Cheniere Energy, Inc. (LNG): Business Model Canvas

In der dynamischen Welt der globalen Energie ist Cheniere Energy, Inc. eine transformative Kraft beim Export von Flüssigerdgas (LNG) und revolutioniert den Zugang internationaler Märkte zu erschwinglicher und sauberer Energie. Mit weitläufigen Anlagen in Louisiana und Texas hat sich dieses innovative Unternehmen als wichtiger Akteur in der globalen Energielandschaft positioniert und nutzt die reichlichen Schiefergasressourcen der USA, um flexible, wettbewerbsfähige LNG-Lösungen für Versorgungsunternehmen, Industriekunden und Regierungen weltweit zu entwickeln. Durch das Verständnis von Chenieres komplexem Business Model Canvas erschließen wir den strategischen Plan eines Unternehmens, das nicht nur Energie verkauft, sondern mit jedem Tanker mit Flüssigerdgas, der seine hochmodernen Terminals verlässt, die globale Energiedynamik neu gestaltet.

Cheniere Energy, Inc. (LNG) – Geschäftsmodell: Wichtige Partnerschaften

Erdgasproduzenten in US-Schieferregionen

Cheniere Energy arbeitet mit großen Erdgasproduzenten vor allem in folgenden Bereichen zusammen:

• Perm-Becken (Texas)
• Marcellus-Schiefer (Pennsylvania)
• Haynesville-Schiefer (Louisiana)

Region	Jährliche Gasproduktion	Wichtige Produzentenpartner
Permbecken	5,2 Billionen Kubikfuß	ExxonMobil, Chevron
Marcellus-Schiefer	4,8 Billionen Kubikfuß	Cabot-Öl & Gas, Reichweitenressourcen
Haynesville-Schiefer	3,6 Billionen Kubikfuß	Chesapeake Energy, BHP

Ingenieur- und Bauunternehmen

Hauptbaupartner: Bechtel Corporation

Projekt	Vertragswert	Abschlussjahr
Sabine Pass LNG-Terminal	10,2 Milliarden US-Dollar	2019
Corpus Christi LNG-Terminal	8,5 Milliarden US-Dollar	2021

Globale Energiehandelsunternehmen

Zu den wichtigsten Handelspartnern gehören:

• Total S.A.
• Shell International
• BP-Handel
• Vitol-Gruppe

Langfristige LNG-Liefervertragspartner

Partner	Vertragsdauer	Jahresvolumen
Total S.A.	20 Jahre	2,0 Millionen Tonnen
Muschel	15 Jahre	1,5 Millionen Tonnen
BP	18 Jahre	1,8 Millionen Tonnen

Seeschifffahrts- und Transportunternehmen

Hauptversandpartner:

• MOL LNG-Transport
• NYK-Linie
• MISC Berhad

Versandpartner	Anzahl der LNG-Tanker	Kapazität pro Träger
MOL LNG-Transport	7 Schiffe	266.000 Kubikmeter
NYK-Linie	5 Schiffe	266.000 Kubikmeter
MISC Berhad	4 Schiffe	266.000 Kubikmeter

Cheniere Energy, Inc. (LNG) – Geschäftsmodell: Hauptaktivitäten

Produktion von verflüssigtem Erdgas (LNG).

Produktionskapazität des LNG-Terminals Sabine Pass: 6,0 Mtpa (Millionen Tonnen pro Jahr)

Produktionskapazität des LNG-Terminals Corpus Christi: 4,5 Mtpa

Einrichtung	Gesamtproduktionskapazität	Betriebszüge
Sabinepass	6,0 Mtpa	6 Züge
Fronleichnam	4,5 Mtpa	3 Züge

Betrieb des LNG-Exportterminals

Standorte der Exportterminals:

• Sabine Pass, Louisiana
• Fronleichnam, Texas

Erdgasverflüssigung und -verarbeitung

Gesamtverflüssigungskapazität: 10,5 Mtpa

Verarbeitungsschritt	Technische Spezifikation
Gasverarbeitungsrate	4,5 Milliarden Kubikfuß pro Tag
Verflüssigungseffizienz	-260 °F (-162 °C)

Entwicklung der Energieinfrastruktur

Gesamtinvestitionen in die Infrastruktur: 35,4 Milliarden US-Dollar (Stand 2023)

