CHENIERE ENERGY, Inc. (LNG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'énergie mondiale, Cheniere Energy, Inc. est une force transformatrice dans les exportations de gaz naturel liquéfié (GNL), révolutionnant la façon dont les marchés internationaux accèdent à l'énergie abordable et plus propre. Avec des installations tentaculaires à travers la Louisiane et le Texas, cette entreprise innovante s'est positionnée comme un acteur critique dans le paysage mondial de l'énergie, tirant parti des abondantes ressources de gaz de schiste pour créer des solutions de GNL flexibles et compétitives pour les entreprises de services publics, les consommateurs industriels et les gouvernements dans le monde entier. En comprenant la toile du modèle commercial complexe de Cheniere, nous déverrouillons le plan stratégique d'une entreprise qui ne vend pas seulement de l'énergie, mais de remodeler la dynamique d'énergie mondiale avec chaque pétrolier de gaz naturel liquéfié qui laisse ses terminaux de pointe.

CHENIERE ENERGY, Inc. (LNG) - Modèle d'entreprise: partenariats clés

Producteurs de gaz naturel dans les régions de schiste américaines

Cheeniere Energy s'associe à des principaux producteurs de gaz naturel principalement dans:

• Basin Permien (Texas)
• Marcellus Shale (Pennsylvanie)
• Haynesville Shale (Louisiane)

Région	Production annuelle de gaz	Partenaires producteurs clés
Bassin permien	5,2 billions de pieds cubes	ExxonMobil, Chevron
Marcellus Schiste	4,8 billions de pieds cubes	Huile de cabot & Gas, ressources de gamme
Schiste de Haynesville	3,6 billions de pieds cubes	Chesapeake Energy, BHP

Entreprises d'ingénierie et de construction

Partenaire de construction primaire: Bechtel Corporation

Projet	Valeur du contrat	Année d'achèvement
Terminal de GNL de Sabine Pass	10,2 milliards de dollars	2019
Corpus Christi LNG Terminal	8,5 milliards de dollars	2021

Sociétés mondiales de trading d'énergie

Les principaux partenaires commerciaux comprennent:

• Total S.A.
• Shell International
• Trading bp
• Groupe de vitol

Partenaires contractuels d'approvisionnement à long terme du GNL

Partenaire	Durée du contrat	Volume annuel
Total S.A.	20 ans	2,0 millions de tonnes
Coquille	15 ans	1,5 million de tonnes
Bp	18 ans	1,8 million de tonnes

Sociétés maritimes d'expédition et de transport

Partners maritimes primaires:

• Transport Mol LNG
• Ligne NYK
• Misc Berhad

Partenaire d'expédition	Nombre de transporteurs de GNL	Capacité par transporteur
Transport Mol LNG	7 navires	266 000 mètres cubes
Ligne NYK	5 navires	266 000 mètres cubes
Misc Berhad	4 navires	266 000 mètres cubes

CHENIERE ENERGY, Inc. (LNG) - Modèle d'entreprise: Activités clés

Production de gaz naturel liquéfié (GNL)

Capacité de production de terminaux de GNL de Sabine Pass: 6,0 MTPA (millions de tonnes par an)

Capacité de production de terminaux Corpus Christi LNG: 4,5 MTPA

Facilité	Capacité de production totale	Trains opérationnels
Col de sabine	6.0 MTPA	6 trains
Corpus Christi	4,5 MTPA	3 trains

Opérations de terminal d'exportation de GNL

Emplacements des terminaux d'exportation:

• Sabine Pass, Louisiane
• Corpus Christi, Texas

Liquéfaction et traitement du gaz naturel

Capacité totale de liquéfaction: 10,5 MTPA

Étape de traitement	Spécifications techniques
Taux de traitement du gaz	4,5 milliards de pieds cubes par jour
Efficacité de liquéfaction	-260 ° F (-162 ° C)

