Académique Documents
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October2015
ForwardLookingStatements
This presentation contains certain statements that are, or may be deemed to be, forwardlooking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated by reference herein
are forwardlooking statements. Included among forwardlooking statements are, among other things:
statements regarding the ability of Cheniere Energy Partners, L.P. to pay distributions to its unitholders or Cheniere Energy Partners LP Holdings, LLC to pay dividends to its
shareholders;
statements regarding Cheniere Energy Inc.s, Cheniere Energy Partners LP Holdings, LLCs or Cheniere Energy Partners, L.P.s expected receipt of cash distributions from their
respective subsidiaries;
statements that Cheniere Energy Partners, L.P. expects to commence or complete construction of its proposed liquefied natural gas (LNG) terminals, liquefaction facilities,
pipeline facilities or other projects, or any expansions thereof, by certain dates or at all;
statements that Cheniere Energy, Inc. expects to commence or complete construction of its proposed LNG terminals, liquefaction facilities, pipeline facilities or other
projects by certain dates or at all;
statements regarding future levels of domestic and international natural gas production, supply or consumption or future levels of LNG imports into or exports from North
America and other countries worldwide, or purchases of natural gas, regardless of the source of such information, or the transportation or other infrastructure, or demand
for and prices related to natural gas, LNG or other hydrocarbon products;
statements regarding any financing transactions or arrangements, or ability to enter into such transactions;
statements relating to the construction of our proposed liquefaction facilities and natural gas liquefaction trains (Trains), or modifications to the Creole Trail Pipeline,
including statements concerning the engagement of any engineering, procurement and construction ("EPC") contractor or other contractor and the anticipated terms and
provisions of any agreement with any EPC or other contractor, and anticipated costs related thereto;
statements regarding any agreement to be entered into or performed substantially in the future, including any revenues anticipated to be received and the anticipated
timing thereof, and statements regarding the amounts of total LNG regasification, liquefaction or storage capacities that are, or may become, subject to contracts;
statements regarding counterparties to our commercial contracts, construction contracts and other contracts;
statements regarding our planned development and construction of additional Trains, including the financing of such Trains;
statements that our Trains, when completed, will have certain characteristics, including amounts of liquefaction capacities;
statements regarding our business strategy, our strengths, our business and operation plans or any other plans, forecasts, projections or objectives, including anticipated
revenues and capital expenditures and EBITDA, any or all of which are subject to change;
statements regarding projections of revenues, expenses, earnings or losses, working capital or other financial items;
statements regarding legislative, governmental, regulatory, administrative or other public body actions, approvals, requirements, permits, applications, filings,
investigations, proceedings or decisions;
statements regarding our anticipated LNG and natural gas marketing activities; and
any other statements that relate to nonhistorical or future information.
These forwardlooking statements are often identified by the use of terms and phrases such as achieve, anticipate, believe, contemplate, develop, estimate, example,
expect, forecast, goals, opportunities, plan, potential, project, propose, subject to, strategy, target, and similar terms and phrases, or by use of future tense.
Although we believe that the expectations reflected in these forwardlooking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations
may prove to be incorrect. You should not place undue reliance on these forwardlooking statements, which speak only as of the date of this presentation. Our actual results could
differ materially from those anticipated in these forwardlooking statements as a result of a variety of factors, including those discussed in Risk Factors in the Cheniere Energy, Inc.,
Cheniere Energy Partners, L.P. and Cheniere Energy Partners LP Holdings, LLC Annual Reports on Form 10K filed with the SEC on February 20, 2015, which are incorporated by
reference into this presentation. All forwardlooking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these Risk Factors. These
forwardlooking statements are made as of the date of this presentation, and other than as required under the securities laws, we undertake no obligation to publicly update or revise
any forwardlooking statements.
2
ExecutingonStrategy
2025ForecastforCEI
~14% ofthe
~9Bcf/d
Oneofthelargest
exportersofLNGon
aglobalbasis
Oneofthelargest
naturalgasbuyersin
theU.S.
$50B+ inU.S.
~1,000
infrastructure
permanent
jobscreated
Significantinvestment
inU.S.infrastructure
Supportingover
200,000indirectjobs
Flexible,
Scalable,
industry
leading
platform
60 mtpa
LNG by
2025
totalLNGmarket
ChenieresKeyBusinesses
LNG
PLATFORM
GAS
PROCUREMENT
CHENIERE
MARKETING
FourplannedLNG
terminalstobe
locatedalongGulf
ofMexico
Providingfeedstock
forLNGproduction
LNGsales,FOBor
DES,providedto
customersona
short,mid,and
longtermbasis
~60mtpaplanned
Scalableplatform
SPLT15andCCL1
2underpinnedby
longtermcontracts,
competitivecapital
costs
Redundantpipeline
capacityensures
reliablegas
deliverability
Upstreampipeline
capacityprovides
accesstodiverse
supplysources
~9mtpaLNG
volumesexpected
fromSPLT16and
CCLT13
3charteredLNG
vesselstodate
FUTURE
DEVELOPMENTS
Developing/
investingin
infrastructureto
facilitate
hydrocarbon
revolutioninTexas
andbeyond
Optimizevalueof
LNGplatform
Identify
opportunitiesin
relatedmarkets
ProjectedGlobalLNGDemand436mtpa by2025
Demandforecastedtoincreaseby193mtpato2025,a6%CAGR
Averageof23mtpaofnewliquefactioncapacityneededeachyear(1)
Europe
31
78
92
2015
2020
2025
Asia
305
Americas
22
19
23
2015
2020
2025
184
MiddleEast/N.Africa
6
2015
10
2020
17
2015
260
2020
2025
2025
Source:WoodMackenzie
Q32015LNGTool
(1)Assumes85%utilizationofnameplatecapacity
U.S.ExpectedToBecomeOneoftheTopThreeLNGSuppliers
ProjectedLNGLiquefactionCapacity
2014GlobalLNGLiquefactionCapacity:~37Bcf/d
94
mtpa
60
mtpa
1.4
mtpa
2014
64
mtpa
under
const.
31.5
mtpa
under
const.
