LNG

If they make the cut, the two companies will be the first energy inclusions in the index since 2022. Bloom and Cheniere are the largest companies by market value that are eligible for inclusion in the index, with market values of about $60 billion, well above the current minimum requirement of $22.7 billion. Apart from BE and LNG, Roberts has reportedly named Astera Labs and Everpure among the top candidates for admission to the index. The S&P 500 rebalancing for the third quarter is due at the end of the month, with announcements expected on Friday. As per market participants and investors, two energy companies are likely to make the list. Bloom Energy Corp. (BE) and Cheniere Energy Inc. (LNG) are two of the most likely inclusions in the benchmark index, according to Stephens analyst Melissa Roberts, a report from Barron’s said. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox If they make the cut, the two companies will be the first energy inclusions in the index since 2022. The energy sector has boomed in recent months due to the ongoing energy supply crunch amid the Iran war. In a note to clients, Roberts said she expects two or three changes in the index to be announced along with the rebalancing. Bloom and Cheniere are the largest companies by market value that are eligible for inclusion in the index, with market values of about $60 billion, well above the current minimum requirement of $22.7 billion. As of Thursday’s close, Bloom Energy has a market capitalization of $69.25 billion, as per data from Robinhood. Cheniere has a market capitalization of $60.05 billion. According to Roberts, Cheniere has been eligible for some time and could finally be added this quarter, given the strength in the energy sector this year. To qualify for inclusion in the S&P 500, a company must be based in the U.S., have a market capitalization of at least $22.7 billion, have positive GAAP earnings in the latest quarter and cumulatively over the past four quarters, and have at least 10% of its shares available to the public. It must also meet minimum liquidity and trading-volume requirements, have been publicly traded for at least 12 months, issue common stock, and meet S&P’s requirements on multiple share classes. Companies added to the S&P 500 command prestige and often see their stock price rise after the announcement. For instance, Marvell Technology (MRVL), which was included in the index on June 22, saw its stock jump about 9% immediately after the announcement. The companies also benefit from index funds buying as part of requirements. As per Barron’s, an estimated 30% or more of the S&P 500 is held by index funds. Apart from BE and LNG, Roberts has reportedly named Astera Labs Inc. (ALAB) and Everpure Inc. (P) as being among the top candidates for admission into the index. Other possible companies that can make the cut include are Credo Technology Group Holdings Ltd. (CRDO), Heico Corp. (HEI), Rocket Companies Inc. (RKT), and Royalty Pharma Inc. (RPRX), Roberts reportedly noted. On Stocktwits, retail sentiment around BE stock improved from ‘neutral’ to ‘bullish’ over 24 hours amid ‘high’ message volumes. One user said, “$BE uhhhhh i think they might get included in s&p,apparently they sre the top runner. 44% chnace of inclusion! WOW!!” Retail sentiment around LNG stock improved from ‘bullish’ to ‘extremely bullish’ at the time of writing amid ‘normal’ message volumes. One user said, “SP500 rebalancing tomorrow and they are going to add $LNG.” BE stock is up more than 138% so far in 2026, while LNG stock has gained about 47% in the same time. For updates and corrections, email newsroom[at]stocktwits[dot]com. Aashika Suresh has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits. Related: SoFi's Kraken Deal Grows Its Stablecoin Reach — Analyst Calls It 'Another Positive Development' But Still Sees 13% Downside SoFi's Kraken Deal Grows Its Stablecoin Reach — Analyst Calls It 'Another Positive Development' But Still Sees 13% Downside TSLA Stock Slips Overnight As Safety Regulator Scrutinizes Cybercab — Retail Fumes Over Event Blackout

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 11:00 a.m. ET Vice President, Investor Relations - Randy Bhatia Chairman, President and Chief Executive Officer - Jack Fusco Executive Vice President and Chief Commercial Officer - Anatol Feygin Executive Vice President and Chief Financial Officer - Zach Davis Operator: Good day, and welcome to the Second Quarter 2026 Cheniere Energy Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Randy Bhatia. Please go ahead, sir. Randy Bhatia: Thanks, Operator. Good morning, everyone, and welcome to Cheniere's Second Quarter 2026 Earnings Conference Call. The slide presentation and access to the webcast for today's call are available at cheniere.com. Before we begin, I would like to remind all listeners that our remarks, including answers to your questions, may contain forward-looking statements, and actual results could differ materially from what is described in these statements. Slide 2 of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, a reconciliation of non-GAAP measures to the most comparable GAAP measure can be found in the presentation appendix. The call agenda is shown on Slide 3. After prepared remarks from Jack, Anatol and Zach, we will open the call for Q&A. I'll now turn the call over to Jack Fusco, Cheniere's Chairman, President and CEO. Jack Fusco: Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our results from the second quarter of 2026 and our further improved outlook for the full year. The LNG market in the second quarter continued to be defined by elevated volatility driven by the war in Iran and the resulting significant constraint on global LNG supply with the effective closure of the Strait of Hormuz. This market disruption is significant, not just for LNG, but for many other commodities and products that benefit the world, which transit the Strait en route to their respective end markets. We are hopeful for a timely and peaceful resolution and continue to pray for the safety of those in harm's way. Without a doubt, this supply disruption has brought to sharp focus the necessity of energy security and diversity of supply amongst LNG buyers. While in the immediate terms, buyers have been active in sourcing replacement LNG volumes, procuring alternative fuel sources and implementing demand-side management initiatives, long-term security of supply and building a durable, reliable portfolio have been reinforced as a critical strategic priority, and our reputation as a customer-focused, safe and reliable operator only further distinguish us from competitors. On my recent trips to Washington, I've met with Energy Secretary Wright, National Energy Dominance Council Chair Burgum, and FERC Chairman Swett, among others. Our dialogue with Washington is extremely constructive, which is especially important amidst this volatile commodity market backdrop. We appreciate this administration's broad support for the U.S. LNG industry and its growth. Our regulators and policymakers seek and value input from industry leaders like Cheniere, and they are focused on supporting energy infrastructure projects like ours with a robust yet transparent regulatory and oversight regime so that the U.S. can continue to meaningfully contribute to the energy security priorities of customers and countries around the world. I encourage you all to read the recently published LNG impact study led by Dan Yergin at S&P Global, which highlights the vast benefits and advantages of U.S. LNG, both at home and for our allies abroad. To think that the first LNG cargo from the Lower 48 was exported just 10 years ago from our Sabine Pass facility, and now U.S. LNG is on track to be the second highest value export product from our country and $1 trillion contribution to our economy is an incredible story, and we at Cheniere are proud to be at the forefront of this industry. Please turn to Slide 5, where I'll highlight our key results and accomplishments for the second quarter of 2026, and introduce our second upwardly revised guidance ranges for the full year. I'm pleased to report that our excellent performance in the first quarter across all facets of our business continued through the second quarter. We generated consolidated adjusted EBITDA of approximately $1.8 billion, distributable cash flow of approximately $1.2 billion and net income of over $3 billion. On the production side, we produced and exported 184 cargoes or 672 TBtu, a 20% increase over the same period last year. Our production and operations continue to outperform our forecast in the second quarter, thanks to the completion and accelerated start-up of additional trains at Stage 3 and enhanced operational reliability during the quarter. Today, we are further increasing our full year 2026 financial guidance to $7.9 billion to $8.4 billion of consolidated adjusted EBITDA and $5.3 billion to $5.8 billion of DCF. This is the second quarter in a row we are upwardly revising guidance. And this quarter, the new low end of the guidance is above the previous high end for both EBITDA and DCF. The primary drivers of the increase are further improvement in our production forecast of approximately 0.5 million tonnes at the midpoint, thanks to improved reliability, realized outperformance and acceleration of new Stage 3 trains, sustained higher marketing margins, both achieved and forecasted for the remainder of the year and contributions from the optimization activities achieved year-to-date, both upstream and downstream of our facilities. Zach will cover guidance in more detail in a few minutes. But we look forward to delivering financial results within these further upwardly revised ranges for the year. During the second quarter, we continued to execute on our comprehensive capital allocation plan. We were able to repurchase another approximately 2.2 million shares for $550 million, as sustained elevated volatility in our shares presented opportunities for our repurchase plan to be active over the quarter. We funded approximately $1.1 billion of growth CapEx with equity and debt and declared a dividend of $0.555. We continue to make excellent and safe progress on our growth and expansions during the second quarter. Our CCL Stage 3 project is now over 98% complete. Substantial completion of Train 6 was achieved in June and commissioning on Train 7 has commenced with first LNG expected imminently. We continue to expect Train 7 substantial completion in the coming months, well ahead of the guaranteed date in 2027, which will officially complete Corpus Christi Stage 3 and further reinforces Cheniere's execution track record for bringing LNG capacity online ahead of schedule and on budget. On our mid-scale Trains 8, 9 and debottlenecking project, we have now safely progressed over 48% complete and continue to track ahead of the schedule across critical work streams. Piling has recently been completed, underground piping and steel installation is progressing well and key materials and equipment packages, including the Train 8 cold box are arriving at site on or ahead of schedule as we move further into the construction phase of execution. Turn now to Slide 6, where I'll provide some detail on our next growth project, Phase 1 of the Sabine Pass expansion project. During the second quarter, we took another critical step towards our final investment decision on this expansion when we signed a lump sum turnkey engineering procurement construction contract with Bechtel Energy. We look forward to continuing our multi-decade relationship with Bechtel as we execute this project. Bechtel has commenced early engineering and critical equipment procurement under a limited notice to proceed, further locking in the project's cost and derisking the time line. The EPC contract with Bechtel is approximately $4.7 billion and its scope covers one large-scale train at Sabine Pass, Train 7, a boil-off gas reliquefaction unit and related