ) — (32 ) (32 ) — (32 ) Total volumes recognized in the current period 550 1 551 1,159 6 1,165 In addition, during the three and six months ended June 30, 2025, we recognized 8 and 15 TBtu, respectively, 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues LNG revenues $ 4,515 $ 3,042 $ 9,820 $ 7,079 Regasification revenues 34 34 68 68 Other revenues 92 175 197 357 Total revenues 4,641 3,251 10,085 7,504 Operating costs and expenses Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below) (2) 1,117 784 4,688 3,020 Operating and maintenance expense 559 463 1,032 914 Selling, general and administrative expense 99 99 215 200 Depreciation, amortization and accretion expense 329 304 641 606 Other operating costs and expenses 7 13 18 22 Total operating costs and expenses 2,111 1,663 6,594 4,762 Income from operations 2,530 1,588 3,491 2,742 Other income (expense) Interest expense, net of capitalized interest (237 ) (257 ) (466 ) (523 ) Loss on modification or extinguishment of debt — (9 ) — (9 ) Interest and dividend income 31 47 68 108 Other income (expense), net (1 ) 3 19 2 Total other expense (207 ) (216 ) (379 ) (422 ) Income before income taxes and non-controlling interests 2,323 1,372 3,112 2,320 Less: income tax provision 426 210 547 319 Net income 1,897 1,162 2,565 2,001 Less: net income attributable to non-controlling interests 271 282 586 619 Net income attributable to Cheniere $ 1,626 $ 880 $ 1,979 $ 1,382 Net income per share attributable to common stockholders—basic (1) $ 7.32 $ 3.85 $ 8.87 $ 5.97 Net income per share attributable to common stockholders—diluted (1) $ 7.30 $ 3.84 $ 8.85 $ 5.96 Weighted average number of common shares outstanding—basic 221.8 228.4 222.6 231.3 Weighted average number of common shares outstanding—diluted 222.3 228.9 223.2 231.9 ________________ (1) Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission. (2) Cost of sales includes approximately $1.4 billion and $0.7 billion of gains from changes in the fair value of commodity derivatives prior to contractual delivery or termination during the three and six months ended June 30, 2025, respectively, as compared to $0.7 billion and $0.4 billion of gains in the corresponding 2024 periods, respectively. Cheniere Energy, Inc. Consolidated Balance Sheets (in millions, except share data)(1)(2) (unaudited) June 30, December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 1,648 $ 2,638 Restricted cash and cash equivalents 369 552 Trade and other receivables, net of current expected credit losses 761 727 Inventory 482 501 Current derivative assets 147 155 Margin deposits 150 128 Other current assets, net 147 100 Total current assets 3,704 4,801 Property, plant and equipment, net of accumulated depreciation 34,829 33,552 Operating lease assets 2,776 2,684 Derivative assets 2,236 1,903 Deferred tax assets 18 19 Other non-current assets, net 1,015 899 Total assets $ 44,578 $ 43,858 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 161 $ 171 Accrued liabilities 1,492 2,179 Current debt, net of unamortized discount and debt issuance costs 609 351 Deferred revenue 145 163 Current operating lease liabilities 562 592 Current derivative liabilities 706 902 Other current liabilities 100 83 Total current liabilities 3,775 4,441 Long-term debt, net of unamortized discount and debt issuance costs 22,012 22,554 Operating lease liabilities 2,216 2,090 Derivative liabilities 1,621 1,865 Deferred tax liabilities 2,307 1,856 Other non-current liabilities 1,338 992 Total liabilities 33,269 33,798 Redeemable non-controlling interest 58 7 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; 279.2 million shares and 278.7 million shares issued at June 30, 2025 and December 31, 2024, respectively 1 1 Treasury stock: 57.7 million shares and 54.7 million shares at June 30, 2025 and December 31, 2024, respectively, at cost (6,798 ) (6,136 ) Additional paid-in-capital 4,483 4,452 Retained earnings 9,021 7,382 Total Cheniere stockholders' equity 6,707 5,699 Non-controlling interests 4,544 4,354 Total stockholders' equity 11,251 10,053 Total liabilities, redeemable non-controlling interest and stockholders' equity $ 44,578 $ 43,858 ________________ (1) Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, 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 June 30, 2025, total assets and liabilities of our VIEs, which are included in our Consolidated Balance Sheets, were $16.7 billion and $17.2 