{"success":true,"data":{"pressRelease":{"id":"111113","rtpr_id":"nBw1dSc7ca","ticker":"LNG","exchange":"NYSE","all_tickers":["LNG"],"title":"Cheniere Reports Second Quarter 2026 Results and Raises Full Year 2026 Financial Guidance","author":"Business Wire","published_at":"2026-08-06T11:30:00.189Z","article_body":"Cheniere Reports Second Quarter 2026 Results and Raises Full Year 2026\nFinancial Guidance\n\nCheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) today announced its\nfinancial results for the second quarter 2026.\n\nSECOND QUARTER 2026 SUMMARY FINANCIAL RESULTS\n (in billions)                        Three Months Ended June 30, 2026      Six Months Ended June 30, 2026      \n Revenues                             $5.73                                 $11.60                              \n Net Income (Loss)(1,2)               $3.07                                 ($0.43)                             \n Consolidated Adjusted EBITDA(3)      $1.80                                 $4.14                               \n Distributable Cash Flow(3)           $1.17                                 $2.84                               \n\n\n2026 FULL YEAR FINANCIAL GUIDANCE\n (in billions)                        2026 Previous            2026 Revised             \n Consolidated Adjusted EBITDA(3)      $7.25  -      $7.75      $7.90  -      $8.40      \n Distributable Cash Flow(3)           $4.75  -      $5.25      $5.30  -      $5.80      \n\n\nRECENT HIGHLIGHTS\n\nFinancial\n\n\n * During the three and six months ended June 30, 2026, Cheniere generated\nrevenues of approximately $5.7 billion and $11.6 billion, Consolidated\nAdjusted EBITDA(3) of approximately $1.8 billion and $4.1 billion,\nDistributable Cash Flow(3) of approximately $1.2 billion and $2.8 billion, and\nnet income (loss)(1,2) of approximately $3.1 billion and ($434) million,\nrespectively. For the twelve months ended June 30, 2026, Cheniere generated\nnet income of approximately $2.9 billion.\n\n * Raising full year 2026 Consolidated Adjusted EBITDA(3) guidance from $7.25\nbillion - $7.75 billion to $7.90 billion - $8.40 billion and full year 2026\nDistributable Cash Flow(3) guidance from $4.75 billion - $5.25 billion to\n$5.30 billion - $5.80 billion.\n\nCapital Allocation\n\n\n * During the three and six months ended June 30, 2026, Cheniere deployed\napproximately $884 million and $2.1 billion, respectively, under its\ncomprehensive capital allocation plan by:\n\n\n* Repurchasing an aggregate of approximately 2.2 million and 4.9 million\nshares\nof common stock for approximately $550 million and $1.1 billion, respectively,\n\n * Paying quarterly dividends of $0.555 and $1.110 per share of common stock,\ntotaling approximately $116 million and $233 million, respectively,\n\n * Investing approximately $1.1 billion and $2.1 billion of growth capital with\napproximately $219 million and $520 million funded with equity, respectively,\nand\n\n * Repaying approximately $253 million of consolidated long-term indebtedness in\nthe six months ended June 30, 2026\n\n\n\n\n * In July 2026, Cheniere declared a dividend with respect to the second quarter\n2026 of $0.555 per share of common stock, which is payable on August 18, 2026.\n\nGrowth / Operations\n\n\n * During the three and six months ended June 30, 2026, a total of 184 and 371\ncargoes of liquefied natural gas (“LNG”) were exported from our\nfacilities, respectively.\n\n * Tightening the full year 2026 production forecast range upward to 53-54\nmillion tonnes from 52-54 million tonnes.\n\n * In June 2026, substantial completion of the sixth train (“Midscale Train\n6”) of the CCL Stage 3 Project (defined below) was achieved. This follows\nthe previously announced substantial completions of Midscale Trains 1-4 of the\nCCL Stage 3 Project in 2025 and Midscale Train 5 of the CCL Stage 3 Project in\nMarch 2026. First LNG production from the seventh train (“Midscale Train\n7”) of the CCL Stage 3 Project is expected imminently.\n\n * In June 2026, we received authorization from the Federal Energy Regulatory\nCommission (“FERC”) to increase the LNG production capacity of the\npreviously-authorized CCL Stage 3 Project and CCL Midscale Trains 8 & 9\nProject (defined below) by approximately 5 million tonnes per annum\n(“mtpa”) in aggregate.\n\n * In May 2026, Sabine Pass Liquefaction Stage V, LLC, a subsidiary of Cheniere\nEnergy Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) entered into a\nlump sum, turnkey, engineering, procurement and construction (“EPC”)\ncontract with Bechtel Energy, Inc. (“Bechtel”) for the first phase of the\nSPL Expansion Project (defined below) and has released Bechtel to commence\nearly engineering and procurement under a limited notice to proceed\n(“LNTP”).\n\nCEO COMMENT\n\n“The second quarter of 2026 marked another outstanding quarter for Cheniere,\nhighlighted by the substantial completion of Midscale Train 6 at the CCL Stage\n3 Project, and our further progress towards an FID of Phase 1 of the SPL\nExpansion Project,” said Jack Fusco, Cheniere’s Chairman, President and\nChief Executive Officer. “Our strong financial and operational results\nyear-to-date, coupled with our constructive outlook and enhanced visibility\nfor the remainder of the year, have enabled us to once again raise our full\nyear 2026 Consolidated Adjusted EBITDA and Distributable Cash Flow guidance\nranges. We look forward to delivering full year financial results within these\nfurther improved ranges.”\n\nSUMMARY AND REVIEW OF FINANCIAL RESULTS\n (in millions, except LNG data)   Three Months Ended June 30,                             Six Months Ended June 30,                              \n                                        2026               2025         % Change               2026                   2025         % Change      \n Revenues                         $     5,732        $     4,641        24     %          $    11,600            $    10,085       15     %      \n Net income (loss)(1,2)           $     3,068        $     1,626        89     %          $    (434    )         $    1,979        N/M           \n Consolidated Adjusted EBITDA(3)  $     1,804        $     1,416        27     %          $    4,137             $    3,288        26     %      \n LNG exported:                                                                                                                                   \n Number of cargoes                      184                154          19     %               371                    322          15     %      \n Volumes (TBtu)                         672                550          22     %               1,360                  1,159        17     %      \n LNG volumes loaded (TBtu)              672                550          22     %               1,360                  1,158        17     %      \n\n\nNet income (loss)(1,2) was approximately $3.1 billion and $(434) million for\nthe three and six months ended June 30, 2026, respectively, as compared to net\nincome(1,2) of approximately $1.6 billion and $2.0 billion for the\ncorresponding 2025 periods. The changes for the three and six months ended\nJune 30, 2026 are attributable to approximately $1.4 billion of favorable\nvariances and $3.4 billion of unfavorable variances, respectively, related to\nchanges in the fair value of our derivative instruments, predominantly related\nto our long-term Integrated Production Marketing (“IPM”) agreements\n(before tax and non-controlling interests), as well as higher total margins on\nLNG delivered, primarily driven by higher volumes recognized in income. The\nfavorable change for the three months ended June 30, 2026 was partially offset\nby higher net income attributable to non-controlling interests relative to the\n2025 period. The unfavorable change for the six months ended June 30, 2026 was\npartially offset by the recognition of a nonrecurring excise tax credit during\nthe 2026 period and lower provisions for income tax relative to the 2025\nperiod.\n\nShare-based compensation expenses included in net income (loss) totaled $37\nmillion and $115 million for the three and six months ended June 30, 2026,\nrespectively, compared to $49 million and $105 million for the corresponding\n2025 periods.\n\nConsolidated Adjusted EBITDA(3) increased approximately $388 million and $849\nmillion for the three and six months ended June 30, 2026, respectively, as\ncompared to the corresponding 2025 periods, due to higher total margins on LNG\ndelivered, primarily driven by higher volumes recognized in income, as well as\nhigher margins per MMBtu of LNG delivered during the period.\n\nOur financial results are reported on a consolidated basis. Our ownership\ninterest in Cheniere Partners as of June 30, 2026 consisted of 100% ownership\nof the general partner interest and a 48.6% limited partner interest.\n\nBALANCE SHEET MANAGEMENT\n\nCapital Resources\n\nThe table below provides a summary of our available liquidity (in millions) as\nof June 30, 2026:\n                                                                      June 30, 2026     \n Cash and cash equivalents((1))                                       $        1,099    \n Restricted cash and cash equivalents((2))                                     420      \n Available commitments under our credit facilities:                                     \n Sabine Pass Liquefaction, LLC (“SPL”) Revolving Credit Facility               871      \n Cheniere Partners Revolving Credit Facility                                   1,000    \n Cheniere Corpus Christi Holdings, LLC (“CCH”) Credit Facility                 1,510    \n CCH Revolving Credit Facility                                                 825      \n Cheniere Revolving Credit Facility                                            1,750    \n Total available commitments under our credit facilities                       5,956    \n                                                                                        \n Total available liquidity                                            $        7,475    \n\n (1)    $443 million of cash and cash equivalents was held by Cheniere Partners.  \n (2)    $23 million of restricted cash and cash equivalents was held by Cheniere  \n        Partners.                                                                 \n\n\nRecent Key Financial Transactions and Updates\n\nIn June 2026, the Cheniere Revolving Credit Facility was amended to extend its\nmaturity by one year and increase the aggregate commitments by $500 million to\n$1.75 billion, and the CCH Working Capital Facility, now the CCH Revolving\nCredit Facility, was amended and restated to, among other things, extend the\nmaturity date by approximately four years, reduce the rates applicable to our\ninterest and fees, and decrease aggregate commitments by $500 million to $1.0\nbillion.\n\nIn June 2026, the CCH Credit Facility was amended and restated to extend the\navailability period for disbursements to the later of the completion of the\nCCL Stage 3 Project and December 31, 2027. In May 2026, $600 million of unused\ncommitments under the CCH Credit Facility were cancelled.\n\nIn June 2026, Cheniere Partners issued $1.0 billion aggregate principal amount\nof 5.350% Senior Notes due 2036 and $750 million aggregate principal amount of\n6.050% Senior Notes due 2056, and a portion of the net proceeds were used to\nfully redeem $1.5 billion aggregate principal amount of SPL’s 5.00% Senior\nSecured Notes due 2027, as well as for general corporate purposes, including\nfunding a portion of the LNTP related to the first phase of the SPL Expansion\nProject.\n\nLIQUEFACTION PROJECTS OVERVIEW\n\nIn aggregate across the Sabine Pass LNG terminal and the Corpus Christi LNG\nterminal, we have approximately 55 mtpa of liquefaction capacity in operation,\nover 6 mtpa under construction, and over 40 mtpa in the regulatory permitting\nprocess.\n\nSPL Project\n\nThrough Cheniere Partners, we operate liquefaction and export facilities with\na total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG\nterminal in Cameron Parish, Louisiana (the “SPL Project”).\n\nSPL Expansion Project\n\nThrough Cheniere Partners, we are developing an expansion adjacent to the SPL\nProject with an expected total peak production capacity of up to approximately\n20 mtpa of LNG (the “SPL Expansion Project”), inclusive of estimated\ndebottlenecking opportunities. We expect to execute the SPL Expansion Project\nin a phased approach, and a positive Final Investment Decision (“FID”) is\nsubject to, among other things, receipt of necessary regulatory approvals and\nacceptable commercial and financing arrangements. The FERC application for\nauthorization to site, construct and operate the SPL Expansion Project, as\nwell as the Department of Energy (“DOE”) application authorizing the\nexport of LNG to non-free trade agreement (“FTA”) countries, remain\npending. In May 2026, the lump sum, turnkey EPC contract with Bechtel for the\nfirst phase of the SPL Expansion Project was signed, and Bechtel was released\nto commence early engineering and procurement under a LNTP. The first phase\nincludes a single train, Train 7, and a boil-off gas re-liquefaction unit,\nalong with supporting infrastructure and tie-ins to the existing Sabine Pass\nLNG terminal, and has an expected total production capacity of over 6 mtpa of\nLNG, inclusive of estimated debottlenecking opportunities.\n\nCCL Project\n\nWe operate liquefaction and export facilities with a total production capacity\nof over 24 mtpa of LNG at the Corpus Christi LNG terminal near Corpus Christi,\nTexas (the “CCL Project”), inclusive of Midscale Trains 1-6 of the CCL\nStage 3 Project.\n\nCCL Stage 3 Project\n\nWe are constructing an expansion of the CCL Project consisting of seven\nMidscale Trains with an expected total production capacity of over 10 mtpa of\nLNG (the “CCL Stage 3 Project”), including approximately 9 mtpa in\noperation and over 1 mtpa under construction. Substantial completion was\nachieved for Midscale Trains 1-4 of the CCL Stage 3 Project in 2025, and\nMidscale Trains 5 and 6 in March and June 2026, respectively. First LNG is\nexpected imminently from Midscale Train 7, which is expected to reach\nsubstantial completion in the fall of 2026.\n\nCCL Midscale Trains 8 & 9 Project\n\nWe are constructing an expansion adjacent to the CCL Stage 3 Project\nconsisting of two additional Midscale Trains with an expected total production\ncapacity of approximately 5 mtpa of LNG (the “CCL Midscale Trains 8 & 9\nProject”), inclusive of estimated debottlenecking opportunities.\n\nCCL Stage 3 Project and CCL Midscale Trains 8 & 9 Project Progress as of\nJune 30, 2026:\n                                  CCL Stage 3 Project                          CCL Midscale Trains 8 & 9 Project      \n Project Status                   Trains 1-6 Operational                       Under Construction                     \n                                  \n                                                                                   \n                                  \nTrain 7 Under Construction / Commissioning                                         \n Project Completion Percentage    98.4%((1))                                   48.3%((2))                             \n Expected Substantial Completion  2H 2026                                      2H 2028                                \n\n (1)    Engineering 99.8% complete, procurement 100.0% complete, subcontract work       \n        98.0% complete and construction 96.0% complete.                                 \n (2)    Engineering 91.5% complete, procurement 69.9% complete, subcontract work 53.4%  \n        complete and construction 6.7% complete.                                        \n\n\nCCL Expansion Project\n\nWe are developing an expansion adjacent to the CCL Project with an expected\ntotal peak production capacity of up to approximately 24 mtpa of LNG,\ninclusive of estimated debottlenecking opportunities (the “CCL Expansion\nProject”). We expect to execute the CCL Expansion Project in a phased\napproach, and a positive FID is subject to, among other things, receipt of\nnecessary regulatory approvals and acceptable commercial and financing\narrangements. The FERC application for authorization to site, construct and\noperate the CCL Expansion Project, as well as the DOE application authorizing\nthe export of LNG to non-FTA countries, remain pending.