infrastructure and tie-ins to the existing facility. Baker Hughes will once again supply the gas turbines and compressors. As we have described, Phase 1 is a very brownfield project, efficiently leveraging the site in-place infrastructure and equipment at Sabine Pass to significantly reduce cost and enhance returns. The project does not require support infrastructure, such as additional marine berths, LNG storage tanks or a significant investment in additional natural gas pipelines. Train 7 is a replica of the first 6 trains at Sabine Pass with a design capacity of approximately 5 million tonnes per annum. The contract also includes the addition of a boil-off gas or BOG reliquefaction unit to debottleneck the large trains and will add approximately 1 million tonnes per annum of capacity across Sabine Pass. In addition to the EPC contract with Bechtel as part of Phase 1, we also awarded Baker Hughes, a multiyear services contract covering fleet-wide gas turbine upgrades across all of Sabine Pass in order to enhance power output and further increase LNG production across the facility. In total, Phase 1 is expected to add over 6 million tonnes per annum of production capacity to our platform or a total growth of approximately 10%. We've been working hard developing the SPL expansion project, and it's both exciting and rewarding to see the pieces come together. And our disciplined, highly contracted brownfield and returns-focused approach to project development pay off. With the regulatory approvals expected later this year and the financing process already underway, we now have excellent line of sight in an FID on a significant accretive brownfield growth project that meets or exceeds our capital investment parameters, enabling us to continue to deliver the through-cycle risk-adjusted returns our stakeholders have become accustomed to. With over 40 million tonnes per annum in the permitting process to potentially grow our platform to over 100 million tonnes per annum, we have an exceptional opportunity today to support not just tomorrow's global energy balances, but the long-term growth and prosperity of the economies around the world, including ours at home here in the U.S. I'm proud of the critical role we play in the global energy market, and I'm excited for our future as a leading global infrastructure platform. With that, I'll now hand it over to Anatol to discuss the LNG market. Thank you all again for your continued support of Cheniere. Anatol Feygin: Thanks, Jack, and good morning, everyone. Please turn to Slide 8. As Jack mentioned in his opening remarks, security of supply remains the defining theme for global gas and LNG markets throughout the second quarter. Although the ceasefire announced in mid-June raised cautious optimism that tensions would ease and LNG flows would gradually normalize, recent developments suggest the outlook for sustained deescalation remains uncertain. Throughout much of the quarter, LNG exports through the Strait of Hormuz remains severely constrained. While the market has proven remarkably resilient, the disruption has reinforced just how dependent global gas and LNG markets remain on reliable sources of supply and how quickly geopolitical events can destabilize and tighten the market. Let me walk through what we've observed during the quarter. Tanker traffic through the Strait of Hormuz recovered only gradually following the mid-June ceasefire. Both crude and LNG tanker movements improved from their lows, but remained materially below pre-conflict levels throughout quarter end. Outbound crude tanker transits recovered to approximately 25% of their pre-conflict average, while LNG tanker transit recovery was under 10%. That divergence reflects the greater operational complexity of restarting LNG supply chains. Unlike crude exports, LNG production requires upstream gas supply, liquefaction facilities, marine logistics and vessel scheduling to all return to normal before exports can fully recover and long-distance cryogenic pipelines are simply not an option. As a result, LNG flows remain significantly more disrupted throughout the quarter. The reduction in Qatar and UAE exports represented approximately 18 million tonnes of lower LNG supply during the quarter. Growth in production elsewhere, including our own Stage 3, largely offset those losses, but overall global LNG exports still declined by approximately 3 million tonnes year-over-year, and this decline is expected to grow over the rest of the year if the conflict persists. The key point is that this was not simply a regional disruption. It represented one of the largest sudden disruptions to internationally traded gas supply in recent years. Additionally, as Asian prices moved to a premium over Europe, U.S. LNG flows shifted decisively east. U.S. exports to Asia reached a quarterly record of approximately 11 million tonnes, while deliveries to Europe declined materially from recent levels. Flexible destination contracts once again allowed Atlantic Basin supply to respond quickly to changing market signals. These developments were also reflected in global benchmark prices. As security of supply became the dominant market priority, both TTF and JKM moved sharply higher following the disruption. While prices moderated after the ceasefire announcement, recent developments have pushed both benchmarks back up to levels last seen in March. By contrast, Henry Hub has remained stable throughout the period. Domestic U.S. gas fundamentals have remained largely unchanged, highlighting that this is fundamentally an international security of supply event and is not constrained by U.S. natural gas. As shown in the lower right chart, that divergence also extends into the forward curve. TTF, JKM and Brent continue to carry a meaningful geopolitical premium relative to pre-conflict levels, while Henry Hub remains anchored by abundant North American gas supply. Regional demand also adjusted. China provided the greatest source of flexibility with imports declining by approximately 3 million tonnes year-over-year during the first half. Its diversified supply portfolio, including domestic production, pipeline imports and fuel switching capability allow China not only to reduce imports, but also to continue to redirect flexible cargoes into higher-value markets. Finally, as has been the case all year, Europe entered the summer with storage materially below last year and the 5-year average, ending the quarter with an approximately 11 bcm storage deficit versus last year, equivalent to roughly 100 cargoes of LNG. That deficit persisted despite record amounts of LNG imports. Much of the incremental LNG received during the first quarter was consumed during the winter rather than injected into storage, while weaker indigenous production and lower pipe imports further limited inventory rebuilding. Injections have also remained below last year's pace since the storage season began. Looking ahead, Europe is likely to begin the coming winter with less inventory than last year. The '25-'26 winter began with storage 82% full and ended this March at 28%, illustrating how quickly that buffer can be consumed. Even if Middle East LNG flows normalize soon, we currently expect Europe to struggle to reach the 80% storage target before the start of winter. Generally, negative seasonal price spreads have reduced the economic incentive to inject and any continued disruption through Hormuz would further reduce that starting position and leave the market more exposed to weather and competing Asian demand. Just as a rule of thumb, each additional month of constrained Hormuz LNG flows could reduce Europe's storage position by approximately 5 percentage points, carrying through from winter starts to winter exit, absent and offset elsewhere. Weather remains equally important. In winter, a 1-degree Celsius warmer or colder than normal can move that balance by approximately 10 percentage points. Taken together, these developments highlight 2 important features of today's LNG market, which has proven considerably more resilient than many expected, but resilience should not be mistaken for surplus. Flexible portfolios, destination optionality and demand-side adjustments have allowed the market to absorb a meaningful supply shock. At the same time, higher prices, Europe's slower storage rebuild and continued geopolitical uncertainty, all point to a market that remains precariously balanced. The next slide illustrates how regions drew on different sources of flexibility to build resilience and maintain security supply through the disruption and what we see as the implications for the industry longer-term outlook. The first chart highlights how global LNG consumption evolved across the major importing regions, during the first half of the year. Despite the loss of Middle East supply, higher spot prices and increased volatility, LNG consumption remained at or near the top of the 5-year range across most major importing regions. Europe imported a record volume of LNG during the first half of the year as it competed to rebuild storage while replacing lost Middle East supply. While the JKT region and South Asia remained within their historical range, Southeast Asia reported its highest first half LNG imports of the past 5 years. The resilient demand across these regions despite the loss of approximately 18 million tonnes of Middle East LNG supply and materially higher spot prices demonstrates the importance of LNG to their energy systems and the limited short-term price sensitivity of many consuming markets. China was the notable exception. First half imports declined 10% to approximately 27 million tonnes, reflecting the broadest set of flexibility options of any major importer. Its diversified supply portfolio, including domestic production, pipeline imports, renewable generation, fuel switching capability and flexible LNG contracts allow China both to reduce imports and redirect cargoes into higher-value markets. As a result, the market largely absorbed the supply shock through Chinese flexibility rather than widespread demand destruction. The mechanisms differ by region. Europe responded through higher LNG imports, albeit slower storage injections, while North Asia relied primarily on fuel switching and storage withdrawals. And Southeast Asia balanced affordability through a combination of fuel switching, procurement timing and selective demand destruction. The middle chart illustrates that investment in new LNG supply continues against the backdrop of recent market volatility. Approximately 77 million tonnes of new LNG capacity reached FID in '25, followed by another 38 million tonnes so far this year. Despite tighter near-term market conditions, the industry continues to advance the next wave of liquefaction capacity needed to meet long-term demand growth. Finally, the chart on the right illustrates how the global supply landscape continues to evolve. Over the past decade, the United States has emerged as the world's largest source of incremental LNG supply. That leadership has been enabled by 2 structural advantages: an abundant low-cost natural gas resource base and consistent access to deep pools of capital capable of funding large-scale infrastructure. As a result, the global LNG market is becoming both larger and more diversified, with the United States expected to account for approximately 270 million tonnes of operational capacity by 2035, alongside substantial supply from Qatar, Australia and other producers. Importantly, that growth is being delivered through a variety of commercial models serving different customers and projects. Cheniere's strategy has remained consistent throughout that evolution. We continue to have unwavering conviction in our belief that a highly contracted, returns-focused business model provides the best foundation for long-term value creation. That approach has enabled us to build a recognized reputation for reliability, while remaining disciplined in our