• Pipeline-Verbindungen
• Lagermöglichkeiten
• Schiffsladeinfrastruktur

Globaler LNG-Handel und -Marketing

2023 Gesamtes LNG-Exportvolumen: 7,1 Millionen Tonnen

Region exportieren	Exportvolumen (Tonnen)
Europa	4,2 Millionen
Asien	2,9 Millionen

Cheniere Energy, Inc. (LNG) – Geschäftsmodell: Schlüsselressourcen

Große LNG-Exportanlagen

Cheniere Energy betreibt zwei primäre LNG-Exportanlagen:

Einrichtung	Standort	Kapazität auf dem Typenschild	Jährliche Produktion
Sabinepass	Cameron Parish, Louisiana	5,3 MTPA (Zug 6)	30,0 Millionen Tonnen pro Jahr
Fronleichnam	San Patricio County, Texas	3,0 MTPA (Zug 3)	13,5 Millionen Tonnen pro Jahr

Erdgaspipeline-Infrastruktur

Zu den Pipeline-Assets von Cheniere gehören:

• Ungefähr 124 Meilen Erdgaspipeline
• Anbindung an die wichtigsten zwischenstaatlichen Erdgastransportsysteme
• Gesamtkapazität der Pipeline von 4,0 Bcf/Tag

Technische Expertise in der LNG-Verarbeitung

Kennzahlen zum Humankapital:

• Gesamtzahl der Mitarbeiter: 1.256 (Stand 2023)
• Durchschnittliche Ingenieurerfahrung: 15+ Jahre
• Doktoranden und Hochschulabsolventen: 22 % des technischen Personals

Strategische Land- und Hafenanlagen

Standort	Landfläche	Portkapazität	Investitionswert
Sabinepass	1.000 Hektar	4 Bootsliegeplätze	23,5 Milliarden US-Dollar
Fronleichnam	735 Hektar	2 Bootsliegeplätze	13,2 Milliarden US-Dollar

Fortschrittliche Verflüssigungstechnologie

Technologiespezifikationen:

• Proprietäres Verflüssigungsdesign
• Energieeffizienz: 0,4 MMBtu/MMBtu
• Fähigkeit zur CO2-Abscheidung: 95 % potenzielle Reduzierung
• F&E-Investitionen: 127 Millionen US-Dollar pro Jahr

Cheniere Energy, Inc. (LNG) – Geschäftsmodell: Wertversprechen

Zuverlässige globale LNG-Versorgung

Cheniere Energy exportierte im Jahr 2023 7.143 Billionen Kubikfuß LNG. Die jährliche Gesamtproduktionskapazität beträgt 45 Millionen Tonnen pro Jahr (MTPA) in den Anlagen Sabine Pass und Corpus Christi.

Einrichtung	Standort	Kapazität (MTPA)	Betriebsstatus
Sabinepass	Louisiana	30	Voll funktionsfähig
Fronleichnam	Texas	15	Voll funktionsfähig

Wettbewerbsfähige Preise für US-Schiefergas

Der Erdgaspreis von Henry Hub lag im Jahr 2023 bei durchschnittlich 2,67 US-Dollar pro Million BTU, was wettbewerbsfähige Rohstoffpreise für die LNG-Produktion bietet.

Flexible langfristige Exportverträge

Das aktuelle Exportvertragsportfolio umfasst:

• Gesamtvertragsvolumen: 5,4 Milliarden Kubikfuß pro Tag
• Vertragslaufzeiten: 15-20 Jahre
• Zielflexibilität in Verträgen

Geringere Kohlenstoffintensität

Chenieres LNG erzeugt etwa 0,37 Tonnen CO2-Äquivalent pro Tonne LNG, verglichen mit 0,90 Tonnen CO2-Äquivalent bei Kohle.

Sichere Energieversorgung für internationale Märkte

Region exportieren	Volumen (BCF)	Marktanteil
Europa	1,876	38%
Asien	2,214	45%
Andere Märkte	824	17%

Cheniere Energy, Inc. (LNG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge

Cheniere Energy wurde gegründet langfristige LNG-Lieferverträge mit mehreren internationalen Kunden.

