Cheniere Energy (LNG) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 3, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Cheniere Energy’s Second Quarter 2023 Earnings Call and Webcast. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Randy Bhatia. Please go ahead, sir.

Randy Bhatia

Thanks, operator. Good morning, everyone, and welcome to Cheniere’s Second Quarter 2023 Earnings Conference Call. The slide presentation and access to the webcast for today’s call are available at cheniere.com.

Joining me this morning are Jack Fusco, Cheniere’s President and CEO; Anatol Feygin, Executive Vice President and Chief Commercial Officer; Zach Davis, Executive Vice President and CFO; and other members of Cheniere’s senior management.

Before we begin, I would like to remind all listeners that our remarks, including answers to your questions, may contain forward-looking statements, and actual results could differ materially from what is described in these statements. Slide 2 of our presentation contains a discussion of those forward-looking statements and associated risks.

In addition, we may include references to certain non-GAAP financial measures such as consolidated adjusted EBITDA and distributable cash flow. A reconciliation of these measures to the most comparable GAAP measure can be found in the appendix to the slide presentation.

As part of our discussion of Cheniere’s results, today’s call may also include selected financial information and results for Cheniere Energy Partners LP, or CQP. We do not intend to cover CQP’s results separately from those of Cheniere Energy, Inc.

The call agenda is shown on Slide 3. Jack will begin with operating and financial highlights. Anatol will then provide an update on the LNG market, and Zach will review our financial results and 2023 guidance. After prepared remarks, we will open the call to Q&A.

I will now turn the call over to Jack Fusco, Cheniere’s President and CEO.

Jack Fusco

Thank you, Randy. Good morning, everyone, and thanks for joining us today as we review our second quarter results and improved full-year 2023 outlook. Following a record-breaking year for the LNG industry, activity levels particularly in the U.S. remain elevated with significant commercial momentum and multiple projects having reached FID this year as energy consumers worldwide look to secure cost competitive, reliable natural gas supply in pursuit of achieving evolving energy, economic and environmental policies and goals. Such activity confirms liquefied natural gas as a preferred clean energy solution underscoring its critical long-term role in the global energy mix.