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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, 2021
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
CHENIERE ENERGY, INC.
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware | 95-4352386 |
(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)
(713) 375-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, $ 0.003 par value | LNG | NYSE 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.
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| Large accelerated filer | ☒ | | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | | Smaller 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 29, 2021, the issuer had 253,588,453 shares of Common Stock outstanding.
CHENIERE ENERGY, INC.
TABLE OF CONTENTS
DEFINITIONS
As used in this quarterly report, the terms listed below have the following meanings:
Common Industry and Other Terms
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Bcf | | billion cubic feet |
Bcf/d | | billion cubic feet per day |
Bcf/yr | | billion cubic feet per year |
Bcfe | | billion cubic feet equivalent |
DOE | | U.S. Department of Energy |
EPC | | engineering, procurement and construction |
FERC | | Federal Energy Regulatory Commission |
FTA countries | | countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas |
GAAP | | generally accepted accounting principles in the United States |
Henry Hub | | the 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 |
IPM | | integrated production marketing |
LIBOR | | London Interbank Offered Rate |
LNG | | liquefied 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 |
MMBtu | | million British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit |
mtpa | | million tonnes per annum |
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non-FTA countries | | countries 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 |
SEC | | U.S. Securities and Exchange Commission |
SPA | | LNG sale and purchase agreement |
TBtu | | trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit |
Train | | an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG |
TUA | | terminal use agreement |
Abbreviated Legal Entity Structure
The following diagram depicts our abbreviated legal entity structure as of September 30, 2021, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
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, CCL and CCP, collectively.
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2021 | | 2020 | | 2021 | | 2020 | | |
Revenues | | | | | | | | | |
LNG revenues | $ | 3,078 | | | $ | 1,373 | | | $ | 8,990 | | | $ | 6,236 | | | |
Regasification revenues | 68 | | | 67 | | | 202 | | | 202 | | | |
Other revenues | 54 | | | 20 | | | 115 | | | 133 | | | |
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Total revenues | 3,200 | | | 1,460 | | | 9,307 | | | 6,571 | | | |
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Operating costs and expenses | | | | | | | | | |
Cost of sales (excluding items shown separately below) | 4,868 | | | 768 | | | 8,408 | | | 2,295 | | | |
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Operating and maintenance expense | 350 | | | 317 | | | 1,057 | | | 988 | | | |
Development expense | 2 | | | — | | | 5 | | | 5 | | | |
Selling, general and administrative expense | 70 | | | 70 | | | 224 | | | 224 | | | |
Depreciation and amortization expense | 259 | | | 233 | | | 753 | | | 699 | | | |
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Impairment expense and loss on disposal of assets | 1 | | | — | | | — | | | 5 | | | |
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Total operating costs and expenses | 5,550 | | | 1,388 | | | 10,447 | | | 4,216 | | | |
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Income (loss) from operations | (2,350) | | | 72 | | | (1,140) | | | 2,355 | | | |
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Other expense | | | | | | | | | |
Interest expense, net of capitalized interest | (364) | | | (355) | | | (1,088) | | | (1,174) | | | |
Loss on modification or extinguishment of debt | (36) | | | (171) | | | (95) | | | (215) | | | |
Interest rate derivative loss, net | (2) | | | — | | | (3) | | | (233) | | | |
Other expense, net | (24) | | | (129) | | | (14) | | | (115) | | | |
Total other expense | (426) | | | (655) | | | (1,200) | | | (1,737) | | | |
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Income (loss) before income taxes and non-controlling interest | (2,776) | | | (583) | | | (2,340) | | | 618 | | | |
Less: income tax provision (benefit) | (1,860) | | | (75) | | | (1,864) | | | 119 | | | |
Net income (loss) | (916) | | | (508) | | | (476) | | | 499 | | | |
Less: net income (loss) attributable to non-controlling interest | 168 | | | (45) | | | 544 | | | 390 | | | |
Net income (loss) attributable to common stockholders | $ | (1,084) | | | $ | (463) | | | $ | (1,020) | | | $ | 109 | | | |
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Net income (loss) per share attributable to common stockholders—basic and diluted | $ | (4.27) | | | $ | (1.84) | | | $ | (4.03) | | | $ | 0.43 | | | |
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Weighted average number of common shares outstanding—basic | 253.6 | | | 252.2 | | | 253.3 | | | 252.5 | | | |
Weighted average number of common shares outstanding—diluted | 253.6 | | | 252.2 | | | 253.3 | | | 253.2 | | | |
The accompanying notes are an integral part of these consolidated financial statements.