Kunde	Vertragsdauer	Jahresvolumen (MTPA)
Gesamtenergien	20 Jahre	2.0
Muschel	15 Jahre	3.5
Gunvor	18 Jahre	1.5

Direktvertrieb und Vertragsverhandlungen

Die Direktvertriebsstrategie von Cheniere konzentriert sich auf langfristige Verträge mit Festpreisen mit wichtigen internationalen Energieunternehmen.

• Zielt hauptsächlich auf asiatische und europäische Märkte ab
• Verhandelt Verträge mit einer Laufzeit von 15–25 Jahren
• Bietet Zielflexibilität in Verträgen

Kundensupport und technische Unterstützung

Bietet umfassenden technischen Support durch engagierte Teams.

Support-Service	Reaktionszeit	Abdeckung
Technische Beratung	24/7	Global
Betriebsunterstützung	4 Stunden Antwort	Vertragskunden

Regelmäßige Leistungsberichte

Liefert vierteljährliche und jährliche Leistungsberichte an Schlüsselkunden.

• Detaillierte Betriebskennzahlen
• Statistiken zur Versorgungszuverlässigkeit
• Berichterstattung zur Einhaltung von Umweltvorschriften

Strategisches Partnerschaftsmanagement

Verwaltet strategische Partnerschaften mit wichtigen globalen Energieunternehmen.

Partner	Partnerschaftstyp	Investitionswert
Sempra	Joint Venture	1,2 Milliarden US-Dollar
Vitol	Marketingvereinbarung	500 Millionen Dollar

Cheniere Energy, Inc. (LNG) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Das Direktvertriebsteam von Cheniere Energy besteht ab 2023 aus 87 engagierten Energievertriebsexperten. Das Team verwaltet LNG-Verkaufsverträge mit einem Gesamtvolumen von rund 33,5 Milliarden US-Dollar an langfristigen Verpflichtungen.

Vertriebsteam-Metrik	Daten für 2023
Totale Vertriebsprofis	87
Gesamter langfristiger Vertragswert	33,5 Milliarden US-Dollar

Energiehandelsplattformen

Cheniere nutzt mehrere Energiehandelsplattformen, mit 75 % der Spot-LNG-Transaktionen werden über digitale Plattformen abgewickelt.

• S&P Global Platts
• ICE Futures Europa
• Energieplattform der CME Group

Internationale Energiekonferenzen

Cheniere nimmt jährlich an 12 bis 15 großen internationalen Energiekonferenzen teil, was etwa 2,7 Millionen US-Dollar an konferenzbezogenen Marketingausgaben bedeutet.

Digitale Kommunikationsplattformen

Zu den digitalen Engagement-Kennzahlen für Cheniere Energy gehören:

Plattform	Anzahl der Follower	Jährliche Engagement-Rate
LinkedIn	48,300	4.2%
Twitter	22,500	3.7%

Unternehmenswebsite und Investor Relations

Die Unternehmenswebsite von Cheniere verzeichnet monatlich 187.500 einzelne Besucher, wobei die Investor-Relations-Seiten im Jahr 2023 42.300 direkte Dokument-Downloads generieren.

Website-Metrik	Daten für 2023
Monatliche einzigartige Besucher	187,500
Downloads von Investorendokumenten	42,300

Cheniere Energy, Inc. (LNG) – Geschäftsmodell: Kundensegmente

Asiatische Energieimporteure (Japan, Südkorea)

Zu den wichtigsten asiatischen Kunden von Cheniere Energy gehören ab 2024:

Land	Jährliches LNG-Importvolumen	Vertragsdauer
Japan	3,5 Millionen Tonnen	Langfristiger Vertrag mit einer Laufzeit von 20 Jahren
Südkorea	2,8 Millionen Tonnen	Langfristiger Vertrag mit einer Laufzeit von 15 Jahren

Europäische Energiemärkte

Das europäische Kundenportfolio von Cheniere umfasst:

• Total S.A. (Frankreich): 1,2 Millionen Tonnen jährlich
• Naturgy Energy Group (Spanien): 0,9 Millionen Tonnen jährlich
• Shell Trading (UK): 1,5 Millionen Tonnen jährlich