2025
2025
UnitedStates Cheniere
SabinePassT16
CorpusChristiT15
Parallax
Source:WoodMackenzieQ32015
Cheniere
6
77
mtpa
AP
AP
MEG
MEG
AB
AB
2014
2025
2014
2025
Qatar
RestofWorld
IncludesExistingand
UnderConstruction
Projects
2014:171mtpa
2025:189mtpa
81
mtpa
68
mtpa
26
mtpa
2014
2025
Australia
CheniereLNGPlatform
LiveOakLNG1
SabinePassLiquefaction
~5mtpa development
6traindevelopment 27mtpa
(~0.8Bcf/d)
(~3.8Bcf/dinexportcapacity)
Trains15areunderconstruction;
FirstLNGexpectedinlate2015
Train6underdevelopment,
FIDexpected2015/16
FirstLNGtargetedinlate2021
LiveOak
LNG
LA
TX
CreoleTrailPL
SabinePass
Liquefaction
Louisiana
LNG
LouisianaLNG1
CorpusChristi
Liquefaction
~5mtpa development
(~0.7Bcf/d)
FirstLNGtargetedinlate2021
CorpusChristiLiquefaction
5 traindevelopment 22.5mtpa
(~3.2Bcf/dinexportcapacity)
Trains12areunderconstruction;First
LNGexpectedinlate2018
Train3underdevelopment;FID
expected2015/16
Trains45underdevelopment;
PermittingprocessinitiatedJune2015
(1)CheniereEnergy,Inc.hasagreedinprincipletopartnerwithParallaxEnterprises,LLContheseprojects
UnderConstruction
Proposed
AerialViewofSPLConstruction August2015
Train6UnderDevelopment
T5SoilStabilization
Train5
T3EthyleneColdBox
Train3
T3MethaneColdBox
Train4
T1MethaneColdBox
T1EthyleneColdBox
AirCoolers
PropaneCondenserArea
Train1
T2MethaneColdBox
T2EthyleneColdBox
Train2
ForecastCheniereLNGPortfolioSummary
(inMTPA)
DesignCapacity
SPL
CCL
Trains16 Trains13
27.0
13.5
Total
CCL
Trains45
LO&
LLNG1
Total
40.5
9.0
~10
~59.5
InPermitting
InPermitting
31.75
9.0
~10
~27.75
UnderConstruction
22.5
9.0
31.5
(underpinnedbyLTSPAs)
(~88%sold)
(~85%sold)
(~87%sold)
LTSPAsTarget
21.25
10.5
31.75
(soldtodate)
(19.8)
(8.4)
(28.2)
5.75
3.0
8.75
31.5
(~87%sold)
(28.2)
ExcessVolumes:
Customized
Contracts/CMI
Approximately87%ofLNGvolumesfortrainsunderconstructionareunderpinnedwithLT
SPAs,cashflowssupportcurrentprojectdebtof$21.5B
20yearLTSPAswithinvestmentgradecounterparties
ForthebalanceofLNGvolumes,longtermcontractsarenolongerrequired;Cheniere
expectstosellLNGundershortertermcontractsoronaspotbasis
EBITDAisanonGAAPmeasure.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoesnotinclude
depreciationexpensesandcertainnonoperatingitems.Wehavenotmadeanyforecastofnetincome,whichwouldbethemostcomparablefinancialmeasureunderGAAP,andweareunableto
reconciledifferencesbetweenforecastedEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsas
reportedunderGAAP,andshouldbeevaluatedonlyonasupplementarybasis.
(1)CheniereEnergy,Inc.hasagreedinprincipletopartnerwithParallaxEnterprises,LLContheseprojects
ChenieresLNGExportProjects
UnderpinnedwithAttractiveSPAFeatures
CheniereLNGSPAs:LNGpricetiedtoHenryHub,destinationflexibility,
upstreamgasprocurementservices,noliftingrequirements
SPAsfeatureparentguarantees &HH+fixedfee(nopricereopeners)
Provenrecordofexecution;proventechnology
10
CheniereOffersCompetitive,LowCostSourceofLNG
TheU.S.isoneofthelowestcostnaturalgasprovidersintheworld
U.S.liquefactionprojectcostsarealsosignificantlylowerduetolessproject
developmentneeded
ThebreakevenLNGpriceforCheniereLNGexportfacilitiesisoneofthelowest
comparedtootherproposedLNGprojects
EstimatedbreakevenLNGpricing range, DeliveredExShiptoAsia
$20
$18.5
$17.0
LNGprices($/MMBtu)
$16.0
$15
$13.0
$14.0
$14.5
$11.5
$13.0
$12.0
$10
$8.4
$9.5
$7.7
$5
CheniereGulfCoast
WestAfrica
WesternCanada
NorthwestAustralia
EastAfrica
SoutheastAsia
Source: CheniereResearch,WoodMackenzie,companyfilingsandinvestormaterials.
Note: Breakevenpricesderivedassumingunleveredaftertaxreturnsof10%onCanadianprojectsand12%onallotherprojectsoverconstructionplus20yearsofoperation.HenryHubat$3.00/MMBtu
11
7trainCEIcashflowestimate Currentmarketsnapshot
SPLT15,CCLT12
7trainCEIcashflowestimate Currentmarketsnapshot|SPLT15,CCLT12
($inbillions,exceptforpershareamounts)
CEIcashflowbuildup(2021estimatedamounts)
ProjectEBITDA/Deconsolidatedforstandalone
Less:Projectlevelinterestexpense
Distributablecashflowfromproject
%cashflowstoCEI(Adjustedforminorityinterests)
ProjectcashflowstoCEI(Adjustedforminorityinterests)
TotalprojectcashflowstoCEI
Plus:ManagementfeestoCEI
Less:CEIG&A
Less:CEIlevelinterestexpense
CEIcashflow
CEIcashflowpershare
Currentdebtoutstanding
(2)
SPLandCCLprojectleveldebtoutstanding
SPLNGandCTPLprojectleveldebtoutstanding
CEIleveldebtoutstanding
Totaldebtoutstanding
CQP
(SPLT15/SPLNG/CTPL)
CorpusChristi
(CCLT12)
Total
CEIstandalone
$2.3
($0.5)
$1.8
$3.0
($1.0)
$2.1
49%
$1.0
$1.0
$1.3
($0.5)
$0.8
100%
$0.8
$0.8
$4.3
($1.5)
$2.9
$13.1
$2.5
$15.6
$8.4
$8.4
$21.5
$2.5
$24.0
(1)
$1.8
$1.8
$0.1(1)
($0.3)(1)
(3)
($0.0)
$1.6
(3)
$6
(3)
$0.6
$0.6
7trainscurrentlyunderconstructionfinancedwithnonrecourseprojectleveldebt SPLT15(CQP)andCCLT12(CEI)
Basedon27.4MTPAof20yearSPAs;assumesremainingLNGsoldtoEuropeatcurrentmarketpricesandshippingrates
NBPpriceof$6.32/MMBtu,HenryHubpriceof$2.54/MMBtu,shippingdayratesof$30,000/day(4)
Forscenarioshownabove,estimatedincometaxpaymentsof~15%ofCEIpretaxcashflowprojectedtostartin2023/24
Note:SeeForwardLookingStatementsslide.CashflowbuildupscenarioaboveassumesrefinancingofSPLandCCHcreditfacilitieswithnonamortizingprojectbonds.
