Latest news with #Cheniere
Yahoo
3 days ago
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The largest Fortune 500 company has 2 million employees. These 8 have under 2,000
Fortune 500 companies collectively employ nearly 31 million workers. None more than Walmart, which once again tops the list in 2025 as the largest private employer in the U.S. with approximately 2.1 million employees on its payroll. But scale isn't always tied to headcount. In 2025, eight companies on the list brought in massive revenues—over $87 billion combined—with lean teams of fewer than 2,000 employees each. These companies, many of which operate in energy or asset-heavy industries, exemplify operational intensity over organizational sprawl, extracting outsized profits with relatively small workforces. What allows these lean companies to generate billions in revenue with workforces under 2,000? Three consistent trends emerge: 1. Capital-intensive, not labor-intensive industriesMost of these companies operate in energy, natural resources, or asset-heavy sectors, such as refining, metals, or real estate investment. Their business models rely more on infrastructure, equipment, and commodity markets than on large-scale human labor. One oil refinery or liquid natural gas export terminal, for instance, can generate billions in revenue with relatively few employees. 2. Operational leverage and high-value outputCompanies like Cheniere and Diamondback Energy benefit from high operational leverage, meaning that once the infrastructure is in place, incremental output and profit scale without a proportional increase in the workforce. For example, the precious metals trading company A-Mark Precious Metals moves vast amounts of high-value assets, like gold and silver, that don't require a large salesforce or service base. 3. Consolidation and focused growth Several of these companies have grown through acquisition—Diamondback, Par Pacific, Ovintiv—not workforce expansion. Strategic M&A enables them to scale revenue and geographic reach while maintaining a stable headcount. Others, like Delek, have divested labor-intensive segments, such as retail stores, to concentrate on more capital-efficient units. The key pattern here is that lean revenue giants tend to cluster in industries where physical assets, not people, drive performance and where scaling up doesn't mean scaling headcount. They're also more common in sectors with high fixed costs and volatile pricing, like energy and commodities, where margins can fluctuate dramatically based on market conditions. Here are the Fortune 500 companies bringing in billions with the lowest headcounts. Rank: No. 275Revenue: $15.7 BillionEmployees: 1,714Cheniere is the largest exporter of liquified natural gas in the U.S. and the world's second-largest producer of superchilled gas. Headquartered in Houston, the company operates major export terminals at Sabine Pass and Corpus Christi and supplies LNG to more than 40 markets across five continents. Despite recent financial pressures, Cheniere continues to pursue global expansion, buoyed by President Donald Trump's favorable stance toward natural gas. The company dropped 75 spots in this year's ranking and has been led by CEO Jack Fusco since 2016. Rank: No. 327Revenue: $13.01 BillionEmployees: 1,797Founded in 1933, New York-based Hess is a major oil and gas producer with operations in the Gulf of Mexico and partnerships in Malaysia and Thailand. The company rose 51 spots this year and has been a Fortune 500 mainstay for 68 years. John B. Hess, son of founder Leon Hess, has served as CEO for three decades. In 2023, Chevron agreed to acquire Hess, a deal that is still pending. Rank: No. 336Revenue: $12.46 BillionEmployees: 1,987Delek US Holdings, based in Tennessee, operates across petroleum refining, logistics, asphalt, and fuel retail. In 2024, it sold hundreds of convenience stores to Mexico's FEMSA for $385 million, refocusing on its core refining and logistics operations. Delek, a Fortune 500 company for 11 years, dropped 92 spots in this year's ranking. CEO Avigal Soreq, who previously worked at El Al Airlines and held earlier roles at Delek, took the helm in 2022. Rank: No. 383Revenue: $11.06 BillionEmployees: 1,983Texas-based Diamondback Energy, founded in 2007, is a