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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission file number 001-16383
lng-20220930_g1.gif
CHENIERE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware95-4352386
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
700 Milam Street, Suite 1900
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713375-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $ 0.003 par valueLNGNYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No   
As of October 31, 2022, the issuer had 248,659,406 shares of Common Stock outstanding.



CHENIERE ENERGY, INC.
TABLE OF CONTENTS

 
 
 
i

DEFINITIONS

As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms
ASUAccounting Standards Update
Bcfbillion cubic feet
Bcf/dbillion cubic feet per day
Bcf/yrbillion cubic feet per year
Bcfebillion cubic feet equivalent
DOEU.S. Department of Energy
EPCengineering, procurement and construction
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FIDfinal investment decision
FTA countriescountries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAPgenerally accepted accounting principles in the United States
Henry Hubthe final settlement price (in USD per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin
IPM agreementsintegrated production marketing agreements in which the gas producer sells to us gas on a global LNG index price, less a fixed liquefaction fee, shipping and other costs
LIBORLondon Interbank Offered Rate
LNGliquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state
MMBtumillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
mtpamillion tonnes per annum
non-FTA countriescountries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPALNG sale and purchase agreement
TBtu
trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
Trainan industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUAterminal use agreement

1

Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of September 30, 2022, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
lng-20220930_g2.jpg

Unless the context requires otherwise, references to “Cheniere,” the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, CQP.

In June 2022, as part of the internal restructuring of Cheniere’s subsidiaries, Cheniere contributed its equity interest in Corpus Christi Liquefaction Stage III, LLC (“CCL Stage III”), formerly a wholly owned direct subsidiary of Cheniere, to CCH, and CCL Stage III was subsequently merged with and into CCL, the surviving entity of the merger and a wholly owned subsidiary of CCH.

2

PART I.    FINANCIAL INFORMATION 


ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues
LNG revenues$8,236 $3,078 $23,449 $8,990 
Regasification revenues455 68 591 202 
Other revenues161 54 303 115 
Total revenues8,852 3,200 24,343 9,307 
Operating costs and expenses
Cost of sales (excluding items shown separately below)11,073 4,868 24,161 8,408 
Operating and maintenance expense419 350 1,227 1,057 
Development expense4 2 12 5 
Selling, general and administrative expense92 70 265 224 
Depreciation and amortization expense280 259 827 753 
Other 1 3  
Total operating costs and expenses11,868 5,550 26,495 10,447 
Loss from operations(3,016)(2,350)(2,152)(1,140)
Other income (expense)
Interest expense, net of capitalized interest(354)(364)(1,060)(1,088)
Gain (loss) on modification or extinguishment of debt3 (36)(43)(95)
Derivative gain (loss), net (2)2 (3)
Other expense, net(29)(24)(21)(14)
Total other expense(380)(426)(1,122)(1,200)
Loss before income taxes and non-controlling interest(3,396)(2,776)(3,274)(2,340)
Less: income tax benefit(752)(1,860)(762)(1,864)
Net loss(2,644)(916)(2,512)(476)
Less: net income (loss) attributable to non-controlling interest(259)168 (3)544 
Net loss attributable to common stockholders$(2,385)$(1,084)$(2,509)$(1,020)
Net loss per share attributable to common stockholders—basic and diluted (1)
$(9.54)$(4.27)$(9.94)$(4.03)
Weighted average number of common shares outstanding—basic249.9 253.6 252.5 253.3 
Weighted average number of common shares outstanding—diluted249.9 253.6 252.5 253.3 
(1)Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.

The accompanying notes are an integral part of these consolidated financial statements.

3

CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (1)
(in millions, except share data)
September 30,December 31,
20222021
ASSETS(unaudited) 
Current assets  
Cash and cash equivalents$2,504 $1,404 
Restricted cash and cash equivalents834 413 
Trade and other receivables, net of current expected credit losses1,834 1,506 
Inventory1,129 706 
Current derivative assets131 55 
Margin deposits267 765 
Contract assets392 5 
Other current assets115 202 
Total current assets7,206 5,056 
Property, plant and equipment, net of accumulated depreciation30,904 30,288 
Operating lease assets2,795 2,102 
Derivative assets46 69 
Goodwill77 77 
Deferred tax assets2,100 1,204 
Other non-current assets, net514 462 
Total assets$43,642 $39,258 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities 
Accounts payable$405 $155 
Accrued liabilities3,108 2,299 
Current debt, net of discount and debt issuance costs1,717 366 
Deferred revenue211 155 
Current operating lease liabilities669 535 
Current derivative liabilities3,215 1,089 
Other current liabilities50 94 
Total current liabilities9,375 4,693 
Long-term debt, net of premium, discount and debt issuance costs25,325 29,449 
Operating lease liabilities2,082 1,541 
Finance lease liabilities75 57 
Derivative liabilities10,954 3,501 
Other non-current liabilities161 50 
Stockholders’ deficit 
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued
  