SPL,SPLNG,CTPLandCCLlevelprojectdebtshownabovearenonrecoursetoCEI.
EBITDA,distributablecashflow,deconsolidatedcashflow,cashflowandcashflowpersharearenonGAAPmeasures.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,
assumedcommissioningcostsandstateandlocaltaxes.Itdoesnotincludedepreciationexpensesandcertainnonoperatingitems. Wehavenotmadeanyforecastofnetincome,whichwouldbethemost
comparablefinancial measureunderGAAP,andweareunabletoreconciledifferencesbetweenforecastednonGAAPmeasuresandnetincome.NonGAAPmeasureshavelimitationsasananalyticaltooland
shouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,andshouldbeevaluatedonlyonasupplementarybasis.
(1) ~$2.3billionofdeconsolidatedcashflowtoCEIcalculatedas~$1.0billion ofCQPdistributablecashflow(netofminorityinterest),plus~$1.3billion ofCCLTrains12EBITDA. CEIstandaloneEBITDAis
estimatedtobe~$2.1billioncalculatedas~$2.3billionofdeconsolidatedcashflowtoCEI,plus$0.1billionofmanagementfees,less~$0.3billionofCEIG&A.
(2) CCLprojectleveldebtissuedatCheniereCorpusChristiHoldings,LLC(CCH)entity.
(3) Assumes~276millionCEIsharesoutstandingfor7traincase assumesconversionof$1.0billionPIKConvertibleNotesduein2021at$93.64/shareandconversionof$1.0billionSeniorSecuredConvertible
Notesdue2025at$100/share.
12 (4) Source:Bloomberg,DTNProphetX andPlatts,asofOctober13,2015.
EstimatedMarketPricesProfitableforCheniereLNGProjects
ChenierecanprofitablyprovideLNGtoglobalbuyersatattractiveprices
Marketpricesensitivity
EuropeLNGsaleprice($/MMBtu)
Impliedmargin
$7.00
$2.50
$9.00
$4.50
$11.00
$6.50
$13.00
$8.50
$9.00
$3.25
$11.00
$5.25
$13.00
$7.25
$15.00
$9.25
AsiaLNGsaleprice($/MMBtu)
Impliedmargin
Asshowninsensitivitytableabove,ChenierecanprofitablysellLNGintokeydemandcenters
eveninperiodsoflowermarketprices
IfLNGpricesremainatlowerlevels,wewouldexpectLNGdemandtoincrease,thussignaling
theneedformoreliquefactionprojects.Chenierepositionedasalowcostsupplier
AssumesHenryHubpriceof$3.00/MMBtu,shippingcosttoEuropeof$1.00/MMBtu andshippingcosttoAsiaof$2.25/MMBtu.
13
ExampleCEIEBITDABuildUp Europe@$7.50/Asia@$8.75
SPLT16,CCLT13,CCLT45,LiveOak/Louisiana LNG
CEIEBITDAbuildup(deconsolidated)
($inbillions,exceptforpershareamounts)
SPLT15/6andSPLNGviaGP/IDRandCQH
Managementfees
MidscaleLNG
CCLT12/3/5
CMIprofitshare
Total
Less:CEIG&A
CEIEBITDA
CEIEBITDApershare
Runratescenariosfrom2021Eto2025E
7trains
(2021E)
$1.1
$0.1
$1.3
$2.5
($0.3)
$2.2
$8
9trains
(2021E)
$1.3
$0.1
$2.0
$3.5
($0.3)
$3.2
$11
11trains
(2023E)
$1.3
$0.1
$3.4
$4.8
($0.3)
$4.6
$16
11trains,LO&LLNG
(2025E)
$1.3
$0.2
$1.2
$3.4
$6.1
($0.3)
$5.8
$20
7trainscurrentlyunderconstruction
7traincaseassumes27.4MTPAof20yearSPAs;allotherbuildoutcasesassume31.75MTPAof20yearSPAs
AssumesremainingLNGallsoldtoEuropefor$7.50/MMBtuorAsiafor$8.75/MMBtu
Note:SeeForwardLookingStatementsSlide.
CashflowbuildupscenarioaboveassumesrefinancingofSPLandCCHcreditfacilitieswithnonamortizingprojectbondsandearlyreleaseofSPLcashflowsearmarkedforconstructionviapublicCQPunitissuances.
CashflowbuildupscenarioaboverequireseitherincrementalCEI,orprojectlevelfinancing,orcombinationofboth,tofundprojectbuildout. Assumes~276millionCEIsharesoutstandingfor7traincase assumes
conversionof$1.0billionPIKConvertibleNotesduein2021at$93.64/shareandconversionof$1.0billionSeniorSecuredConvertibleNotesdue2025at$100/share.Allothercasesshownassume~283millionCEI
sharesoutstanding incrementalsharesrelatedtofundingofcommittedadditional$0.5billionofSeniorSecuredConvertibleNotesdue2025andconversionat$140/share.
EBITDAandEBITDApersharearenonGAAPmeasures.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoesnot
includedepreciationexpensesandcertainnonoperatingitems. Wehavenotmadeanyforecastofnetincome,whichwouldbethemostcomparablefinancial measureunderGAAP,andweareunabletoreconcile
differencesbetweenforecastedEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Estimatesbasedonassessmentofcurrentandpotentialfutureprojectdevelopmentopportunities,which,amongotherthings,wouldrequireacceptablecommercialandfinancingarrangements,andmayrequire
regulatoryapprovalsbeforewemakefinalinvestmentdecisions.Actualperformancemaydiffermateriallyfromthegoals.Assumes futurelongtermcontractingofadditional~2.1MTPAatCCLTrain3(totalof10.5
MTPAoflongtermSPAsatCCLTrains13),1.5MTPAatSPLTrain6(totalof21.25MTPAoflongtermSPAsatSPLTrains16)at$3.50perMMBtu.Forillustrativepurposes;assumesexcessvolumessoldbyCMIat
aboveprices.
For9trainbuildout,8.75MTPAavailableforCMIportfolio.For11trainbuildout,incremental9.0MTPAavailableforCMI.