returns-focused approach to growth. In an increasingly fragmented global energy market, we believe that combination of reliability, commercial flexibility and disciplined execution remains a meaningful competitive advantage. An advantage that also accrues to our long-term customers as we approach cargo number 5,000 with an untarnished track record of cargo deliveries. Recent events have reinforced both the importance of LNG and the resilience of the global market. While geopolitical uncertainty has increased and market conditions remain tight, the industry's response has demonstrated the value of reliable and flexible supply, diversified portfolios and trusted long-term partnerships. Those characteristics have defined Cheniere's strategy from the outset and continue to position us well to support not only our existing long-term partners, but also capture additional long-term opportunities as the market evolves. With that, I'll turn the call over to Zach to review our financial results and guidance. Zach Davis: Thanks, Anatol, and good morning, everyone. I'm pleased to be here today to discuss our financial results and further improved outlook for the full year. Before I begin, I wanted to reinforce that this highly contracted investment-grade LNG infrastructure company has been built for much more than as a trading proxy for prompt LNG prices. While today's results and upwardly revised guidance highlights the financial upside that can present itself by bringing trains on early, debottlenecking and most importantly, operating reliably in the midst of a highly elevated and volatile LNG price environment, we don't see these financial results as one-off going forward once LNG prices stabilize. These forecasted results of $8-plus billion of EBITDA are levels we plan on achieving in run rate as we simply build out the Corpus mid-scale trains and FID SPL Train 7 by early 2027. And that's in an LNG market environment of not over $10 LNG margins, but at a fraction of that in our $2.50 to $3 margin range before any upside. This should highlight the financial resiliency of Cheniere's disciplined business model for the long term that will continue to set us apart as the premier U.S. LNG company or for that matter, contracted infrastructure company in North America. Please turn to Slide 11. For the second quarter of 2026, we generated consolidated adjusted EBITDA of approximately $1.8 billion and distributable cash flow of approximately $1.2 billion. Compared to 2Q 2025, our second quarter 2026 results reflect higher volumes of LNG delivered due to increased production from new capacity online at Stage 3 and no major planned maintenance outages during the quarter. Our second quarter results were also supported by higher marketing margins achieved and optimization due to continued gas price volatility. During the quarter, we recognized in income 657 TBtu of LNG, which while up quarter-over-quarter due to the in-transit cargo timing dynamic impacting 1Q that we discussed on our last call, 2Q volumes recognized are also partially lower due to several cargoes rerouting from Europe to Asia intra-quarter, pushing delivery into 3Q. During the second quarter, we also generated net income of approximately $3.1 billion, up nearly $1.5 billion from 2Q 2025. The increase is driven primarily by the noncash derivative impact related to our long-term IPM agreements, which are designed to secure long-term natural gas supply to our facilities, while providing stable fixed fee economics for our project infrastructure, similar to the economics of our long-term SPAs. Historically, our net income has experienced significant variability related to these unrealized noncash derivative impacts due to the mismatch of accounting methodology for the purchase of natural gas and the corresponding sale of LNG related to our long-term IPM agreements. Near the end of the second quarter, we designated the normal purchases and normal sales accounting exception for approximately 75% of the volumes related to our IPM agreements after considerations of the evolving U.S. gas market transactions landscape. As a result of this designation, these agreements will no longer be marked to fair value each period, eliminating derivative accounting adjustments for these volumes in future quarters. We expect this election for the volumes that are delivered directly into our sites to result in reduced variability in our net income quarter-to-quarter going forward as there will be less sensitivity to commodity prices related to these designated agreements, which is more reflective of the stable long-term cash flow profile afforded by our highly contracted infrastructure platform. During the second quarter, we deployed almost $900 million of equity cash flow towards our comprehensive pillars of capital allocation, including accretive growth, shareholder returns in the form of buybacks and dividends and balance sheet management. For the first half of the year, our capital deployment of equity cash flow totaled approximately $2.1 billion. And of that, over $1.3 billion was returned to shareholders in the form of buybacks and dividends. For the second quarter, we declared a dividend of $0.555 per common share, bringing total dividend payout to common shareholders in the first half of the year to approximately $230 million, and we remain committed to growing our dividend by at least 10% annually through the end of this decade. With the expectation to seek Board approval for Q3 for our next increase as this recent declaration completes a full year's worth of dividends at this level. In the second quarter, we repurchased approximately 2.2 million shares for $550 million, bringing total buybacks in the first half of the year to approximately $1.1 billion. for nearly 5 million shares. As a reminder, each quarter, we allocate capital to our share repurchase plan, which is then opportunistically deployed under our disciplined value-based framework as we work towards crossing over 200 million shares and then to our current target of 175 million shares outstanding later this decade. With the continued volatility in the shares this year, the plan is working as designed and remains an advantaged form of capital return for our shareholders, enabling them to own more of Sabine and Corpus and our run rate cash flows while preserving the financial flexibility essential to our growing infrastructure platform and long-term capital allocation plan. Moving to the balance sheet. In May, we issued $1 billion of 2036 notes and $750 million of 2056 notes at CQP, marking our second 30-year issuance and first ever at CQP, further extending our maturity stack into the second half of this century alongside a growing list of our long-term LNG contracts. The net proceeds were used to opportunistically redeem the $1.5 billion of senior secured notes due 2027 at SPL, further reducing the amount of secured debt on our balance sheet and to fund a portion of the LNTP on Phase 1 of the SPL expansion project. We also amended and restated our Cheniere and CCH credit facilities, extending maturities, improving pricing, enhancing flexibility and preserving $2.75 billion of credit capacity. Our tactical approach to liquidity and balance sheet management continues to afford us flexibility as we pursue further expansions of our existing brownfield platform while remaining opportunistic on our buyback program and preserving our investment-grade ratings across our corporate structure. During the quarter, we funded approximately $1.1 billion of growth capital across our business, as we progress construction of Stage 3 and mid-scale 8 and 9, development of the SPL and CCL expansion projects as well as Gregory Power Plant. Of the $1.1 billion of growth CapEx in the quarter, approximately $200 million was equity funded and approximately $900 million was efficiently debt funded via our delayed draw Corpus Christi term loan as well as a portion of the net proceeds from the CQP bonds issued during the quarter. As Jack noted, in conjunction with the signing of the lump sum turnkey EPC contract with Bechtel for Phase 1 of the SPL expansion project, we issued Bechtel limited notice to proceed with early engineering and procurement, increasing our spend on that project during the quarter ahead of an expected formal FID early next year. Last week, we launched the process to raise a senior secured delayed draw term loan at SPL that, together with the proceeds from our recent CQP bond deals, will fund the 50% debt component for Phase 1, while we fund the other half of the total project cost with equity cash flow by continuing to flex the variable component of the CQP distribution. With the EPC contract signed, the project fully commercialized and the financing process underway, we have significant visibility into the economics of Phase 1 at SPL, and we are confident that this highly brownfield project represents one of the most competitive risk-adjusted return profiles in energy infrastructure today. Looking ahead, we remain well positioned to fund our disciplined growth objectives and comfortably within our cash flow forecast, while retaining our strong investment-grade credit metrics and our significant financial flexibility for shareholder returns through any commodity cycle. Turning now to Slide 12, where I will discuss our upwardly revised 2026 financial guidance and outlook for the year. Today, we are increasing the midpoint of our guidance ranges for full year 2026 consolidated adjusted EBITDA and distributable cash flow by $650 million and $550 million, respectively, bringing an expected consolidated adjusted EBITDA to $7.9 billion to $8.4 billion and distributable cash flow to $5.3 billion to $5.8 billion. We are maintaining our CQP distribution guidance for the year of $3.10 to $3.40 per common unit as we fund the LNTP for the SPL expansion. These increases are primarily driven by an upwardly revised 2026 production forecast from increased utilization and outperformance at both SPL and CCL, and the further accelerated ramp-up of our mid-scale trains as well as capturing higher margins on recent spot sales, along with the higher margin outlook for the remainder of the year. We are tightening our expected full year production range, increasing our forecast from 52 million to 54 million tonnes to 53 million to 54 million tonnes. Contributions from optimization activities, both upstream and downstream of our facilities locked in since our last call also supported our results. With enhanced visibility in our forecast and continued forward selling by our team during the quarter, we continue to forecast less than 1 million tonnes or 50 TBtu of unsold open volumes remaining in 2026. Therefore, we continue to forecast that a $1 change in market margins would impact EBITDA by less than $50 million for the full year. Despite having very little open exposure for the balance of the year, we are maintaining the $500 million guidance ranges as results could still be impacted by a number of factors, particularly given the sustained elevated pricing and volatility in LNG markets the ramp-up and specific timing of substantial completion of Train 7 at Stage 3, the timing of certain cargoes around year-end, contributions from further optimization activities during the balance of the year, and the impact Henry Hub prices can have on lifting margin. As we progress through the year and further lock in some of these variables, we will look to tighten these ranges as we have done in years past. And on our next call for 3Q, we expect to provide our 2027 production forecast and expected open capacity for next year, our first full year with all of Stage 3 operational. Our strong results year-to-date support today's full year guidance raise, both of which are a testament to the competitive advantages afforded by our world-class infrastructure platform and business model that yields decades of cash flow visibility, thanks to our portfolio of long-term contracts with