Common stock: $0.003 par value, 480.0 million shares authorized; 276.7 million shares and 275.2 million shares issued at September 30, 2022 and December 31, 2021, respectively
1 1 
Treasury stock: 26.8 million shares and 21.6 million shares at September 30, 2022 and December 31, 2021, respectively, at cost
(1,609)(928)
Additional paid-in-capital4,309 4,377 
Accumulated deficit(8,880)(6,021)
Total Cheniere stockholders’ deficit(6,179)(2,571)
Non-controlling interest1,849 2,538 
Total stockholders’ deficit(4,330)(33)
Total liabilities and stockholders’ deficit$43,642 $39,258 
(1)Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7—Non-controlling Interest and Variable Interest Entity. As of September 30, 2022, total assets and liabilities of CQP were $19.9 billion and $24.3 billion, respectively, including $1.0 billion of cash and cash equivalents and $0.2 billion of restricted cash and cash equivalents.

The accompanying notes are an integral part of these consolidated financial statements.

4

CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(in millions)
(unaudited)

Three and Nine Months Ended September 30, 2022
Total Stockholders’ Deficit
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal
Deficit
 SharesPar Value AmountSharesAmount
Balance at December 31, 2021253.6 $1 21.6 $(928)$4,377 $(6,021)$2,538 $(33)
Vesting of share-based compensation awards1.3        
Share-based compensation—  —  38   38 
Issued shares withheld from employees related to share-based compensation, at cost(0.3) 0.3 (35)(18)  (53)
Shares repurchased, at cost(0.2) 0.2 (25)   (25)
Adoption of ASU 2020-06, net of tax (see Note 1)
—  —  (153)4  (149)
Net income attributable to non-controlling interest—  —    84 84 
Distributions to non-controlling interest—  —    (171)(171)
Dividends declared and paid ($0.33 per common share)
—  —   (85) (85)
Net loss—  —   (865) (865)
Balance at March 31, 2022254.4 1 22.1 (988)4,244 (6,967)2,451 (1,259)
Vesting of share-based compensation awards0.1        
Share-based compensation—  —  34   34 
Issued shares withheld from employees related to share-based compensation, at cost   (1)(1)  (2)
Shares repurchased, at cost(4.1) 4.1 (540)   (540)
Net income attributable to non-controlling interest—  —    172 172 
Distributions to non-controlling interest—  —    (256)(256)
Dividends declared and paid ($0.33 per common share)
—  —   (85) (85)
Net income—  —   741  741 
Balance at June 30, 2022250.4 1 26.2 (1,529)4,277 (6,311)2,367 (1,195)
Vesting of share-based compensation awards0.1        
Share-based compensation—  —  34   34 
Issued shares withheld from employees related to share-based compensation, at cost   (5)(2)  (7)
Shares repurchased, at cost(0.6) 0.6 (75)   (75)
Net loss attributable to non-controlling interest—  —    (259)(259)
Distributions to non-controlling interest—  —    (259)(259)
Dividends declared and paid ($0.33 per common share)
—  —   (81) (81)
Dividends declared and accrued ($0.395 per common share)
—  —   (103) (103)
Net loss—  —   (2,385) (2,385)
Balance at September 30, 2022249.9 $1 26.8 $(1,609)$4,309 $(8,880)$1,849 $(4,330)

The accompanying notes are an integral part of these consolidated financial statements.

5

CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)—CONTINUED
(in millions)
(unaudited)
<
Three and Nine Months Ended September 30, 2021
Total Stockholders’ Equity
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal
Equity
 SharesPar Value AmountSharesAmount
Balance at December 31, 2020252.3 $1 20.8 $(872)$4,273 $(3,593)$2,409 $2,218 
Vesting of share-based compensation awards1.8        
Share-based compensation—  —  33   33 
Issued shares withheld from employees related to share-based compensation, at cost(0.6) 0.6 (42)   (42)
Net income attributable to non-controlling interest—  —    178 178 
Distributions to non-controlling interest—  —    (160)(160)
Net income—  —   393  393 
Balance at March 31, 2021253.5 1 21.4 (914)4,306 (3,200)2,427 2,620 
Vesting of share-based compensation awards0.1        
Share-based compensation—  —  31   31 
Issued shares withheld from employees related to share-based compensation, at cost   (1)   (1)