WithmidscaleLNGprojects,incremental10.4MTPAavailableforCMI.
14 Allscenariosassume100%utilizationofcapacityavailable.
ExampleCEIEBITDABuildUp Europe@$9.50/Asia@$10.75
SPLT16,CCLT13,CCLT45,LiveOak/Louisiana LNG
CEIEBITDAbuildup(deconsolidated)
($inbillions,exceptforpershareamounts)
SPLT15/6andSPLNGviaGP/IDRandCQH
Managementfees
MidscaleLNG
CCLT12/3/5
CMIprofitshare
Total
Less:CEIG&A
CEIEBITDA
CEIEBITDApershare
Runratescenariosfrom2021Eto2025E
7trains
(2021E)
$1.1
$0.1
$1.3
$0.4
$2.9
($0.3)
$2.6
$9
9trains
(2021E)
$1.3
$0.1
$2.0
$0.9
$4.4
($0.3)
$4.1
$14
11trains
(2023E)
$1.3
$0.1
$3.4
$1.9
$6.7
($0.3)
$6.4
$23
11trains,LO&LLNG
(2025E)
$1.3
$0.2
$2.3
$3.4
$1.9
$9.0
($0.3)
$8.7
$31
7trainscurrentlyunderconstruction
7traincaseassumes27.4MTPAof20yearSPAs;allotherbuildoutcasesassume31.75MTPAof20yearSPAs
AssumesremainingLNGallsoldtoEuropefor$9.50/MMBtu andAsiafor$10.75/MMBtu
Note:SeeForwardLookingStatementsSlide.
CashflowbuildupscenarioaboveassumesrefinancingofSPLandCCHcreditfacilitieswithnonamortizingprojectbondsandearlyreleaseofSPLcashflowsearmarkedforconstructionviapublicCQPunitissuances.
CashflowbuildupscenarioaboverequireseitherincrementalCEI,orprojectlevelfinancing,orcombinationofboth,tofundprojectbuildout. Assumes~276millionCEIsharesoutstandingfor7traincase assumes
conversionof$1.0billionPIKConvertibleNotesduein2021at$93.64/shareandconversionof$1.0billionSeniorSecuredConvertibleNotesdue2025at$100/share.Allothercasesshownassume~283millionCEI
sharesoutstanding incrementalsharesrelatedtofundingofcommittedadditional$0.5billionofSeniorSecuredConvertibleNotesdue2025andconversionat$140/share.
EBITDAandEBITDApersharearenonGAAPmeasures.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoesnot
includedepreciationexpensesandcertainnonoperatingitems. Wehavenotmadeanyforecastofnetincome,whichwouldbethemostcomparablefinancial measureunderGAAP,andweareunabletoreconcile
differencesbetweenforecastedEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Estimatesbasedonassessmentofcurrentandpotentialfutureprojectdevelopmentopportunities,which,amongotherthings,wouldrequireacceptablecommercialandfinancingarrangements,andmayrequire
regulatoryapprovalsbeforewemakefinalinvestmentdecisions.Actualperformancemaydiffermateriallyfromthegoals.Assumes futurelongtermcontractingofadditional~2.1MTPAatCCLTrain3(totalof10.5
MTPAoflongtermSPAsatCCLTrains13),1.5MTPAatSPLTrain6(totalof21.25MTPAoflongtermSPAsatSPLTrains16)at$3.50perMMBtu.Forillustrativepurposes;assumesexcessvolumessoldbyCMIat
aboveprices.
For9trainbuildout,8.75MTPAavailableforCMIportfolio.For11trainbuildout,incremental9.0MTPAavailableforCMI.
WithmidscaleLNGprojects,incremental10.4MTPAavailableforCMI.
15 Allscenariosassume100%utilizationofcapacityavailable.
ExampleCEIEBITDABuildUp Europe@$11.50/Asia@$12.75
SPLT16,CCLT13,CCLT45,LiveOak/Louisiana LNG
CEIEBITDAbuildup(deconsolidated)
($inbillions,exceptforpershareamounts)
SPLT15/6andSPLNGviaGP/IDRandCQH
Managementfees
MidscaleLNG
CCLT12/3/5
CMIprofitshare
Total
Less:CEIG&A
CEIEBITDA
CEIEBITDApershare
Runratescenariosfrom2021Eto2025E
7trains
(2021E)
$1.1
$0.1
$1.3
$0.9
$3.3
($0.3)
$3.0
$11
9trains
(2021E)
$1.3
$0.1
$2.0
$1.8
$5.3
($0.3)
$5.0
$18
11trains
(2023E)
$1.3
$0.1
$3.4
$3.7
$8.6
($0.3)
$8.3
$29
11trains,LO&LLNG
(2025E)
$1.3
$0.2
$3.4
$3.4
$3.7
$11.9
($0.3)
$11.6
$41
7trainscurrentlyunderconstruction
7traincaseassumes27.4MTPAof20yearSPAs;allotherbuildoutcasesassume31.75MTPAof20yearSPAs
AssumesremainingLNGallsoldtoEuropefor$11.50/MMBtuandAsiafor$12.75/MMBtu
Note:SeeForwardLookingStatementsSlide.
CashflowbuildupscenarioaboveassumesrefinancingofSPLandCCHcreditfacilitieswithnonamortizingprojectbondsandearlyreleaseofSPLcashflowsearmarkedforconstructionviapublicCQPunitissuances.
CashflowbuildupscenarioaboverequireseitherincrementalCEI,orprojectlevelfinancing,orcombinationofboth,tofundprojectbuildout. Assumes~276millionCEIsharesoutstandingfor7traincase assumes
conversionof$1.0billionPIKConvertibleNotesduein2021at$93.64/shareandconversionof$1.0billionSeniorSecuredConvertibleNotesdue2025at$100/share.Allothercasesshownassume~283millionCEI
sharesoutstanding incrementalsharesrelatedtofundingofcommittedadditional$0.5billionofSeniorSecuredConvertibleNotesdue2025andconversionat$140/share.