creditworthy counterparties, but also positions us to respond to market signals and capitalize on optimization opportunities throughout our business. We believe our stable long-duration cash flow profile paired with this upside potential presents through-cycle risk-adjusted value for our shareholders that is unmatched in the market today and is only further supported by our disciplined all-of-the-above capital allocation framework. As we embark on this next chapter of growth at both Sabine and Corpus, we remain committed to creating sustainable long-term value for our stakeholders, while safely operating our platform in order to supply our global customer base with our secure, reliable and flexible LNG for decades to come. That concludes our prepared remarks. Thank you for your time and your interest in Cheniere. Operator, we are ready to open the line for questions. Operator: [Operator Instructions]. Our first question will come from Theresa Chen with Barclays. Theresa Chen: As we look ahead to winter, Anatol, your comments paint a stark picture. How do you see LNG demand and trade flows balancing between Asia and Europe, particularly given Europe's relatively low storage levels and inventory deficit. Do you expect increased competition for marginal LNG cargoes? And what implications could that have for global LNG pricing trade patterns? And against this backdrop, could you provide an update on commercial discussions with existing and prospective customers across both regions? How are conversations progressing around incremental LNG offtake? When we see additional SPAs that could underpin further expansion phases at both Sabine Pass and Corpus Christi? Anatol Feygin: Theresa, thanks for the three questions in one. So first, we honestly don't know. I mean this is a very challenging environment. We're doing everything we can. You heard from the team about our operational excellence and how we're putting as much volume into the market as we can, trains arriving early. We're supporting customers wherever and whenever possible. But as you point out, it's no secret. Europe is in a very challenging position. It was in the spring that has only been accentuated by these delays and the continued disruptions. And we actually -- numbers today, we think it will be tough to get to 70%, much less 80% of inventory. And it will be a challenge, especially as Asia, as you point out, restocks, which has been one of the flexibility levers that has allowed the market to rebalance and China goes into winter. So we will do everything we can to support our partners. All of this is, even in the fog of war, is a great tailwind for us, as we commented in the prepared remarks that reliability, our ability to, again, work with our partners, find solutions, use the flexibility in our portfolio of the IPM agreements and the volumes that we have in that bucket that can go and solve short-term BTU shortage issue is all a tailwind. And we're very comfortable, as you said, we are partially commercialized the Corpus expansion. We're very comfortable that over the next 12 to 18 months, we will have the kind of mid-single-digit millions of tonnes that are aligned with our commercial objectives to commercially support Phase 1 at Corpus, now that Phase 1 at Sabine is commercialized. Theresa Chen: Thank you for that comprehensive answer and bearing with me, Anatol. Just a quick follow-up as a result. Do you think we've reached the limits of China's LNG demand flexibility, particularly with respect to fuel switching? Or do you believe that their imports could decline further from current levels? Anatol Feygin: Well, I think we're very close. The last few months, China has been at or above last year's levels in terms of imports. Again, we're going into the winter. Q2 is clearly a period where the world is much more flexible during the shoulder and China will be -- as a system, we'll be keenly aware of its inventory levels and will not allow itself to, we think, to get into the position that unfortunately, Europe has found itself in. So short answer, yes, I think China is at -- kind of at its limit for solving this issue for the world. Operator: We'll now take our next question from Jeremy Tonet with JPMorgan. Jeremy Tonet: Just wanted to follow up on some of the market dynamic questions there. And I was just curious, I think Anatol, in the past, you might have said that there's a recency bias when it comes to contracting. And with LNG prices being higher here, just wondering if that influences, I guess, the tone of conversations as you look to sign up more SPAs. Anatol Feygin: Thanks, Jeremy. I think what influences it is much more the importance of reliability and partnership in this period. The headwind, as we've discussed over the last couple of years is that, in aggregate, from the start of '25 through today, over 100 million tonnes have been FID-ed and a lot of that volume has not found its way to end users, which is -- which, of course, is not how we conduct business, but that is how the market is evolving. So you have those 2 kind of competing forces that what we've termed in the past that race to the bottom of the standardized 20-year offtake agreement is not a market that we participate in. We participate in the premium market that values our reliability and what we've been able to do for our customers over the last decade plus. Jeremy Tonet: Got it. That makes sense. And then just wanted to turn towards the kind of operational outperformance, if you will. I guess, the guidance moving up with improved reliability, being able to produce a bit more. I guess, if you could speak to maybe some of the drivers to that? And do you think effective capacity for these units are something marginally higher than what you thought in the past? Jack Fusco: No. Jeremy, I'm always amazed and pleased with my folks -- my operating folks because they are finding ways to not only get more production instantaneously out of the trains, but also to optimize maintenance schedules and their execution on some of the turnarounds and preventative maintenance program have been incredible. But we feel really good that the work that we've done on debottlenecking, I think we've touched upon it in the past, like we added some new fin fans that we developed together with Hudson, those fin fans for the same motor amperage provide over 40% more air flow, which provides more cooling during this hot summertime. It's providing real benefits, especially at Sabine Pass, and that's what we're seeing. Knock on wood, some of the root cause problems we had last year around the first quarter, we've we figured out and we fixed, and those seem to be behind us. So everything that we've mentioned, we feel good is repeatable year-over-year. Zach Davis: I would just highlight, Jeremy, as well as we think about the numbers and how we started the year at 51 million to 53 million tonnes of production, and now we're at 53 million to 54 million tonnes, only 1/3 of that, if that is the Stage 3 ramp-up and just the trains coming on early and getting to full run rate or better -- quicker than we originally anticipated. More than 2/3 is all this outperformance that Jack mentioned. It's all of the resiliency efforts and debottlenecking, but mainly resiliency efforts that we've done at both sites that has decreased downtime, decreased defrost, decreased even maintenance time for the year that we really had to bake in after the experiences we had in 2025. So it's paid dividends clearly to this year, even adding 0.5 million tonnes added $300 million to the guidance when margins are this high. And we're optimistic this will pay dividends not just for this year but going forward on the reliability improvements. Jeremy Tonet: Got it. And Jack, even post the LS sale, it will always be the Jack Fusco Energy Center to us. Jack Fusco: Thank you, Jeremy. But I was hoping they would change the name of that power plant before now. Zach Davis: Well, now they will because you just said it on an earnings call. Operator: Our next question from Spiro Dounis with Citi. Spiro Dounis: I want to go back and pick on some of the comments addressed already, and maybe starting with the Middle East conflict here. So it's been months now after that initial conflict has began. So I'm curious if you could just put a finer point on what's changed in commercial discussions pre and post conflict. It sounds like there's a hyperfocus on supply security here. And so does that give you room on the margin or price side? And when it comes to timing, I assume it's been hard to think long term right now. But once the dust sort of settles, how are you thinking about the timing to see the conflict start to translate into longer-term SPAs? And would those contracts start to fill the hopper for trains beyond 75 Mtpa? Anatol Feygin: Thanks, Spiro. I'll start backwards. So I think going into the conflict because the world was very uncertain about the timing of the resolution, the assumptions continue to roll on a fairly kind of short-term basis. I think on the last call, we talked about our key partners in the theater that were affected by this finding solutions through the second quarter. Obviously, we went through the second quarter with the market being disrupted even for the brief period that volumes were moving out of the market. And now we're going to probably exit the third quarter still in this fog of war and uncertainty about the disruption even if volumes start picking up today. So you're right that counterparties have been dealing with this period and figuring out literally how to keep the lights on. As we said in our prepared remarks, we've been surprised -- positively surprised by how certain markets have actually been more resilient in terms of their LNG demand than we would have expected. Now moving forward to the long-term issue, as you can also expect the discussions have continued to be very robust. Again, we're very comfortable where we are and the progress that we will make in the coming quarters to continue to support Stage 4. We do think that those discussions are benefiting from, again, how we have performed and the ability of companies to have that diversification and flexibility. In terms of the quantity, the question you're asking is are we comfortable that we can get more than single-digit millions of tonnes at our usual kind of $2.50 to $3 range. There, the issue for now, again, is this competitive landscape where we think order of magnitude, 100 million tonnes is trying to find a home. So that's the tug of war. We're, at this point, very comfortable that we can get our premium with our key partners, both existing and new ones. Am I comfortable that 20 million tonnes can be done at that level today? That's -- I'm less comfortable with that over that 12- to 18-month period than I am with the mid-single digits. Jack Fusco: And Spiro, I wouldn't discount the fact that we -- later this month, we will have sent out our 5,000th cargo that we haven't missed a foundation customer cargo and that reliability, especially during all the volatility that we've seen really since February of '22 with the Ukraine-Russian conflict, that reliability has been worth a significant amount of money for our long-term customers. And so hopefully, we can make Anatol's job a lot easier. Spiro Dounis: Yes. I think that counts for something. Second question, just a quick one here on nitrogen. It was a bit of an issue late last year, and I know you've been working to address the nitrogen content. So just curious maybe where you are on that process now. And with the influx of gas coming back out of the Permian with new egress, do you feel like you're prepared to deal with content going forward as well? Jack Fusco: Yes. So with the nitrogen, we have a couple of tools in our toolkit that we've been using. So one of them is process oriented, where if we subcool the LNG, we can actually liquefy the nitrogen in the process and evacuate it that way. And then other things are like Zach