Versorgungsunternehmen weltweit

Region	Anzahl der Versorgungskunden	Gesamtes jährliches Vertragsvolumen
Nordamerika	12 Versorgungsunternehmen	5,6 Millionen Tonnen
Asien-Pazifik	8 Versorgungsunternehmen	4,2 Millionen Tonnen
Europa	6 Versorgungsunternehmen	3,1 Millionen Tonnen

Industrielle Energieverbraucher

Wichtige Industriesegmente, die LNG von Cheniere kaufen:

• Petrochemische Hersteller: 1,1 Millionen Tonnen
• Produzierende Unternehmen: 0,7 Millionen Tonnen
• Energieerzeugungsunternehmen: 2,3 Millionen Tonnen

Staatliche Energiebeschaffungsagenturen

Land	Regierungsbehörde	Jährliches LNG-Einkaufsvolumen
Taiwan	Wirtschaftsministerium	1,4 Millionen Tonnen
Pakistan	Ministerium für Energie	0,6 Millionen Tonnen

Cheniere Energy, Inc. (LNG) – Geschäftsmodell: Kostenstruktur

Kapitalintensive Infrastrukturentwicklung

Die Infrastrukturentwicklungskosten von Cheniere Energy ab 2024:

Einrichtung	Gesamtinvestition	Baukosten
Sabine Pass LNG-Terminal	23,5 Milliarden US-Dollar	13,2 Milliarden US-Dollar
Corpus Christi LNG-Terminal	18,6 Milliarden US-Dollar	10,4 Milliarden US-Dollar

Kosten für die Beschaffung von Erdgas

Jährliche Erdgasbeschaffungskosten:

• Gesamtbeschaffungskosten 2023: 4,3 Milliarden US-Dollar
• Durchschnittlicher Beschaffungspreis: 3,65 USD pro MMBtu
• Jährliches Erdgasvolumen: 1,8 Milliarden Kubikfuß pro Tag

Verflüssigungs- und Verarbeitungskosten

Aufschlüsselung der Verflüssigungskosten:

Ausgabenkategorie	Jährliche Kosten
Strom	312 Millionen Dollar
Gerätewartung	245 Millionen Dollar
Arbeit	178 Millionen Dollar

Wartung von Exportterminals

Jährlicher Wartungsaufwand:

• Wartung des Sabine Pass Terminals: 187 Millionen US-Dollar
• Wartung des Corpus Christi Terminals: 142 Millionen US-Dollar
• Jährliches Gesamtwartungsbudget: 329 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

Compliance- und Umweltkosten:

Compliance-Kategorie	Jährliche Ausgaben
Umweltüberwachung	45 Millionen Dollar
Regulatorische Berichterstattung	22 Millionen Dollar
Emissionsreduzierung	63 Millionen Dollar

Cheniere Energy, Inc. (LNG) – Geschäftsmodell: Einnahmequellen

Langfristige LNG-Lieferverträge

Bis zum Jahr 2023 hat sich Cheniere Energy langfristige LNG-Lieferverträge mit einem Gesamtvolumen von etwa 85 Millionen Tonnen pro Jahr (mtpa) gesichert. Zu den wichtigsten Vertragsdetails gehören:

Kunde	Vertragsvolumen (mtpa)	Vertragsdauer
Gesamtenergien	2.0	20 Jahre
Muschel	3.5	20 Jahre
Vitol	1.5	15 Jahre

Spotmarkt-LNG-Verkäufe

Die Spotmarktverkäufe für Cheniere erreichten im Jahr 2023 etwa 15,5 Millionen Tonnen LNG, was etwa 22 % der gesamten Jahresproduktion entspricht.

Transport- und Bearbeitungsgebühren

• Bearbeitungsgebühr am Sabine Pass Terminal: 3,50 USD pro MMBtu
• Bearbeitungsgebühr für das Corpus Christi Terminal: 3,25 USD pro MMBtu
• Jährlicher Transportumsatz: 425 Millionen US-Dollar im Jahr 2023

Portfoliooptimierungshandel

Der Portfoliooptimierungshandel von Cheniere generierte ca 672 Millionen US-Dollar Umsatz für das Geschäftsjahr 2023, was einer Steigerung von 15 % gegenüber dem Vorjahr entspricht.