3
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (1)
(in millions, except share data)
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| September 30, | | December 31, |
| 2021 | | 2020 |
ASSETS | (unaudited) | | |
Current assets | | | |
Cash and cash equivalents | $ | 2,203 | | | $ | 1,628 | |
Restricted cash | 419 | | | 449 | |
Accounts and other receivables, net of current expected credit losses | 983 | | | 647 | |
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Inventory | 471 | | | 292 | |
Current derivative assets | 266 | | | 32 | |
Margin deposits | 336 | | | 25 | |
Other current assets | 185 | | | 96 | |
Total current assets | 4,863 | | | 3,169 | |
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Property, plant and equipment, net of accumulated depreciation | 30,318 | | | 30,421 | |
Operating lease assets | 2,064 | | | 759 | |
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Derivative assets | 71 | | | 376 | |
Goodwill | 77 | | | 77 | |
Deferred tax assets | 2,361 | | | 489 | |
Other non-current assets, net | 425 | | | 406 | |
Total assets | $ | 40,179 | | | $ | 35,697 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities | | | |
Accounts payable | $ | 73 | | | $ | 35 | |
Accrued liabilities | 1,787 | | | 1,175 | |
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Current debt, net of discount and debt issuance costs | 1,047 | | | 372 | |
Deferred revenue | 187 | | | 138 | |
Current operating lease liabilities | 458 | | | 161 | |
Current derivative liabilities | 1,979 | | | 313 | |
Other current liabilities | 129 | | | 2 | |
Total current liabilities | 5,660 | | | 2,196 | |
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Long-term debt, net of premium, discount and debt issuance costs | 29,481 | | | 30,471 | |
Operating lease liabilities | 1,590 | | | 597 | |
Finance lease liabilities | 57 | | | 57 | |
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Derivative liabilities | 2,158 | | | 151 | |
Other non-current liabilities | 20 | | | 7 | |
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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; 275.1 million shares and 273.1 million shares issued at September 30, 2021 and December 31, 2020, respectively | 1 | | | 1 | |
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Treasury stock: 21.6 million shares and 20.8 million shares at September 30, 2021 and December 31, 2020, respectively, at cost | (924) | | | (872) | |
Additional paid-in-capital | 4,364 | | | 4,273 | |
Accumulated deficit | (4,698) | | | (3,593) | |
Total stockholders' deficit | (1,257) | | | (191) | |
Non-controlling interest | 2,470 | | | 2,409 | |
Total equity | 1,213 | | | 2,218 | |
Total liabilities and stockholders’ equity | $ | 40,179 | | | $ | 35,697 | |
(1)Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 7— Non-controlling Interest and Variable Interest Entity. As of September 30, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $19.6 billion and $19.3 billion, respectively, including $1.7 billion of cash and cash equivalents and $0.1 billion of restricted cash.