mentioned, the Gregory Power project, where we'll send high nitrogen gas to the power plant and have it burn and consume it. We've seen the nitrogen stabilize at about 1.5% from the Permian, which has been good, and we've blended it ourselves with some lower nitrogen gas that we've procured from some -- directly from some suppliers. So we've got a lot of different handles, Spiro, that we've been using to manage the nitrogen. And we have a few more up our sleeve that I won't divulge on this call. Operator: We'll now take our next question from Keith Stanley with Wolfe Research. Keith Stanley: You recently got FERC approval to raise the capacity of the mid-scale trains, I think, by about 5 MTPA. How are you thinking about the potential to raise those capacities? And over what time frame could we think about this getting done? Jack Fusco: Yes. I'll start, and I'll let Zach chime in. So we've been spending a lot of time since Train 1 with figuring out different ways to debottleneck the mid-scale trains. It's a mixed refrigerant. There's 12 different refrigerants in the cocktail. So our process engineers have come a long way in figuring out how to effectively mix the refrigerant to get the maximum amount of cooling out of the trains. And that's why you're seeing a big step-up in the production of the mid-scale trains. I would think process-wise, it would happen relatively soon. We have a program where we take it slowly, and we work with the different equipment suppliers to make sure we don't exceed any one of their limits. But I would guess over the next year or so that we should have worked it through most of the mid-scale trains. Zach Davis: I'll just add. It comes back to -- even when we FID-ed mid-scale 8 to 9, it was the mid-scale 8 to 9 and debottlenecking project. So we were going to get 2 trains out of this, but incrementally more volume out of all of Stage 3 and mid-scale 8 to 9. And that's paying dividends and why we need to tee ourselves up to be able to produce at higher levels. This is allowing us to bring the cost per tonne down on these FIDs and hold to the 7x CapEx to EBITDA at $2.50 to $3 margin levels. What we're getting now is planning at even further ahead beyond mid-scale 8 to 9 and maybe some of the tricks up our sleeves or the debottlenecking projects that we're planning that could maybe fold in with CCL expansion Phase 1 because what it's going to take is not just an incremental train, but the advantages of being so brownfield and with the scale that we have to bring that cost per tonne down when inflation is real, and we're living in an environment where margins are in the long run, run rate in a stable fashion, $2.50 to $3. So this is all going in the right direction. More to come on that, and we'll see how much we can get out of the mid-scale trains and the large-scale trains as a whole. Keith Stanley: And sorry, just to clarify, it sounds like this is maybe partially incorporated in your kind of run rate production forecast, but not fully. Is that fair? Zach Davis: Yes. If you start going up to the high end of these approvals, but that's not baked in whatsoever. Keith Stanley: Okay. Second question, if you could just give a little more detail. The guidance uptick is very large at $650 million. Is there any way to think about how much of the upside is tied to higher margins in the back half of the year and the limited spot capacity you have versus optimization? And if a lot of it's optimization, can you just give some more color on the activities you executed on? Zach Davis: Sure. I'll break it out in a pretty simple way. By adding 0.5 million tonnes to the production forecast, which gets you to the new guidance range, midpoint of 53.5 million tonnes from the previous midpoint of 53 million tonnes. Just multiply that by $10 to $13 margins, and we're talking about $300 million added to the guidance just from the production increase. Then you go back to the less than 1 million tonnes or less than 50 TBtu that we had opened as of the last call and opportunistically putting that away. In addition, Henry Hub is up a little bit since then through the year, and that got us $200 million. And then optimization was $100 million to $150 million in the upside there. So if you put it all together, really production drove this. And I would say we're still down to less than 50 TBtu open. So there is some exposure to the current market in the forecast. But as we speak, we are locking in cargoes for this year, even working on locking in cargoes for next year. I think last call, I mentioned we had locked in around 1 million tonnes for next year. That's probably up another 0.5 million tonnes in the last few months for next year as we see margins in the $8-plus range, well above run rate levels or where they were earlier in the year. So there's still some exposure there, but we're going to put it to bed. But why with such elevated margins, we kept to a $500 million range at this point in the year. Operator: We'll now take our next question from Jean Ann Salisbury with Bank of America. Jean Ann Salisbury: I just wanted to make sure I understood Zach's comments about the mark-to-market accounting change for 75% of the IPM volumes. I guess confirming that this new change has started with the 2Q net income number. And I don't know if you can like give us a sense of how much that could tighten the quarterly net income range in a volatile year such as this year or 2022? Zach Davis: Yes. No, we're glad to have made that designation. That designation happened in mid-June. And as we all know, with the volatility and spike in prices in Q1 and then kind of moderating in Q2, a lot of that occurred by mid-June and why there was a large unrealized gain in net income for Q2. But going forward, this will mitigate things. The market has evolved. There is more long-term gas supply deals in the United States or in North America that are not just priced off of Henry Hub, but off of global indices. And with the prevalence of those, it allowed us to make this exception. For deals that are delivered directly to our sites at Corpus and Sabine and they're not optimized and are basically passed through into LNG and sold at a global price. That's about 6 of the 8 deals that we have. So 75%. And we ran some numbers like -- we've had 2 once-in-a-generation events in our industry since '21. And of those 22 quarters since '21, we've had 6 negative net income quarters because of unrealized derivatives. That would have dropped down to two if we were able to make this designation earlier. So it definitely mitigates the volatility in our net income and is much more representative of who we are and of the stable fixed fee cash flow, that is the base of the business. So yes, less mark-to-market accounting occurring on our derivative and contracted positions going forward. So that should be clear to investors. Operator: We'll now take our last question from Olivia Foster with Goldman Sachs. Olivia Halferty Foster: I wanted to ask about the maintenance outlook going forward, particularly given the strong volumes in the quarter. for this year, can you remind us the timing and scope of maintenance activities that were completed to address the feed gas composition quality variances that we had seen last year? And then looking forward, how should we think about the timing for the next major maintenance turnarounds? Is there a possibility that there will be a major maintenance turnaround at Sabine or Corpus in 2027? Zach Davis: All right. So we went into the year and made it pretty clear that we weren't going to have the same type of major maintenance that we had in '25 at Sabine that took out 2 trains for over half a month. So that alone was going to allow year-over-year Q2 to Q2 to be up on production. With that said, we had various planned maintenance scattered throughout the year as we were dealing with some of the resiliency efforts we wanted to take care of, considering what we went through in 2025 for feed gas variability and just some additional unplanned downtime that we had in '25. That's basically all going to be taken care of by the end of this month. We usually take care of those types of efforts in Q2 and Q3 besides regular planned maintenance here and there, but nothing at the scale of the major maintenance turnarounds that we have. So that's almost behind us for this year. And part of the reason why we were able to increase guidance on production and have the confidence to tighten it. Going forward, next year, we will give you more insight on our production profile for 2027 on the next call. But when you have 9 trains and eventually 9 mid-scale trains all up and running, there's always going to be planned maintenance and almost always going to be major maintenance. With that said, the trains are running quite well. And we've been able to optimize those major maintenances over time and spread them out a bit further than originally budgeted. And that's going to be a tailwind going forward in '27 and beyond. So more to come on that, but next year will be the first year with all of Stage 3 up and running. So we've given guidance that it's kind of in the mid-50s when we have Stage 3 up and running. And there's nothing holding that back. And with the work that we've done this year, we'll see what type of guidance we can give you in November. Operator: And that does conclude our question-and-answer session for today. I'd like to turn the conference back to our presenters for any additional or closing comments. Jack Fusco: Well, this is Jack. I just want to say thank you all for your support and for your attention to Cheniere. Operator: And once again, that does conclude today's conference. We thank you all for your participation. You may now disconnect. Before you buy stock in Cheniere Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cheniere Energy wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Cheniere Energy. The Motley Fool has a disclosure policy. Cheniere Energy (LNG) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Cheniere Energy, Inc. LNG reported second-quarter 2026 adjusted earnings of $3.02 per share, beating the Zacks Consensus Estimate of $2.89 by 4.5%. Higher liquefied natural gas ("LNG") volumes and stronger margins supported the quarter. However, adjusted earnings decreased 58.6% from the year-ago quarter, primarily reflecting the exclusion of significant non-cash derivative fair-value gains from the adjusted figure. TX-based LNG producer and exporter company’s total revenues of $5.73 billion beat the Zacks Consensus Estimate of $5.03 billion by 14% and rose 23.5% year over year, driven by a 9.7% increase in LNG revenues. Cheniere Energy, Inc. price-consensus-eps-surprise-chart | Cheniere Energy, Inc. Quote LNG volumes loaded reached 672 trillion British thermal units (TBtu), up 22.2% year over year, as new Corpus Christi Stage 3 capacity and improved operating reliability lifted production. Cheniere exported 184 cargoes in the quarter, up 19.5% from 154 a year earlier. The company also reported second-quarter production records at both the Corpus Christi and Sabine Pass facilities. Corpus Christi Stage 3 continued to ramp ahead of schedule. Midscale Train 6 achieved substantial completion in June, while commissioning of Train 7 began and first LNG was expected imminently at the time of the earnings release. Management also cited reduced downtime and improved maintenance execution as contributors to production outperformance. Consolidated adjusted EBITDA was $1.8 billion, up 27.4% from $1.42 billion a year ago. The increase reflected higher total margins on LNG delivered, driven by increased volumes recognized in income and higher margins per MMBtu. Distributable cash flow totaled $1.17 billion, compared with about $920 million in the prior-year quarter, an increase of 27.2%. The company recognized 660 TBtu of LNG volumes in the quarter, including commissioning volumes, with some cargo deliveries shifted into the third quarter