Cheniere Energy, Inc. (LNG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de Global Energy, Cheniere Energy, Inc. se erige como una fuerza transformadora en las exportaciones de gas natural licuado (GNL), revolucionando cómo los mercados internacionales acceden a la energía asequible y más limpia. Con instalaciones en expansión en Louisiana y Texas, esta empresa innovadora se ha posicionado como un jugador crítico en el panorama energético global, aprovechando los abundantes recursos de gas de esquisto estadounidense para crear soluciones de GNL flexibles y competitivas para empresas de servicios públicos, consumidores industriales y gobiernos de todo el mundo. Al comprender el intrincado lienzo de modelo de negocio de Cheniere, desbloqueamos el plan estratégico de una compañía que no solo vende energía, sino que remonta la dinámica de energía global con cada petrolero de gas natural licuado que deja sus terminales de vanguardia.

Cheniere Energy, Inc. (LNG) - Modelo de negocio: asociaciones clave

Productores de gas natural en las regiones de esquisto bituminoso

Cheniere Energy se asocia con los principales productores de gas natural principalmente en:

• Cuenca de permiana (Texas)
• Marcellus Shale (Pennsylvania)
• Haynesville Shale (Louisiana)

Región	Producción anual de gas	Socios productores clave
Cuenca del permisa	5.2 billones de pies cúbicos	ExxonMobil, Chevron
Marcellus lutita	4.8 billones de pies cúbicos	Aceite de cabot & Gas, recursos de rango
Esquisto de Haynesville	3.6 billones de pies cúbicos	Chesapeake Energy, BHP

Empresas de ingeniería y construcción

Socio de construcción principal: Bechtel Corporation

Proyecto	Valor de contrato	Año de finalización
Sabine Pass Lng Terminal	$ 10.2 mil millones	2019
Corpus Christi Lng Terminal	$ 8.5 mil millones	2021

Empresas de comercio de energía global

Los socios comerciales clave incluyen:

• Total S.A.
• Shell internacional
• Comercio de BP
• Grupo vitol

Socios de contrato de suministro de GNL a largo plazo

Pareja	Duración del contrato	Volumen anual
Total S.A.	20 años	2.0 millones de toneladas
Caparazón	15 años	1.5 millones de toneladas
BP	18 años	1.8 millones de toneladas

Compañías de envío y transporte marítimo

PRINCIPALES DE ENVÍO PARTIR:

• Transporte de GNL Mol
• Línea nyk
• Misci berhad

Compañero de envío	Número de portadores de GNL	Capacidad por portador
Transporte de GNL Mol	7 recipientes	266,000 metros cúbicos
Línea nyk	5 embarcaciones	266,000 metros cúbicos
Misci berhad	4 embarcaciones	266,000 metros cúbicos

Cheniere Energy, Inc. (LNG) - Modelo de negocio: actividades clave

Producción de gas natural licuado (GNL)

Capacidad de producción terminal de GNL de Sabine Pass: 6.0 MTPA (millones de toneladas por año)

Corpus Christi Lng Capacidad de producción terminal: 4.5 MTPA

Instalación	Capacidad de producción total	Trenes operativos
Pase de Sabine	6.0 MTPA	6 trenes
Corpus Cristi	4.5 MTPA	3 trenes

Operaciones de terminales de exportación de GNL

Ubicaciones de terminales de exportación:

• Sabine Pass, Louisiana
• Corpus Christi, Texas

Licuefacción y procesamiento de gas natural

Capacidad total de licuefacción: 10.5 MTPA

Paso de procesamiento	Especificación técnica
Tasa de procesamiento de gas	4.500 millones de pies cúbicos por día
Eficiencia de licuefacción	-260 ° F (-162 ° C)

Desarrollo de infraestructura energética

Inversión total de infraestructura: $ 35.4 mil millones (a partir de 2023)

• Interconexiones de tuberías
• Instalaciones de almacenamiento
• Infraestructura de carga marina

Comercio y marketing global de GNL

2023 Volumen total de exportación de GNL: 7.1 millones de toneladas

Región de exportación	Volumen de exportación (toneladas)
Europa	4.2 millones
Asia	2.9 millones

Cheniere Energy, Inc. (LNG) - Modelo de negocio: recursos clave

Instalaciones de exportación de GNL a gran escala

Cheniere Energy opera dos instalaciones de exportación de GNL primarias:

Instalación	Ubicación	Capacidad de placa de identificación	Producción anual
Pase de Sabine	Cameron Parish, Louisiana	5.3 MTPA (tren 6)	30.0 millones de toneladas por año
Corpus Cristi	Condado de San Patricio, Texas	3.0 MTPA (tren 3)	13.5 millones de toneladas por año

Infraestructura de tuberías de gas natural

Los activos de la tubería de Cheniere incluyen:

• Aproximadamente 124 millas de tuberías de gas natural
• Conectado a los principales sistemas de transmisión de gas natural interestatal
• Capacidad total de la tubería de 4.0 BCF/día

Experiencia técnica en procesamiento de GNL

Métricas de capital humano:

• Total de empleados: 1.256 (a partir de 2023)
• Experiencia promedio de ingeniería: más de 15 años
• PhD y titulares de grado avanzado: 22% del personal técnico

Activos estratégicos de tierras y portuarios

Ubicación	Área de tierra	Capacidad portuaria	Valor de inversión
Pase de Sabine	1,000 acres	4 literas marinas	$ 23.5 mil millones
Corpus Cristi	735 acres	2 literas marinas	$ 13.2 mil millones

Tecnología de licuefacción avanzada

Especificaciones tecnológicas:

• Diseño de licuefacción patentado
• Eficiencia energética: 0.4 mmbtu/mmbtu
• Capacidad de captura de carbono: 95% de reducción potencial
• Inversión de I + D: $ 127 millones anualmente

Cheniere Energy, Inc. (LNG) - Modelo de negocio: propuestas de valor

Suministro de GNL global confiable

Cheniere Energy exportó 7,143 billones de pies cúbicos de GNL en 2023. Capacidad de producción anual total de 45 millones de toneladas por año (MTPA) en las instalaciones de Sabine Pass y Corpus Christi.

Instalación	Ubicación	Capacidad (MTPA)	Estado operativo
Pase de Sabine	Luisiana	30	Totalmente operativo
Corpus Cristi	Texas	15	Totalmente operativo

Precios competitivos del gas de esquisto estadounidense

El precio del gas natural de Henry Hub promedió $ 2.67 por millón de BTU en 2023, proporcionando precios competitivos para la materia prima para la producción de GNL.

Contratos de exportación flexibles a largo plazo

La cartera de contrato de exportación actual incluye:

• Volumen total contratado: 5.400 millones de pies cúbicos por día
• Duración por contrato: 15-20 años
• Flexibilidad de destino en los contratos

Menor intensidad de carbono

El GNL de Cheniere produce aproximadamente 0.37 toneladas de CO2 equivalente por tonelada de GNL, en comparación con el equivalente de CO2 de 0.90 toneladas de carbón.

Suministro de energía seguro para mercados internacionales

Región de exportación	Volumen (BCF)	Cuota de mercado
Europa	1,876	38%
Asia	2,214	45%
Otros mercados	824	17%

Cheniere Energy, Inc. (LNG) - Modelo de negocios: relaciones con los clientes

Acuerdos de suministro a largo plazo

Cheniere Energy ha establecido Contratos de suministro de GNL a largo plazo con múltiples clientes internacionales.

Cliente	Duración del contrato	Volumen anual (MTPA)
Energías totales	20 años	2.0
Caparazón	15 años	3.5
Vora	18 años	1.5

Ventas directas y negociaciones de contratos

La estrategia de ventas directas de Cheniere se centra en Contratos de precio fijo a largo plazo con compañías de energía internacionales clave.

• Principalmente apunta a los mercados asiáticos y europeos
• Negocia contratos con períodos de 15-25 años
• Ofrece flexibilidad de destino en los contratos

Atención al cliente y asistencia técnica

Proporciona soporte técnico integral a través de equipos dedicados.

Servicio de apoyo	Tiempo de respuesta	Cobertura
Consulta técnica	24/7	Global
Soporte operativo	Respuesta de 4 horas	Contratar a los clientes

Informes de rendimiento regulares

Entregas Informes de rendimiento trimestrales y anuales a clientes clave.

• Métricas operativas detalladas
• Estadísticas de confiabilidad del suministro
• Informes de cumplimiento ambiental

Gestión de la Asociación Estratégica

Administra asociaciones estratégicas con compañías de energía globales clave.

Pareja	Tipo de asociación	Valor de inversión
Sempra	Empresa conjunta	$ 1.2 mil millones
Vitol	Acuerdo de marketing	$ 500 millones

Cheniere Energy, Inc. (LNG) - Modelo de negocio: canales

Equipo de ventas directas

El equipo de ventas directas de Cheniere Energy consta de 87 profesionales de ventas de energía dedicados a partir de 2023. El equipo administra los contratos de ventas de GNL por un total de aproximadamente $ 33.5 mil millones en compromisos a largo plazo.

Métrica del equipo de ventas	2023 datos
Profesionales de ventas totales	87
Valor total del contrato a largo plazo	$ 33.5 mil millones

Plataformas de comercio de energía

Cheniere utiliza múltiples plataformas de comercio de energía, con El 75% de las transacciones de GNL Spot ejecutadas a través de plataformas digitales.

• S&P Global Platts
• Ice Futures Europe
• Plataforma de energía del grupo CME

Conferencias internacionales de energía

Cheniere participa en las 12-15 conferencias de energía internacional importantes anualmente, lo que representa aproximadamente $ 2.7 millones en gastos de marketing relacionados con la conferencia.

Plataformas de comunicación digital

Las métricas de participación digital para la energía de Cheniere incluyen:

Plataforma	Recuento de seguidores	Tasa de compromiso anual
LinkedIn	48,300	4.2%
Gorjeo	22,500	3.7%

Sitio web corporativo y relaciones con los inversores

El sitio web corporativo de Cheniere recibe 187,500 visitantes únicos mensualmente, con páginas de relaciones con los inversores que generan 42,300 descargas de documentos directos en 2023.