fast-growing oil and gas company focused on the Permian Basin. It jumped 66 spots this year after major acquisitions: a $26 billion deal for Endeavor Energy Resources in 2024 and a $4.1 billion purchase of Double Eagle IV assets in 2025. CEO Travis Stice, who led the company since 2012, is stepping down this year. The company's president, Kaes Van't Hof, will succeed him. Rank: No. 423Revenue: $9.69 BillionEmployees: 486With fewer than 500 employees, California-based A-Mark Precious Metals specializes in trading gold, silver, platinum, and palladium for wholesale and retail buyers. Founded in 1965, the company first entered the Fortune 500 in 2015. Under longtime CEO Gregory Roberts, who has led the company since 2005, A-Mark has expanded through acquisitions, including that of Goldline International in 2017. Rank: No. 438Revenue: $9.15 BillionEmployees: 1,623Denver-based Ovintiv emerged from a reorganization of Canadian energy firm Encana in 2020. It focuses on shale development in North America's Permian Basin and Canada's Montney Shale. The company, which dropped 65 spots this year, is led by CEO Brendan McCracken. In 2024, Ovintiv spent $2.38 billion acquiring Montney shale assets to expand its footprint. Rank: No. 472Revenue: $7.99 billionEmployees: 685Welltower is an Ohio-based healthcare real estate investment trust focused on senior housing, assisted living, and medical office buildings across the U.S., Canada, and the U.K. Under CEO Shankh Mitra, who took the helm in 2020, the company has invested more than $4 billion in senior and active adult housing. The 2025 list marks Welltower's Fortune 500 debut. Rank: No. 474Revenue: $7.97 BillionEmployees: 1,787Par Pacific, headquartered in Houston, operates refineries in Hawaii, Montana, and Washington, with a total capacity of over 150,000 barrels per day. In 2023, the company acquired ExxonMobil's Billings Refinery in Montana. Par Pacific dropped 20 spots this year. William Monteleone, a finance and M&A veteran, became CEO in 2024. This story was originally featured on 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
Yahoo
7 days ago
- Business
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Cheniere Energy Inks 15-Year LNG Deal With Canadian Natural
Cheniere Energy, Inc. LNG recently announced that in order to secure future liquefied natural gas ('LNG') volumes, it has entered into a long-term Integrated Production Marketing ('IPM') agreement with Canadian Natural Resources Limited CNQ. The deal, made through Cheniere Marketing, LLC, underscores a deepening partnership between upstream gas producers and global LNG marketers. Under the IPM agreement, a subsidiary of CNQ will supply 140,000 million British Thermal Units of natural gas per day to Cheniere Marketing over a 15-year term, starting in 2030. CNQ will serve as the guarantor for the agreement. The resulting LNG, amounting to approximately 0.85 million tons per annum (mtpa), will be marketed by Cheniere Marketing. Cheniere, currently carrying a Zacks Rank #3 (Hold), will pay a price linked to the Platts Japan Korea Marker, net of fixed shipping and liquefaction costs, ensuring pricing transparency and market alignment. This IPM agreement is contingent upon a positive Final Investment Decision ('FID') for Cheniere's Sabine Pass Liquefaction Expansion Project (SPL Expansion Project). The company, through its partners, is developing an expansion adjacent to the SPL Project, known as the SPL Expansion Project, with an anticipated production capacity of up to approximately 20 mtpa of LNG, including potential debottlenecking opportunities. By securing feed gas supply through long-term contracts, Cheniere is positioning itself to meet growing demand in Asia's LNG markets and enhance the commercial viability of expansion plans. In February 2024, certain subsidiaries of Cheniere Partners submitted applications to the Federal Energy Regulatory Commission for site approval to construct and operate the SPL Expansion Project. Additionally, these subsidiaries applied to the Department of Energy ('DOE') for authorization to export LNG to both Free Trade Agreement ('FTA') and non-FTA countries, excluding debottlenecking activities. In October 2024, the DOE granted authorization to export LNG to FTA countries. The development