EBITDAandEBITDApersharearenonGAAPmeasures.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoesnot
includedepreciationexpensesandcertainnonoperatingitems. Wehavenotmadeanyforecastofnetincome,whichwouldbethemostcomparablefinancial measureunderGAAP,andweareunabletoreconcile
differencesbetweenforecastedEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Estimatesbasedonassessmentofcurrentandpotentialfutureprojectdevelopmentopportunities,which,amongotherthings,wouldrequireacceptablecommercialandfinancingarrangements,andmayrequire
regulatoryapprovalsbeforewemakefinalinvestmentdecisions.Actualperformancemaydiffermateriallyfromthegoals.Assumes futurelongtermcontractingofadditional~2.1MTPAatCCLTrain3(totalof10.5
MTPAoflongtermSPAsatCCLTrains13),1.5MTPAatSPLTrain6(totalof21.25MTPAoflongtermSPAsatSPLTrains16)at$3.50perMMBtu.Forillustrativepurposes;assumesexcessvolumessoldbyCMIat
aboveprices.
For9trainbuildout,8.75MTPAavailableforCMIportfolio.For11trainbuildout,incremental9.0MTPAavailableforCMI.
WithmidscaleLNGprojects,incremental10.4MTPAavailableforCMI.
16 Allscenariosassume100%utilizationofcapacityavailable.
GasProcurement
SabinePassTerminal
SecuringfeedstockforLNG
productionwithbalanced
portfolioapproach
Todate,haveenteredintoterm
gassupplycontractswith
producersunder17year
contracts
Supplycontractscover~50%of
therequireddailyloadforTrains
14atSabinePass
PricingaveragesHH $0.10
discount
Redundantpipelinecapacityhelpsensurereliablegasdeliverability
Todate,wehavesecuredfirmpipelinetransportationcapacityof
approximately~4.2Bcf/dofdeliverabilityintoSabinePass,or~160%ofthe
totalloadforTrains14
Upstreampipelinecapacityprovidesaccesstodiversesupplysources
HighdegreeofvisibilityintoourabilitytoconsistentlydelivergastoSabine
PassonavariablebasisatHenryHubflat
17
GasProcurement
CorpusChristiTerminal
CCLcontractinglongtermdirectand
upstreampipelinetransportcapacity
TennesseeP/L:
KMTejas P/L:
NGPLP/L:
0.3Bcf/d
0.25Bcf/d
0.385Bcf/d
Marcellus/
Utica
CCLpurchasingnaturalgasfromproducers
andmarketers
Woodford
Granite
Wash
Permian
Basin
Haynesville
Barnett
EagleFord
ShalePlays
Basins
18
CorpusChristi
Source:LippmanConsulting,BakerHughesandBentek,asofJanuary2014
NGPL
TennesseeGas
HPL
KMTejas
Oasis
Enterprise
CheniereMarketing
CheniereplatformforLNGsales short,mid,longtermsales,FOBorDESbasis
Scaleupfor>10mtpaincludingLNG
purchasesfromCheniereterminalsand
otherplaces
London,U.K.
Buyers&sellersofLNGcargoes
Washington,D.C.
SPAswithSPLandCCLforallLNG
volumesnotsoldto3rd parties
Houston,TX
Singapore
Santiago,Chile
Chartered3LNGvesselsfordeliveries
in2015and2016(1st vesselreceived
June2015)
Developingcomplementary,
highvaluemarketsthrough
smallscaleassetinvestments
Chartered3LNGVessels
SPAwithSPL
SPAswithCCL
Deliveriesin2015&2016
FirstLNGforSPLExpected2015
FirstLNGExpected2018
ProfessionalstaffbasedinLondon,
Houston,Washington,Santiago,and
Singapore
~340millionMMBtusoldtodate
primarilybasedon12yeartermsat
priceslinkedtoHHorTTF
19
FutureDevelopments
Horizontal/VerticalIntegration
Significant
revenue
expected
startingin
2016
Totalfocus
oncash
Announced
brownfield
expansionat
Developing
additional
assetsfor
Corpus
Christiand
midscale
LNG
investment
other
hydrocarbon guiding
export
metricfor
opportunities future
flowper
shareas
investments
Chenierecorecompetencies,scale,andfirstmoveradvantage
provideindustryleadingplatformforfurtherassetintegration
20
Appendix
InvestinginCheniere SummaryOrganization
CheniereEnergy,Inc.
(NYSEMKT:LNG)
Public
19.9%
80.1%Interest
CheniereEnergyPartners
LPHoldings,LLC
(NYSEMKT:CQH)
100%Interest
100%Interest
100%Interest
CheniereEnergy
PartnersGP,LLC
Cheniere
Marketing,LLC
(CMI)
CorpusChristi
Liquefaction,LLC
(CCL)
55.9%Interest(1)
CheniereEnergy
Partners,L.P.
(NYSEMKT:CQP)
2.0%Interest&Incentive
Dist.Rights
Blackstone(BX)29.0% (1)
Public13.1% (1)
IntlLNGmarketing
Liquefactionfacilities
SPAswithSPLandCCL
9 mtpa under
Three5yearLNGvessel
construction
charters
13.5mtpa under
development
10.1Bcf ofstorage
2berths
100%Interest
SabinePassLNG,L.P.
(SPLNG)
22
Regasificationfacilities
4.0Bcf/dofcapacity
17.0Bcf ofstorage
2berths
SabinePass
Liquefaction,LLC
(SPL)
Liquefactionfacilities
22.5mtpa underconstruction
4.5mtpa underdevelopment
CheniereCreoleTrail
Pipeline,L.P.
(CTPL)
100%Interest
OtherProject
Developments
Agreementin
Principlefor
Liquefaction
facilitiesatLiveOak
LNGandLouisiana
LNG2
~10mtpa under
development
Otherhydrocarbon
exportfacilities
1.5Bcf/dcapacityforSPL
ProvidesgassupplyforSPL
Note:Thisorganizationalchartisprovidedforillustrativepurposesonly,isnotanddoesnotpurporttobeacompleteorganizationalchartofCheniere.
(1) CurrentownershipinterestbasedsolelyonownershipofClassBunits.AsClassBunitsaccreteBlackstonewillincreaseitsownershippercentage,andthepublicandCQHwillhavereduced
ownershippercentages.
(2) CheniereEnergy,Inc.hasagreedinprincipletopartnerwithParallaxEnterprises,LLContheseprojects.
ChenieresDebtSummary
AsofOctober2015
($inmillions)
CheniereEnergyPartners
LPHoldings,LLC
(NYSEMKT:CQH)
CheniereEnergy,Inc.