\n\nINVESTOR CONFERENCE CALL AND WEBCAST\n\nWe will host a conference call to discuss our financial and operating results\nfor the second quarter 2026 on Thursday, August 6, 2026, at 11 a.m. Eastern\ntime / 10 a.m. Central time. A listen-only webcast of the call and an\naccompanying slide presentation may be accessed through our website at\nwww.cheniere.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cheniere.com&esheet=54584395&newsitemid=20260805172647&lan=en-US&anchor=www.cheniere.com&index=1&md5=6cc97b100550061898a3d53d59f757a9)\n. Following the call, an archived recording will be made available on our\nwebsite.\n ________________________________                                                 \n (1  )Net income (loss) as used herein refers to Net income (loss)                \n attributable to Cheniere Energy, Inc. on our Consolidated Statements of          \n Operations.                                                                      \n (2  )See “Reconciliation of Non-GAAP Measures” for Adjusted Net Income, a        \n non-GAAP financial measure, which excludes non-cash changes in fair value of     \n our derivative instruments and related adjustments to income tax (benefit) and   \n non-controlling interest.                                                        \n (3  )Non-GAAP financial measure.  See “Reconciliation of Non-GAAP                \n Measures” for further details.                                                   \n\n\nAbout Cheniere\n\nCheniere Energy, Inc. is the leading producer and exporter of LNG in the\nUnited States, reliably providing a clean, secure, and affordable solution to\nthe growing global need for natural gas. Cheniere is a full-service LNG\nprovider, with capabilities that include gas procurement and transportation,\nliquefaction, vessel chartering, and LNG delivery. Cheniere has one of the\nlargest liquefaction platforms in the world, consisting of the Sabine Pass and\nCorpus Christi liquefaction facilities on the U.S. Gulf Coast, with a total\ncombined production capacity of approximately 55 mtpa of LNG in operation and\nan additional over 6 mtpa of expected production capacity under construction\nor in commissioning, inclusive of estimated debottlenecking opportunities.\nCheniere is also pursuing liquefaction expansion opportunities and other\nprojects along the LNG value chain. Cheniere is headquartered in Houston,\nTexas, and has additional offices in London, Singapore, Beijing, Tokyo, Dubai\nand Washington, D.C.\n\nFor additional information, please refer to the Cheniere website at\nwww.cheniere.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cheniere.com&esheet=54584395&newsitemid=20260805172647&lan=en-US&anchor=www.cheniere.com&index=2&md5=2e4cfb6e7dbd6ed1aa50acafe21b218e)\nand Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed\nwith the Securities and Exchange Commission.\n\nUse of Non-GAAP Financial Measures\n\nIn addition to disclosing financial results in accordance with U.S. GAAP, the\naccompanying news release contains non-GAAP financial measures. Consolidated\nAdjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures\nthat we use to facilitate comparisons of operating performance across periods.\nThese non-GAAP measures should be viewed as a supplement to and not a\nsubstitute for our U.S. GAAP measures of performance and the financial results\ncalculated in accordance with U.S. GAAP and reconciliations from these results\nshould be carefully evaluated.\n\nNon-GAAP measures have limitations as an analytical tool and should not be\nconsidered in isolation or in lieu of an analysis of our results as reported\nunder GAAP and should be evaluated only on a supplementary basis.\n\nForward-Looking Statements\n\nThis press release contains certain statements that may include\n“forward-looking statements” within the meanings of Section 27A of the\nSecurities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.\nAll statements, other than statements of historical or present facts or\nconditions, included herein are “forward-looking statements.” Included\namong “forward-looking statements” are, among other things, (i) statements\nregarding Cheniere’s financial and operational guidance, business strategy,\nplans and objectives, including the development, construction and operation of\nliquefaction facilities, (ii) statements regarding regulatory authorization\nand approval expectations, (iii) statements expressing beliefs and\nexpectations regarding the development of Cheniere’s LNG terminal and\npipeline businesses, including liquefaction facilities, (iv) statements\nregarding the business operations and prospects of third-parties, (v)\nstatements regarding potential financing arrangements, (vi) statements\nregarding future discussions and entry into contracts, (vii) statements\nrelating to Cheniere’s capital deployment, including intent, ability,\nextent, and timing of capital expenditures, debt repayment, dividends, share\nrepurchases and execution on the capital allocation plan, and (viii)\nstatements relating to our goals, commitments and strategies in relation to\nenvironmental matters. Although Cheniere believes that the expectations\nreflected in these forward-looking statements are reasonable, they do involve\nassumptions, risks and uncertainties, and these expectations may prove to be\nincorrect. Cheniere’s actual results could differ materially from those\nanticipated in these forward-looking statements as a result of a variety of\nfactors, including those discussed in Cheniere’s periodic reports that are\nfiled with and available from the Securities and Exchange Commission. You\nshould not place undue reliance on these forward-looking statements, which\nspeak only as of the date of this press release. Other than as required under\nthe securities laws, Cheniere does not assume a duty to update these\nforward-looking statements.\n\n(Financial Tables and Supplementary Information Follow)\n\nLNG VOLUME SUMMARY\n\nAs of July 31, 2026, over 4,940 cumulative LNG cargoes totaling over 340\nmillion tonnes of LNG have been produced, loaded and exported from our\nliquefaction projects.\n\nDuring the three and six months ended June 30, 2026, we exported 672 and 1,360\nTBtu, respectively, of LNG from our liquefaction projects, 3 and 9 TBtu of\nwhich was related to commissioning activities, respectively. 72 TBtu of LNG\nexported from our liquefaction projects and sold on a delivered basis was in\ntransit as of June 30, 2026, 1 TBtu of which was related to commissioning\nactivities.\n\nThe following table summarizes the volumes of LNG that were loaded from our\nliquefaction projects and for which the financial impact was recognized on our\nConsolidated Financial Statements during the three and six months ended June\n30, 2026:\n                                                                                  Three Months Ended June 30, 2026                                  Six Months Ended June 30, 2026                             \n (in TBtu)                                                                        Operational            Commissioning            Total             Operational           Commissioning           Total        \n Volumes loaded during the current period                                         669                    3                        672               1,351                 9                       1,360        \n Volumes loaded during the prior period but recognized during the current         59                     1                        60                23                    1                       24           \n period                                                                                                                                                                                                        \n Less: volumes loaded during the current period and in transit at the end of      (71     )              (1       )               (72    )          (71     )             (1       )              (72    )     \n the period                                                                                                                                                                                                    \n Total volumes recognized in the current period                                   657                    3                        660               1,303                 9                       1,312        \n\n\nIn addition, during the six months ended June 30, 2026, we recognized 36 TBtu\nof LNG on our Consolidated Financial Statements related to LNG cargoes sourced\nfrom third-parties.\n Cheniere Energy, Inc.                                                                                                                                              \n \n                                                                                                                                                                  \n \nConsolidated Statements of Operations                                                                                                                             \n \n                                                                                                                                                                  \n \n(in millions, except per share data)((1))                                                                                                                         \n \n                                                                                                                                                                  \n \n(unaudited)                                                                                                                                                       \n                                                                                                                                                                    \n                                                                                Three Months Ended                         Six Months Ended                         \n                                                                                June 30,                                   June 30,                                 \n                                                                                     2026                  2025                 2026                   2025         \n Revenues                                                                                                                                                           \n LNG revenues                                                                   $    5,640            $    4,515           $    11,362            $    9,820        \n Regasification revenues                                                             34                    34                   68                     68           \n Other revenues                                                                      58                    92                   170                    197          \n Total revenues                                                                      5,732                 4,641                11,600                 10,085       \n                                                                                                                                                                    \n Operating costs and expenses                                                                                                                                       \n Cost of sales (excluding operating and maintenance expense and depreciation,        439                   1,117                8,757                  4,688        \n amortization and accretion expense shown separately below)( (2))                                                                                                   \n Operating and maintenance expense                                                   533                   559                  1,058                  1,032        \n Selling, general and administrative expense                                         88                    99                   224                    215          \n Depreciation, amortization and accretion expense                                    380                   329                  753                    641          \n Other operating costs and expenses                                                  2                     7                    6                      18           \n Total operating costs and expenses                                                  1,442                 2,111                10,798                 6,594        \n                                                                                                                                                                    \n Income from operations                                                              4,290                 2,530                802                    3,491        \n                                                                                                                                                                    \n Other income (expense)                                                                                                                                             \n Interest expense, net of capitalized interest                                       (287   )              (237   )             (542    )              (466    )    \n Interest and dividend income                                                        19                    31                   35                     68           \n Other income (expense), net                                                         (14    )              (1     )             (40     )              19           \n Total other expense                                                                 (282   )              (207   )             (547    )              (379    )    \n                                                                                                                                                                    \n Income before income taxes and non-controlling interests                            4,008                 2,323                255                    3,112        \n Less: income tax provision                                                          366                   426                  25                     547          \n Net income                                                                          3,642                 1,897                230                    2,565        \n Less: net income attributable to non-controlling interests                          574                   271                  664                    586          \n Net income (loss) attributable to Cheniere                                     $    3,068            $    1,626           $    (434    )         $    1,979        \n                                                                                                                                                                    \n Net income (loss) per share attributable to common stockholders—basic ((1))    $    14.68            $    7.32            $    (2.08   )         $    8.87         \n Net income (loss) per share attributable to common stockholders—diluted        $    14.65            $    7.30            $    (2.08   )         $    8.85         \n ((1))                                                                                                                                                              \n                                                                                                                                                                    \n Weighted average number of common shares outstanding—basic                          209.0                 221.8                209.7                  222.6        \n Weighted average number of common shares outstanding—diluted                        209.5                 222.3                209.7                  223.2        \n\n ________________________________                                                        \n (1)    Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for      \n        the quarter ended June 30, 2026, filed with the Securities and Exchange          \n        Commission.                                                                      \n (2)    Cost of sales includes approximately $2.4 billion of gains and $2.2 billion      \n        of losses from changes in the fair value of commodity derivatives prior to       \n        contractual delivery or termination, primarily related to non-cash changes in    \n        the fair value of our long-term IPM agreements during the three and six months   \n        ended June 30, 2026 prior to the normal purchases and normal sales               \n        (“NPNS”) designation, respectively, as compared to $1.4 billion and $0.7         \n        billion of gains in the corresponding 2025 periods, respectively.                \n\n Cheniere Energy, Inc.                                                                                                        \n \n                                                                                                                            \n \nConsolidated Balance Sheets                                                                                                 \n \n                                                                                                                            \n \n(in millions, except share data)((1)(2))                                                                                    \n \n                                                                                                                            \n \n(unaudited)                                                                                                                 \n                                                                                                                              \n                                                                                  June 30,              December 31,          \n                                                                                       2026                    2025           \n                                                                                                                              \n ASSETS                                                                                                                       \n Current assets                                                                                                               \n Cash and cash equivalents                                                        $    1,099            $      1,099          \n Restricted cash and cash equivalents                                                  420                     485            \n Trade and other receivables, net of current expected credit losses                    1,335                   1,380          \n Inventory                                                                             723                     524            \n Current derivative assets                                                             156                     9              \n Margin deposits                                                                       126                     76             \n Prepaid expenses                                                                      117                     72             \n Other current assets, net                                                             136                     47             \n Total current assets                                                                  4,112                   3,692          \n Property, plant and equipment, net of accumulated depreciation                        37,154                  35,755         \n Operating lease assets                                                                2,516                   2,700          \n Deferred NPNS assets                                                                  2,195                   —              \n Derivative assets                                                                     735                     4,663          \n Other non-current assets, net                                                         1,260                   1,072          \n Total assets                                                                     $    47,972           $      47,882         \n                                                                                                                              \n LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY                                                    \n Current liabilities                                                                                                          \n Accounts payable                                                                 $    293              $      123            \n Accrued liabilities                                                                   1,676                   2,081          \n Current debt, net of unamortized discount and debt issuance costs                     1,411                   306            \n Deferred revenue                                                                      116                     150            \n Current operating lease liabilities                                                   562                     539            \n Current portion of deferred NPNS liabilities                                          166                     —              \n Current derivative liabilities                                                        377                     618            \n Other current liabilities                                                             122                     99             \n Total current liabilities                                                             4,723                   3,916          \n Long-term debt, net of unamortized discount and debt issuance costs                   22,632                  22,507         \n Operating lease liabilities                                                           1,951                   2,163          \n Deferred NPNS liabilities                                                             1,740                   —              \n Derivative liabilities                                                                301                     1,208          \n Deferred tax liabilities                                                              3,629                   3,698          \n Other non-current liabilities                                                         1,506                   1,312          \n Total liabilities                                                                     36,482                  34,804         \n                                                                                                                              \n Redeemable non-controlling interest                                                   —                       136            \n                                                                                                                              \n Stockholders’ equity                                                                                                         \n Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued        —                       —              \n Common stock: $0.003 par value, 480.0 million shares authorized; 279.6 million        1                       1              \n shares and 279.2 million shares issued at June 30, 2026 and December 31, 2025,                                               \n respectively                                                                                                                 \n Treasury stock: 71.7 million shares and 66.8 million shares at June 30, 2026          (9,949  )               (8,852  )      \n and December 31, 2025, respectively, at cost                                                                                 \n Additional paid-in-capital                                                            4,566                   4,523          \n Retained earnings                                                                     11,573                  12,243         \n Total Cheniere stockholders’ equity                                                   6,191                   7,915          \n Non-controlling interests                                                             5,299                   5,027          \n Total stockholders’ equity                                                            11,490                  12,942         \n Total liabilities, redeemable non-controlling interest and stockholders’         $    47,972           $      47,882         \n equity                                                                                                                       \n\n ________________________________                                                      \n (1)    Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for    \n        the quarter ended June 30, 2026, filed with the Securities and Exchange        \n        Commission.                                                                    \n (2)    Amounts presented include balances held by our consolidated Variable Interest  \n        Entities (“VIEs”), all of which were related to Cheniere Partners as of        \n        June 30, 2026, and substantially all of which were related to Cheniere         \n        Partners as of December 31, 2025. As of June 30, 2026, total assets and        \n        liabilities of our VIEs, which are included in our Consolidated Balance        \n        Sheets, were $17.2 billion and $16.9 billion, respectively, including $443     \n        million of cash and cash equivalents and $23 million of restricted cash and    \n        cash equivalents.                                                              \n\n\nReconciliation of Non-GAAP Measures\n\nRegulation G Reconciliations\n\nConsolidated Adjusted EBITDA\n\nThe following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP\nresults for the three and six months ended June 30, 2026 and 2025 (in\nmillions):\n                                                                           Three Months Ended June 30,                       Six Months Ended June 30,                   \n                                                                                 2026                      2025                    2026                     2025         \n Net income (loss) attributable to Cheniere                                $     3,068               $     1,626             $     (434   )           $     1,979        \n Net income attributable to non-controlling interests                            574                       271                     664                      586          \n Income tax provision                                                            366                       426                     25                       547          \n Interest expense, net of capitalized interest                                   287                       237                     542                      466          \n Interest and dividend income                                                    (19     )                 (31     )               (35    )                 (68    )     \n Other expense (income), net                                                     14                        1                       40                       (19    )     \n Income from operations                                                    $     4,290               $     2,530             $     802                $     3,491        \n Adjustments to reconcile income from operations to Consolidated Adjusted                                                                                                \n EBITDA:                                                                                                                                                                 \n Depreciation, amortization and accretion expense                                380                       329                     753                      641          \n Loss (gain) from changes in fair value of commodity and foreign exchange        (2,900  )                 (1,479  )               2,509                    (917   )     \n (“FX”) derivatives, net( (1))                                                                                                                                           \n Amortization of deferred NPNS assets and liabilities                            (5      )                 —                       (5     )                 —            \n Total non-cash compensation expense                                             39                        35                      78                       72           \n Other operating costs and expenses                                              —                         1                       —                        1            \n Consolidated Adjusted EBITDA                                              $     1,804               $     1,416             $     4,137              $     3,288        \n\n ________________________________                                                     \n (1)  Changes in the fair value of commodity and FX derivatives prior to contractual  \n      delivery or termination, primarily related to non-cash changes in the fair      \n      value of our long-term IPM agreements.                                          \n\n\nConsolidated Adjusted EBITDA is commonly used as a supplemental financial\nmeasure by our management and external users of our Consolidated Financial\nStatements to assess the financial performance of our assets without regard to\nfinancing methods, capital structures, or historical cost basis. Consolidated\nAdjusted EBITDA is not intended to represent cash flows from operations or net\nincome (loss) as defined by U.S. GAAP and is not necessarily comparable to\nsimilarly titled measures reported by other companies.\n\nWe believe Consolidated Adjusted EBITDA provides relevant and useful\ninformation to management, investors and other users of our financial\ninformation in evaluating the effectiveness of our operating performance in a\nmanner that is consistent with management’s evaluation of financial and\noperating performance.\n\nConsolidated Adjusted EBITDA is calculated by taking net income (loss)\nattributable to Cheniere before net income attributable to non-controlling\ninterests, interest expense, net of capitalized interest, taxes, depreciation,\namortization and accretion expense, and adjusting for the effects of certain\nnon-cash items, other non-operating income or expense items, and other items\nnot otherwise predictive or indicative of ongoing operating performance,\nincluding the effects of modification or extinguishment of debt, impairment\nexpense, gain or loss on disposal of assets, changes in the fair value of our\ncommodity and FX derivatives prior to contractual delivery or termination,\namortization of deferred NPNS assets and liabilities, and non-cash\ncompensation expense. Changes in the fair value of commodity and FX\nderivatives and amortization of deferred NPNS assets and liabilities are\nconsidered in determining Consolidated Adjusted EBITDA given that the timing\nof recognizing gains and losses on these derivative contracts differs from the\nrecognition of the related item economically hedged. We believe the exclusion\nof these items enables investors and other users of our financial information\nto assess our sequential and year-over-year performance and operating trends\non a more comparable basis and is consistent with management’s own\nevaluation of performance.