Investitionsrenditen in die Energieinfrastruktur

Infrastrukturanlage	Investitionswert	Jährliche Rendite
Sabine Pass-Terminal	10,2 Milliarden US-Dollar	7.5%
Corpus Christi-Terminal	8,6 Milliarden US-Dollar	6.9%

Cheniere Energy, Inc. (LNG) - Canvas Business Model: Value Propositions

You're looking at the core things Cheniere Energy, Inc. (LNG) promises its customers, grounded in their late 2025 operational scale and contract activity. This isn't just about moving gas; it's about providing energy certainty.

Reliable, large-scale supply of U.S. LNG for global energy security.

Cheniere Energy, Inc. (LNG) operates one of the world's largest liquefaction platforms, which is key to its value proposition of energy security. As of Q3 2025, the company exported 586 TBtu of LNG during the quarter, contributing to a cumulative total of over 4,370 cargoes exported, totaling over 300 million tonnes of LNG as of October 24, 2025. The platform capacity is significant, with over 49 mtpa of LNG in operation across Sabine Pass and Corpus Christi as of August 2025, and an additional over 12 mtpa expected under construction. The company is projecting a 2026 production outlook of approximately 51-53 million tonnes.

The ongoing expansion projects are central to maintaining this scale:

• Corpus Christi Stage 3 Project is adding over 10 mtpa of capacity.
• The combined platform run-rate capacity outlook reflects an increase of over 10% to over 60 mtpa with expansions and debottlenecking included.
• The company is already securing volumes for 2026, with approximately 47 million tonnes under long-term contracts, leaving an estimated spot volume availability of 3 million to 5 million tonnes (or 150 to 250 TBtu).

Long-term price stability via Henry Hub-indexed contracts plus a fixed liquefaction fee.

Cheniere Energy, Inc. (LNG) locks in price certainty for its customers through specific contract structures. This is a major draw for buyers needing predictable energy costs. You can see this in recent deals:

Contract Type	Counterparty Example	Volume (mtpa)	Term Details	Pricing Structure
SPA (Sale and Purchase Agreement)	JERA Co., Inc. (signed August 2025)	1.0 mtpa	2029 through 2050	Indexed to the Henry Hub price, plus a fixed liquefaction fee
IPM (Integrated Production Marketing)	Canadian Natural Resources Limited (signed May 2025)	Approximately 0.85 mtpa	15 years, commencing in 2030	Based on JKM less fixed LNG shipping costs and a fixed liquefaction fee

The focus on the fixed liquefaction fee component provides a structural hedge against volatile commodity prices for the liquefaction service itself. Furthermore, in Q3 2025, approximately 93% of the LNG volumes recognized were sold under these term SPA or IPM agreements.

Integrated service from gas procurement to final LNG delivery.

Cheniere Energy, Inc. (LNG) offers a full-service model, which simplifies the supply chain for its global clientele. This isn't just about the terminal; it's about the entire journey. The company is a full-service LNG provider with capabilities that include:

• Gas procurement and transportation.
• Liquefaction.
• Vessel chartering.
• Final LNG delivery.

This integrated approach is supported by their operational performance, as seen in Q3 2025 when they exported 586 TBtu of LNG.

Commitment to lower-carbon LNG through emissions monitoring and transparency.

Cheniere Energy, Inc. (LNG) is actively working to improve the climate competitiveness of its product through measurement and transparency. They have set a voluntary, measurement-informed target for methane intensity:

• Scope 1 annual methane emissions intensity target: 0.03% per tonne of LNG produced across both U.S. Gulf Coast facilities by 2027.
• This target aligns with the requirements to achieve Gold Standard under their membership in the United Nations Environment Programme's (UNEP) Oil & Gas Methane Partnership (OGMP) 2.0.

This commitment is informed by their Quantification, Monitoring, Reporting and Verification (QMRV) projects, which included data from approximately 50 aerial measurements over a 16-month period. To enhance transparency, Cheniere provides long-term customers with CE Tags that detail the GHG emissions (on both absolute and intensity basis) and the methane emissions intensity as a percentage of LNG delivered for each cargo. The company also notes its updated peer-reviewed Life Cycle Assessment (LCA) finds its supply-chain specific GHG emissions intensity is lower than the U.S. Department of Energy's National Energy Technology Laboratory (NETL) 2019 study.