Développement d'infrastructures énergétiques

Investissement total des infrastructures: 35,4 milliards de dollars (à partir de 2023)

• Interconnexions de pipeline
• Installations de stockage
• Infrastructure de chargement marin

Trading et marketing mondiaux de GNL

2023 Volume total d'exportation de GNL: 7,1 millions de tonnes

Région d'exportation	Volume d'exportation (tonnes)
Europe	4,2 millions
Asie	2,9 millions

CHENIERE ENERGY, Inc. (LNG) - Modèle d'entreprise: Ressources clés

Installations d'exportation de GNL à grande échelle

Chenière Energy exploite deux installations d'exportation de GNL primaires:

Facilité	Emplacement	Capacité de plaque signalétique	Production annuelle
Col de sabine	Paroisse de Cameron, Louisiane	5.3 MTPA (train 6)	30,0 millions de tonnes par an
Corpus Christi	Comté de San Patricio, Texas	3,0 MTPA (train 3)	13,5 millions de tonnes par an

Infrastructure de gazoducs naturel

Les actifs du pipeline de Cheniere comprennent:

• Environ 124 miles de gazoduc naturel
• Connecté aux principaux systèmes de transmission du gaz naturel interétatique
• Capacité totale du pipeline de 4,0 BCF / jour

Expertise technique dans le traitement du GNL

Métriques du capital humain:

• Total des employés: 1 256 (à partir de 2023)
• Expérience d'ingénierie moyenne: plus de 15 ans
• PhD et titulaires de diplômes avancés: 22% du personnel technique

Terres stratégiques et actifs portuaires

Emplacement	Superficie	Capacité portuaire	Valeur d'investissement
Col de sabine	1 000 acres	4 couchettes marines	23,5 milliards de dollars
Corpus Christi	735 acres	2 couchettes marines	13,2 milliards de dollars

Technologie avancée de liquéfaction

Spécifications technologiques:

• Conception de liquéfaction propriétaire
• Efficacité énergétique: 0,4 MMBTU / MMBTU
• Capacité de capture de carbone: réduction potentielle à 95%
• Investissement en R&D: 127 millions de dollars par an

CHENIERE ENERGY, Inc. (LNG) - Modèle d'entreprise: propositions de valeur

Approvisionnement mondial de GNL fiable

Chenière Energy a exporté 7 143 billions de pieds cubes de GNL en 2023. Capacité de production annuelle totale de 45 millions de tonnes par an (MTPA) dans les installations de Sabine Pass et Corpus Christi.

Facilité	Emplacement	Capacité (MTPA)	Statut opérationnel
Col de sabine	Louisiane	30	Pleinement opérationnel
Corpus Christi	Texas	15	Pleinement opérationnel

Prix ​​compétitif de notre gaz de schiste américain

Le prix du gaz naturel Henry Hub était en moyenne de 2,67 $ par million de BTU en 2023, offrant des prix de matière première compétitive pour la production de GNL.

Contrats d'exportation à long terme flexibles

Le portefeuille de contrats d'exportation actuel comprend:

• Volume total contracté: 5,4 milliards de pieds cubes par jour
• Durations contractuelles: 15-20 ans
• Flexibilité de destination dans les contrats

Intensité de carbone plus faible

Le GNL de Cheniere produit environ 0,37 tonne, CO2 équivalent par tonne de GNL, par rapport à l'équivalent de CO2 de 0,90 tonnes du charbon.

Sécuriser l'approvisionnement énergétique pour les marchés internationaux

Région d'exportation	Volume (BCF)	Part de marché
Europe	1,876	38%
Asie	2,214	45%
Autres marchés	824	17%

CHENIERE ENERGY, Inc. (LNG) - Modèle d'entreprise: relations avec les clients

Accords d'approvisionnement à long terme

Chéniere Energy a établi Contrats d'approvisionnement à long terme du GNL avec plusieurs clients internationaux.

Client	Durée du contrat	Volume annuel (MTPA)
Énergies totales	20 ans	2.0
Coquille	15 ans	3.5
Gunvor	18 ans	1.5

Ventes directes et négociations contractuelles

La stratégie de vente directe de Cheniere se concentre sur contrats à long terme à prix fixe avec les principales sociétés énergétiques internationales.

• Cible principalement les marchés asiatiques et européens
• Négocie les contrats avec 15-25 ans
• Offre une flexibilité de destination dans les contrats

Support client et assistance technique

Fournit un soutien technique complet par le biais d'équipes dédiées.

Service d'assistance	Temps de réponse	Couverture
Consultation technique	24/7	Mondial
Soutien opérationnel	Réponse de 4 heures	Contracter les clients

Rapports de performances réguliers

Délivre Rapports de performance trimestriels et annuels aux clients clés.

• Métriques opérationnelles détaillées
• Statistiques de fiabilité de l'offre
• Rapports de la conformité environnementale

Gestion de partenariat stratégique

Gère les partenariats stratégiques avec les principales sociétés mondiales d'énergie.

Partenaire	Type de partenariat	Valeur d'investissement
Semestrie	Coentreprise	1,2 milliard de dollars
Vitol	Contrat de marketing	500 millions de dollars

CHENIERE ENERGY, Inc. (LNG) - Modèle d'entreprise: canaux

Équipe de vente directe

L'équipe de vente directe de Cheeniere Energy se compose de 87 professionnels de la vente d'énergie dédiés à 2023. L'équipe gère des contrats de vente de GNL totalisant environ 33,5 milliards de dollars d'engagements à long terme.

Métrique de l'équipe de vente	2023 données
Total des professionnels de la vente	87
Valeur du contrat à long terme total	33,5 milliards de dollars

Plateformes de trading d'énergie

Cheniere utilise plusieurs plates-formes de trading d'énergie, avec 75% des transactions SPOT GNL exécutées via des plates-formes numériques.

• S&P Global Platts
• Ice Futures Europe
• Plateforme d'énergie du groupe CME

Conférences énergétiques internationales

Chéniere participe à 12 à 15 grandes conférences internationales d'énergie par an, représentant environ 2,7 millions de dollars en dépenses de marketing liées aux conférences.

Plateformes de communication numérique

Les métriques d'engagement numérique pour l'énergie de Cheniere comprennent:

Plate-forme	Nombre de suiveurs	Taux d'engagement annuel
Liendin	48,300	4.2%
Gazouillement	22,500	3.7%

Relations sur le site Web de l'entreprise et les investisseurs

Le site Web d'entreprise de Cheniere reçoit 187 500 visiteurs uniques par mois, avec des pages de relations d'investisseurs générant 42 300 téléchargements de documents directs en 2023.

Métrique du site Web	2023 données
Visiteurs uniques mensuels	187,500
Téléchargements de documents d'investisseurs	42,300

CHENIERE ENERGY, Inc. (LNG) - Modèle d'entreprise: segments de clientèle

Importeurs d'énergie asiatique (Japon, Corée du Sud)

Depuis 2024, les principaux clients asiatiques de Cheniere Energy comprennent:

Pays	Volume annuel d'importation de GNL	Durée du contrat
Japon	3,5 millions de tonnes métriques	Accord à long terme de 20 ans
Corée du Sud	2,8 millions de tonnes métriques	Accord à long terme de 15 ans

Marchés énergétiques européens

Le portefeuille de clients européen de Cheniere comprend:

• Total S.A. (France): 1,2 million de tonnes métriques par an
• Naturgy Energy Group (Espagne): 0,9 million de tonnes métriques par an
• Shell Trading (Royaume-Uni): 1,5 million de tonnes métriques par an

Entreprises de services publics dans le monde

Région	Nombre de clients des services publics	Volume total de contrat annuel
Amérique du Nord	12 entreprises de services publics	5,6 millions de tonnes métriques
Asie-Pacifique	8 entreprises de services publics	4,2 millions de tonnes métriques
Europe	6 entreprises de services publics	3,1 millions de tonnes métriques

Consommateurs d'énergie industrielle

Segments industriels clés achetant du GNL auprès de Cheniere:

• Fabricants pétrochimiques: 1,1 million de tonnes métriques
• Compagnies manufacturières: 0,7 million de tonnes métriques
• Compagnies de production d'électricité: 2,3 millions de tonnes métriques

Agences d'achat d'énergie gouvernementales

Pays	Agence gouvernementale	Volume d'achat annuel de GNL
Taïwan	Ministère des Affaires économiques	1,4 million de tonnes métriques
Pakistan	Ministère de l'Énergie	0,6 million de tonnes métriques

CHENIERE ENERGY, Inc. (GNL) - Modèle d'entreprise: Structure des coûts

Développement d'infrastructures à forte intensité de capital

Les coûts de développement des infrastructures de Cheeniere Energy à partir de 2024:

Facilité	Investissement total	Coûts de construction
Terminal de GNL de Sabine Pass	23,5 milliards de dollars	13,2 milliards de dollars
Corpus Christi LNG Terminal	18,6 milliards de dollars	10,4 milliards de dollars

Coûts d'approvisionnement en gaz naturel

Dépenses annuelles sur l'approvisionnement en gaz naturel:

• 2023 Coût total d'approvisionnement: 4,3 milliards de dollars
• Prix ​​d'achat moyen: 3,65 $ par MMBTU
• Volume annuel du gaz naturel: 1,8 milliard de pieds cubes par jour

Frais de liquéfaction et de traitement

Répartition des coûts de liquéfaction:

Catégorie de dépenses	Coût annuel
Électricité	312 millions de dollars
Entretien de l'équipement	245 millions de dollars
Travail	178 millions de dollars

Entretien des terminaux d'exportation

Dépenses de maintenance annuelles:

• Entretien du terminal Sabine Pass: 187 millions de dollars
• Entretien du terminal Corpus Christi: 142 millions de dollars
• Budget de maintenance annuel total: 329 millions de dollars

Conformité réglementaire et gestion environnementale

CONFORMATION ET ENVIRONNEMENTS:

Catégorie de conformité	Dépenses annuelles
Surveillance environnementale	45 millions de dollars
Représentation réglementaire	22 millions de dollars
Réduction des émissions	63 millions de dollars

CHENIERE ENERGY, Inc. (LNG) - Modèle d'entreprise: Strots de revenus

Contrats d'approvisionnement à long terme du GNL

En 2023, Cheniere Energy a obtenu des contrats d'offre de GNL à long terme totalisant environ 85 millions de tonnes par an (MTPA). Les détails du contrat clé comprennent:

Client	Volume de contrat (MTPA)	Durée du contrat
Énergies totales	2.0	20 ans
Coquille	3.5	20 ans
Vitol	1.5	15 ans

Ventes de GNL du marché au comptant

Les ventes de marchés au comptant pour Cheniere en 2023 ont atteint environ 15,5 millions de tonnes de GNL, ce qui représente environ 22% de la production annuelle totale.

Frais de transport et de traitement

• Frais de traitement du terminal Sabine Pass: 3,50 $ par MMBTU
• Frais de traitement du terminal Corpus Christi: 3,25 $ par MMBTU
• Revenus de transport annuels: 425 millions de dollars en 2023

Trading d'optimisation du portefeuille

Le trading d'optimisation du portefeuille de Cheniere a généré approximativement 672 millions de dollars de revenus pour l'exercice 2023, ce qui représente une augmentation de 15% par rapport à l'année précédente.

Rendements d'investissement des infrastructures énergétiques

Actif d'infrastructure	Valeur d'investissement	Retour annuel
Sabine Pass Terminal	10,2 milliards de dollars	7.5%
Corpus Christi Terminal	8,6 milliards de dollars	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.