\n\nAdjusted Net Income\n\nThe following table reconciles our Adjusted Net Income to U.S. GAAP results\nfor the three and six months ended June 30, 2026 and 2025 (in millions):\n                                                                                 Three Months Ended June 30,                       Six Months Ended June 30,                   \n                                                                                       2026                      2025                    2026                     2025         \n Net income (loss) attributable to Cheniere                                      $     3,068               $     1,626             $     (434   )           $     1,979        \n Loss (gain) from changes in fair value of commodity and FX derivatives, net(          (2,900  )                 (1,479  )               2,509                    (917   )     \n (1))                                                                                                                                                                          \n Amortization of deferred NPNS assets and liabilities                                  (5      )                 —                       (5     )                 —            \n Adjustments to net income (loss) attributable to Cheniere related to the above                                                                                                \n reconciling item:                                                                                                                                                             \n Income taxes((2))                                                                     207                       272                     (378   )                 171          \n Non-controlling interests                                                             262                       79                      (54    )                 59           \n Adjusted Net Income                                                             $     632                 $     498               $     1,638              $     1,292        \n\n ________________________________                                                       \n (1)    Changes in the fair value of commodity and FX derivatives prior to contractual  \n        delivery or termination, primarily related to non-cash changes in the fair      \n        value of our long-term IPM agreements.                                          \n (2)    Income taxes for the three and six months ended June 30, 2026 and 2025 have     \n        been calculated on a with-and-without basis to reflect the incremental impact   \n        of changes in the fair value of commodity and FX derivatives prior to           \n        contracted delivery or termination. The related adjustments to reported net     \n        income attributable to Cheniere are presented in the table above.               \n\n\nAdjusted Net Income is calculated by taking net income (loss) attributable to\nCheniere and excluding the effects of non-cash changes in the fair value of\nagreements accounted for as derivative instruments and amortization of\ndeferred NPNS assets and liabilities, net of the associated non-controlling\ninterests and income tax effects.\n\nGiven that the timing of recognizing gains and losses on derivative contracts\ndiffers from the recognition of the related item economically hedged, we\nbelieve the exclusion of the effect of changes in the fair value of our\ncommodity and FX derivatives and amortization of deferred NPNS assets and\nliabilities enables investors and other users of our financial information to\nassess our sequential and year-over-year performance and operating trends on a\nmore comparable basis and is consistent with management’s own evaluation of\nperformance. Adjusted Net Income is not intended to represent net income\n(loss) as defined by U.S. GAAP and is not necessarily comparable to similarly\ntitled measures reported by other companies.\n\nConsolidated Adjusted EBITDA and Distributable Cash Flow\n\nThe following table reconciles our actual Consolidated Adjusted EBITDA and\nDistributable Cash Flow to Net income (loss) attributable to Cheniere for the\nthree and six months ended June 30, 2026 and forecast amounts for full year\n2026 (in billions):\n                                                                             Three Months Ended June 30,             Six Months Ended June 30,            Full Year                       \n                                                                                         2026                                   2026                      2026                            \n Net income (loss) attributable to Cheniere                                  $           3.07                        $          (0.43      )              $   1.6       -   $   2.0       \n Net income attributable to non-controlling interests                                    0.57                                   0.66                          1.3       -       1.3       \n Income tax provision                                                                    0.37                                   0.03                          0.2       -       0.3       \n Interest expense, net of capitalized interest                                           0.29                                   0.54                          1.1       -       1.1       \n Depreciation, amortization and accretion expense                                        0.38                                   0.75                          1.5       -       1.5       \n Other income, financing costs, and certain non-cash operating expenses                  (2.87       )                          2.59                          2.1       -       2.1       \n Consolidated Adjusted EBITDA                                                $           1.80                        $          4.14                      $   7.90      -   $   8.40      \n Interest expense, net of interest income, capitalized interest and                      (0.25       )                          (0.48      )                  (1.0  )   -       (1.0  )   \n amortization                                                                                                                                                                             \n Maintenance capital expenditures                                                        (0.03       )                          (0.06      )                  (0.2  )   -       (0.2  )   \n Income tax (excludes deferred taxes)((1))                                               (0.06       )                          (0.10      )                  (0.1  )   -       (0.2  )   \n Other income                                                                            (0.03       )                          (0.06      )                  (0.1  )   -       (0.1  )   \n Consolidated Distributable Cash Flow                                        $           1.43                        $          3.44                      $   6.40      -   $   6.80      \n Distributable Cash Flow attributable to non-controlling interests                       (0.28       )                          (0.60      )                  (1.1  )   -       (1.0  )   \n Cheniere Distributable Cash Flow                                            $           1.17                        $          2.84                      $   5.30      -   $   5.80      \n\n ________________________________                                                 \n Note: Totals may not sum due to rounding.                                        \n (1) Our cash tax payments are subject to commodity and market volatility,        \n regulatory changes and other factors which could significantly impact both the   \n timing and amount of our future cash tax payments. Our 2026 full year            \n Distributable Cash Flow guidance reflects current tax law and does not           \n consider any prospective changes to local, domestic or international tax laws    \n and regulations, or their interpretation and application. Our actual results     \n could differ materially from our guidance due to such risks, uncertainties and   \n other factors, including those set forth in Risk Factors in Item 1A of Part 1    \n or as disclosed under Operating Cash Flows in Sources and Uses of Cash within    \n Liquidity and Capital Resources of the Cheniere Energy, Inc. Quarterly Report    \n on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and         \n Annual Report on Form 10-K for the year ended December 31, 2025, filed with      \n the Securities and Exchange Commission.                                          \n\n\nDistributable Cash Flow is defined as cash generated from the operations of\nCheniere and its subsidiaries and adjusted for non-controlling interests. The\nDistributable Cash Flow of Cheniere’s subsidiaries is calculated by taking\nthe subsidiaries’ EBITDA less interest expense, net of capitalized interest,\ntaxes, maintenance capital expenditures and other non-operating income or\nexpense items, and adjusting for the effect of certain non-cash items and\nother items not otherwise predictive or indicative of ongoing operating\nperformance, including the effects of modification or extinguishment of debt,\namortization of debt issue costs, premiums or discounts, impairment of equity\nmethod investment and deferred taxes. Cheniere’s Distributable Cash Flow\nincludes 100% of the Distributable Cash Flow of Cheniere’s wholly-owned\nsubsidiaries. For subsidiaries with non-controlling investors, our share of\nDistributable Cash Flow is calculated as the Distributable Cash Flow of the\nsubsidiary reduced by the economic interest of the non-controlling investors\nas if 100% of the Distributable Cash Flow were distributed in order to reflect\nour ownership interests and our incentive distribution rights, if applicable.\nThe Distributable Cash Flow attributable to non-controlling interests is\ncalculated in the same method as Distributions to non-controlling interests as\npresented on our Consolidated Statements of Stockholders’ Equity (Deficit)\nin our Forms 10-Q and Forms 10-K filed with the Securities and Exchange\nCommission. This amount may differ from the actual distributions paid to\nnon-controlling investors by the subsidiary for a particular period.\n\nWe believe Distributable Cash Flow is a useful performance measure for\nmanagement, investors and other users of our financial information to evaluate\nour performance and to measure and estimate the ability of our assets to\ngenerate cash earnings after servicing our debt, paying cash taxes and\nexpending sustaining capital, that could be considered for deployment by our\nBoard of Directors pursuant to our capital allocation plan, such as by way of\ncommon stock dividends, stock repurchases, retirement of debt, or expansion\n(growth) capital expenditures(1). Distributable Cash Flow is not intended to\nrepresent cash flows from operations or net income (loss) as defined by U.S.\nGAAP and is not necessarily comparable to similarly titled measures reported\nby other companies.\n\nWe have not made any forecast of net income (loss) on a run-rate basis, which\nwould be the most directly comparable measure under U.S. GAAP, in part because\nnet income (loss) includes the impact of derivative transactions, which cannot\nbe determined at this time, and we are unable to reconcile differences between\nrun-rate Distributable Cash Flow and net income (loss).\n ________________________________                                                 \n (1 )Capital spending for our business consists primarily of:                     \n \n                                                                                \n \n                                                                                \n *Maintenance capital expenditures.  These expenditures include costs which       \n qualify for capitalization that are required to sustain property, plant and      \n equipment reliability and safety and to address environmental or other           \n regulatory requirements rather than to generate incremental distributable cash   \n flow; and                                                                        \n \n*Expansion capital expenditures.  These expenditures are undertaken primarily   \n to generate incremental distributable cash flow and include investment in        \n accretive organic growth, acquisition or construction of additional              \n complementary assets to grow our business, along with expenditures to enhance    \n the productivity and efficiency of our existing facilities.                      \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260805172647/en/\n(https://www.businesswire.com/news/home/20260805172647/en/)\n\nCheniere Energy, Inc.\n\nInvestors \n\nRandy Bhatia\n\n713-375-5479\n\nFrances Smith\n\n713-375-5753\n\nMedia Relations \n\nRandy Bhatia\n\n713-375-5479\n\nBernardo Fallas\n\n713-375-5593\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw1dSc7ca","title":"Cheniere Reports Second Quarter 2026 Results and Raises Full Year 2026 Financial Guidance","author":"Business Wire","ticker":"LNG","created":"2026-08-06T11:30:00.189Z","tickers":["LNG"],"exchange":"NYSE","article_body":"Cheniere Reports Second Quarter 2026 Results and Raises Full Year 2026\nFinancial Guidance\n\nCheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) today announced its\nfinancial results for the second quarter 2026.\n\nSECOND QUARTER 2026 SUMMARY FINANCIAL RESULTS\n (in billions)                        Three Months Ended June 30, 2026      Six Months Ended June 30, 2026      \n Revenues                             $5.73                                 $11.60                              \n Net Income (Loss)(1,2)               $3.07                                 ($0.43)                             \n Consolidated Adjusted EBITDA(3)      $1.80                                 $4.14                               \n Distributable Cash Flow(3)           $1.17                                 $2.84                               \n\n\n2026 FULL YEAR FINANCIAL GUIDANCE\n (in billions)                        2026 Previous            2026 Revised             \n Consolidated Adjusted EBITDA(3)      $7.25  -      $7.75      $7.90  -      $8.40      \n Distributable Cash Flow(3)           $4.75  -      $5.25      $5.30  -      $5.80      \n\n\nRECENT HIGHLIGHTS\n\nFinancial\n\n\n * During the three and six months ended June 30, 2026, Cheniere generated\nrevenues of approximately $5.7 billion and $11.6 billion, Consolidated\nAdjusted EBITDA(3) of approximately $1.8 billion and $4.1 billion,\nDistributable Cash Flow(3) of approximately $1.2 billion and $2.8 billion, and\nnet income (loss)(1,2) of approximately $3.1 billion and ($434) million,\nrespectively. For the twelve months ended June 30, 2026, Cheniere generated\nnet income of approximately $2.9 billion.\n\n * Raising full year 2026 Consolidated Adjusted EBITDA(3) guidance from $7.25\nbillion - $7.75 billion to $7.90 billion - $8.40 billion and full year 2026\nDistributable Cash Flow(3) guidance from $4.75 billion - $5.25 billion to\n$5.30 billion - $5.80 billion.\n\nCapital Allocation\n\n\n * During the three and six months ended June 30, 2026, Cheniere deployed\napproximately $884 million and $2.1 billion, respectively, under its\ncomprehensive capital allocation plan by:\n\n\n* Repurchasing an aggregate of approximately 2.2 million and 4.9 million\nshares\nof common stock for approximately $550 million and $1.1 billion, respectively,\n\n * Paying quarterly dividends of $0.555 and $1.110 per share of common stock,\ntotaling approximately $116 million and $233 million, respectively,\n\n * Investing approximately $1.1 billion and $2.1 billion of growth capital with\napproximately $219 million and $520 million funded with equity, respectively,\nand\n\n * Repaying approximately $253 million of consolidated long-term indebtedness in\nthe six months ended June 30, 2026\n\n\n\n\n * In July 2026, Cheniere declared a dividend with respect to the second quarter\n2026 of $0.555 per share of common stock, which is payable on August 18, 2026.