(NYSEMKT:LNG)
CQPGP
(&IDRs)
CheniereMarketing,LLC
(CMI)
SrSecuredNotes
$1,666due2016(7.50%)
$420due2020(6.50%)
TotalTUA(1Bcf/d)
CreoleTrailPipeline
(CTPL)
$400TermLoandue2017(L+325)
SPLFirmTransport(1.5Bcf/d)
ChevronTUA(1Bcf/d)
SPLTUA(2Bcf/d)
(1) Includes $2,850 million term loan facility, $1,150 million Republic of Korea (ROK)
covered facility and $600 million ROK direct facility. Interest on the term loan facility is
L+175 bps during construction and operation. Under the ROK credit facilities, interest
includes L+175 on the direct portion and L+130 on the covered portion during
construction and operation. In addition, SPL will pay 45 bps for insurance/guarantee
premiums on any drawn amounts under the covered tranches. These credit facilities
mature on the earlier of December 31, 2020 or the second anniversary of Train 5
completion date.
(2) Interest on the working capital facility is L+175.
(3) Interest on the term loan facility is L+225 bps during construction and L+250 bps
during operation. This credit facility matures on the earlier of May 13, 2022 or the second
anniversary of project completion date .
Note: This organizational chart is provided for illustrative purposes only, is not and does
not purport to be a complete organizational chart of Cheniere.
23
CheniereCCH
HoldcoII,LLC
CheniereCorpusChristi
Holdings,LLC
(CCH)
CheniereEnergyPartners,
L.P.(NYSEMKT:CQP)
SabinePassLNG,L.P.
(SPLNG)
ConvertibleDebt
$1,000PIKConvertibleNotesdue2021(4.875%)
$625ConvertibleNotesdue2045(4.250%)
SabinePass
Liquefaction,LLC
(SPL)
Trains15Debt
$4,600CreditFacilitiesdue20201
$2,000Notesdue2021(5.625%)
$1,000Notesdue2022(6.250%)
$1,500Notesdue2023(5.625%)
$2,000Notesdue2024(5.750%)
$2,000Notesdue2025(5.625%)
$1,200WorkingCapitalFacility
due20202
CorpusChristi
Liquefaction,LLC
(CCL)
PertaminaSPA(79.4Tbtu /yr)
EndesaSPA(117.3Tbtu /yr)
IberdrolaSPA(39.7Tbtu /yr)
GasNatural(78.2Tbtu /yr)
Woodside(44.1Tbtu /yr)
EDF(40.0Tbtu /yr)
BGSPA(286.5Tbtu /yr)
EDP(40.0Tbtu/yr)
GasNaturalSPA(182.5Tbtu /yr)
CMISPA
KOGASSPA(182.5Tbtu /yr)
GAIL(182.5Tbtu /yr)
Total(104.8Tbtu /yr)
Centrica(91.3Tbtu /yr)
CMISPA
Trains12Equity
$1,000SeniorSecured
ConvertibleNotesdue
2025
Trains12Debt
~$8,400CreditFacilitydue
20223
ConversionofClassBandSubordinatedUnits
ClassBUnits:
Mandatoryconversion:within90daysofthesubstantialcompletionofTrain3
OptionalconversionbyaClassBunitholder mayoccuratanyofthefollowingtimes:
After83monthsfromissuanceofEPCnoticetoproceed
Priortotherecorddateforaquarterinwhichsufficientcashfromoperatingsurplusis
generatedtodistribute$0.425toalloutstandingcommonunitsandthecommonunitstobe
issueduponconversion
Thirty(30)dayspriortothemandatoryconversiondate
Withina30dayperiodpriortoasignificanteventoradissolution
SubordinatedUnits:
Subordinatedunitswillconvertintocommonunitsonaoneforonebasis,providedthatthere
arenocumulativecommonunitarrearages,andeitherofthebelowdistributionhurdlesismet:
Forthreeconsecutive,nonoverlappingfourquarterperiods,thedistributionpaidfrom
AdjustedOperatingSurplus(1) toalloutstandingunits(2) equalsorexceeds$0.425per
quarter
Forfourconsecutivequarters,thedistributionpaidfromContractedAdjustedOperating
Surplus(1) toalloutstandingunits(2) equalsorexceeds$0.638perquarter
(1)
(2)
24
AsdefinedinCQPspartnershipagreement.
Includesalloutstandingcommonunits(assumingconversionofallClassBunits),subordinatedunitsandanyotheroutstandingunitsthatareseniororequalinrightofdistributiontothe
subordinatedunits.
SabinePassLiquefaction BrownfieldLNGExportProject
UtilizesExistingAssets,Trains15UnderConstruction
CurrentFacility
~1,000acresinCameronParish,LA
40ft.shipchannel3.7milesfromcoast
2berths;4dedicatedtugs
5LNGstoragetanks(~17Bcfeofstorage)
5.3Bcf/dofpipelineinterconnection
LiquefactionTrains1 5:FullyContracted
LumpSumTurnkeyEPCcontractsw/Bechtel
T1&T2EPCcontractprice~$4.1B
Overallproject~95%complete(asof9/2015)
Operationsestimatedlate2015/2016
T3&T4EPCcontractprice~$3.8B
Overallproject~74%complete(asof9/2015)
Operationsestimated2016/2017
T5EPCcontractprice~$3.0B
ConstructioncommencedJune2015
LiquefactionTrain6
Artistsrendition
FIDuponobtainingcommercialcontracts
andfinancing
Designproductioncapacityisexpectedtobe~4.5mtpapertrain,usingConocoPhillips
OptimizedCascadeProcess
Significantinfrastructureinplaceincludingstorage,marineandpipelineinterconnectionfacilities;
pipelinequalitynaturalgastobesourcedfromU.S.pipelinenetwork
25
SPLEstimatedCashFlows
Trains15andTrains16
SPLestimatedcashflows
($inbillions)
LongtermSPAs
SPLTrains15 SPLTrains16
$2.9
$3.2
CMISPApayment(1)
$0.4
$0.9
Commoditypayments,net(2)
TotalSPLrevenues
$0.3
$3.6
$0.4
$4.4
($0.4)
($0.3)
($0.2)
($0.2)
($1.1)
($0.4)
($0.3)
($0.2)
($0.2)
($1.2)
$2.6
$3.3
($0.8)
$1.8
($0.9)
$2.3
SPLNGTUApayments (3)
PlantO&M
Plantmaintenancecapex(4)
Pipelinecosts(primaryplantandupstreampipelines)
TotalSPLoperatingexpenses
SPLEBITDA
Less:Projectlevelinterestexpense(5)
SPLdistributablecashflowtoCQP
Note: EBITDAisanonGAAPmeasure.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoes
notincludedepreciationexpensesandcertainnonoperatingitems.Becausewehavenotforecasteddepreciationexpenseandnonoperatingitems,wehavenotmadeanyforecastofnet
income,whichwouldbethemostdirectlycomparablefinancialmeasureundergenerallyacceptedaccountingprinciples,orGAAP,andweareunabletoreconciledifferencesbetween
forecastsofEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Assumesfuturelongtermcontractingofadditional1.5MTPAatSPLTrain6(totalof21.25MTPAoflongtermSPAsatSPLTrains16)at$3.50perMMBtu.
(1)CMISPApaymentassumes100%utilizationat$3.00/MMBtu.
(2)Assumes$5.00/MMBtunaturalgaspriceandthatofftakerslift100%oftheirfullcontractualentitlement.Amountsarenetofestimatednaturalgastobeusedfortheliquefactionprocess.
(3)IncludespaymentsrelatedtoreassignmentofTotalTUASPLNGcapacityandexportfeespaidtoSPLNG.
(4)Majorityofcostsshownarefixedandcoveredundermultiyearserviceandsupplyagreementswithequipmentandserviceproviders.
26 (5)AssumesdebtatSPLrefinancedat6.00%annualinterestrate.
SPLConstructionCompletionSchedulesTrains1 5
BGDFCD
March2016
FirstLNG
GNDFCD
June2016
EarlyEngineering
KOGASDFCD
Jun2017
April2017
GAILDFCD
Mar2018
Sept2017
TOTAL&CENTRICADFCD
Dec2019
Oct2019
Stage1(Trains1&2)overallprojectprogressasofSeptember2015is95.2%completevs.TargetPlanof97.5%:
Engineering,Procurement,SubcontractsandConstructionare100%,100%,82.2%and91.5%completeagainstTargetPlanof99.8%,
100%,87.0%and96.4%respectively
BechtelDeliveredtheTrain1CommissioningandStartupPlaninFeb,projectingFuelGasintroductioninSep,FeedGasintroductionin
Oct,andReadyforStartupinDec;allinsupportofthecurrentFirstLNGTarget
byyearend2015,andTargetSubstantialCompletioninMar2016
Stage2(Trains3&4)overallprojectprogressasofSeptember2015is73.6%completevs.TargetPlanof79.6%:
Engineering,Procurement,SubcontractsandConstructionare100%,98.9%,50.0%and40.4%completeagainstTargetPlanof98.8%,
98.2%,62.3%and55.1%respectively
Stage3(Trains5&6)overallprojectprogress:
27
NTPonTrain5issuedtoBechtelonJune30th
SoilstabilizationcivilworksareinprogressandthecurrentplanestimatesTrain5operationalin52monthsfromNTP
LNGSaleandPurchaseAgreements(SPAs)
SabinePassLiquefaction
~20mtpatakeorpaystylecommercialagreements
~$2.9Bannualfixedfeerevenuefor20years
BGGulfCoastLNG
GasNaturalFenosa
KoreaGasCorporation
286,500,000 (1)
182,500,000
182,500,000
182,500,000
104,750,000 (1)
91,250,000
AnnualFixedFees(2)
~$723MM(3)
~$454MM
~$548MM
~$548MM
~$314MM
~$274MM
FixedFees$/MMBtu(2)
$2.25 $3.00
$2.49
$3.00
$3.00
$3.00
$3.00
LNGCost
115%ofHH
115%ofHH
115%ofHH
115%ofHH
115%ofHH
AnnualContract
Quantity(MMBtu)
TermofContract(4)
28
Centricaplc
20years
20years
20years
20years
20years
BGEnergy
HoldingsLtd.
GasNatural
SDGS.A.
N/A
N/A
TotalS.A.
N/A
A/A2/A
BBB/Baa2/BBB+
A+/Aa3/AA
NR/Baa2/BBB
AA/Aa1/AA
BBB+/Baa1/A
Upto24months
Upto24months
N/A
N/A
N/A
N/A
Train1+additional
volumeswithTrains2,3,4
Train2
Train3
Train4
Train5
Train5
Corporate/Guarantor
CreditRating(5)
ContractStart
TotalGas&PowerN.A.
20years
Guarantor
FeeDuringForce
Majeure
115%ofHH
GAIL(India)Limited
(1)BGhasagreedtopurchase182,500,000MMBtu,36,500,000MMBtu,34,000,000MMBtuand33,500,000MMBtuofLNGvolumesannuallyuponthecommencementofoperationsofTrains1,2,3and4,
respectively.Totalhasagreedtopurchase91,250,000MMBtuofLNGvolumesannuallyplus13,400,000MMBtuofseasonalLNGvolumesuponthecommencementofTrain5operations.
(2)Aportionofthefeeissubjecttoinflation,approximately15%forBGGroup,13.6%forGasNaturalFenosa,11.5%forKOGAS,GAIL(India)Ltd,TotalandCentrica.
(3)FollowingcommercialinservicedateofTrain4.BGwillprovideannualfixedfeesofapproximately$520millionduringTrains12operationsandanadditional$203milliononceTrains34areoperational.
(4)SPAshavea20yeartermwiththerighttoextenduptoanadditional10years.GasNaturalFenosahasanextensionrightuptoanadditional12yearsincertaincircumstances.
(5)RatingsareprovidedbyS&P/Moodys/Fitchandsubjecttochange,suspensionorwithdrawalatanytimeandarenotarecommendationtobuy,holdorsellanysecurity.