because of rerouting from Europe to Asia. Total operating costs and expenses declined 31.7% year over year to $1.44 billion. Cost of sales fell 60.7% to $439 million, with the quarter including about $2.4 billion of gains from changes in the fair value of commodity derivatives before contractual delivery or termination. Operating and maintenance expense declined 4.7% to $533 million, while depreciation, amortization and accretion expense rose 15.5% to $380 million. The Corpus Christi Stage 3 project was 98.4% complete as of June 30, 2026. Train 7 is expected to reach substantial completion in the second half of 2026, completing the seven-train Stage 3 project. The Midscale Trains 8 and 9 project was 48.3% complete and remains targeted for substantial completion in the second half of 2028. Separately, Sabine Pass Expansion Phase 1 is fully commercialized and has an approximately $4.7 billion EPC contract with Bechtel. The project is designed to add more than 6 million tons per annum of production capacity, with an early-2027 final investment decision expected after regulatory approvals. Cheniere raised its 2026 consolidated adjusted EBITDA guidance to $7.90-$8.40 billion from $7.25-$7.75 billion. Distributable cash flow guidance increased to $5.30-$5.80 billion from $4.75-$5.25 billion. The company also tightened its 2026 production outlook to 53-54 million tons from 52-54 million tons. Management said the 0.5-million-ton increase in the production midpoint contributed about $300 million to the guidance increase. Higher margins on spot sales and optimization activities also supported the revised outlook, while less than 1 million tons of 2026 volumes remained unsold. This Zacks Rank #3 (Hold) company deployed approximately $884 million under its capital allocation plan during the quarter. It repurchased about 2.2 million shares for approximately $550 million and declared a quarterly dividend of 55.5 cents per share, payable on Aug. 18, 2026. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The company invested about $1.1 billion in growth capital during the quarter, including $219 million funded with equity. As of June 30, 2026, Cheniere had $1.10 billion in cash and cash equivalents and total available liquidity of $7.48 billion, including $5.96 billion of available credit commitments. Its net long-term debt amounted to $22.63 billion, with a debt-to-capitalization of 66.3%. While we have discussed LNG’s second-quarter results in detail, let us take a look at three other key reports in this space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. 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 Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Cheniere Energy, Inc.? Here are five stocks we like better. Cheniere raised its 2026 outlook for the second consecutive quarter, increasing adjusted EBITDA guidance to $7.9 billion–$8.4 billion and distributable cash flow guidance to $5.3 billion–$5.8 billion. Second-quarter adjusted EBITDA was approximately $1.8 billion, supported by a 20% year-over-year increase in exported LNG volumes. Production guidance was tightened to 53–54 million tons as Corpus Christi Stage 3 ramp-up and improved facility reliability reduce downtime. Stage 3 is more than 98% complete, with Train 7 nearing initial LNG production and substantial completion expected ahead of schedule. Cheniere advanced its Sabine Pass expansion under a roughly $4.7 billion EPC contract with Bechtel, with Phase I expected to add more than 6 million tons per annum. The company also repurchased $550 million of shares in the quarter and reiterated its goal of at least 10% annual dividend growth through 2030. 3 Energy Stocks to Watch Now as LNG Demand Surges Cheniere Energy (NYSE:LNG) raised its 2026 financial outlook for a second consecutive quarter, citing higher production, stronger marketing margins and optimization activity as global LNG markets faced supply disruption tied to constrained flows through the Strait of Hormuz. The company reported second-quarter consolidated adjusted EBITDA of approximately $1.8 billion, distributable cash flow of about $1.2 billion and net income of more than $3 billion. Cheniere produced and exported 184 cargoes totaling 672 TBtu during the quarter, a 20% increase from the prior-year period. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling 3 LNG Stocks to Watch as Iran War Continues Chairman, President and CEO Jack Fusco said operating performance benefited from the accelerated startup of additional Corpus Christi Stage 3 trains and improved reliability across the company’s facilities. Cheniere increased its full-year adjusted EBITDA forecast to a range of $7.9 billion to $8.4 billion and distributable cash flow guidance to $5.3 billion to $5.8 billion. The new low ends of both ranges exceed the prior high ends, Fusco said. Cheniere tightened its 2026 production guidance to 53 million to 54 million tons, compared with its prior range of 52 million to 54 million tons. CFO Zach Davis said only about one-third of the increase from the company’s original production outlook reflects Corpus Christi Stage 3 ramp-up, while more than two-thirds stems from reliability improvements, lower downtime and reduced maintenance requirements. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High 3 Stocks Sending a Strong Signal With Massive Buybacks Davis said the company’s updated guidance includes roughly $300 million from an additional 500,000 tons of expected production, based on margins of approximately $10 to $13. About $200 million of the increase was associated with higher margins and forward sales activity, while optimization contributed roughly $100 million to $150 million, he said. Cheniere expects to have less than 1 million tons, or 50 TBtu, of unsold open volumes remaining in 2026. Davis said a $1 change in market margins is expected to affect full-year EBITDA by less than $50 million due to the limited remaining exposure. → No Hangover: Revisiting Microsoft One Week After Earnings Corpus Christi Stage 3 is more than 98% complete, according to Fusco. Train 6 reached substantial completion in June, while Train 7 entered commissioning and was expected to produce first LNG imminently. Cheniere expects Train 7 to reach substantial completion in the coming months, ahead of its guaranteed 2027 completion date. The company’s mid-scale Trains 8 and 9 and related debottlenecking project were more than 48% complete. Fusco said piling had been completed, underground piping work was progressing, and key equipment packages, including the Train 8 cold box, were arriving at the site on or ahead of schedule. During the quarter, Cheniere signed a lump-sum turnkey engineering, procurement and construction contract with Bechtel Energy for Phase I of its Sabine Pass expansion. The approximately $4.7 billion EPC contract covers one large-scale train, Sabine Pass Train 7, a boil-off gas reliquefaction unit and associated infrastructure and facility tie-ins. Train 7 is designed for approximately 5 million tons per annum of capacity. The reliquefaction unit is expected to add about 1 million tons per annum across the Sabine Pass facility by debottlenecking existing large-scale trains. In total, Phase I is expected to add more than 6 million tons per annum, or roughly 10% growth in Cheniere’s production platform. Bechtel has begun early engineering and procurement work under a limited notice to proceed. Baker Hughes is slated to supply turbines and compressors and will also provide fleetwide gas-turbine upgrades at Sabine Pass under a multiyear services agreement. Fusco said Cheniere expects regulatory approvals later in 2026 and has begun financing work, providing what he described as clear visibility toward a final investment decision. Davis said formal FID is expected early next year. The company intends to fund about half of the Phase I project cost with debt and the other half with equity cash flow, including through flexibility in the variable component of the Cheniere Partners distribution. Executive Vice President and Chief Commercial Officer Anatol Feygin said LNG markets during the quarter were shaped by the conflict involving Iran and restrictions on tanker traffic through the Strait of Hormuz. He said LNG exports through the waterway remained severely constrained even after a mid-June ceasefire announcement. According to Feygin, outbound crude tanker movements recovered to about 25% of their pre-conflict average by quarter-end, while LNG transit recovery remained below 10%. He said reduced Qatari and UAE shipments represented approximately 18 million tons of lower LNG supply during the quarter, partially offset by increased production elsewhere. Overall global LNG exports declined by about 3 million tons year over year in the quarter, Feygin said. U.S. shipments shifted toward Asia as Asian prices moved above European prices, with U.S. LNG exports to Asia reaching a quarterly record of approximately 11 million tons. Europe ended the quarter with an estimated 11 billion cubic meter storage deficit compared with the prior year, equivalent to roughly 100 LNG cargoes, Feygin said. He said Cheniere now believes it could be difficult for Europe to reach even 70% inventory levels before winter, below the region’s 80% storage target. Feygin said the supply disruption reinforced the value of reliable delivery, portfolio diversification and contract flexibility. He added that Cheniere was comfortable it could secure mid-single-digit millions of tons of additional offtake to support the first phase of a Corpus Christi expansion over the next 12 to 18 months, though he described the broader contracting environment as competitive. Cheniere repurchased approximately 2.2 million shares for $550 million during the second quarter, bringing first-half buybacks to roughly $1.1 billion for nearly 5 million shares. The company also declared a quarterly dividend of $0.555 per common share and reiterated its commitment to grow the dividend by at least 10% annually through the end of the decade. The company deployed nearly $900 million of equity cash flow during the quarter toward growth investments, shareholder returns and balance-sheet management. It also issued $1 billion of 2036 notes and $750 million of 2056 notes at Cheniere Partners, using proceeds to redeem $1.5 billion of senior secured notes due in 2027 at Sabine Pass and to fund a portion of early work on the Sabine Pass expansion. Davis also said Cheniere designated the normal purchases and normal sales accounting exception for approximately 75% of volumes associated with its long-term integrated production marketing agreements. The change, effective in mid-June, means those agreements will no longer be marked to fair value each period and is expected to reduce quarterly net-income volatility related to noncash derivative accounting adjustments. Cheniere Energy, Inc is a U.S.