\n\nGrowth / Operations\n\n\n * During the three and six months ended June 30, 2026, a total of 184 and 371\ncargoes of liquefied natural gas (“LNG”) were exported from our\nfacilities, respectively.\n\n * Tightening the full year 2026 production forecast range upward to 53-54\nmillion tonnes from 52-54 million tonnes.\n\n * In June 2026, substantial completion of the sixth train (“Midscale Train\n6”) of the CCL Stage 3 Project (defined below) was achieved. This follows\nthe previously announced substantial completions of Midscale Trains 1-4 of the\nCCL Stage 3 Project in 2025 and Midscale Train 5 of the CCL Stage 3 Project in\nMarch 2026. First LNG production from the seventh train (“Midscale Train\n7”) of the CCL Stage 3 Project is expected imminently.\n\n * In June 2026, we received authorization from the Federal Energy Regulatory\nCommission (“FERC”) to increase the LNG production capacity of the\npreviously-authorized CCL Stage 3 Project and CCL Midscale Trains 8 & 9\nProject (defined below) by approximately 5 million tonnes per annum\n(“mtpa”) in aggregate.\n\n * In May 2026, Sabine Pass Liquefaction Stage V, LLC, a subsidiary of Cheniere\nEnergy Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) entered into a\nlump sum, turnkey, engineering, procurement and construction (“EPC”)\ncontract with Bechtel Energy, Inc. (“Bechtel”) for the first phase of the\nSPL Expansion Project (defined below) and has released Bechtel to commence\nearly engineering and procurement under a limited notice to proceed\n(“LNTP”).\n\nCEO COMMENT\n\n“The second quarter of 2026 marked another outstanding quarter for Cheniere,\nhighlighted by the substantial completion of Midscale Train 6 at the CCL Stage\n3 Project, and our further progress towards an FID of Phase 1 of the SPL\nExpansion Project,” said Jack Fusco, Cheniere’s Chairman, President and\nChief Executive Officer. “Our strong financial and operational results\nyear-to-date, coupled with our constructive outlook and enhanced visibility\nfor the remainder of the year, have enabled us to once again raise our full\nyear 2026 Consolidated Adjusted EBITDA and Distributable Cash Flow guidance\nranges. We look forward to delivering full year financial results within these\nfurther improved ranges.”\n\nSUMMARY AND REVIEW OF FINANCIAL RESULTS\n (in millions, except LNG data)   Three Months Ended June 30,                             Six Months Ended June 30,                              \n                                        2026               2025         % Change               2026                   2025         % Change      \n Revenues                         $     5,732        $     4,641        24     %          $    11,600            $    10,085       15     %      \n Net income (loss)(1,2)           $     3,068        $     1,626        89     %          $    (434    )         $    1,979        N/M           \n Consolidated Adjusted EBITDA(3)  $     1,804        $     1,416        27     %          $    4,137             $    3,288        26     %      \n LNG exported:                                                                                                                                   \n Number of cargoes                      184                154          19     %               371                    322          15     %      \n Volumes (TBtu)                         672                550          22     %               1,360                  1,159        17     %      \n LNG volumes loaded (TBtu)              672                550          22     %               1,360                  1,158        17     %      \n\n\nNet income (loss)(1,2) was approximately $3.1 billion and $(434) million for\nthe three and six months ended June 30, 2026, respectively, as compared to net\nincome(1,2) of approximately $1.6 billion and $2.0 billion for the\ncorresponding 2025 periods. The changes for the three and six months ended\nJune 30, 2026 are attributable to approximately $1.4 billion of favorable\nvariances and $3.4 billion of unfavorable variances, respectively, related to\nchanges in the fair value of our derivative instruments, predominantly related\nto our long-term Integrated Production Marketing (“IPM”) agreements\n(before tax and non-controlling interests), as well as higher total margins on\nLNG delivered, primarily driven by higher volumes recognized in income. The\nfavorable change for the three months ended June 30, 2026 was partially offset\nby higher net income attributable to non-controlling interests relative to the\n2025 period. The unfavorable change for the six months ended June 30, 2026 was\npartially offset by the recognition of a nonrecurring excise tax credit during\nthe 2026 period and lower provisions for income tax relative to the 2025\nperiod.\n\nShare-based compensation expenses included in net income (loss) totaled $37\nmillion and $115 million for the three and six months ended June 30, 2026,\nrespectively, compared to $49 million and $105 million for the corresponding\n2025 periods.\n\nConsolidated Adjusted EBITDA(3) increased approximately $388 million and $849\nmillion for the three and six months ended June 30, 2026, respectively, as\ncompared to the corresponding 2025 periods, due to higher total margins on LNG\ndelivered, primarily driven by higher volumes recognized in income, as well as\nhigher margins per MMBtu of LNG delivered during the period.\n\nOur financial results are reported on a consolidated basis. Our ownership\ninterest in Cheniere Partners as of June 30, 2026 consisted of 100% ownership\nof the general partner interest and a 48.6% limited partner interest.\n\nBALANCE SHEET MANAGEMENT\n\nCapital Resources\n\nThe table below provides a summary of our available liquidity (in millions) as\nof June 30, 2026:\n                                                                      June 30, 2026     \n Cash and cash equivalents((1))                                       $        1,099    \n Restricted cash and cash equivalents((2))                                     420      \n Available commitments under our credit facilities:                                     \n Sabine Pass Liquefaction, LLC (“SPL”) Revolving Credit Facility               871      \n Cheniere Partners Revolving Credit Facility                                   1,000    \n Cheniere Corpus Christi Holdings, LLC (“CCH”) Credit Facility                 1,510    \n CCH Revolving Credit Facility                                                 825      \n Cheniere Revolving Credit Facility                                            1,750    \n Total available commitments under our credit facilities                       5,956    \n                                                                                        \n Total available liquidity                                            $        7,475    \n\n (1)    $443 million of cash and cash equivalents was held by Cheniere Partners.  \n (2)    $23 million of restricted cash and cash equivalents was held by Cheniere  \n        Partners.                                                                 \n\n\nRecent Key Financial Transactions and Updates\n\nIn June 2026, the Cheniere Revolving Credit Facility was amended to extend its\nmaturity by one year and increase the aggregate commitments by $500 million to\n$1.75 billion, and the CCH Working Capital Facility, now the CCH Revolving\nCredit Facility, was amended and restated to, among other things, extend the\nmaturity date by approximately four years, reduce the rates applicable to our\ninterest and fees, and decrease aggregate commitments by $500 million to $1.0\nbillion.\n\nIn June 2026, the CCH Credit Facility was amended and restated to extend the\navailability period for disbursements to the later of the completion of the\nCCL Stage 3 Project and December 31, 2027. In May 2026, $600 million of unused\ncommitments under the CCH Credit Facility were cancelled.\n\nIn June 2026, Cheniere Partners issued $1.0 billion aggregate principal amount\nof 5.350% Senior Notes due 2036 and $750 million aggregate principal amount of\n6.050% Senior Notes due 2056, and a portion of the net proceeds were used to\nfully redeem $1.5 billion aggregate principal amount of SPL’s 5.00% Senior\nSecured Notes due 2027, as well as for general corporate purposes, including\nfunding a portion of the LNTP related to the first phase of the SPL Expansion\nProject.\n\nLIQUEFACTION PROJECTS OVERVIEW\n\nIn aggregate across the Sabine Pass LNG terminal and the Corpus Christi LNG\nterminal, we have approximately 55 mtpa of liquefaction capacity in operation,\nover 6 mtpa under construction, and over 40 mtpa in the regulatory permitting\nprocess.\n\nSPL Project\n\nThrough Cheniere Partners, we operate liquefaction and export facilities with\na total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG\nterminal in Cameron Parish, Louisiana (the “SPL Project”).\n\nSPL Expansion Project\n\nThrough Cheniere Partners, we are developing an expansion adjacent to the SPL\nProject with an expected total peak production capacity of up to approximately\n20 mtpa of LNG (the “SPL Expansion Project”), inclusive of estimated\ndebottlenecking opportunities. We expect to execute the SPL Expansion Project\nin a phased approach, and a positive Final Investment Decision (“FID”) is\nsubject to, among other things, receipt of necessary regulatory approvals and\nacceptable commercial and financing arrangements. The FERC application for\nauthorization to site, construct and operate the SPL Expansion Project, as\nwell as the Department of Energy (“DOE”) application authorizing the\nexport of LNG to non-free trade agreement (“FTA”) countries, remain\npending. In May 2026, the lump sum, turnkey EPC contract with Bechtel for the\nfirst phase of the SPL Expansion Project was signed, and Bechtel was released\nto commence early engineering and procurement under a LNTP. The first phase\nincludes a single train, Train 7, and a boil-off gas re-liquefaction unit,\nalong with supporting infrastructure and tie-ins to the existing Sabine Pass\nLNG terminal, and has an expected total production capacity of over 6 mtpa of\nLNG, inclusive of estimated debottlenecking opportunities.\n\nCCL Project\n\nWe operate liquefaction and export facilities with a total production capacity\nof over 24 mtpa of LNG at the Corpus Christi LNG terminal near Corpus Christi,\nTexas (the “CCL Project”), inclusive of Midscale Trains 1-6 of the CCL\nStage 3 Project.\n\nCCL Stage 3 Project\n\nWe are constructing an expansion of the CCL Project consisting of seven\nMidscale Trains with an expected total production capacity of over 10 mtpa of\nLNG (the “CCL Stage 3 Project”), including approximately 9 mtpa in\noperation and over 1 mtpa under construction. Substantial completion was\nachieved for Midscale Trains 1-4 of the CCL Stage 3 Project in 2025, and\nMidscale Trains 5 and 6 in March and June 2026, respectively. First LNG is\nexpected imminently from Midscale Train 7, which is expected to reach\nsubstantial completion in the fall of 2026.\n\nCCL Midscale Trains 8 & 9 Project\n\nWe are constructing an expansion adjacent to the CCL Stage 3 Project\nconsisting of two additional Midscale Trains with an expected total production\ncapacity of approximately 5 mtpa of LNG (the “CCL Midscale Trains 8 & 9\nProject”), inclusive of estimated debottlenecking opportunities.\n\nCCL Stage 3 Project and CCL Midscale Trains 8 & 9 Project Progress as of\nJune 30, 2026:\n                                  CCL Stage 3 Project                          CCL Midscale Trains 8 & 9 Project      \n Project Status                   Trains 1-6 Operational                       Under Construction                     \n                                  \n                                                                                   \n                                  \nTrain 7 Under Construction / Commissioning                                         \n Project Completion Percentage    98.4%((1))                                   48.3%((2))                             \n Expected Substantial Completion  2H 2026                                      2H 2028                                \n\n (1)    Engineering 99.8% complete, procurement 100.0% complete, subcontract work       \n        98.0% complete and construction 96.0% complete.                                 \n (2)    Engineering 91.5% complete, procurement 69.9% complete, subcontract work 53.4%  \n        complete and construction 6.7% complete.                                        \n\n\nCCL Expansion Project\n\nWe are developing an expansion adjacent to the CCL Project with an expected\ntotal peak production capacity of up to approximately 24 mtpa of LNG,\ninclusive of estimated debottlenecking opportunities (the “CCL Expansion\nProject”). We expect to execute the CCL Expansion Project in a phased\napproach, and a positive FID is subject to, among other things, receipt of\nnecessary regulatory approvals and acceptable commercial and financing\narrangements. The FERC application for authorization to site, construct and\noperate the CCL Expansion Project, as well as the DOE application authorizing\nthe export of LNG to non-FTA countries, remain pending.\n\nINVESTOR CONFERENCE CALL AND WEBCAST\n\nWe will host a conference call to discuss our financial and operating results\nfor the second quarter 2026 on Thursday, August 6, 2026, at 11 a.m. Eastern\ntime / 10 a.m. Central time. A listen-only webcast of the call and an\naccompanying slide presentation may be accessed through our website at\nwww.cheniere.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cheniere.com&esheet=54584395&newsitemid=20260805172647&lan=en-US&anchor=www.cheniere.com&index=1&md5=6cc97b100550061898a3d53d59f757a9)\n. Following the call, an archived recording will be made available on our\nwebsite.\n ________________________________                                                 \n (1  )Net income (loss) as used herein refers to Net income (loss)                \n attributable to Cheniere Energy, Inc. on our Consolidated Statements of          \n Operations.                                                                      \n (2  )See “Reconciliation of Non-GAAP Measures” for Adjusted Net Income, a        \n non-GAAP financial measure, which excludes non-cash changes in fair value of     \n our derivative instruments and related adjustments to income tax (benefit) and   \n non-controlling interest.                                                        \n (3  )Non-GAAP financial measure.  See “Reconciliation of Non-GAAP                \n Measures” for further details.                                                   \n\n\nAbout Cheniere\n\nCheniere Energy, Inc. is the leading producer and exporter of LNG in the\nUnited States, reliably providing a clean, secure, and affordable solution to\nthe growing global need for natural gas. Cheniere is a full-service LNG\nprovider, with capabilities that include gas procurement and transportation,\nliquefaction, vessel chartering, and LNG delivery. Cheniere has one of the\nlargest liquefaction platforms in the world, consisting of the Sabine Pass and\nCorpus Christi liquefaction facilities on the U.S. Gulf Coast, with a total\ncombined production capacity of approximately 55 mtpa of LNG in operation and\nan additional over 6 mtpa of expected production capacity under construction\nor in commissioning, inclusive of estimated debottlenecking opportunities.\nCheniere is also pursuing liquefaction expansion opportunities and other\nprojects along the LNG value chain. Cheniere is headquartered in Houston,\nTexas, and has additional offices in London, Singapore, Beijing, Tokyo, Dubai\nand Washington, D.C.\n\nFor additional information, please refer to the Cheniere website at\nwww.cheniere.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cheniere.com&esheet=54584395&newsitemid=20260805172647&lan=en-US&anchor=www.cheniere.com&index=2&md5=2e4cfb6e7dbd6ed1aa50acafe21b218e)\nand Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed\nwith the Securities and Exchange Commission.\n\nUse of Non-GAAP Financial Measures\n\nIn addition to disclosing financial results in accordance with U.S. GAAP, the\naccompanying news release contains non-GAAP financial measures. Consolidated\nAdjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures\nthat we use to facilitate comparisons of operating performance across periods.