of this expansion project requires regulatory approvals and acceptable commercial and financing arrangements before the company makes a positive FID. Therefore, this deal with Canadian Natural Resources will serve as a base to secure a positive FID. Investors interested in the energy sector might look at some better-ranked stocks like Flotek Industries, Inc. FTK and Epsilon Energy Ltd. EPSN. Flotek Industries and Epsilon Energy currently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK's 2025 earnings indicates 55.88% year-over-year growth. Houston, TX-based Epsilon Energy is an on-shore focused oil and natural gas company that is engaged in the acquisition, development, gathering and production of oil and gas reserves. The Zacks Consensus Estimate for EPSN's 2025 earnings indicates 200% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report Flotek Industries, Inc. (FTK) : Free Stock Analysis Report Epsilon Energy Ltd. (EPSN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
28-05-2025
- Business
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LNG exporter Cheniere enters natural gas deal with Canadian Natural Resources
(Reuters) -U.S. LNG exporter Cheniere Energy said on Wednesday its unit has entered into a long-term agreement to purchase natural gas from Canadian Natural Resources. WHY IS IT IMPORTANT The U.S. is the world's largest exporter of liquefied natural gas and had shipped 11.9 billion cubic feet per day of the supercooled fuel in 2024. Commercial activity in the sector has gained further momentum after U.S. President Donald Trump lifted a moratorium on new LNG export permits after taking office in January. CONTEXT Cheniere had said in February it would aggressively pursue new regulatory permits to expand capacity now that Trump is in office. The company plans to double its current LNG production to 90 million metric tonnes per annum by building more export facilities at Sabine Pass and Corpus Christi, both in Texas, it had then said. The supply agreement with Canadian Natural is subject to Cheniere making a positive final investment decision with respect to the Sabine Pass Liquefaction (SPL) expansion project. BY THE NUMBERS Canadian Natural Resources has agreed to sell 140,000 million British thermal units per day of natural gas to Cheniere Marketing for 15 years, which is expected to commence in 2030. The SPL expansion project is being developed with an expected total production capacity of up to about 20 MTPA of LNG. 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
Business Wire
28-05-2025
- Business
- Business Wire
Cheniere Signs Long-Term Integrated Production Marketing Agreement with Canadian Natural Resources Limited
HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. ('Cheniere') (NYSE: LNG) announced today that its subsidiary, Cheniere Marketing, LLC ('Cheniere Marketing'), has entered into a long-term Integrated Production Marketing ('IPM') gas supply agreement with Canadian Natural Resources Limited. Under the IPM agreement, a subsidiary of Canadian Natural Resources Limited has agreed to sell 140,000 MMBtu per day of natural gas to Cheniere Marketing for a term of 15 years, which is expected to commence in 2030. Canadian Natural Resources Limited is acting as guarantor of the IPM agreement. The liquefied natural gas ('LNG') associated with this gas supply, approximately 0.85 million tonnes per annum ('mtpa'), will be marketed by Cheniere Marketing. Cheniere Marketing will pay an LNG-linked price for the natural gas, based on the Platts Japan Korea Marker (JKM), after deductions for fixed LNG shipping costs and a fixed liquefaction fee. The IPM agreement is subject to Cheniere making a positive Final Investment Decision with respect to the Sabine Pass Liquefaction Expansion Project ('SPL Expansion Project'). The SPL Expansion Project is being developed with an expected total production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities. 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 over 46 mtpa of LNG in operation and an additional 8+ 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, 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 March 31, 2025, filed with the Securities and Exchange Commission. 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.