-based energy company that develops, owns and operates liquefied natural gas (LNG) infrastructure and markets LNG to global customers. The company's core activities include natural gas liquefaction, long‑term and short‑term LNG sales and marketing, and the associated midstream services required to move gas from production basins to international markets. Cheniere focuses on converting domestic natural gas into LNG for export, providing a bridge between North American supply and overseas demand. Cheniere's principal operating assets are large-scale LNG export terminals located on the U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Cheniere Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Cheniere Energy, Inc. LNG used its second-quarter 2026 earnings call to emphasize higher production, stronger marketing margins and operational execution, supporting a second consecutive increase to full-year 2026 guidance. Management also highlighted energy-security concerns, progress on Corpus Christi Stage 3 and visibility into the next Sabine Pass expansion. Chairman, president and CEO Jack Fusco said Cheniere raised full-year consolidated adjusted EBITDA guidance to $7.9 billion-$8.4 billion and distributable cash flow guidance to $5.3 billion-$5.8 billion. Both new low ends exceed the prior high ends. CFO Zach Davis said the increase reflects higher production, spot-sale margins and optimization. Cheniere also tightened its 2026 production forecast to 53 million-54 million tonnes from 52 million-54 million tonnes. LNG reported second-quarter 2026 earnings per share of $3.02, which topped the Zacks Consensus Estimate of $2.89. Second-quarter revenues of $5.73 billion also beat the Zacks Consensus Estimate of $5.03 billion by 14.00%. Cheniere Energy, Inc. price-consensus-eps-surprise-chart | Cheniere Energy, Inc. Quote CEO Jack Fusco said Corpus Christi Stage 3 was more than 98% complete, with Midscale Train 6 reaching substantial completion in June and first LNG from Train 7 expected imminently. CEO Fusco added that Train 7 remains on track for substantial completion in the coming months, ahead of its guaranteed 2027 date. Midscale Trains 8 and 9 were more than 48% complete. A JPMorgan analyst asked whether higher output could persist. CEO Fusco cited debottlenecking, improved maintenance execution and reliability work, while CFO Davis said more than two-thirds of the production increase versus Cheniere's initial forecast came from operational outperformance. Chief Commercial Officer Anatol Feygin said the Middle East supply disruption reinforced security of supply as a strategic priority for LNG buyers. He described the market as resilient but tightly balanced. Chief Commercial Officer Feygin said European storage remained below prior-year levels and expected Europe to struggle to reach its 80% storage target before winter. He also said China's ability to offset tightness through lower LNG imports was approaching its limit. A Barclays analyst asked about contracting momentum. Chief Commercial Officer Feygin said Cheniere remained comfortable securing the mid-single-digit millions of tonnes needed over the next 12 to 18 months to support Phase 1 of the Corpus Christi expansion. CEO Fusco said Cheniere signed a roughly $4.7 billion lump-sum turnkey EPC contract with Bechtel for Phase 1 of the Sabine Pass expansion and authorized early engineering and procurement. The first phase includes Train 7, a boil-off gas reliquefaction unit and related infrastructure. CEO Fusco said it is expected to add more than 6 mtpa of production capacity. CFO Davis said the project is fully commercialized and financing is underway, with formal final investment decision expected early next year. He said the expansion fits Cheniere's brownfield, contracted and returns-focused development model. A Wolfe Research analyst pressed management on the guidance increase. CFO Davis said roughly $300 million came from adding 0.5 million tonnes to the production forecast, about $200 million from stronger margins and Henry Hub effects, and $100 million-$150 million from optimization. CFO Davis said Cheniere had less than 1 million tonnes, or 50 TBtu, of unsold 2026 volumes remaining. The company was also locking in additional volumes for 2027. A BofA Securities analyst asked about accounting volatility. CFO Davis said a new designation covering about 75% of IPM agreement volumes should reduce future mark-to-market swings in quarterly net income. CFO Davis said Cheniere repurchased about 2.2 million shares for $550 million during Q2 and returned more than $1.3 billion to shareholders through buybacks and dividends in the first half. CFO Davis also reiterated the goal of growing the dividend by at least 10% annually through the end of the decade while funding expansion and preserving investment-grade credit metrics. Management's posture remained focused on operational reliability, disciplined brownfield growth and flexibility across shareholder returns, debt management and project investment. LNG carries a Zacks Rank #3 (Hold). Its Value, Growth and Momentum Scores are all C, while the VGM Score is B. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Within the Zacks framework, A or B Style Scores are most effective when paired with Zacks Rank #1 or 2 (Buy) stocks. LNG's B VGM Score is favorable, but its Zacks Rank #3 indicates a more neutral near-term earnings-revision signal. The Zacks Rank can change as estimates are revised after the latest results. 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 Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Cheniere Energy (LNG) has drawn fresh attention after reporting quarterly earnings and revenue that exceeded analyst expectations, alongside higher 2026 earnings and production guidance that signals management confidence in the company’s outlook. For investors, this combination of an earnings surprise, raised full year guidance and updated production targets provides new information about how the company is running its liquefied natural gas operations and what management currently expects from the rest of 2026. See our latest analysis for Cheniere Energy. Those earnings and guidance updates sit alongside a strong share price run for Cheniere Energy, with a 34.36% year to date share price return and a 216.29% five year total shareholder return. This suggests momentum has been building over time. If this kind of steady momentum in Cheniere’s LNG business has your attention, it can be useful to see what else is moving across related infrastructure plays. A focused screener of 36 power grid technology and infrastructure stocks can help you surface other potential ideas to research next. Cheniere Energy’s strong run and raised 2026 guidance can look like a clean read on business strength, or a surge in optimism that has run ahead of the numbers. Does today’s price still match the fundamentals? Cheniere Energy’s narrative fair value of $320.94 sits well above the last close at $265.77, which frames the recent earnings and guidance in a different light. Read the complete narrative. Want to see why this toll road style business is priced above today’s share level in that narrative? The cash flow engine, growth path and margin profile behind that fair value are far from simple back of the envelope assumptions. Curious how those long term contracts and expansion plans translate into the valuation superbullll uses? The full story joins the operational details with a specific earnings and cash flow trajectory that you can test against your own view of Cheniere Energy. Result: Fair Value of $320.94 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are clear risks that could challenge this Cheniere Energy narrative, including a rapid easing of Middle East supply disruptions or shifts in US export policy. Find out about the key risks to this Cheniere Energy narrative. The user narrative suggests Cheniere Energy is 17.2% undervalued at $265.77. Our DCF model points in the opposite direction. It values the future cash flows at $133.94 per share, which would make the stock look expensive on that framework rather than cheap. Which story do you think fits the risk you are willing to take? Look into how the SWS DCF model arrives at its fair value. With Cheniere Energy pulling strong opinions on both upside potential and real risks, it makes sense to check the data yourself and decide quickly where you stand. To frame that decision, take a close look at the 1 key reward and 2 important warning signs. If you are weighing your next move after reviewing Cheniere Energy, do not stop here. Broader idea generation can sharpen your watchlist and improve your comparisons. Spot potential value opportunities early by scanning companies that appear mispriced on quality and fundamentals through the 50 high quality undervalued stocks. Strengthen your focus on balance sheet resilience by reviewing companies filtered through the solid balance sheet and fundamentals stocks screener (49 results). Stay ahead of the crowd by reviewing the screener containing 19 high quality undiscovered gems before other investors catch on. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LNG. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the second consecutive guidance raise to significant production outperformance, driven by enhanced operational reliability and the accelerated startup of Corpus Christi Stage 3 trains. The global LNG market remains defined by extreme volatility and supply constraints following the effective closure of the Strait of Hormuz, which has removed approximately 18 million tonnes of supply. Strategic positioning has shifted toward energy security, with management noting that the current supply shock has reinforced the value of Cheniere's reputation as a reliable, customer-focused operator. Operational reliability improvements and debottlenecking efforts, such as new high-efficiency fin fans, have allowed the company to increase its full-year production forecast by approximately 0.5 million tonnes. The company successfully executed a lump sum turnkey EPC contract with Bechtel for Phase 1 of the Sabine Pass expansion project, locking in costs and derisking the timeline for the 6 million tonne per annum expansion. Management highlighted a constructive dialogue with U.S. energy policymakers, emphasizing the $1 trillion economic contribution and energy security benefits of U.S. LNG exports. Full-year 2026 guidance was revised upward to $7.9 billion - $8.4 billion in adjusted EBITDA, with the new low end exceeding the previous high end due to sustained marketing margins and production gains. Management expects to reach a final investment decision (FID) on the Sabine Pass expansion by early 2027, supported by a highly contracted brownfield model that targets a 7x CapEx to EBITDA multiple. The company plans to grow its dividend by at least 10% annually through the end of the decade, with the next increase expected to be sought for Board approval in the third quarter. Future financial resiliency is anchored by a $2.50 to $3.00 run-rate margin assumption, which management believes will support $8-plus billion of EBITDA even after global prices stabilize. Cheniere is targeting a long-term share count reduction to 175 million shares outstanding, utilizing an opportunistic, value-based repurchase framework during periods of equity volatility. The company designated 'normal purchases and normal sales' accounting for 75% of IPM agreement volumes, which is expected to significantly reduce non-cash net income volatility in future quarters. Corpus Christi Stage 3 is now over 98% complete, with Train 7 commissioning underway and substantial completion expected months ahead of the 2027 guaranteed date. Management addressed Permian gas quality risks by utilizing process subcooling and the Gregory Power Plant to manage nitrogen content, which has stabilized at approximately 1.5%. A $1.75 billion dual-tranche bond issuance at CQP extended the company's maturity stack into 2056, aligning debt with the long-term nature of its LNG contracts. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expressed concern that Europe may struggle to reach even 70% storage capacity before winter, down from the 80% target, due to ongoing Middle East disruptions. China's demand flexibility is reaching its limit as it enters a restocking phase, likely increasing competition for marginal LNG cargoes in the coming months. Anatol Feygin noted that while over 100 million tonnes of capacity have reached FID globally, Cheniere refuses to participate in the 'race to the bottom' on contract terms. The company is focusing on a 'premium market' that values its 5,000-cargo track record of reliability over standardized 20-year offtake agreements. Management confirmed they received FERC approval to raise mid-scale capacity by 5 MTPA and are working with equipment suppliers to safely reach these new limits. These debottlenecking efforts are intended to lower the cost per tonne for future expansion phases, maintaining disciplined returns despite inflationary pressures.