\nThese non-GAAP measures should be viewed as a supplement to and not a\nsubstitute for our U.S. GAAP measures of performance and the financial results\ncalculated in accordance with U.S. GAAP and reconciliations from these results\nshould be carefully evaluated.\n\nNon-GAAP measures have limitations as an analytical tool and should not be\nconsidered in isolation or in lieu of an analysis of our results as reported\nunder GAAP and should be evaluated only on a supplementary basis.\n\nForward-Looking Statements\n\nThis press release contains certain statements that may include\n“forward-looking statements” within the meanings of Section 27A of the\nSecurities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.\nAll statements, other than statements of historical or present facts or\nconditions, included herein are “forward-looking statements.” Included\namong “forward-looking statements” are, among other things, (i) statements\nregarding Cheniere’s financial and operational guidance, business strategy,\nplans and objectives, including the development, construction and operation of\nliquefaction facilities, (ii) statements regarding regulatory authorization\nand approval expectations, (iii) statements expressing beliefs and\nexpectations regarding the development of Cheniere’s LNG terminal and\npipeline businesses, including liquefaction facilities, (iv) statements\nregarding the business operations and prospects of third-parties, (v)\nstatements regarding potential financing arrangements, (vi) statements\nregarding future discussions and entry into contracts, (vii) statements\nrelating to Cheniere’s capital deployment, including intent, ability,\nextent, and timing of capital expenditures, debt repayment, dividends, share\nrepurchases and execution on the capital allocation plan, and (viii)\nstatements relating to our goals, commitments and strategies in relation to\nenvironmental matters. Although Cheniere believes that the expectations\nreflected in these forward-looking statements are reasonable, they do involve\nassumptions, risks and uncertainties, and these expectations may prove to be\nincorrect. Cheniere’s actual results could differ materially from those\nanticipated in these forward-looking statements as a result of a variety of\nfactors, including those discussed in Cheniere’s periodic reports that are\nfiled with and available from the Securities and Exchange Commission. You\nshould not place undue reliance on these forward-looking statements, which\nspeak only as of the date of this press release. Other than as required under\nthe securities laws, Cheniere does not assume a duty to update these\nforward-looking statements.\n\n(Financial Tables and Supplementary Information Follow)\n\nLNG VOLUME SUMMARY\n\nAs of July 31, 2026, over 4,940 cumulative LNG cargoes totaling over 340\nmillion tonnes of LNG have been produced, loaded and exported from our\nliquefaction projects.\n\nDuring the three and six months ended June 30, 2026, we exported 672 and 1,360\nTBtu, respectively, of LNG from our liquefaction projects, 3 and 9 TBtu of\nwhich was related to commissioning activities, respectively. 72 TBtu of LNG\nexported from our liquefaction projects and sold on a delivered basis was in\ntransit as of June 30, 2026, 1 TBtu of which was related to commissioning\nactivities.\n\nThe following table summarizes the volumes of LNG that were loaded from our\nliquefaction projects and for which the financial impact was recognized on our\nConsolidated Financial Statements during the three and six months ended June\n30, 2026:\n                                                                                  Three Months Ended June 30, 2026                                  Six Months Ended June 30, 2026                             \n (in TBtu)                                                                        Operational            Commissioning            Total             Operational           Commissioning           Total        \n Volumes loaded during the current period                                         669                    3                        672               1,351                 9                       1,360        \n Volumes loaded during the prior period but recognized during the current         59                     1                        60                23                    1                       24           \n period                                                                                                                                                                                                        \n Less: volumes loaded during the current period and in transit at the end of      (71     )              (1       )               (72    )          (71     )             (1       )              (72    )     \n the period                                                                                                                                                                                                    \n Total volumes recognized in the current period                                   657                    3                        660               1,303                 9                       1,312        \n\n\nIn addition, during the six months ended June 30, 2026, we recognized 36 TBtu\nof LNG on our Consolidated Financial Statements related to LNG cargoes sourced\nfrom third-parties.\n Cheniere Energy, Inc.                                                                                                                                              \n \n                                                                                                                                                                  \n \nConsolidated Statements of Operations                                                                                                                             \n \n                                                                                                                                                                  \n \n(in millions, except per share data)((1))                                                                                                                         \n \n                                                                                                                                                                  \n \n(unaudited)                                                                                                                                                       \n                                                                                                                                                                    \n                                                                                Three Months Ended                         Six Months Ended                         \n                                                                                June 30,                                   June 30,                                 \n                                                                                     2026                  2025                 2026                   2025         \n Revenues                                                                                                                                                           \n LNG revenues                                                                   $    5,640            $    4,515           $    11,362            $    9,820        \n Regasification revenues                                                             34                    34                   68                     68           \n Other revenues                                                                      58                    92                   170                    197          \n Total revenues                                                                      5,732                 4,641                11,600                 10,085       \n                                                                                                                                                                    \n Operating costs and expenses                                                                                                                                       \n Cost of sales (excluding operating and maintenance expense and depreciation,        439                   1,117                8,757                  4,688        \n amortization and accretion expense shown separately below)( (2))                                                                                                   \n Operating and maintenance expense                                                   533                   559                  1,058                  1,032        \n Selling, general and administrative expense                                         88                    99                   224                    215          \n Depreciation, amortization and accretion expense                                    380                   329                  753                    641          \n Other operating costs and expenses                                                  2                     7                    6                      18           \n Total operating costs and expenses                                                  1,442                 2,111                10,798                 6,594        \n                                                                                                                                                                    \n Income from operations                                                              4,290                 2,530                802                    3,491        \n                                                                                                                                                                    \n Other income (expense)                                                                                                                                             \n Interest expense, net of capitalized interest                                       (287   )              (237   )             (542    )              (466    )    \n Interest and dividend income                                                        19                    31                   35                     68           \n Other income (expense), net                                                         (14    )              (1     )             (40     )              19           \n Total other expense                                                                 (282   )              (207   )             (547    )              (379    )    \n                                                                                                                                                                    \n Income before income taxes and non-controlling interests                            4,008                 2,323                255                    3,112        \n Less: income tax provision                                                          366                   426                  25                     547          \n Net income                                                                          3,642                 1,897                230                    2,565        \n Less: net income attributable to non-controlling interests                          574                   271                  664                    586          \n Net income (loss) attributable to Cheniere                                     $    3,068            $    1,626           $    (434    )         $    1,979        \n                                                                                                                                                                    \n Net income (loss) per share attributable to common stockholders—basic ((1))    $    14.68            $    7.32            $    (2.08   )         $    8.87         \n Net income (loss) per share attributable to common stockholders—diluted        $    14.65            $    7.30            $    (2.08   )         $    8.85         \n ((1))                                                                                                                                                              \n                                                                                                                                                                    \n Weighted average number of common shares outstanding—basic                          209.0                 221.8                209.7                  222.6        \n Weighted average number of common shares outstanding—diluted                        209.5                 222.3                209.7                  223.2        \n\n ________________________________                                                        \n (1)    Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for      \n        the quarter ended June 30, 2026, filed with the Securities and Exchange          \n        Commission.                                                                      \n (2)    Cost of sales includes approximately $2.4 billion of gains and $2.2 billion      \n        of losses from changes in the fair value of commodity derivatives prior to       \n        contractual delivery or termination, primarily related to non-cash changes in    \n        the fair value of our long-term IPM agreements during the three and six months   \n        ended June 30, 2026 prior to the normal purchases and normal sales               \n        (“NPNS”) designation, respectively, as compared to $1.4 billion and $0.7         \n        billion of gains in the corresponding 2025 periods, respectively.                \n\n Cheniere Energy, Inc.                                                                                                        \n \n                                                                                                                            \n \nConsolidated Balance Sheets                                                                                                 \n \n                                                                                                                            \n \n(in millions, except share data)((1)(2))                                                                                    \n \n                                                                                                                            \n \n(unaudited)                                                                                                                 \n                                                                                                                              \n                                                                                  June 30,              December 31,          \n                                                                                       2026                    2025           \n                                                                                                                              \n ASSETS                                                                                                                       \n Current assets                                                                                                               \n Cash and cash equivalents                                                        $    1,099            $      1,099          \n Restricted cash and cash equivalents                                                  420                     485            \n Trade and other receivables, net of current expected credit losses                    1,335                   1,380          \n Inventory                                                                             723                     524            \n Current derivative assets                                                             156                     9              \n Margin deposits                                                                       126                     76             \n Prepaid expenses                                                                      117                     72             \n Other current assets, net                                                             136                     47             \n Total current assets                                                                  4,112                   3,692          \n Property, plant and equipment, net of accumulated depreciation                        37,154                  35,755         \n Operating lease assets                                                                2,516                   2,700          \n Deferred NPNS assets                                                                  2,195                   —              \n Derivative assets                                                                     735                     4,663          \n Other non-current assets, net                                                         1,260                   1,072          \n Total assets                                                                     $    47,972           $      47,882         \n                                                                                                                              \n LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY                                                    \n Current liabilities                                                                                                          \n Accounts payable                                                                 $    293              $      123            \n Accrued liabilities                                                                   1,676                   2,081          \n Current debt, net of unamortized discount and debt issuance costs                     1,411                   306            \n Deferred revenue                                                                      116                     150            \n Current operating lease liabilities                                                   562                     539            \n Current portion of deferred NPNS liabilities                                          166                     —              \n Current derivative liabilities                                                        377                     618            \n Other current liabilities                                                             122                     99             \n Total current liabilities                                                             4,723                   3,916          \n Long-term debt, net of unamortized discount and debt issuance costs                   22,632                  22,507         \n Operating lease liabilities                                                           1,951                   2,163          \n Deferred NPNS liabilities                                                             1,740                   —              \n Derivative liabilities                                                                301                     1,208          \n Deferred tax liabilities                                                              3,629                   3,698          \n Other non-current liabilities                                                         1,506                   1,312          \n Total liabilities                                                                     36,482                  34,804         \n                                                                                                                              \n Redeemable non-controlling interest                                                   —                       136            \n                                                                                                                              \n Stockholders’ equity                                                                                                         \n Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued        —                       —              \n Common stock: $0.003 par value, 480.0 million shares authorized; 279.6 million        1                       1              \n shares and 279.2 million shares issued at June 30, 2026 and December 31, 2025,                                               \n respectively                                                                                                                 \n Treasury stock: 71.7 million shares and 66.8 million shares at June 30, 2026          (9,949  )               (8,852  )      \n and December 31, 2025, respectively, at cost                                                                                 \n Additional paid-in-capital                                                            4,566                   4,523          \n Retained earnings                                                                     11,573                  12,243         \n Total Cheniere stockholders’ equity                                                   6,191                   7,915          \n Non-controlling interests                                                             5,299                   5,027          \n Total stockholders’ equity                                                            11,490                  12,942         \n Total liabilities, redeemable non-controlling interest and stockholders’         $    47,972           $      47,882         \n equity                                                                                                                       \n\n ________________________________                                                      \n (1)    Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for    \n        the quarter ended June 30, 2026, filed with the Securities and Exchange        \n        Commission.                                                                    \n (2)    Amounts presented include balances held by our consolidated Variable Interest  \n        Entities (“VIEs”), all of which were related to Cheniere Partners as of        \n        June 30, 2026, and substantially all of which were related to Cheniere         \n        Partners as of December 31, 2025. As of June 30, 2026, total assets and        \n        liabilities of our VIEs, which are included in our Consolidated Balance        \n        Sheets, were $17.2 billion and $16.9 billion, respectively, including $443     \n        million of cash and cash equivalents and $23 million of restricted cash and    \n        cash equivalents.                                                              \n\n\nReconciliation of Non-GAAP Measures\n\nRegulation G Reconciliations\n\nConsolidated Adjusted EBITDA\n\nThe following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP\nresults for the three and six months ended June 30, 2026 and 2025 (in\nmillions):\n                                                                           Three Months Ended June 30,                       Six Months Ended June 30,                   \n                                                                                 2026                      2025                    2026                     2025         \n Net income (loss) attributable to Cheniere                                $     3,068               $     1,626             $     (434   )           $     1,979        \n Net income attributable to non-controlling interests                            574                       271                     664                      586          \n Income tax provision                                                            366                       426                     25                       547          \n Interest expense, net of capitalized interest                                   287                       237                     542                      466          \n Interest and dividend income                                                    (19     )                 (31     )               (35    )                 (68    )     \n Other expense (income), net                                                     14                        1                       40                       (19    )     \n Income from operations                                                    $     4,290               $     2,530             $     802                $     3,491        \n Adjustments to reconcile income from operations to Consolidated Adjusted                                                                                                \n EBITDA:                                                                                                                                                                 \n Depreciation, amortization and accretion expense                                380                       329                     753                      641          \n Loss (gain) from changes in fair value of commodity and foreign exchange        (2,900  )                 (1,479  )               2,509                    (917   )     \n (“FX”) derivatives, net( (1))                                                                                                                                           \n Amortization of deferred NPNS assets and liabilities                            (5      )                 —                       (5     )                 —            \n Total non-cash compensation expense                                             39                        35                      78                       72           \n Other operating costs and expenses                                              —                         1                       —                        1            \n Consolidated Adjusted EBITDA                                              $     1,804               $     1,416             $     4,137              $     3,288        \n\n ________________________________                                                     \n (1)  Changes in the fair value of commodity and FX derivatives prior to contractual  \n      delivery or termination, primarily related to non-cash changes in the fair      \n      value of our long-term IPM agreements.                                          \n\n\nConsolidated Adjusted EBITDA is commonly used as a supplemental financial\nmeasure by our management and external users of our Consolidated Financial\nStatements to assess the financial performance of our assets without regard to\nfinancing methods, capital structures, or historical cost basis. Consolidated\nAdjusted EBITDA is not intended to represent cash flows from operations or net\nincome (loss) as defined by U.S. GAAP and is not necessarily comparable to\nsimilarly titled measures reported by other companies.\n\nWe believe Consolidated Adjusted EBITDA provides relevant and useful\ninformation to management, investors and other users of our financial\ninformation in evaluating the effectiveness of our operating performance in a\nmanner that is consistent with management’s evaluation of financial and\noperating performance.\n\nConsolidated Adjusted EBITDA is calculated by taking net income (loss)\nattributable to Cheniere before net income attributable to non-controlling\ninterests, interest expense, net of capitalized interest, taxes, depreciation,\namortization and accretion expense, and adjusting for the effects of certain\nnon-cash items, other non-operating income or expense items, and other items\nnot otherwise predictive or indicative of ongoing operating performance,\nincluding the effects of modification or extinguishment of debt, impairment\nexpense, gain or loss on disposal of assets, changes in the fair value of our\ncommodity and FX derivatives prior to contractual delivery or termination,\namortization of deferred NPNS assets and liabilities, and non-cash\ncompensation expense. Changes in the fair value of commodity and FX\nderivatives and amortization of deferred NPNS assets and liabilities are\nconsidered in determining Consolidated Adjusted EBITDA given that the timing\nof recognizing gains and losses on these derivative contracts differs from the\nrecognition of the related item economically hedged. We believe the exclusion\nof these items enables investors and other users of our financial information\nto assess our sequential and year-over-year performance and operating trends\non a more comparable basis and is consistent with management’s own\nevaluation of performance.\n\nAdjusted Net Income\n\nThe following table reconciles our Adjusted Net Income to U.S. GAAP results\nfor the three and six months ended June 30, 2026 and 2025 (in millions):\n                                                                                 Three Months Ended June 30,                       Six Months Ended June 30,                   \n                                                                                       2026                      2025                    2026                     2025         \n Net income (loss) attributable to Cheniere                                      $     3,068               $     1,626             $     (434   )           $     1,979        \n Loss (gain) from changes in fair value of commodity and FX derivatives, net(          (2,900  )                 (1,479  )               2,509                    (917   )     \n (1))                                                                                                                                                                          \n Amortization of deferred NPNS assets and liabilities                                  (5      )                 —                       (5     )                 —            \n Adjustments to net income (loss) attributable to Cheniere related to the above                                                                                                \n reconciling item:                                                                                                                                                             \n Income taxes((2))                                                                     207                       272                     (378   )                 171          \n Non-controlling interests                                                             262                       79                      (54    )                 59           \n Adjusted Net Income                                                             $     632                 $     498               $     1,638              $     1,292        \n\n ________________________________                                                       \n (1)    Changes in the fair value of commodity and FX derivatives prior to contractual  \n        delivery or termination, primarily related to non-cash changes in the fair      \n        value of our long-term IPM agreements.                                          \n (2)    Income taxes for the three and six months ended June 30, 2026 and 2025 have     \n        been calculated on a with-and-without basis to reflect the incremental impact   \n        of changes in the fair value of commodity and FX derivatives prior to           \n        contracted delivery or termination. The related adjustments to reported net     \n        income attributable to Cheniere are presented in the table above.               \n\n\nAdjusted Net Income is calculated by taking net income (loss) attributable to\nCheniere and excluding the effects of non-cash changes in the fair value of\nagreements accounted for as derivative instruments and amortization of\ndeferred NPNS assets and liabilities, net of the associated non-controlling\ninterests and income tax effects.