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)
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Three and Nine Months Ended September 30, 2021 | | | | | | | | | | | | | | | |
| Total Stockholders’ Equity | | | |
| Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Non-controlling Interest | | Total Equity |
| Shares | | Par Value Amount | | Shares | | Amount | | | | |
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Balance at December 31, 2020 | 252.3 | | | $ | 1 | | | 20.8 | | | $ | (872) | | | $ | 4,273 | | | $ | (3,593) | | | $ | 2,409 | | | $ | 2,218 | |
Vesting of restricted stock units and performance stock units | 1.8 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | — | | | — | | | 33 | | | — | | | — | | | 33 | |
Issued shares withheld from employees related to share-based compensation, at cost | (0.6) | | | — | | | 0.6 | | | (42) | | | — | | | — | | | — | | | (42) | |
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Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | | | — | | | 178 | | | 178 | |
Distributions to non-controlling interest | — | | | — | | | — | | | — | | | — | | | — | | | (160) | | | (160) | |
Net income | — | | | — | | | — | | | — | | | — | | | 393 | | | — | | | 393 | |
Balance at March 31, 2021 | 253.5 | | | 1 | | | 21.4 | | | (914) | | | 4,306 | | | (3,200) | | | 2,427 | | | 2,620 | |
Vesting of restricted stock units and performance stock units | 0.1 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | — | | | — | | | 31 | | | — | | | — | | | 31 | |
Issued shares withheld from employees related to share-based compensation, at cost | — | | | — | | | — | | | (1) | | | — | | | — | | | — | | | (1) | |
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Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | | | — | | | 198 | | | 198 | |
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Distributions to non-controlling interest | — | | | — | | | — | | | — | | | — | | | — | | | (162) | | | (162) | |
Net loss | — | | | — | | | — | | | — | | | — | | | (329) | | | — | | | (329) | |
Balance at June 30, 2021 | 253.6 | | | 1 | | | 21.4 | | | (915) | | | 4,337 | | | (3,529) | | | 2,463 | | | 2,357 | |
Vesting of restricted stock units and performance stock units | 0.1 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | — | | | — | | | 28 | | | — | | | — | | | 28 | |
Issued shares withheld from employees related to share-based compensation, at cost | (0.1) | | | — | | | 0.1 | | | (3) | | | (1) | | | — | | | — | | | (4) | |
Shares repurchased, at cost | (0.1) | | | — | | | 0.1 | | | (6) | | | — | | | — | | | — | | | (6) | |
Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | | | — | | | 168 | | | 168 | |
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Distributions to non-controlling interest | — | | | — | | | — | | | — | | | — | | | — | | | (161) | | | (161) | |
Dividends declared ($0.33 per common share) | — | | | — | | | — | | | — | | | — | | | (85) | | | — | | | (85) | |
Net loss | — | | | — | | | — | | | — | | | — | | | (1,084) | | | — | | | (1,084) | |
Balance at September 30, 2021 | 253.5 | | | $ | 1 | | | 21.6 | | | $ | (924) | | | $ | 4,364 | | | $ | (4,698) | | | $ | 2,470 | | | $ | 1,213 | |
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)
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Three and Nine Months Ended September 30, 2020 | | | | | | | | | | | | | | | |
| Total Stockholders’ Equity | | | |
| Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Non-controlling Interest | | Total Equity |
| Shares | | Par Value Amount | | Shares | | Amount | | | | |
Balance at December 31, 2019 | 253.6 | | | $ | 1 | | | 17.1 | | | $ | (674) | | | $ | 4,167 | | | $ | (3,508) | | | $ | 2,449 | | | $ | 2,435 | |
Vesting of restricted stock units and performance stock units | 2.1 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
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 to non-controlling interest | — | | | — | | | — | | | — | | | — | | | — | | | (154) | | | (154) | |
Net income | — | | | — | | | — | | | — | | | — | | | 375 | | | — | | | 375 | |
Balance at March 31, 2020 | 252.1 | | | 1 | | | 20.7 | | | (868) | | | 4,196 | | | (3,133) | | | 2,523 | | | 2,719 | |
Vesting of restricted stock units and performance stock units | 0.1 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | — | | | — | | | 31 | | | — | | | — | | | 31 | |
Issued shares withheld from employees related to share-based compensation, at cost | — | | | — | | | — | | | (2) | | | — | | | — | | | — | | | (2) | |
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Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | | | — | | | 207 | | | 207 | |
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Distributions to non-controlling interest | — | | | — | | | — | | | — | | | — | | | — | | | (156) | | | (156) | |
Net income | — | | | — | | | — | | | — | | | — | | | 197 | | | — | | | 197 | |
Balance at June 30, 2020 | 252.2 | | | 1 | | | 20.7 | | | (870) | | | 4,227 | | | (2,936) | | | 2,574 | | | 2,996 | |
Vesting of restricted stock units and performance stock units | 0.1 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | — | | | — | | | |