Cheniere Energy, Inc. (LNG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da energia global, a Cheniere Energy, Inc. é uma força transformadora nas exportações de gás natural liquefeito (LNG), revolucionando como os mercados internacionais acessam energia acessível e mais limpa. Com instalações em toda a Louisiana e Texas, esta empresa inovadora se posicionou como um participante crítico no cenário global de energia, alavancando os abundantes recursos de gás de xisto nos EUA para criar soluções de GNL flexíveis e competitivas para empresas de serviços públicos, consumidores industriais e governos em todo o mundo. Ao entender o intrincado modelo de negócios da Cheniere, desbloqueamos o plano estratégico de uma empresa que não está apenas vendendo energia, mas remodelando a dinâmica global de energia com cada navio-tanque de gás natural liquefeito que deixa seus terminais de última geração.

Cheniere Energy, Inc. (LNG) - Modelo de negócios: Parcerias -chave

Produtores de gás natural nas regiões de xisto dos EUA

A Cheniere Energy faz parceria com os principais produtores de gás natural principalmente em:

• Bacia do Permiano (Texas)
• Marcellus Shale (Pensilvânia)
• Haynesville Shale (Louisiana)

Região	Produção anual de gás	Principais parceiros de produtores
Bacia do Permiano	5,2 trilhões de pés cúbicos	ExxonMobil, Chevron
Marcellus Shale	4,8 trilhões de pés cúbicos	Óleo de Cabot & Gás, recursos de alcance
Haynesville Shale	3,6 trilhões de pés cúbicos	Chesapeake Energy, BHP

Empresas de engenharia e construção

Parceiro de construção primária: Bechtel Corporation

Projeto	Valor do contrato	Ano de conclusão
Terminal Sabine Pass LNG	US $ 10,2 bilhões	2019
Terminal de Corpus Christi LNG	US $ 8,5 bilhões	2021

Empresas globais de comércio de energia

Os principais parceiros de negociação incluem:

• Total S.A.
• Shell International
• BP Trading
• Grupo Vitol

Parceiros de contrato de fornecimento de GNL de longo prazo

Parceiro	Duração do contrato	Volume anual
Total S.A.	20 anos	2,0 milhões de toneladas
Concha	15 anos	1,5 milhão de toneladas
Bp	18 anos	1,8 milhão de toneladas

Empresas de transporte marítimo e transporte

Parceiros de remessa primária:

• Mol LNG Transporte
• Linha NYK
• Misc Berhad

Parceiro de remessa	Número de transportadoras de GNL	Capacidade por transportadora
Mol LNG Transporte	7 navios	266.000 metros cúbicos
Linha NYK	5 navios	266.000 metros cúbicos
Misc Berhad	4 navios	266.000 metros cúbicos

Cheniere Energy, Inc. (LNG) - Modelo de negócios: Atividades -chave

Produção de gás natural liquefeito (GNL)

Sabine Pass LNG Capacidade de produção: 6,0 MTPA (milhão de toneladas por ano)

Corpus Christi LNG Capacidade de produção: 4,5 MTPA

Instalação	Capacidade total de produção	Trens operacionais
Sabine Pass	6.0 MTPA	6 trens
Corpus Christi	4.5 MTPA	3 trens

Operações de terminal de exportação de GNL

Locais de exportação de terminais:

• Sabine Pass, Louisiana
• Corpus Christi, Texas

Liquefação de gás natural e processamento

Capacidade total de liquefação: 10,5 MTPA

Etapa de processamento	Especificação técnica
Taxa de processamento de gás	4,5 bilhões de pés cúbicos por dia
Eficiência de liquefação	-260 ° F (-162 ° C)

Desenvolvimento de infraestrutura energética

Investimento total de infraestrutura: US $ 35,4 bilhões (a partir de 2023)

• Interconexões de pipeline
• Instalações de armazenamento
• Infraestrutura de carregamento marinho

Comércio global de GNL e marketing

2023 Volume total de exportação de GNL: 7,1 milhões de toneladas

Região de exportação	Volume de exportação (toneladas)
Europa	4,2 milhões
Ásia	2,9 milhões

Cheniere Energy, Inc. (LNG) - Modelo de negócios: Recursos -chave

Instalações de exportação de LNG em larga escala

A Cheniere Energy opera duas instalações de exportação primárias de GNL:

Instalação	Localização	Capacidade da placa de identificação	Produção anual
Sabine Pass	Paróquia de Cameron, Louisiana	5.3 MTPA (trem 6)	30,0 milhões de toneladas por ano
Corpus Christi	Condado de San Patricio, Texas	3.0 MTPA (trem 3)	13,5 milhões de toneladas por ano

Infraestrutura de gasoduto de gás natural

Os ativos de pipeline de Cheniere incluem:

• Aproximadamente 124 milhas de gasoduto de gás natural
• Conectado aos principais sistemas interestaduais de transmissão de gás natural
• Capacidade total do pipeline de 4,0 bcf/dia

Experiência técnica no processamento de GNL

Métricas de capital humano:

• Total de funcionários: 1.256 (a partir de 2023)
• Experiência média de engenharia: mais de 15 anos
• Doutorado e titulares avançados de graduação: 22% da equipe técnica

Ativos estratégicos de terra e porto

Localização	Área terrestre	Capacidade da porta	Valor de investimento
Sabine Pass	1.000 acres	4 berços marinhos	US $ 23,5 bilhões
Corpus Christi	735 acres	2 berços marinhos	US $ 13,2 bilhões

Tecnologia avançada de liquefação

Especificações de tecnologia:

• Projeto de liquefação proprietária
• Eficiência energética: 0,4 MMBTU/MMBTU
• Capacidade de captura de carbono: redução potencial de 95%
• Investimento de P&D: US $ 127 milhões anualmente

Cheniere Energy, Inc. (LNG) - Modelo de negócios: proposições de valor

Suprimento global de GNL confiável

A Cheniere Energy exportou 7.143 trilhões de pés cúbicos de GNL em 2023. Capacidade anual de produção anual total de 45 milhões de toneladas por ano (MTPA) através de Sabine Pass e Corpus Christi instalações.

Instalação	Localização	Capacidade (MTPA)	Status operacional
Sabine Pass	Louisiana	30	Totalmente operacional
Corpus Christi	Texas	15	Totalmente operacional

Preços competitivos de gás de xisto nos EUA

O preço do gás natural do Henry Hub teve uma média de US $ 2,67 por milhão de BTU em 2023, fornecendo preços competitivos de matéria -prima para a produção de GNL.

Contratos flexíveis de exportação de longo prazo

O portfólio de contratos de exportação atual inclui:

• Volume contratado total: 5,4 bilhões de pés cúbicos por dia
• Durações do contrato: 15-20 anos
• Flexibilidade de destino em contratos

Menor intensidade do carbono

O GNL de Cheniere produz aproximadamente 0,37 toneladas de CO2 equivalente por tonelada de GNL, em comparação com o equivalente de CO2 de 0,90 toneladas de Coal.

Fornecimento de energia seguro para mercados internacionais

Região de exportação	Volume (BCF)	Quota de mercado
Europa	1,876	38%
Ásia	2,214	45%
Outros mercados	824	17%

Cheniere Energy, Inc. (LNG) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de fornecimento de longo prazo

Cheniere Energy estabeleceu Contratos de fornecimento de GNL de longo prazo com vários clientes internacionais.

Cliente	Duração do contrato	Volume anual (MTPA)
Energias totais	20 anos	2.0
Concha	15 anos	3.5
Gunvor	18 anos	1.5

Vendas diretas e negociações de contrato

A estratégia de vendas direta de Cheniere se concentra em contratos de longo prazo e preço fixo com as principais empresas internacionais de energia.

• Principalmente tem como alvo mercados asiáticos e europeus
• Negocia contratos com mandatos de 15 a 25 anos
• Oferece flexibilidade de destino em contratos

Suporte ao cliente e assistência técnica

Fornece suporte técnico abrangente por meio de equipes dedicadas.

Serviço de suporte	Tempo de resposta	Cobertura
Consulta técnica	24/7	Global
Suporte operacional	Resposta de 4 horas	Contratar clientes

Relatórios de desempenho regulares

Entrega Relatórios de desempenho trimestrais e anuais para os principais clientes.

• Métricas operacionais detalhadas
• Estatísticas de confiabilidade do fornecimento
• Relatórios de conformidade ambiental

Gerenciamento de Parceria Estratégica

Gerencia parcerias estratégicas com as principais empresas globais de energia.

Parceiro	Tipo de parceria	Valor de investimento
Sempra	Consórcio	US $ 1,2 bilhão
Vitol	Contrato de Marketing	US $ 500 milhões

Cheniere Energy, Inc. (LNG) - Modelo de Negócios: Canais

Equipe de vendas diretas

A equipe de vendas diretas da Cheniere Energy consiste em 87 profissionais de vendas de energia dedicadas a partir de 2023. A equipe gerencia contratos de vendas de GNL, totalizando aproximadamente US $ 33,5 bilhões em compromissos de longo prazo.

Métrica da equipe de vendas	2023 dados
Total de profissionais de vendas	87
Valor total de contrato de longo prazo	US $ 33,5 bilhões

Plataformas de negociação de energia

Cheniere utiliza várias plataformas de negociação de energia, com 75% das transações Spot LNG executadas através de plataformas digitais.

• S&P Global Platts
• Ice Futures Europe
• CME Group Energy Platform

Conferências internacionais de energia

Cheniere participa de 12 a 15 principais conferências internacionais de energia anualmente, representando aproximadamente US $ 2,7 milhões em despesas de marketing relacionadas à conferência.

Plataformas de comunicação digital

As métricas de engajamento digital para a Cheniere Energy incluem:

Plataforma	Contagem de seguidores	Taxa de engajamento anual
LinkedIn	48,300	4.2%
Twitter	22,500	3.7%

Site corporativo e relações com investidores

O site corporativo da Cheniere recebe 187.500 visitantes únicos mensalmente, com páginas de relações com investidores gerando 42.300 downloads de documentos diretos em 2023.

