Cheniere Reports Third Quarter 2017 Results, Raises Full Year 2017 Guidance and Provides Full Year 2018 Guidance - 14.11.17 - News

HOUSTON, Nov. 14, 2017

Summary of Third Quarter 2017 Results (in millions, except LNG data)

Three Months Ended

Nine Months Ended

September 30,

2017

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Cheniere Energy

159,39 $

+1,25%

2016

2017

2016

Revenues

$

1,403

$

465

$

3,855

$

711

Net loss¹

$

(289)

$

(101)

$

(520)

$

(720)

Consolidated Adjusted EBITDA²

$

442

$

67

$

1,297

$

19

Weighted average number of common shares outstanding—basic and diluted

232.6

228.9

232.5

228.5

LNG exported:

Number of cargoes

44

18

135

33

Volumes (TBtu)

160

62

482

114

LNG volumes loaded (TBtu)

162

61

483

114

Summary 2017 Revised Full Year Guidance (in billions)

	2017
Consolidated Adjusted EBITDA²	$	1.8	-	$	1.9
Distributable Cash Flow²	$	0.6	-	$	0.7

Summary 2018 Full Year Guidance (in billions)

	2018
Consolidated Adjusted EBITDA²	$	1.9	-	$	2.1
Distributable Cash Flow²	$	0.2	-	$	0.4

Recent Highlights

Strategic

As of October 31, 2017, more than 200 cumulative LNG cargoes had been produced, loaded, and exported from the SPL Project (defined below), with deliveries completed to 25 countries worldwide. Sabine Pass Liquefaction, LLC has successfully fulfilled its obligations to the foundation customers of Trains 1-3 and provided LNG that our marketing function has sold to multiple customers with long-term contracting potential.
We recently opened offices in Tokyo, Japan and Beijing, China and established an in-country presence in Thailand to build expertise and local relationships.
We recently entered into term agreements for a portion of the LNG volumes expected to be available to our marketing function for the period 2018-2020.
We are focused on advancing long-term LNG Sale and Purchase Agreement ("SPA") discussions to facilitate Final Investment Decision of Train 3 at the CCL Project (defined below), and have commenced advanced engineering and preliminary procurement work on Train 3 with our EPC partner Bechtel.
We completed our FEED study on a midscale liquefaction solution for the Corpus Christi Expansion Project (defined below) and began the process of amending our filing with the Federal Energy Regulatory Commission to incorporate midscale liquefaction technology.

Operational

Substantial completion of Train 4 of the SPL Project was achieved in October 2017, more than five months ahead of the guaranteed completion date.
Operations and maintenance personnel staffing and training plans for the CCL Project are on schedule.
LNG production operations at the SPL Project continued uninterrupted during Hurricane Harvey.

Financial

In August 2017, the Date of First Commercial Delivery ("DFCD") relating to Train 2 of the SPL Project was reached under the respective 20-year SPAs with Gas Natural Fenosa LNG GOM, Limited and BG Gulf Coast LNG, LLC.
In September 2017, Cheniere Energy Partners, L.P. ("Cheniere Partners") issued an aggregate principal amount of $1.5 billion of 5.250% Senior Notes due 2025 ("the 2025 CQP Senior Notes"). Net proceeds of the offering, after deducting commissions, fees and expenses, were used to prepay a portion of the outstanding indebtedness under Cheniere Partners' credit facilities.
In September 2017, Moody's Investors Service, S&P Global Ratings and Fitch Ratings assigned ratings of Ba2 / BB / BB, respectively to the 2025 CQP Senior Notes.

Liquefaction Projects Update

SPL Project

CCL Project

Liquefaction Train

Trains 1-3

Train 4

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