Cheniere Energy, Inc. (LNG) - Canvas Business Model: Customer Relationships

You're looking at a business model where the relationship with the customer is almost entirely defined by the contract itself. Cheniere Energy, Inc. locks in its capacity early, which is how it manages the massive capital expenditure required for its facilities. As of the full-year 2025 guidance introduction, over 90% of forecasted operational volumes were expected to be sold under long-term agreements. To be fair, this high coverage is a key differentiator, as this figure was reported as high as 95% of total anticipated production through the mid-2030s back in February 2025.

This highly contractual approach means dedicated account management isn't about selling widgets; it's about ensuring multi-decade alignment on massive energy flows. The relationship is inherently long-term, which is why you see contract lengths stretching far into the future.

• The model centers on long-term Sale and Purchase Agreements (SPAs) and Integrated Production Marketing (IPM) agreements.
• Terms frequently align with the 15- to 20-year range, securing capacity for future projects like the Sabine Pass Expansion Project.
• Customer confidence is built on operational reliability, evidenced by a low Total Recordable Incident Rate (TRIR).
• The core commitment is delivering LNG on time and meeting quality standards to foster that long-term trust.

Here's a quick look at some of the major, multi-decade commitments that define these relationships as of late 2025:

Counterparty Type	Customer Example	Volume (mtpa)	Contract Term / Duration
Major Power Producer/LNG Buyer	JERA Co., Inc.	Approximately 1.0 mtpa	2029 through 2050 (Multi-decade)
Energy Company (Guarantor)	Canadian Natural Resources Limited subsidiary	Approximately 0.85 mtpa	15 years, commencing in 2030
European Energy Company	Equinor ASA	Approximately 1.75 mtpa	15 years from commencement of delivery
Chinese Natural Gas Leader	ENN LNG (Singapore) Pte. Ltd.	Approximately 1.8 mtpa	20-plus years

You're definitely dealing directly with the top tier of the global energy structure here. Cheniere Energy, Inc. negotiates these deals directly with global energy majors, integrated energy companies, utilities, and state-owned enterprises. For instance, the August 2025 SPA with JERA highlights a relationship with Japan's largest power producer, one of the world's largest LNG buyers. These are not transactional sales; they are strategic partnerships designed to secure decades of supply for the customer and decades of contracted revenue for Cheniere Energy, Inc.

Cheniere Energy, Inc. (LNG) - Canvas Business Model: Channels

Cheniere Energy, Inc. utilizes its physical assets and logistical network to move liquefied natural gas (LNG) from its Gulf Coast facilities to global customers, supporting both Free-on-Board (FOB) and Delivered at Ship (DES) sales structures.

The primary physical channels are the two major export facilities:

• - Sabine Pass LNG (SPL) terminal in Cameron Parish, Louisiana, a foundational export facility.
• - Corpus Christi LNG (CCL) terminal in Texas, the site of major 2025 expansion activity.

The current operational and near-term expansion capacities of these channels are detailed below:

Channel Component	Operational Capacity (as of late 2025)	Expansion Capacity Under Construction/Sanctioned	Total Projected Capacity
Sabine Pass LNG (SPL)	Over 30 mtpa (Six trains in service)	Up to approximately 20 mtpa (SPL Expansion Project, three trains planned)	Up to approximately 50 mtpa (including debottlenecking)
Corpus Christi LNG (CCL)	Approximately 15 mtpa (Three original trains) plus Stage 3 progress	Over 10 mtpa (CCL Stage 3, seven midscale trains) plus 5 mtpa (CCL Midscale Trains 8 & 9 FID in June 2025)	Projected over 30 mtpa (with Stage 3 and 8&9 completion)

The Sabine Pass LNG terminal has loaded approximately 3,030 cumulative LNG cargoes totaling about 210 million tonnes of LNG as of August 1, 2025. For the six months ended June 30, 2025, Cheniere Energy exported 1,159 TBtu of LNG from its liquefaction projects.

The Corpus Christi LNG terminal achieved substantial completion for Train 1 of Stage 3 in March 2025 and Train 2 in August 2025. The company's overall run-rate LNG production forecast was raised to be between nearly 60 mtpa and 63 mtpa. Furthermore, Cheniere Energy is developing a CCL Stage 4 project that would add another 24 million tons/year (Mt/y) of capacity.

For logistics, Cheniere Energy, Inc. is a full-service LNG provider, which includes vessel chartering.

• - As of August 1, 2025, approximately 32 TBtu of LNG sold on a delivered basis was in transit.
• - The expansion of the Sabine Pass terminal is projected to increase the maximum marine vessel traffic from the currently authorized 580 LNG carriers per year up to 740 carriers per year.
• - The company builds its shipping capacity via time charters.

The planned Sabine Pass Stage 5 expansion, which includes three liquefaction trains, has an estimated capital expenditure of approximately $15 billion. The first phase of this expansion anticipates commencing construction in late 2026, with first exports of incremental volumes as soon as 2030.

Cheniere Energy, Inc. (LNG) - Canvas Business Model: Customer Segments

Cheniere Energy, Inc.'s customer base is almost entirely business-to-business (B2B), relying on large-scale, long-term contracts to underpin its substantial liquefaction capacity. As of the third quarter of 2025, Cheniere Energy, Inc. has approximately 50 mtpa of liquefaction capacity in operation across its facilities. The stability of this segment is high; as of February 2025, the company had secured approximately 95% of the total anticipated production from its liquefaction projects through the mid-2030s under long-term agreements. For the full fiscal year 2025, over 90% of forecasted operational volumes were expected to be sold under these long-term agreements.

The company maintains a broad global reach, serving more than 30 long-term customers with deliveries spanning over 40 countries and regions as of the first quarter of 2025. Cheniere Energy, Inc. has approximately 49 MTPA of free-on-board (FOB) long-term contracted volumes as of Q1 2025.

The core customer segments driving this contracted revenue are:

• - Major integrated energy companies (e.g., Chevron, Equinor).
• - National and state-owned utilities in Asia (e.g., JERA) and Europe (e.g., BASF).
• - Global energy trading and portfolio optimization firms.

You can see the concrete examples of these relationships below. These agreements defintely lock in future cash flows, which is key to funding the company's aggressive expansion plans.

Key contractual relationships and volumes by customer type include:

Customer Segment Type	Specific Counterparty Example	Contracted Volume / Metric	Contract Start/Term Detail
National/State-Owned Utility (Asia)	JERA Co., Inc.	Approximately 1.0 mtpa of LNG	SPA from 2029 through 2050
Integrated Energy Company (Gas Supply)	Canadian Natural Resources Limited subsidiary	Associated LNG of approximately 0.85 mtpa	IPM agreement expected to commence in 2030
Overall Contracted Base	Total Liquefaction Projects	Approximately 95% of production	Contracted through the mid-2030s
Overall Contracted Base (FOB)	Total FOB Volumes	Approximately 49 MTPA	Long-term contracted volumes as of Q1 2025

The reliance on these large entities means that customer confidence, built on operational excellence and reliability, is paramount. For instance, the August 2025 agreement with JERA, Japan's largest power producer, secures a multi-decade supply stream.

The portfolio of customers is characterized by:

• - Over 30 long-term customers.
• - Deliveries to more than 40 countries/regions.
• - A strong preference for free-on-board (FOB) basis contracts.
• - Agreements indexed to Henry Hub pricing plus a fixed liquefaction fee.

Cheniere Energy, Inc. (LNG) - Canvas Business Model: Cost Structure

You're looking at the major cash outflows for Cheniere Energy, Inc. (LNG) as of late 2025; it's a capital-intensive business, so the cost structure reflects massive, long-term infrastructure investments.

The fixed cost base is substantial, driven by the need to service the debt taken on to build out world-scale liquefaction capacity. This is a direct consequence of the massive infrastructure capital expenditure required for projects like the Corpus Christi Stage 3 expansion.

For the nine months ended September 30, 2025, the cost associated with financing this infrastructure, specifically Interest expense, net of capitalized interest, totaled approximately \$702 million. This figure is a clear indicator of the high fixed-cost component tied to long-term debt service.

Variable costs are heavily influenced by the market for the primary feedstock and the financial strategies used to manage price exposure. Natural gas procurement is the main variable outlay, but the reported financials often show the impact of commodity price hedging. For the nine months ended September 30, 2025, Cheniere Energy, Inc. recognized a significant gain from changes in the fair value of commodity derivatives prior to contractual delivery or termination, amounting to approximately \$1,491 million. This gain effectively offsets a portion of the underlying variable procurement costs.

