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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to            
Commission file number 001-16383
lng-20200930_g1.gif
CHENIERE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware95-4352386
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
700 Milam Street, Suite 1900
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713375-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $ 0.003 par valueLNGNYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No   
As of October 30, 2020, the issuer had 252,274,015 shares of Common Stock outstanding.



CHENIERE ENERGY, INC.
TABLE OF CONTENTS

 
 
 

i


DEFINITIONS
As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms
Bcfbillion cubic feet
Bcf/dbillion cubic feet per day
Bcf/yrbillion cubic feet per year
Bcfebillion cubic feet equivalent
DOEU.S. Department of Energy
EPCengineering, procurement and construction
FERCFederal Energy Regulatory Commission
FTA countriescountries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAPgenerally accepted accounting principles in the United States
Henry Hubthe final settlement price (in USD per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin
LIBORLondon Interbank Offered Rate
LNGliquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state
MMBtumillion British thermal units, an energy unit
mtpamillion tonnes per annum
non-FTA countriescountries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
SECU.S. Securities and Exchange Commission
SPALNG sale and purchase agreement
TBtutrillion British thermal units, an energy unit
Trainan industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUAterminal use agreement

1


Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of September 30, 2020, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
lng-20200930_g2.jpg
Unless the context requires otherwise, references to “Cheniere,” the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, Cheniere Partners.
Unless the context requires otherwise, references to the “CCH Group” refer to CCH HoldCo II, CCH HoldCo I, CCH, CCL and CCP, collectively.

2


PART I.    FINANCIAL INFORMATION 
ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (1)
(in millions, except share data)


September 30,December 31,
20202019
ASSETS(unaudited) 
Current assets  
Cash and cash equivalents$2,091 $2,474 
Restricted cash522 520 
Accounts and other receivables, net390 491 
Inventory280 312 
Derivative assets195 323 
Other current assets154 92 
Total current assets3,632 4,212 
Property, plant and equipment, net30,201 29,673 
Operating lease assets, net630 439 
Non-current derivative assets592 174 
Goodwill77 77 
Deferred tax assets414 529 
Other non-current assets, net385 388 
Total assets$35,931 $35,492 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities  
Accounts payable$41 $66 
Accrued liabilities1,006 1,281 
Current debt338  
Deferred revenue179 161 
Current operating lease liabilities160 236 
Derivative liabilities164 117 
Other current liabilities29 13 
Total current liabilities1,917 1,874 
Long-term debt, net 30,949 30,774 
Non-current operating lease liabilities473 189 
Non-current finance lease liabilities58 58 
Non-current derivative liabilities173 151 
Other non-current liabilities14 11 
Commitments and contingencies (see Note 18)
Stockholders’ equity  
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued
  
Common stock, $0.003 par value, 480.0 million shares authorized
Issued: 273.0 million shares at September 30, 2020 and 270.7 million shares at December 31, 2019
Outstanding: 252.2 million shares at September 30, 2020 and 253.6 million shares at December 31, 2019
1 1 
Treasury stock: 20.8 million shares and 17.1 million shares at September 30, 2020 and December 31, 2019, respectively, at cost
(872)(674)
Additional paid-in-capital4,246 4,167 
Accumulated deficit(3,399)(3,508)
Total stockholders' deficit(24)(14)
Non-controlling interest2,371 2,449 
Total equity2,347 2,435 
Total liabilities and stockholders’ equity$35,931 $35,492 
(1)     Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 8— Non-controlling Interest and Variable Interest Entity. As of September 30, 2020, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $18.8 billion and $18.5 billion, respectively, including $1.3 billion of cash and cash equivalents and $0.2 billion of restricted cash.
The accompanying notes are an integral part of these consolidated financial statements.

3



CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues
LNG revenues$1,373 $2,059 $6,236 $6,375 
Regasification revenues67 66 202 199 
Other revenues20 45 133 149 
Total revenues1,460 2,170 6,571 6,723 
Operating costs and expenses
Cost of sales (excluding items shown separately below)768 1,267 2,295 3,758 
Operating and maintenance expense317 308 988 824 
Development expense 2 5 6 
Selling, general and administrative expense70 72 224 222 
Depreciation and amortization expense233 213 699 561 
Impairment expense and loss on disposal of assets 1 5 7 
Total operating costs and expenses1,388 1,863 4,216 5,378 
Income from operations72 307 2,355 1,345 
Other expense
Interest expense, net of capitalized interest(355)(395)(1,174)(1,014)
Loss on modification or extinguishment of debt(171)(27)(215)(27)
Interest rate derivative loss, net (78)(233)(187)
Other expense, net(129)(70)(115)(38)
Total other expense(655)(570)(1,737)(1,266)
Income (loss) before income taxes and non-controlling interest(583)(263)618 79 
Income tax benefit (provision)75 3 (119) 
Net income (loss)(508)(260)499 79 
Less: net income (loss) attributable to non-controlling interest(45)58 390 370 
Net income (loss) attributable to common stockholders$(463)$(318)$109 $(291)
Net income (loss) per share attributable to common stockholders—basic and diluted (1)$(1.84)$(1.25)$0.43 $(1.13)
Weighted average number of common shares outstanding—basic252.2 256.0 252.5 256.8 
Weighted average number of common shares outstanding—diluted252.2 256.0 253.2 256.8 
(1)     Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.

The accompanying notes are an integral part of these consolidated financial statements.

4



CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
Three and Nine Months Ended September 30, 2020
Total Stockholders’ Equity
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal
Equity
 SharesPar Value AmountSharesAmount
Balance at December 31, 2019253.6 $1 17.1 $(674)$4,167 $(3,508)$2,449 $2,435 
Vesting of restricted stock units and performance stock units2.1        
Share-based compensation—  —  29   29 
Issued shares withheld from employees related to share-based compensation, at cost(0.7) 0.7 (39)   (39)
Shares repurchased, at cost(2.9) 2.9 (155)   (155)
Net income attributable to non-controlling interest—  —    228 228 
Distributions and dividends to non-controlling interest—  —    (154)(154)
Net income—  —   375  375 
Balance at March 31, 2020252.1 1 20.7 (868)4,196 (3,133)2,523 2,719 
Vesting of restricted stock units and performance stock units0.1        
Share-based compensation—  —  31   31 
Issued shares withheld from employees related to share-based compensation, at cost   (2)   (2)
Net income attributable to non-controlling interest—  —    207 207 
Distributions and dividends to non-controlling interest—  —    (156)(156)
Net income—  —   197  197 
Balance at June 30, 2020252.2 1 20.7 (870)4,227 (2,936)2,574 2,996 
Vesting of restricted stock units and performance stock units0.1        
Share-based compensation—  —  26   26 
Issued shares withheld from employees related to share-based compensation, at cost(0.1) 0.1 (2)   (2)
Net loss attributable to non-controlling interest—  —    (45)(45)
Reacquisition of equity component of convertible notes, net of tax—  —  (7)  (7)
Distributions and dividends to non-controlling interest—  —    (158)(158)
Net loss—  —   (463) (463)
Balance at September 30, 2020252.2 $1 20.8 $(872)$4,246 $(3,399)$2,371 $2,347 
    
The accompanying notes are an integral part of these consolidated financial statements.

5



CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY—CONTINUED
(in millions)
(unaudited)
Three and Nine Months Ended September 30, 2019
Total Stockholders’ Equity
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal
Equity
 SharesPar Value AmountSharesAmount
Balance at December 31, 2018257.0 $1 12.8 $(406)$4,035 $(4,156)$2,455 $1,929 
Vesting of restricted stock units0.6        
Share-based compensation—  —  28   28 
Issued shares withheld from employees related to share-based compensation, at cost(0.2) 0.2 (12)   (12)
Net income attributable to non-controlling interest—  —    196 196 
Distributions and dividends to non-controlling interest—  —    (144)(144)
Net income—  —   141  141 
Balance at March 31, 2019257.4 1 13.0 (418)4,063 (4,015)2,507 2,138 
Vesting of restricted stock units0.1        
Share-based compensation—  —  33   33 
Issued shares withheld from employees related to share-based compensation, at cost   (2)   (2)
Shares repurchased, at cost   (3)   (3)
Net income attributable to non-controlling interest—  —    116 116 
Equity portion of convertible notes, net—  —  1   1 
Distributions and dividends to non-controlling interest—  —    (146)(146)
Net loss—  —   (114) (114)
Balance at June 30, 2019257.5 1 13.0 (423)4,097 (4,129)2,477 2,023 
Vesting of restricted stock units0.1        
Share-based compensation—  —  33