Here are 1-3 brief analogies for Cheniere Energy:

• The Panama Canal for U.S. natural gas exports. (It provides the critical infrastructure and gateway for U.S. natural gas to reach global markets.)
• Amazon Web Services (AWS) for global natural gas trade. (It offers the essential, large-scale, and complex infrastructure-as-a-service for energy companies to export natural gas.)
• A global UPS or FedEx, but for liquefied natural gas instead of packages. (It handles the specialized processing and global shipping of a specific energy commodity.)

• Liquefied Natural Gas (LNG) Production and Sale: Cheniere produces and sells LNG, converting natural gas into its liquid form for global transport and consumption.
• LNG Terminal and Liquefaction Services: The company provides liquefaction and terminal services, enabling third parties to process their natural gas into LNG and load it onto carriers at Cheniere's export facilities.

Cheniere Energy (LNG) Major Customers

Cheniere Energy primarily sells liquefied natural gas (LNG) to other companies through long-term Sale and Purchase Agreements (SPAs). Its customers are typically global energy companies, national oil and gas companies, and utilities located across Europe and Asia, which then distribute or use the natural gas.

Major customer companies include:

• Shell plc (Symbol: SHEL)
• TotalEnergies SE (Symbol: TTE)
• Centrica plc (Symbol: CNA.L)
• Eni S.p.A. (Symbol: E.MI)
• Woodside Energy Group Ltd (Symbol: WDS)
• Korea Gas Corporation (KOGAS) (Symbol: KRX: 036460)
• Chubu Electric Power Co., Inc. (Symbol: TYO: 9502)

Jack A. Fusco, President and Chief Executive Officer

Mr. Fusco has served as President and Chief Executive Officer since May 2016. With over 35 years in the energy industry, he co-founded Orion Power Holdings, an independent power producer, with backing from Goldman Sachs, serving as its President and Chief Executive Officer from 1998 to 2002. Mr. Fusco was also the Chief Executive Officer of Calpine Corporation from August 2008 to May 2014 and Executive Chairman from May 2014 through May 2016. Calpine was subsequently sold in March 2018 to an affiliate of Energy Capital Partners and a consortium of other investors. He was recruited to Calpine in 2008 when the company was emerging from bankruptcy.

Zach Davis, Executive Vice President and Chief Financial Officer

Mr. Davis has served as Chief Financial Officer since August 2020 and as Executive Vice President since February 2022. He joined Cheniere in November 2013 and has over 18 years of finance experience across the LNG, power, renewable energy, midstream, and infrastructure sectors. Prior to joining Cheniere, Mr. Davis held energy investment banking and project finance roles at Credit Suisse, Marathon Capital, and HSH Nordbank.

Anatol Feygin, Executive Vice President and Chief Commercial Officer

Mr. Feygin has served as Executive Vice President and Chief Commercial Officer since September 2016. He joined Cheniere in March 2014 as Senior Vice President, Strategy and Corporate Development. Before Cheniere, Mr. Feygin spent seven years at Loews Corporation, where he was Vice President, Energy Strategist and Senior Portfolio Manager. His career also includes three years at Bank of America as Head of Global Commodity Strategy and Senior Analyst, and a start in banking at J.P. Morgan Securities Inc. as Senior Analyst covering natural gas pipelines, distributors, and electric utilities.

Sean N. Markowitz, Executive Vice President, Chief Legal Officer and Corporate Secretary

Mr. Markowitz has served as Executive Vice President, Chief Legal Officer, and Corporate Secretary since February 2020. He joined Cheniere in October 2015 as Assistant General Counsel and Corporate Secretary, and previously held the role of General Counsel and Corporate Secretary from September 2016 to February 2020.

Corey Grindal, Executive Vice President and Chief Operating Officer

Mr. Grindal has served as Executive Vice President and Chief Operating Officer since 2023. He previously served as Executive Vice President, Worldwide Trading from 2020 to 2023 and as Senior Vice President, Gas Supply from September 2016 to September 2020. Mr. Grindal initially joined Cheniere as Vice President of Supply in 2013.

The key risks to Cheniere Energy's (symbol: LNG) business are primarily centered around market dynamics, financial leverage, and the evolving regulatory environment.