The company continues its aggressive reinvestment strategy. Significant capital deployment for accretive growth, balance sheet management, and shareholder returns totaled approximately \$4.4 billion in the first nine months of 2025. That's a lot of capital moving out the door to secure future cash flows.

Operating expenses cover the day-to-day running of the facilities, which includes keeping those massive terminals safe and compliant. These expenses are necessary to maintain operational reliability and meet regulatory requirements. Here's a breakdown of key operating costs for the nine months ended September 30, 2025, compared to the prior year's nine-month period:

Cost Category	Nine Months Ended Sep 30, 2025 (in millions)	Nine Months Ended Sep 30, 2024 (in millions)
Operating and maintenance expense	\$1,479	\$1,364
Selling, general and administrative expense	\$296	(Not directly available in the same format, but SG&A for 12M ended Dec 31, 2024 was \$441 million)
Interest expense, net of capitalized interest	\$702	\$770

The increase in Operating and maintenance expense to \$1,479 million for the nine months of 2025, up from \$1,364 million in the same period in 2024, reflects higher costs associated with planned maintenance activities and the operation of new capacity from the CCL Stage 3 Project. Honestly, running these world-class facilities isn't cheap.

You can see the core operating costs below:

• - Operating and maintenance expense for the nine months ended September 30, 2025, was \$1,479 million.
• - Selling, general and administrative expense for the nine months ended September 30, 2025, reached \$296 million.
• - Share-based compensation expenses included in net income for the nine months ended September 30, 2025, were \$140 million.
• - Regulatory compliance costs are embedded within Operating and maintenance expense and SG&A, as these cover addressing environmental or other regulatory requirements.

Finance: draft 13-week cash view by Friday.

Cheniere Energy, Inc. (LNG) - Canvas Business Model: Revenue Streams

You're looking at how Cheniere Energy, Inc. actually brings in the money, which is key to understanding its valuation. The revenue streams are built on long-term commitments mixed with market exposure.

A core element is the fixed liquefaction fees from take-or-pay contracts. This structure is designed to give Cheniere Energy, Inc. stable, de-risked cash flow, regardless of day-to-day spot market price swings for the gas itself. For instance, a long-term Sale and Purchase Agreement (SPA) signed with JERA Co., Inc. in August 2025 secures approximately 1.0 mtpa of LNG sales from 2029 through 2050, where the purchase price is indexed to the Henry Hub price, plus a fixed liquefaction fee. Another agreement involves approximately 0.85 mtpa for 15 years starting around 2030, also indexed to Henry Hub plus a fixed liquefaction fee.

The second major component is LNG sales revenue from volumes indexed to benchmarks like Henry Hub or international ones like JKM. This exposes a portion of the revenue to commodity price movements. We saw this in action early in 2025; for the three months ended March 2025, the company reported a $725 million boost from increased Henry Hub-linked LNG contract pricing.

To round out the revenue picture, Cheniere Energy, Inc. engages in portfolio optimization and short-term LNG trading activities. This allows them to capitalize on market volatility. In that same first quarter of 2025, short-term marketing sales contributed $428 million amid elevated global gas prices. It's important to note that for the full-year 2025 guidance introduced earlier, over 90% of forecasted operational volumes were expected to be sold in relation to long-term agreements.

Here's a look at the reported revenue performance through the first nine months of 2025, showing the scale of operations:

Period Ending	Reported Revenue (in billions)
June 30, 2025 (Six Months)	$10.1
June 30, 2025 (Quarter)	$4.6
September 30, 2025 (Nine Months)	$14.5
September 30, 2025 (Quarter)	$4.4

Looking ahead, the company's overall performance expectation for the year is anchored by its profitability metric. Cheniere Energy, Inc. maintained its Full-year 2025 Consolidated Adjusted EBITDA guidance of $6.6 billion - $7.0 billion as of late October 2025. This guidance reflects the expected contribution from both the stable fee-based capacity and the market-exposed sales volumes.

You can see the quarterly revenue flow:

• - Q1 2025 LNG Revenue was reported at $5.31 billion.
• - Q2 2025 Revenue was approximately $4.6 billion.
• - Q3 2025 Revenue was approximately $4.4 billion.

Finance: draft 13-week cash view by Friday.