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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
lng-20210930_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 29, 2021, the issuer had 253,588,453 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
IPMintegrated production marketing
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; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
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
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
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, 2021, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
lng-20210930_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, CCL and CCP, collectively.

2


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)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenues
LNG revenues$3,078 $1,373 $8,990 $6,236 
Regasification revenues68 67 202 202 
Other revenues54 20 115 133 
Total revenues3,200 1,460 9,307 6,571 
Operating costs and expenses
Cost of sales (excluding items shown separately below)4,868 768 8,408 2,295 
Operating and maintenance expense350 317 1,057 988 
Development expense2  5 5 
Selling, general and administrative expense70 70 224 224 
Depreciation and amortization expense259 233 753 699 
Impairment expense and loss on disposal of assets1   5 
Total operating costs and expenses5,550 1,388 10,447 4,216 
Income (loss) from operations(2,350)72 (1,140)2,355 
Other expense
Interest expense, net of capitalized interest(364)(355)(1,088)(1,174)
Loss on modification or extinguishment of debt(36)(171)(95)(215)
Interest rate derivative loss, net(2) (3)(233)
Other expense, net(24)(129)(14)(115)
Total other expense(426)(655)(1,200)(1,737)
Income (loss) before income taxes and non-controlling interest(2,776)(583)(2,340)618 
Less: income tax provision (benefit)(1,860)(75)(1,864)119 
Net income (loss)(916)(508)(476)499 
Less: net income (loss) attributable to non-controlling interest168 (45)544 390 
Net income (loss) attributable to common stockholders$(1,084)$(463)$(1,020)$109 
Net income (loss) per share attributable to common stockholders—basic and diluted$(4.27)$(1.84)$(4.03)$0.43 
Weighted average number of common shares outstanding—basic253.6 252.2 253.3 252.5 
Weighted average number of common shares outstanding—diluted253.6 252.2 253.3 253.2 

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)
September 30,December 31,
20212020
ASSETS(unaudited) 
Current assets  
Cash and cash equivalents$2,203 $1,628 
Restricted cash419 449 
Accounts and other receivables, net of current expected credit losses983 647 
Inventory471 292 
Current derivative assets266 32 
Margin deposits336 25 
Other current assets185 96 
Total current assets4,863 3,169 
Property, plant and equipment, net of accumulated depreciation30,318 30,421 
Operating lease assets2,064 759 
Derivative assets71 376 
Goodwill77 77 
Deferred tax assets2,361 489 
Other non-current assets, net425 406 
Total assets$40,179 $35,697 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities  
Accounts payable$73 $35 
Accrued liabilities1,787 1,175 
Current debt, net of discount and debt issuance costs1,047 372 
Deferred revenue187 138 
Current operating lease liabilities458 161 
Current derivative liabilities1,979 313 
Other current liabilities129 2 
Total current liabilities5,660 2,196 
Long-term debt, net of premium, discount and debt issuance costs29,481 30,471 
Operating lease liabilities1,590 597 
Finance lease liabilities57 57 
Derivative liabilities2,158 151 
Other non-current liabilities20 7 
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 
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-capital4,364 4,273 
Accumulated deficit(4,698)(3,593)
Total stockholders' deficit(1,257)(191)
Non-controlling interest2,470 2,409 
Total equity1,213 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)
Three and Nine Months Ended September 30, 2021
Total Stockholders’ Equity
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal
Equity
 SharesPar Value AmountSharesAmount
Balance at December 31, 2020252.3 $1 20.8 $(872)$4,273 $(3,593)$2,409 $2,218 
Vesting of restricted stock units and performance stock units1.8        
Share-based compensation—  —  33   33 
Issued shares withheld from employees related to share-based compensation, at cost(0.6) 0.6 (42)   (42)
Net income attributable to non-controlling interest—  —    178 178 
Distributions to non-controlling interest—  —    (160)(160)
Net income—  —   393  393 
Balance at March 31, 2021253.5 1 21.4 (914)4,306 (3,200)2,427 2,620 
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   (1)   (1)
Net income attributable to non-controlling interest—  —    198 198 
Distributions to non-controlling interest—  —    (162)(162)
Net loss—  —   (329) (329)
Balance at June 30, 2021253.6 1 21.4 (915)4,337 (3,529)2,463 2,357 
Vesting of restricted stock units and performance stock units0.1        
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 
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, 2021253.5 $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)
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 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 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—  —