Métrica do site	2023 dados
Visitantes únicos mensais	187,500
Downloads de documentos do investidor	42,300

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

Importadores de energia asiática (Japão, Coréia do Sul)

Em 2024, os principais clientes asiáticos da Cheniere Energy incluem:

País	Volume anual de importação de GNL	Duração do contrato
Japão	3,5 milhões de toneladas métricas	Acordo de longo prazo de 20 anos
Coréia do Sul	2,8 milhões de toneladas métricas	Acordo de longo prazo de 15 anos

Mercados europeus de energia

O portfólio europeu de clientes da Cheniere inclui:

• Total S.A. (França): 1,2 milhão de toneladas por ano anualmente
• Grupo Naturgy Energy (Espanha): 0,9 milhão de toneladas por ano anualmente
• Negociação de Shell (Reino Unido): 1,5 milhão de toneladas anualmente

Empresas de serviços públicos em todo o mundo

Região	Número de clientes de serviços públicos	Volume total de contrato anual
América do Norte	12 empresas de serviços públicos	5,6 milhões de toneladas métricas
Ásia-Pacífico	8 empresas de serviços públicos	4,2 milhões de toneladas métricas
Europa	6 empresas de serviços públicos	3,1 milhões de toneladas métricas

Consumidores de energia industrial

Principais segmentos industriais comprando GNL da Cheniere:

• Fabricantes petroquímicos: 1,1 milhão de toneladas métricas
• Empresas de manufatura: 0,7 milhão de toneladas métricas
• Empresas de geração de energia: 2,3 milhões de toneladas métricas

Agências de compras de energia do governo

País	Agência governamental	Volume anual de compra de GNL
Taiwan	Ministério dos Assuntos Econômicos	1,4 milhão de toneladas métricas
Paquistão	Ministério da Energia	0,6 milhão de toneladas métricas

Cheniere Energy, Inc. (LNG) - Modelo de negócios: estrutura de custos

Desenvolvimento de infraestrutura intensiva em capital

Os custos de desenvolvimento de infraestrutura da Cheniere Energy a partir de 2024:

Instalação	Investimento total	Custos de construção
Terminal Sabine Pass LNG	US $ 23,5 bilhões	US $ 13,2 bilhões
Terminal de Corpus Christi LNG	US $ 18,6 bilhões	US $ 10,4 bilhões

Custos de aquisição de gás natural

Despesas anuais de aquisição de gás natural:

• 2023 Custo total de compras: US $ 4,3 bilhões
• Preço médio de aquisição: US $ 3,65 por MMBTU
• Volume anual de gás natural: 1,8 bilhão de pés cúbicos por dia

Liquefação e despesas de processamento

Redução de custos de liquefação:

Categoria de despesa	Custo anual
Eletricidade	US $ 312 milhões
Manutenção do equipamento	US $ 245 milhões
Trabalho	US $ 178 milhões

Manutenção dos terminais de exportação

Despesas anuais de manutenção:

• Sabine Pass Terminal Manutenção: US $ 187 milhões
• Manutenção do terminal de Corpus Christi: US $ 142 milhões
• Orçamento de manutenção anual total: US $ 329 milhões

Conformidade regulatória e gestão ambiental

Conformidade e custos ambientais:

Categoria de conformidade	Despesas anuais
Monitoramento ambiental	US $ 45 milhões
Relatórios regulatórios	US $ 22 milhões
Redução de emissões	US $ 63 milhões

Cheniere Energy, Inc. (LNG) - Modelo de negócios: fluxos de receita

Contratos de fornecimento de GNL de longo prazo

A partir de 2023, a Cheniere Energy garantiu contratos de fornecimento de GNL de longo prazo, totalizando aproximadamente 85 milhões de toneladas por ano (MTPA). Os principais detalhes do contrato incluem:

Cliente	Volume do contrato (MTPA)	Duração do contrato
Energias totais	2.0	20 anos
Concha	3.5	20 anos
Vitol	1.5	15 anos

Vendas de GNL do mercado spot

As vendas no mercado à Spot para a Cheniere, em 2023, atingiram aproximadamente 15,5 milhões de toneladas de GNL, representando cerca de 22% da produção anual total.

Taxas de transporte e processamento

• Taxa de processamento do terminal de Sabine Pass: US $ 3,50 por MMBTU
• Taxa de processamento do terminal de Corpus Christi: US $ 3,25 por mmbtu
• Receita anual de transporte: US $ 425 milhões em 2023

Negociação de otimização de portfólio

A negociação de otimização de portfólio de Cheniere gerou aproximadamente US $ 672 milhões em receita Para o ano fiscal de 2023, representando um aumento de 15% em relação ao ano anterior.

Retornos de investimento em infraestrutura energética

Ativo de infraestrutura	Valor de investimento	Retorno anual
Terminal Sabine Pass	US $ 10,2 bilhões	7.5%
Terminal de Corpus Christi	US $ 8,6 bilhões	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.