\n\nGiven that the timing of recognizing gains and losses on derivative contracts\ndiffers from the recognition of the related item economically hedged, we\nbelieve the exclusion of the effect of changes in the fair value of our\ncommodity and FX derivatives and amortization of deferred NPNS assets and\nliabilities enables investors and other users of our financial information to\nassess our sequential and year-over-year performance and operating trends on a\nmore comparable basis and is consistent with management’s own evaluation of\nperformance. Adjusted Net Income is not intended to represent net income\n(loss) as defined by U.S. GAAP and is not necessarily comparable to similarly\ntitled measures reported by other companies.\n\nConsolidated Adjusted EBITDA and Distributable Cash Flow\n\nThe following table reconciles our actual Consolidated Adjusted EBITDA and\nDistributable Cash Flow to Net income (loss) attributable to Cheniere for the\nthree and six months ended June 30, 2026 and forecast amounts for full year\n2026 (in billions):\n                                                                             Three Months Ended June 30,             Six Months Ended June 30,            Full Year                       \n                                                                                         2026                                   2026                      2026                            \n Net income (loss) attributable to Cheniere                                  $           3.07                        $          (0.43      )              $   1.6       -   $   2.0       \n Net income attributable to non-controlling interests                                    0.57                                   0.66                          1.3       -       1.3       \n Income tax provision                                                                    0.37                                   0.03                          0.2       -       0.3       \n Interest expense, net of capitalized interest                                           0.29                                   0.54                          1.1       -       1.1       \n Depreciation, amortization and accretion expense                                        0.38                                   0.75                          1.5       -       1.5       \n Other income, financing costs, and certain non-cash operating expenses                  (2.87       )                          2.59                          2.1       -       2.1       \n Consolidated Adjusted EBITDA                                                $           1.80                        $          4.14                      $   7.90      -   $   8.40      \n Interest expense, net of interest income, capitalized interest and                      (0.25       )                          (0.48      )                  (1.0  )   -       (1.0  )   \n amortization                                                                                                                                                                             \n Maintenance capital expenditures                                                        (0.03       )                          (0.06      )                  (0.2  )   -       (0.2  )   \n Income tax (excludes deferred taxes)((1))                                               (0.06       )                          (0.10      )                  (0.1  )   -       (0.2  )   \n Other income                                                                            (0.03       )                          (0.06      )                  (0.1  )   -       (0.1  )   \n Consolidated Distributable Cash Flow                                        $           1.43                        $          3.44                      $   6.40      -   $   6.80      \n Distributable Cash Flow attributable to non-controlling interests                       (0.28       )                          (0.60      )                  (1.1  )   -       (1.0  )   \n Cheniere Distributable Cash Flow                                            $           1.17                        $          2.84                      $   5.30      -   $   5.80      \n\n ________________________________                                                 \n Note: Totals may not sum due to rounding.                                        \n (1) Our cash tax payments are subject to commodity and market volatility,        \n regulatory changes and other factors which could significantly impact both the   \n timing and amount of our future cash tax payments. Our 2026 full year            \n Distributable Cash Flow guidance reflects current tax law and does not           \n consider any prospective changes to local, domestic or international tax laws    \n and regulations, or their interpretation and application. Our actual results     \n could differ materially from our guidance due to such risks, uncertainties and   \n other factors, including those set forth in Risk Factors in Item 1A of Part 1    \n or as disclosed under Operating Cash Flows in Sources and Uses of Cash within    \n Liquidity and Capital Resources of the Cheniere Energy, Inc. Quarterly Report    \n on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and         \n Annual Report on Form 10-K for the year ended December 31, 2025, filed with      \n the Securities and Exchange Commission.                                          \n\n\nDistributable Cash Flow is defined as cash generated from the operations of\nCheniere and its subsidiaries and adjusted for non-controlling interests. The\nDistributable Cash Flow of Cheniere’s subsidiaries is calculated by taking\nthe subsidiaries’ EBITDA less interest expense, net of capitalized interest,\ntaxes, maintenance capital expenditures and other non-operating income or\nexpense items, and adjusting for the effect of certain non-cash items and\nother items not otherwise predictive or indicative of ongoing operating\nperformance, including the effects of modification or extinguishment of debt,\namortization of debt issue costs, premiums or discounts, impairment of equity\nmethod investment and deferred taxes. Cheniere’s Distributable Cash Flow\nincludes 100% of the Distributable Cash Flow of Cheniere’s wholly-owned\nsubsidiaries. For subsidiaries with non-controlling investors, our share of\nDistributable Cash Flow is calculated as the Distributable Cash Flow of the\nsubsidiary reduced by the economic interest of the non-controlling investors\nas if 100% of the Distributable Cash Flow were distributed in order to reflect\nour ownership interests and our incentive distribution rights, if applicable.\nThe Distributable Cash Flow attributable to non-controlling interests is\ncalculated in the same method as Distributions to non-controlling interests as\npresented on our Consolidated Statements of Stockholders’ Equity (Deficit)\nin our Forms 10-Q and Forms 10-K filed with the Securities and Exchange\nCommission. This amount may differ from the actual distributions paid to\nnon-controlling investors by the subsidiary for a particular period.\n\nWe believe Distributable Cash Flow is a useful performance measure for\nmanagement, investors and other users of our financial information to evaluate\nour performance and to measure and estimate the ability of our assets to\ngenerate cash earnings after servicing our debt, paying cash taxes and\nexpending sustaining capital, that could be considered for deployment by our\nBoard of Directors pursuant to our capital allocation plan, such as by way of\ncommon stock dividends, stock repurchases, retirement of debt, or expansion\n(growth) capital expenditures(1). Distributable Cash Flow is not intended to\nrepresent cash flows from operations or net income (loss) as defined by U.S.\nGAAP and is not necessarily comparable to similarly titled measures reported\nby other companies.\n\nWe have not made any forecast of net income (loss) on a run-rate basis, which\nwould be the most directly comparable measure under U.S. GAAP, in part because\nnet income (loss) includes the impact of derivative transactions, which cannot\nbe determined at this time, and we are unable to reconcile differences between\nrun-rate Distributable Cash Flow and net income (loss).\n ________________________________                                                 \n (1 )Capital spending for our business consists primarily of:                     \n \n                                                                                \n \n                                                                                \n *Maintenance capital expenditures.  These expenditures include costs which       \n qualify for capitalization that are required to sustain property, plant and      \n equipment reliability and safety and to address environmental or other           \n regulatory requirements rather than to generate incremental distributable cash   \n flow; and                                                                        \n \n*Expansion capital expenditures.  These expenditures are undertaken primarily   \n to generate incremental distributable cash flow and include investment in        \n accretive organic growth, acquisition or construction of additional              \n complementary assets to grow our business, along with expenditures to enhance    \n the productivity and efficiency of our existing facilities.                      \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260805172647/en/\n(https://www.businesswire.com/news/home/20260805172647/en/)\n\nCheniere Energy, Inc.\n\nInvestors \n\nRandy Bhatia\n\n713-375-5479\n\nFrances Smith\n\n713-375-5753\n\nMedia Relations \n\nRandy Bhatia\n\n713-375-5479\n\nBernardo Fallas\n\n713-375-5593\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-08-06T11:30:00.291191579Z","server_sent_at_ms":1786015800291},"received_at":"2026-08-06T11:30:01.296Z","source_url":"https://www.businesswire.com/news/home/20260805172647/en/"},"analysis":{"id":"100115","press_release_id":"111113","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":[],"eventType":"earnings","narrative":"Cheniere reported Q2 2026 revenue of $5.73 billion, up 24% year-over-year, with Consolidated Adjusted EBITDA of $1.80 billion and Distributable Cash Flow of $1.17 billion.\n\nThe company raised its full-year 2026 guidance, increasing Consolidated Adjusted EBITDA expectations to $7.90-$8.40 billion and Distributable Cash Flow to $5.30-$5.80 billion, citing strong year-to-date performance.\n\nOperationally, the company exported 184 LNG cargoes during the quarter and achieved substantial completion of Midscale Train 6 at the CCL Stage 3 Project, while deploying $1.1 billion toward share repurchases year-to-date.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Beat-and-raise quarter with aggressive capital return underscores Cheniere's operational momentum."},"keyFigures":{"eps":14.65,"revenue":5732000000,"guidance":"FY2026 Consolidated Adjusted EBITDA $7.90B-$8.40B, raised from $7.25B-$7.75B; Distributable Cash Flow $5.30B-$5.80B, raised from $4.75B-$5.25B","revenueYoy":"24%","customDimensions":{"net_income":3068000000,"lng_cargoes_q2":184,"adjusted_ebitda":1804000000,"dividend_per_share":0.555,"share_repurchases_ytd":1100000000,"distributable_cash_flow":1170000000}},"quotedText":"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","namedEntities":{"people":[{"name":"Jack Fusco","role":"Chairman, President and Chief Executive Officer"},{"name":"Randy Bhatia","role":"Investor Relations"},{"name":"Frances Smith","role":"Investor Relations"},{"name":"Bernardo Fallas","role":"Media Relations"}],"products":["LNG","Midscale Train 6","Midscale Train 7","CCL Stage 3 Project","SPL Expansion Project","CCL Midscale Trains 8 & 9 Project"],"companies":[{"name":"Cheniere Energy, Inc.","ticker":"LNG"},{"name":"Cheniere Energy Partners, L.P.","ticker":"CQP","relationship":"subsidiary/partner"},{"name":"Sabine Pass Liquefaction Stage V, LLC","relationship":"subsidiary"},{"name":"Bechtel Energy, Inc.","relationship":"contractor"}],"dollarAmounts":[{"amount":"$5.73 billion","context":"Q2 2026 Revenues"},{"amount":"$3.07 billion","context":"Q2 2026 Net Income"},{"amount":"$1.80 billion","context":"Q2 2026 Consolidated Adjusted EBITDA"},{"amount":"$1.17 billion","context":"Q2 2026 Distributable Cash Flow"},{"amount":"$550 million","context":"Q2 2026 share repurchases"},{"amount":"$1.1 billion","context":"Six months ended June 30, 2026 share repurchases"},{"amount":"$0.555","context":"Q2 2026 dividend per share"},{"amount":"$116 million","context":"Q2 2026 total dividends paid"},{"amount":"$253 million","context":"Six months ended June 30, 2026 debt repayment"},{"amount":"$7.475 billion","context":"Total available liquidity as of June 30, 2026"}]},"materialImpact":{"score":4,"reasoning":"Cheniere delivered a strong Q2 with 24% YoY revenue growth and raised full-year 2026 guidance for both Adjusted EBITDA and Distributable Cash Flow. The company continues to aggressively return capital, repurchasing $1.1 billion of stock year-to-date."},"tickerRelevance":{"others":[{"ticker":"CQP","relevance":"subsidiary/partner"}],"primary":"LNG"},"globalImportance":45,"audienceRelevance":40,"eventTypeSecondary":["guidance_update","buyback"],"importanceComponents":{"tickerTier":"large-cap","eventGravity":"earnings-beat-and-raise","sectorWeight":"Energy","householdBrandBoost":false}},"event_type":"earnings","event_type_secondary":["guidance_update","buyback"],"sentiment":"bullish","material_impact_score":4,"narrative":"Cheniere reported Q2 2026 revenue of $5.73 billion, up 24% year-over-year, with Consolidated Adjusted EBITDA of $1.80 billion and Distributable Cash Flow of $1.17 billion.\n\nThe company raised its full-year 2026 guidance, increasing Consolidated Adjusted EBITDA expectations to $7.90-$8.40 billion and Distributable Cash Flow to $5.30-$5.80 billion, citing strong year-to-date performance.\n\nOperationally, the company exported 184 LNG cargoes during the quarter and achieved substantial completion of Midscale Train 6 at the CCL Stage 3 Project, while deploying $1.1 billion toward share repurchases year-to-date.","key_figures":{"eps":14.65,"revenue":5732000000,"guidance":"FY2026 Consolidated Adjusted EBITDA $7.90B-$8.40B, raised from $7.25B-$7.75B; Distributable Cash Flow $5.30B-$5.80B, raised from $4.75B-$5.25B","revenueYoy":"24%","customDimensions":{"net_income":3068000000,"lng_cargoes_q2":184,"adjusted_ebitda":1804000000,"dividend_per_share":0.555,"share_repurchases_ytd":1100000000,"distributable_cash_flow":1170000000}},"named_entities":{"people":[{"name":"Jack Fusco","role":"Chairman, President and Chief Executive Officer"},{"name":"Randy Bhatia","role":"Investor Relations"},{"name":"Frances Smith","role":"Investor Relations"},{"name":"Bernardo Fallas","role":"Media Relations"}],"products":["LNG","Midscale Train 6","Midscale Train 7","CCL Stage 3 Project","SPL Expansion Project","CCL Midscale Trains 8 & 9 Project"],"companies":[{"name":"Cheniere Energy, Inc.","ticker":"LNG"},{"name":"Cheniere Energy Partners, L.P.","ticker":"CQP","relationship":"subsidiary/partner"},{"name":"Sabine Pass Liquefaction Stage V, LLC","relationship":"subsidiary"},{"name":"Bechtel Energy, Inc.","relationship":"contractor"}],"dollarAmounts":[{"amount":"$5.73 billion","context":"Q2 2026 Revenues"},{"amount":"$3.07 billion","context":"Q2 2026 Net Income"},{"amount":"$1.80 billion","context":"Q2 2026 Consolidated Adjusted EBITDA"},{"amount":"$1.17 billion","context":"Q2 2026 Distributable Cash Flow"},{"amount":"$550 million","context":"Q2 2026 share repurchases"},{"amount":"$1.1 billion","context":"Six months ended June 30, 2026 share repurchases"},{"amount":"$0.555","context":"Q2 2026 dividend per share"},{"amount":"$116 million","context":"Q2 2026 total dividends paid"},{"amount":"$253 million","context":"Six months ended June 30, 2026 debt repayment"},{"amount":"$7.475 billion","context":"Total available liquidity as of June 30, 2026"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-06T17:16:02.534Z","global_importance":45,"audience_relevance":40,"importance_components":{"tickerTier":"large-cap","eventGravity":"earnings-beat-and-raise","sectorWeight":"Energy","householdBrandBoost":false}},"durationMs":139852,"modelName":"glm-4.7"}}