billion, respectively, including $108 million of cash and cash equivalents and $40 million of restricted cash and cash equivalents. Reconciliation of Non-GAAP MeasuresRegulation G Reconciliations Consolidated Adjusted EBITDA The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the three and six months ended June 30, 2025 and 2024 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income attributable to Cheniere $ 1,626 $ 880 $ 1,979 $ 1,382 Net income attributable to non-controlling interests 271 282 586 619 Income tax provision 426 210 547 319 Interest expense, net of capitalized interest 237 257 466 523 Loss on modification or extinguishment of debt — 9 — 9 Interest and dividend income (31 ) (47 ) (68 ) (108 ) Other expense (income), net 1 (3 ) (19 ) (2 ) Income from operations $ 2,530 $ 1,588 $ 3,491 $ 2,742 Adjustments to reconcile income from operations to Consolidated Adjusted EBITDA: Depreciation, amortization and accretion expense 329 304 641 606 Gain from changes in fair value of commodity and foreign exchange ("FX") derivatives, net (1) (1,479 ) (606 ) (917 ) (321 ) Total non-cash compensation expense 35 33 72 65 Other operating costs and expenses 1 3 1 3 Consolidated Adjusted EBITDA $ 1,416 $ 1,322 $ 3,288 $ 3,095 ________________ (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 interests, interest expense, net of capitalized interest, taxes, depreciation, amortization and accretion expense, 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, gain or 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 and six months ended June 30, 2025 and forecast amounts for full year 2025 (in billions): Three MonthsEnded June 30, Six MonthsEnded June 30, Full Year 2025 2025 2025 Net income attributable to Cheniere $ 1.63 $ 1.98 $ 3.1 - $ 3.4 Net income attributable to non-controlling interests 0.27 0.59 1.2 - 1.2 Income tax provision 0.43 0.55 0.9 - 1.0 Interest expense, net of capitalized interest 0.24 0.47 0.9 - 0.9 Depreciation, amortization and accretion expense 0.33 0.64 1.3 - 1.3 Other income, financing costs, and certain non-cash operating expenses (1.47 ) (0.93 ) (0.8 ) - (0.7 ) Consolidated Adjusted EBITDA $ 1.42 $ 3.29 $ 6.6 - $ 7.0 Interest expense, net of interest income, capitalized interest and amortization (0.19 ) (0.35 ) (0.8 ) - (0.8 ) Maintenance capital expenditures (0.06 ) (0.09 ) (0.2 ) - (0.2 ) Income tax (excludes deferred taxes)(1) (0.02 ) (0.11 ) (0.1 ) - 0.0 Other income (expense) (0.02 ) (0.06 ) (0.1 ) - (0.1 ) Consolidated Distributable Cash Flow $ 1.13 $ 2.68 $ 5.4 - $ 6.0 Distributable Cash Flow attributable to non-controlling interests (0.20 ) (0.48 ) (1.0 ) - (1.2 ) Cheniere Distributable Cash Flow $ 0.92 $ 2.19 $ 4.4 - $ 4.8 ________________ Note: Totals may not sum due to rounding. (1) Our cash tax payments are subject to commodity and market volatility, regulatory changes and other factors which could significantly impact both the timing and amount of our future cash tax payments. Our 2025 full year Distributable Cash Flow guidance reflects current tax law and does not consider any prospective changes to local, domestic or international tax laws and regulations, or their interpretation and application. Our actual results could differ materially from our guidance due to such risks, uncertainties and other factors, including those set forth in Risk Factors or as disclosed under Operating Cash Flows in Sources and Uses of Cash within Liquidity and Capital Resources of the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025 and Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission. Distributable Cash Flow is defined as cash generated from the operations of Cheniere and its subsidiaries and adjusted for non-controlling interests. The Distributable Cash Flow of Cheniere's subsidiaries is calculated by taking the subsidiaries' EBITDA less interest expense, net of capitalized interest, 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, 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 interests is calculated in the same method as Distributions to non-controlling interests 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 Contacts Cheniere Energy, Randy Bhatia, 713-375-5479Frances Smith, 713-375-5753Media Relations Randy Bhatia, 713-375-5479Bernardo Fallas, 713-375-5593 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trump, Putin meeting agreed on, Kremlin says
Trump, Putin meeting agreed on, Kremlin says

Yahoo

time9 minutes ago

  • Yahoo

Trump, Putin meeting agreed on, Kremlin says

The United States and Russia have agreed on a meeting "in the coming days" between President Trump and his Russian counterpart, Vladimir Putin, the Kremlin said Thursday. Putin's foreign affairs adviser Yuri Ushakov said a place has been chosen and will be announced later and the two sides are working out details but are targeting next week for the session. The meeting would be their first since Mr. Trump returned to office. The Kremlin announcement came after Mr. Trump said Wednesday there's a "good chance" he will meet with Putin and Ukrainian President Volodymyr Zelenskyy soon — as Mr. Trump presses Russia to end its three-year invasion of Ukraine. White House Press Secretary Karoline Leavitt said Wednesday that Russia suggested a meeting between Mr. Trump and Putin, and Mr. Trump is "open" to the idea of a meeting with both Russia and Ukraine's leaders. Asked hours later whether Putin and Zelenskyy had agreed to a summit, Mr. Trump told reporters "there's a very good prospect that they will." He said it's not clear where the meeting would take place. Mr. Trump's comments came just before his Friday deadline for Russia to either strike a ceasefire deal with Ukraine or face sanctions. It wasn't clear how the announcement of the Trump-Putin meeting would affect that deadline. Putin met with Mr. Trump's envoy, Steve Witkoff, in Moscow earlier Wednesday. The U.S. president called the hours-long meeting "highly productive" and wrote in a Truth Social post that "great progress was made" — a change of tone after Mr. Trump expressed frustration with Russia for much of last month. Ushakov said Thursday that Whitkoff mentioned the idea to Putin of a trilateral meeting of Putin, Mr. Trump, and Zelensky, but Moscow "left this option completely, without comment." Mr. Trump also held a call Wednesday with European leaders and NATO Secretary-General Mark Rutte. A senior Trump administration official told CBS News earlier Wednesday the meeting between Witkoff and Putin "went well." "The Russians are eager to continue engaging with the United States," the official said. Asked about the Witkoff-Putin meeting, Secretary of State Marco Rubio said: "We'll have some other discussions throughout the day, and then hopefully there'll be some announcements here fairly soon. Maybe positive, maybe not. We'll see." Zelensky on Thursday called for a face-to-face meeting with Putin to try to end the war, French news agency AFP reports. "We in Ukraine have repeatedly said that finding real solutions can be truly effective at the level of leaders," Zelensky wrote on social media. He also said he spoke with German Chancellor Friedrich Merz and that "Europe must be a participant in the relevant processes." "Ukraine is not afraid of meetings and expects the same bold approach from the Russian side," Zelenskyy said. "It is time to end the war. Thanks to everyone who helps!" Mr. Trump has pressed both Russia and Ukraine to reach a ceasefire, but he has oscillated between blaming Putin and Zelenskyy for a lack of progress. In recent weeks, Mr. Trump has grown irritated with Putin over Russia's continued attacks on Ukrainian cities. Last week, Mr. Trump demanded that Putin strike a ceasefire deal with Ukraine within 10 days, or Russia could face repercussions, including sanctions on Russia and countries that do business with it. That deadline runs out on Friday. "The secondary sanctions are still expected to be implemented on Friday," the senior Trump administration official told CBS News following the Putin-Witkoff meeting. Mr. Trump has already begun targeting some Russian trading partners, slapping an additional 25% tariff on Indian goods Wednesday because the South Asian country continues to buy oil from Russia. That brings the total tax on Indian imports to 50%. Former Russian President Dmitry Medvedev — the deputy chair of Russia's security council — responded to Mr. Trump's sanction threats last week by warning: "Each new ultimatum is a threat and a step towards war." Mr. Trump called Medvedev's statement "highly provocative" and said he was ordering two submarines to be "positioned in the appropriate regions" in response. At other points, Mr. Trump has lashed out at Zelenskyy and accused him of prolonging Russia's invasion, which began in February 2022. He publicly argued with the Ukrainian leader in an Oval Office meeting, and in at least two cases, his administration has temporarily paused crucial U.S. military aid to Ukraine before restoring the shipments. Sneak peek: The Strange Shooting of Alex Pennig Quadruple murder suspect captured in Tennessee, officials confirm Neil deGrasse Tyson weighs in on plans for a moon-based nuclear reactor

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