1. Global LNG Supply Glut and Market Price Volatility: Cheniere Energy faces a significant risk from a potential global oversupply of liquefied natural gas (LNG). Analysts project more than 100 million tonnes per year of new global LNG capacity to enter the market between 2025 and 2027 from competitors in Qatar, Africa, and other U.S. projects. This influx could pressure spot prices, making it more challenging for Cheniere to secure favorable terms for new long-term contracts. In 2024, the company experienced a $4.7 billion decrease in revenues compared to 2023, primarily due to declining global LNG and gas prices and a reduction in volumes sold under short-term agreements. Furthermore, a disconnect between Cheniere's ambitious LNG export capacity plans and U.S. natural gas output could lead to higher input costs or underutilized capacity.
2. High Debt Levels and Reliance on Capital Markets: The company carries a substantial debt burden, reported at $23.1 billion as of December 31, 2024, and approximately $25.19 billion as of September 2025. This significant debt is a result of its capital-intensive projects and aggressive expansion. Cheniere's ability to fund ongoing capital expenditures and refinance existing indebtedness is highly dependent on continued access to project financing and capital markets. Factors such as economic conditions, interest rate fluctuations, and changing banking policies related to fossil fuel investments could adversely impact the availability or cost of this crucial capital, potentially limiting future growth initiatives or the company's ability to withstand economic downturns.
3. Evolving Regulatory and Environmental Landscape: Cheniere Energy is exposed to risks associated with the dynamic regulatory environment, particularly those driven by the transition to a lower-carbon economy. This includes potential new environmental policies and regulations that could mandate expanded reporting on climate impacts or stricter emissions standards. While Cheniere has stated its facilities meet current pollution limits, future regulatory changes could necessitate costly equipment retrofits or impose operational restrictions. Additionally, as an energy infrastructure company with facilities located along the Gulf Coast, Cheniere faces physical climate-related risks from extreme weather events, such as hurricanes and flooding, which could disrupt operations.

The accelerating global energy transition, driven by rapidly falling costs and widespread deployment of renewable energy sources (solar, wind, battery storage), coupled with significant emerging investments and technological advancements in green hydrogen production and infrastructure, threatens the long-term demand for natural gas by offering increasingly competitive and sustainable alternatives for power generation, industrial processes, and heating.

Global LNG Market

North American LNG Market

Expected Drivers of Future Revenue Growth for Cheniere Energy (LNG) over the Next 2-3 Years:

• Increased Liquefaction Capacity from Expansion Projects: Cheniere Energy is actively expanding its liquefaction capacity through significant projects. The Corpus Christi Stage 3 project is nearing completion, with several trains coming online, and the Corpus Christi Midscale Trains 8 & 9 project, adding approximately 5 million tonnes per annum (mtpa) of capacity, has reached a Final Investment Decision (FID) and is under construction, expected to be operational by 2028. Additionally, the company is pursuing further brownfield expansions at both its Sabine Pass and Corpus Christi terminals, including the Corpus Christi Stage 4 expansion (24 million tonnes per year) and Sabine Pass Stage 5 (three 6.5 million tonnes per year trains), with FID for Sabine Pass anticipated in late 2026 or early 2027. These expansions, combined with debottlenecking efforts, are projected to increase Cheniere's total liquefaction capacity to over 60 mtpa by 2028 and potentially up to 75 mtpa by the early 2030s.
• Robust Global Demand for LNG: The company is poised to benefit from strong and growing global demand for liquefied natural gas, particularly from Asian and European markets. Countries in Asia are rapidly expanding their regasification capacity, with forecasts indicating significant increases in LNG demand from China, India, and Southeast Asia through 2040. The United States remains the world's largest LNG exporter, and U.S. LNG exports are projected to increase by 36% from 2024 to 2026.
• Stability from Long-Term Contracts: Cheniere's business model is significantly supported by its reliance on long-term sales and purchase agreements (SPAs). These contracts provide stable, long-term cash flows and largely insulate the company from short-term spot price volatility. Approximately 90% of Cheniere's current and expanding capacity is covered by these long-term contracts, which often include fixed fees that ensure revenue regardless of whether the customer takes delivery.
• Improved LNG Pricing and Margins: Recent financial results indicate that Cheniere has experienced higher LNG margins driven by improved pricing. While the market faces potential risks from increasing global supply, strong demand in key regions has contributed to favorable pricing conditions.

Share Repurchases

• In Q3 2025, Cheniere Energy repurchased approximately 4.4 million shares for over $1 billion.
• Year-to-date September 30, 2025, the company repurchased approximately 7.4 million shares for $1.7 billion.
• In June 2024, Cheniere announced an increase in its share repurchase authorization by an additional $4 billion through 2027, with $3.2 billion remaining under authorization as of June 30, 2025.

Share Issuance

• No significant share issuances for capital raising purposes were identified within the last 3-5 years. Small amounts of shares were issued related to share-based compensation.

Capital Expenditures

• In Q3 2025, Cheniere reported approximately $600 million in growth capital expenditures, primarily allocated to the Corpus Christi Stage 3 project and Midscale Trains 8 and 9.
• In June 2025, the company made a Final Investment Decision (FID) to invest approximately $2.9 billion in the Corpus Christi Midscale Trains 8 & 9 Project and debottlenecking, which is expected to add about 5 million tonnes per annum (MTPA) of capacity.
• Cheniere is actively expanding its liquefaction capacity, with the Corpus Christi Stage 3 project being over 90% complete by Q3 2025, and planning further expansions including Corpus Christi Stage 4 and Sabine Pass Stage 5.