Business Wire
08-05-2025
- Business
- Business Wire
Cheniere Reports First Quarter 2025 Results and Reconfirms Full Year 2025 Financial Guidance
HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. ('Cheniere') (NYSE: LNG) today announced its financial results for the first quarter 2025. FIRST QUARTER 2025 SUMMARY FINANCIAL RESULTS 2025 FULL YEAR FINANCIAL GUIDANCE (in billions) 2025 Consolidated Adjusted EBITDA 2 $6.5 - $7.0 Distributable Cash Flow 2 $4.1 - $4.6 Expand RECENT HIGHLIGHTS During the three months ended March 31, 2025, Cheniere generated revenues of approximately $5.4 billion, net income 1 of approximately $0.4 billion, Consolidated Adjusted EBITDA 2 of approximately $1.9 billion, and Distributable Cash Flow 2 of approximately $1.3 billion. Reconfirming full year 2025 Consolidated Adjusted EBITDA 2 guidance of $6.5 billion - $7.0 billion and full year 2025 Distributable Cash Flow 2 guidance of $4.1 billion - $4.6 billion. Pursuant to Cheniere's comprehensive capital allocation plan, Cheniere deployed over $1.3 billion towards accretive growth, balance sheet management and shareholder returns in the first quarter of 2025. During the three months ended March 31, 2025, Cheniere repurchased an aggregate of approximately 1.6 million shares of common stock for approximately $350 million, repaid $300 million of consolidated long-term indebtedness and paid a quarterly dividend of $0.500 per share of common stock, totaling approximately $112 million. In April 2025, Cheniere declared a dividend with respect to the first quarter 2025 of $0.500 per share of common stock, which is payable on May 19, 2025. In March 2025, Cheniere announced that Substantial Completion of the first train ('Train 1') of the CCL Stage 3 Project (defined below) was achieved on March 16, 2025. In March 2025, the CCL Midscale Trains 8 & 9 Project (defined below) received authorization from the Federal Energy Regulatory Commission ('FERC') to site, construct and operate the project. We anticipate receiving all remaining necessary regulatory approvals in order to make Final Investment Decision ('FID') on the project in 2025. CEO COMMENT '2025 is off to an outstanding start thanks to the Cheniere team's commitment to excellence across our operations, project execution and financial discipline. The quarter was highlighted by the achievement of Substantial Completion on Train 1 of the Corpus Christi Stage 3 Project, and the production and shipment of our 4,000 th LNG cargo to-date,' said Jack Fusco, Cheniere's President and Chief Executive Officer. 'Progress on Stage 3 continues to advance on an accelerated schedule, reinforcing our confidence in having the first three trains operational by the end of 2025. Looking ahead, our focus for 2025 will remain on the safe and reliable delivery of our LNG to our customers worldwide, advancing our project developments at both Sabine Pass and Corpus Christi, delivering meaningful shareholder returns, and generating full year Consolidated Adjusted EBITDA and Distributable Cash Flow within our guidance ranges.' Net income 1 decreased approximately $149 million for the three months ended March 31, 2025 as compared to the corresponding 2024 period. The decrease was primarily attributable to approximately $277 million of unfavorable 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 months ended March 31, 2025 as compared to the corresponding 2024 period. Consolidated Adjusted EBITDA 2 increased approximately $99 million for the three months ended March 31, 2025 as compared to the corresponding 2024 period. The increase was primarily due to higher total margins per MMBtu of liquefied natural gas ('LNG') delivered during the 2025 period as compared to the corresponding 2024 period. Share-based compensation expenses included in net income totaled $56 million for the three months ended March 31, 2025 compared to $40 million for the corresponding 2024 period. Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Energy Partners, L.P. ('Cheniere Partners') (NYSE: CQP) as of March 31, 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 March 31, 2025: Recent Key Financial Transactions and Updates During the three months ended March 31, 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 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 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. CCL Project We operate liquefaction and export facilities with a total production capacity of over 16 mtpa of LNG at the Corpus Christi LNG terminal near Corpus Christi, Texas (the 'CCL Project'), inclusive of Train 1 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'). Substantial Completion was achieved for the first train of the CCL Stage 3 Project in March 2025. CCL Stage 3 Project Progress as of March 31, 2025: CCL Midscale Trains 8 & 9 Project We are developing two additional 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. In March 2025, we received authorization from the FERC to site, construct and operate the CCL Midscale Trains 8 & 9 Project and anticipate receiving all remaining necessary regulatory approvals in order to FID the project in 2025. We will host a conference call to discuss our financial and operating results for the first quarter 2025 on Thursday, May 8, 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. 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 over 46 mtpa of LNG in operation and an additional 8+ 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, 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 March 31, 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 May 1, 2025, approximately 4,070 cumulative LNG cargoes totaling approximately 280 million tonnes of LNG have been produced, loaded and exported from the SPL Project and the CCL Project. During the three months ended March 31, 2025, we exported 609 TBtu of LNG from our liquefaction projects. 33 TBtu of LNG exported from our liquefaction projects and sold on a delivered basis was in transit as of March 31, 2025, 1 TBtu 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, 2025: In addition, during the three months ended March 31, 2025, we recognized 7 TBtu of LNG on our Consolidated Financial Statements related to LNG cargoes sourced from third-parties. ___________________ (1) Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission. (2) Cost of sales includes approximately $0.7 billion and $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, 2025 and 2024, respectively. Expand Cheniere Energy, Inc. Consolidated Balance Sheets (in millions, except share data) (1)(2) (unaudited) March 31, December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 2,511 $ 2,638 Restricted cash and cash equivalents 357 552 Trade and other receivables, net of current expected credit losses 1,019 727 Inventory 525 501 Current derivative assets 135 155 Margin deposits 87 128 Other current assets, net 93 100 Total current assets 4,727 4,801 Property, plant and equipment, net of accumulated depreciation 34,177 33,552 Operating lease assets 2,724 2,684 Derivative assets 1,023 1,903 Deferred tax assets 18 19 Other non-current assets, net 877 899 Total assets $ 43,546 $ 43,858 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 182 $ 171 Accrued liabilities 2,206 2,179 Current debt, net of unamortized discount and debt issuance costs 104 351 Deferred revenue 117 163 Current operating lease liabilities 576 592 Current derivative liabilities 710 902 Other current liabilities 84 83 Total current liabilities 3,979 4,441 Long-term debt, net of unamortized discount and debt issuance costs 22,509 22,554 Operating lease liabilities 2,153 2,090 Derivative liabilities 1,767 1,865 Deferred tax liabilities 1,893 1,856 Other non-current liabilities 1,148 992 Total liabilities 33,449 33,798 Redeemable non-controlling interest 45 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; 279.1 million shares and 278.7 million shares issued at March 31, 2025 and December 31, 2024, respectively 1 1 Treasury stock: 56.3 million shares and 54.7 million shares at March 31, 2025 and December 31, 2024, respectively, at cost (6,488 ) (6,136 ) Additional paid-in-capital 4,448 4,452 Retained earnings 7,620 7,382 Total Cheniere stockholders' equity 5,581 5,699 Non-controlling interests 4,471 4,354 Total stockholders' equity 10,052 10,053 Total liabilities, redeemable non-controlling interest and stockholders' equity $ 43,546 $ 43,858 Expand ____________________ (1) Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 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 March 31, 2025, total assets and liabilities of our VIEs, which are included in our Consolidated Balance Sheets, were $16.9 billion and $17.4 billion, respectively, including $94 million of cash and cash equivalents and $80 million of restricted cash and cash equivalents. Expand 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, 2025 and 2024 (in millions): Three Months Ended March 31, 2025 2024 Net income attributable to Cheniere $ 353 $ 502 Net income attributable to non-controlling interests 315 337 Income tax provision 121 109 Interest expense, net of capitalized interest 229 266 Interest and dividend income (37 ) (61 ) Other expense (income), net (20 ) 1 Income from operations $ 961 $ 1,154 Adjustments to reconcile income from operations to Consolidated Adjusted EBITDA: Depreciation, amortization and accretion expense 312 302 Loss from changes in fair value of commodity and foreign exchange ('FX') derivatives, net (1) 562 285 Total non-cash compensation expense 37 32 Consolidated Adjusted EBITDA $ 1,872 $ 1,773 Expand ____________________ (1) Change in fair value of commodity and FX derivatives prior to contractual delivery or termination Expand 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. 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, 2025 and forecast amounts for full year 2025 (in billions): ____________________ 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 does not consider any prospective changes to local, domestic or international tax laws and regulations, or their interpretation and application, including those related to the corporate alternative minimum tax or prospective tax reform. Our actual results could differ materially from our guidance due to such risks, uncertainties and other factors, including those set forth in Risk Factors in Item 1A of Part 1 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 quarter ended March 31, 2025, filed with the Securities and Exchange Commission. Expand 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 expenditures 1. 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.