HOUSTON, August 06, 2026--(BUSINESS WIRE)--Cheniere Energy, Inc. ("Cheniere") (NYSE: LNG) today announced its financial results for the second quarter 2026. SECOND QUARTER 2026 SUMMARY FINANCIAL RESULTS 2026 FULL YEAR FINANCIAL GUIDANCE RECENT HIGHLIGHTS Financial During the three and six months ended June 30, 2026, Cheniere generated revenues of approximately $5.7 billion and $11.6 billion, Consolidated Adjusted EBITDA3 of approximately $1.8 billion and $4.1 billion, Distributable Cash Flow3 of approximately $1.2 billion and $2.8 billion, and net income (loss)1,2 of approximately $3.1 billion and ($434) million, respectively. For the twelve months ended June 30, 2026, Cheniere generated net income of approximately $2.9 billion. Raising full year 2026 Consolidated Adjusted EBITDA3 guidance from $7.25 billion - $7.75 billion to $7.90 billion - $8.40 billion and full year 2026 Distributable Cash Flow3 guidance from $4.75 billion - $5.25 billion to $5.30 billion - $5.80 billion. Capital Allocation During the three and six months ended June 30, 2026, Cheniere deployed approximately $884 million and $2.1 billion, respectively, under its comprehensive capital allocation plan by: In July 2026, Cheniere declared a dividend with respect to the second quarter 2026 of $0.555 per share of common stock, which is payable on August 18, 2026. Growth / Operations During the three and six months ended June 30, 2026, a total of 184 and 371 cargoes of liquefied natural gas ("LNG") were exported from our facilities, respectively. Tightening the full year 2026 production forecast range upward to 53-54 million tonnes from 52-54 million tonnes. In June 2026, substantial completion of the sixth train ("Midscale Train 6") of the CCL Stage 3 Project (defined below) was achieved. This follows the previously announced substantial completions of Midscale Trains 1-4 of the CCL Stage 3 Project in 2025 and Midscale Train 5 of the CCL Stage 3 Project in March 2026. First LNG production from the seventh train ("Midscale Train 7") of the CCL Stage 3 Project is expected imminently. In June 2026, we received authorization from the Federal Energy Regulatory Commission ("FERC") to increase the LNG production capacity of the previously-authorized CCL Stage 3 Project and CCL Midscale Trains 8 & 9 Project (defined below) by approximately 5 million tonnes per annum ("mtpa") in aggregate. In May 2026, Sabine Pass Liquefaction Stage V, LLC, a subsidiary of Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE: CQP) entered into a lump sum, turnkey, engineering, procurement and construction ("EPC") contract with Bechtel Energy, Inc. ("Bechtel") for the first phase of the SPL Expansion Project (defined below) and has released Bechtel to commence early engineering and procurement under a limited notice to proceed ("LNTP"). CEO COMMENT "The second quarter of 2026 marked another outstanding quarter for Cheniere, highlighted by the substantial completion of Midscale Train 6 at the CCL Stage 3 Project, and our further progress towards an FID of Phase 1 of the SPL Expansion Project," said Jack Fusco, Cheniere’s Chairman, President and Chief Executive Officer. "Our strong financial and operational results year-to-date, coupled with our constructive outlook and enhanced visibility for the remainder of the year, have enabled us to once again raise our full year 2026 Consolidated Adjusted EBITDA and Distributable Cash Flow guidance ranges. We look forward to delivering full year financial results within these further improved ranges." SUMMARY AND REVIEW OF FINANCIAL RESULTS Net income (loss)1,2 was approximately $3.1 billion and $(434) million for the three and six months ended June 30, 2026, respectively, as compared to net income1,2 of approximately $1.6 billion and $2.0 billion for the corresponding 2025 periods. The changes for the three and six months ended June 30, 2026 are attributable to approximately $1.4 billion of favorable variances and $3.4 billion of unfavorable variances, respectively, related to changes in the fair value of our derivative instruments, predominantly related to our long-term Integrated Production Marketing ("IPM") agreements (before tax and non-controlling interests), as well as higher total margins on LNG delivered, primarily driven by higher volumes recognized in income. The favorable change for the three months ended June 30, 2026 was partially offset by higher net income attributable to non-controlling interests relative to the 2025 period. The unfavorable change for the six months ended June 30, 2026 was partially offset by the recognition of a nonrecurring excise tax credit during the 2026 period and lower provisions for income tax relative to the 2025 period. Share-based compensation expenses included in net income (loss) totaled $37 million and $115 million for the three and six months ended June 30, 2026, respectively, compared to $49 million and $105 million for the corresponding 2025 periods. Consolidated Adjusted EBITDA3 increased approximately $388 million and $849 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding 2025 periods, due to higher total margins on LNG delivered, primarily driven by higher volumes recognized in income, as well as higher margins per MMBtu of LNG delivered during the period. Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Partners as of June 30, 2026 consisted of 100% ownership of the general partner interest 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, 2026: Recent Key Financial Transactions and Updates In June 2026, the Cheniere Revolving Credit Facility was amended to extend its maturity by one year and increase the aggregate commitments by $500 million to $1.75 billion, and the CCH Working Capital Facility, now the CCH Revolving Credit Facility, was amended and restated to, among other things, extend the maturity date by approximately four years, reduce the rates applicable to our interest and fees, and decrease aggregate commitments by $500 million to $1.0 billion. In June 2026, the CCH Credit Facility was amended and restated to extend the availability period for disbursements to the later of the completion of the CCL Stage 3 Project and December 31, 2027. In May 2026, $600 million of unused commitments under the CCH Credit Facility were cancelled. In June 2026, Cheniere Partners issued $1.0 billion aggregate principal amount of 5.350% Senior Notes due 2036 and $750 million aggregate principal amount of 6.050% Senior Notes due 2056, and a portion of the net proceeds were used to fully redeem $1.5 billion aggregate principal amount of SPL’s 5.00% Senior Secured Notes due 2027, as well as for general corporate purposes, including funding a portion of the LNTP related to the first phase of the SPL Expansion Project. LIQUEFACTION PROJECTS OVERVIEW In aggregate across the Sabine Pass LNG terminal and the Corpus Christi LNG terminal, we have approximately 55 mtpa of liquefaction capacity in operation, over 6 mtpa under construction, and over 40 mtpa in the regulatory permitting process. 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. We expect to execute the SPL Expansion Project in a phased approach, and a positive Final Investment Decision ("FID") is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements. The FERC application for authorization to site, construct and operate the SPL Expansion Project, as well as the Department of Energy ("DOE") application authorizing the export of LNG to non-free trade agreement ("FTA") countries, remain pending. In May 2026, the lump sum, turnkey EPC contract with Bechtel for the first phase of the SPL Expansion Project was signed, and Bechtel was released to commence early engineering and procurement under a LNTP. The first phase includes a single train, Train 7, and a boil-off gas re-liquefaction unit, along with supporting infrastructure and tie-ins to the existing Sabine Pass LNG terminal, and has an expected total production capacity of over 6 mtpa of LNG, inclusive of estimated debottlenecking opportunities. CCL Project We operate liquefaction and export facilities with a total production capacity of over 24 mtpa of LNG at the Corpus Christi LNG terminal near Corpus Christi, Texas (the "CCL Project"), inclusive of Midscale Trains 1-6 of the CCL Stage 3 Project. CCL Stage 3 Project We are constructing an expansion of 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 9 mtpa in operation and over 1 mtpa under construction. Substantial completion was achieved for Midscale Trains 1-4 of the CCL Stage 3 Project in 2025, and Midscale Trains 5 and 6 in March and June 2026, respectively. First LNG is expected imminently from Midscale Train 7, which is expected to reach substantial completion in the fall of 2026. 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. CCL Stage 3 Project and CCL Midscale Trains 8 & 9 Project Progress as of June 30, 2026: CCL 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 Expansion Project"). We expect to execute the CCL Expansion Project in a phased approach, and a positive FID is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements. The FERC application for authorization to site, construct and operate the CCL Expansion Project, as well as the DOE application authorizing the export of LNG to non-FTA countries, remain pending. INVESTOR CONFERENCE CALL AND WEBCAST We will host a conference call to discuss our financial and operating results for the second quarter 2026 on Thursday, August 6, 2026, 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. 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 55 mtpa of LNG in operation and an additional over 6 mtpa of expected production capacity under construction or in commissioning, 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 www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, 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 July 31, 2026, over 4,940 cumulative LNG cargoes totaling over 340 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects. During the three and six months ended June 30, 2026, we exported 672 and 1,360 TBtu, respectively, of LNG from our liquefaction projects, 3 and 9 TBtu of which was related to commissioning activities, respectively. 72 TBtu of LNG exported from our liquefaction projects and sold on a delivered basis was in transit as of June 30, 2026, 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 and six months ended June 30, 2026: In addition, during the six months ended June 30, 2026, we recognized 36 TBtu of LNG on our Consolidated Financial Statements related to LNG cargoes sourced from third-parties. 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, 2026 and 2025 (in millions): Consolidated Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Consolidated Adjusted EBITDA is not intended to represent cash flows from operations or net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. We believe Consolidated Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance. Consolidated Adjusted EBITDA is calculated by taking net income (loss) attributable to 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, amortization of deferred NPNS assets and liabilities, and non-cash compensation expense. Changes in the fair value of commodity and FX derivatives and amortization of deferred NPNS assets and liabilities are 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. Adjusted Net Income The following table reconciles our Adjusted Net Income to U.S. GAAP results for the three and six months ended June 30, 2026 and 2025 (in millions): Adjusted Net Income is calculated by taking net income (loss) attributable to Cheniere and excluding the effects of non-cash changes in the fair value of agreements accounted for as derivative instruments and amortization of deferred NPNS assets and liabilities, net of the associated non-controlling interests and income tax effects. Given that the timing of recognizing gains and losses on derivative contracts differs from the recognition of the related item economically hedged, we believe the exclusion of the effect of changes in the fair value of our commodity and FX derivatives and amortization of deferred NPNS assets and liabilities 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. Adjusted Net Income is not intended to represent net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. Consolidated Adjusted EBITDA and Distributable Cash Flow The following table reconciles our actual Consolidated Adjusted EBITDA and Distributable Cash Flow to Net income (loss) attributable to Cheniere for the three and six months ended June 30, 2026 and forecast amounts for full year 2026 (in billions): 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 (growth) capital expenditures1. Distributable Cash Flow is not intended to represent cash flows from operations or net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. We have not made any forecast of net income (loss) on a run-rate basis, which would be the most directly comparable measure under U.S. GAAP, in part because net income (loss) includes the impact of derivative transactions, which cannot be determined at this time, and we are unable to reconcile differences between run-rate Distributable Cash Flow and net income (loss). View source version on businesswire.com: https://www.businesswire.com/news/home/20260805172647/en/ Contacts Cheniere Energy, Inc.Investors Randy Bhatia713-375-5479 Frances Smith713-375-5753 Media Relations Randy Bhatia713-375-5479 Bernardo Fallas713-375-5593

Cheniere Energy (LNG) came out with quarterly earnings of $3.02 per share, beating the Zacks Consensus Estimate of $2.89 per share. This compares to earnings of $7.3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +4.50%. A quarter ago, it was expected that this natural gas company would post earnings of $3.91 per share when it actually produced earnings of $4.77, delivering a surprise of +21.99%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Cheniere Energy, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $5.73 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 13.96%. This compares to year-ago revenues of $4.64 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Cheniere Energy shares have added about 31.1% since the beginning of the year versus the S&P 500's gain of 12.8%. While Cheniere Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Cheniere Energy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.36 on $5.37 billion in revenues for the coming quarter and -$2.60 on $21.67 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, California Resources Corporation (CRC), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This company is expected to post quarterly earnings of $1.31 per share in its upcoming report, which represents a year-over-year change of +19.1%. The consensus EPS estimate for the quarter has been revised 34.3% lower over the last 30 days to the current level. California Resources Corporation's revenues are expected to be $979.33 million, up 0.1% from the year-ago quarter. 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 Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report California Resources Corporation (CRC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research