Métrico del sitio web	2023 datos
Visitantes únicos mensuales	187,500
Descargas de documentos de inversores	42,300

Cheniere Energy, Inc. (LNG) - Modelo de negocio: segmentos de clientes

Importadores energéticos asiáticos (Japón, Corea del Sur)

A partir de 2024, los clientes asiáticos clave de Cheniere Energy incluyen:

País	Volumen de importación de GNL anual	Duración del contrato
Japón	3.5 millones de toneladas métricas	Acuerdo a largo plazo de 20 años
Corea del Sur	2.8 millones de toneladas métricas	Acuerdo a largo plazo de 15 años

Mercados de energía europeos

La cartera de clientes europeos de Cheniere incluye:

• Total S.A. (Francia): 1.2 millones de toneladas métricas anualmente
• Naturgy Energy Group (España): 0.9 millones de toneladas métricas anualmente
• Shell Trading (Reino Unido): 1.5 millones de toneladas métricas anualmente

Compañías de servicios públicos en todo el mundo

Región	Número de clientes de servicios públicos	Volumen total de contrato anual
América del norte	12 compañías de servicios públicos	5,6 millones de toneladas métricas
Asia-Pacífico	8 compañías de servicios públicos	4.2 millones de toneladas métricas
Europa	6 compañías de servicios públicos	3.1 millones de toneladas métricas

Consumidores de energía industrial

Segmentos industriales clave que compran GNL de Cheniere:

• Fabricantes petroquímicos: 1.1 millones de toneladas métricas
• Empresas de fabricación: 0.7 millones de toneladas métricas
• Empresas de generación de energía: 2.3 millones de toneladas métricas

Agencias de adquisición de energía del gobierno

País	Agencia gubernamental	Volumen anual de compra de GNL
Taiwán	Ministerio de Asuntos Económicos	1.4 millones de toneladas métricas
Pakistán	Ministerio de Energía	0.6 millones de toneladas métricas

Cheniere Energy, Inc. (LNG) - Modelo de negocio: Estructura de costos

Desarrollo de infraestructura intensiva en capital

Costos de desarrollo de infraestructura de Cheniere Energy a partir de 2024:

Instalación	Inversión total	Costos de construcción
Sabine Pass Lng Terminal	$ 23.5 mil millones	$ 13.2 mil millones
Corpus Christi Lng Terminal	$ 18.6 mil millones	$ 10.4 mil millones

Costos de adquisición de gas natural

Gastos anuales de adquisición de gas natural:

• 2023 Costo total de adquisición: $ 4.3 mil millones
• Precio promedio de adquisición: $ 3.65 por MMBTU
• Volumen anual de gas natural: 1.800 millones de pies cúbicos por día

Licencia y gastos de procesamiento

Desglose de costos de licuefacción:

Categoría de gastos	Costo anual
Electricidad	$ 312 millones
Mantenimiento del equipo	$ 245 millones
Mano de obra	$ 178 millones

Mantenimiento de terminales de exportación

Gastos de mantenimiento anual:

• Mantenimiento terminal de Sabine Pass: $ 187 millones
• Corpus Christi Mantenimiento terminal: $ 142 millones
• Presupuesto total de mantenimiento anual: $ 329 millones

Cumplimiento regulatorio y gestión ambiental

Cumplimiento y costos ambientales:

Categoría de cumplimiento	Gasto anual
Monitoreo ambiental	$ 45 millones
Informes regulatorios	$ 22 millones
Reducción de emisiones	$ 63 millones

Cheniere Energy, Inc. (LNG) - Modelo de negocio: flujos de ingresos

Contratos de suministro de GNL a largo plazo

A partir de 2023, Cheniere Energy ha asegurado contratos de suministro de GNL a largo plazo por un total de aproximadamente 85 millones de toneladas por año (MTPA). Los detalles clave del contrato incluyen:

Cliente	Volumen de contrato (MTPA)	Duración del contrato
Energías totales	2.0	20 años
Caparazón	3.5	20 años
Vitol	1.5	15 años

Ventas de GNL del mercado spot

Las ventas del mercado spot para Cheniere en 2023 alcanzaron aproximadamente 15.5 millones de toneladas de GNL, lo que representa aproximadamente el 22% de la producción anual total.

Tarifas de transporte y procesamiento

• Tarifa de procesamiento de la terminal de Sabine Pass: $ 3.50 por MMBTU
• Tarifa de procesamiento terminal de Corpus Christi: $ 3.25 por MMBTU
• Ingresos anuales de transporte: $ 425 millones en 2023

Comercio de optimización de cartera

El comercio de optimización de cartera de Cheniere generó aproximadamente $ 672 millones en ingresos Para el año fiscal 2023, que representa un aumento del 15% respecto al año anterior.

Devoluciones de la inversión de infraestructura energética

Activo de infraestructura	Valor de inversión	Retorno anual
Terminal de pases de Sabine	$ 10.2 mil millones	7.5%
Corpus Christi Terminal	$ 8.6 mil millones	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.