CorpusChristiLiquefactionProject
Proposed5TrainFacility
HoustonNewOrleans
CorpusChristi
Initiated
Development
Trains45
GulfofMexico
>1,000acresownedand/orcontrolled
2berths,4LNGstoragetanks (~13.5 Bcfeofstorage)
KeyProjectAttributes
45ft.shipchannel14milesfromcoast
Protectedberth
PremierSiteConditions
23mile48and42parallelpipelineswillconnectto
severalinterstateandintrastatepipelines
LiquefactionTrains12:UnderConstruction
Train3
Under
Construction
Trains12
LumpSumTurnkeyEPCcontractsw/Bechtel
T1&T2EPCcontractprice~$7.1B
ConstructioncommencedMay2015
Operationsestimated2018
LiquefactionTrain3:PartiallyContracted
0.8mtpa contractedtodate
Targetingadditional2.1mtpa
ReachFIDuponcontracting
LiquefactionTrains45:InitiatedDevelopment
Artistsrendition
Designproductioncapacityisexpectedtobe~4.5mtpapertrain,
usingConocoPhillipsOptimizedCascadeProcess
PermitprocessstartedJune2015
CommencedConstructiononTrains12inMay2015
29
CCLEstimatedCashFlows
Trains12andTrains13
CCLestimatedcashflows
($inbillions)
CCLTrains12 CCLTrains13
$1.4
$1.9
LongtermSPAs
CMISPApayment(1)
$0.2
$0.5
(2)
$0.1
$1.7
$0.1
$2.5
PlantO&M
Plantmaintenancecapex(3)
Pipelinecosts(primaryplantandupstreampipelines)
TotalCCLoperatingexpenses
($0.2)
($0.1)
($0.1)
($0.4)
($0.2)
($0.1)
($0.2)
($0.5)
CCLEBITDA
Less:Projectlevelinterestexpense(4)
CCLdistributablecashflowtoCEI
$1.3
($0.5)
$0.8
$2.0
($0.7)
$1.3
Commoditypayments,net
TotalCCLrevenues
Note: EBITDAisanonGAAPmeasure.EBITDAiscomputedastotalrevenueslessnoncashdeferredrevenues,operatingexpenses,assumedcommissioningcostsandstateandlocaltaxes.Itdoes
notincludedepreciationexpensesandcertainnonoperatingitems.Becausewehavenotforecasteddepreciationexpenseandnonoperatingitems,wehavenotmadeanyforecastofnet
income,whichwouldbethemostdirectlycomparablefinancialmeasureundergenerallyacceptedaccountingprinciples,orGAAP,andweareunabletoreconciledifferencesbetween
forecastsofEBITDAandnetincome.EBITDAhaslimitationsasananalyticaltoolandshouldnotbeconsideredinisolationorinlieuofananalysisofourresultsasreportedunderGAAP,and
shouldbeevaluatedonlyonasupplementarybasis.
Assumesfuturelongtermcontractingofadditional~2.1MTPAatCCLTrain3(totalof10.5MTPAoflongtermSPAsatCCLTrains13)at$3.50perMMBtu.
(1)CMISPApaymentassumes100%utilizationat$3.00/MMBtu.
(2)Assumes$5.00/MMBtunaturalgaspriceandthatofftakerslift100%oftheirfullcontractualentitlement.Amountsarenetofestimatednaturalgastobeusedfortheliquefactionprocess.
(3)Majorityofcostsshownrelatedtoservicebasedpaymentstobecontractedoveramultiyearterm.
30 (4)AssumesdebtatCCLrefinancedat6.00%annualinterestrate.
CorpusChristiLiquefactionProjectSchedule
2015
1
2016
6
2017
2018
2019
2020
2021
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71
Train 1DFCD
Train1Guaranteed
CurrentLevel3Schedule
Oct19
Feb19
Train 2DFCD
Train2 Guaranteed
CurrentLevel3Schedule
Jul20
Jun19
Stage1(Trains1&2)overallprojectprogressasofSeptember2015isaheadoftarget:
Engineering,Procurement,andConstructionhasprogressedto82.0%,32.0%,and0.4%
comparedtoaplanof77.1%,21.5%,and0.9%respectively.
NTPissued,constructioncommencedforTrains12inMay2015
31
Note:BasedonGuaranteedSubstantialandTargetCompletionDatesperEPCcontract.
CorpusChristiLiquefactionSPAs
SPAprogress:~8.42mtpatakeorpaystylecommercialagreements
~$1.5Bannualfixedfeerevenuefor20years
PTPertamina
(Persero)
EndesaS.A.
IberdrolaS.A.
GasNaturalFenosa
WoodsideEnergy
Trading
lectricitde
France
EDPEnergiasde
PortugalS.A.
79.36
117.32
39.68
78.20
44.12
40.00
40.00
~$278MM
~$411MM
~$139MM
~$274MM
~$154MM
~$140MM
~$140MM
$3.50
$3.50
$3.50
$3.50
$3.50
$3.50
$3.50
115%ofHH
115%ofHH
115%ofHH
115%ofHH
115%ofHH
115%ofHH
115%ofHH
20years
20years
20years
20years
20years
20years
20years
N/A
N/A
N/A
GasNatural
SDG,S.A.
Woodside
Petroleum,LTD
N/A
N/A
Guarantor/Corporate
CreditRating(3)
BB+/Baa3/BBB
BBB/Baa2/BBB+
BBB/Baa1/BBB+
BBB/Baa2/BBB+
BBB+/Baa1/BBB+
A+/A1/A
BB+/Baa3/BBB
ContractStart
Train1/Train2
Train1
Train1/Train2
Train2
Train2
Train2
Train3
AnnualContract
Quantity(TBtu)
AnnualFixedFees(1)
FixedFees$/MMBtu(1)
LNGCost
TermofContract(2)
Guarantor
(1)12.75%ofthefeeissubjecttoinflationforPertamina;11.5%forWoodside;14%forallothers
(2)SPAhasa20yeartermwiththerighttoextenduptoanadditional10years.
(3)RatingsareprovidedbyS&P/Moodys/Fitchandsubjecttochange,suspensionorwithdrawalatanytimeandarenotarecommendationtobuy,holdorsellanysecurity.
32
Timeline&Milestones
TargetDate
SPL
Milestone
T14
T56
Initiatepermittingprocess(FERC&DOE)
Commercialagreements
T5
T6:2015/16
T1T2
T3:2015/16
2016/2017
EPCcontract
T5
T6:2015/16
2016/2017
Financingcommitments
T5
T6:2015/16
2016/2017
Regulatoryapprovals
2017
IssueNoticetoProceed
T5
T6:2015/16
T1T2
T3:2015/16
2017
Commenceoperations(1)
201517
2018/19
2018/19
2021/22
(1)EachTrainoftheSPLprojectisexpectedtocommenceoperationsapproximatelysixtoninemonthsaftertheprevioustrain.
Note:SeeForwardLookingStatementsslide.
33
Corpus Christi
T13
T45
LiveOakandLouisianaLiquefactionProjects1
MidscaleLNGprojectsUtilizingBechtel/ChartIndustriesTechnology
LiveOakLNGFacilityOverview
340acresontheCalcasieuChannel,
justnorthofCalcasieuLake
~5mtpa development
1berth,2LNGstoragetanks
ProjectUpdate
FERCprefilingexpectedin2015
FirstLNGexpected2021
LouisianaLNGFacilityOverview
400acresontheMississippiRiver,
~40milesdownstreamfromthe
PortofNewOrleans
~5mtpa development
1berth,2LNGstoragetanks
ProjectUpdate
FERCprefilingfor6mtpa inJuly2015
FirstLNGexpected2021
LiveOak
LNG
34
Louisiana
LNG
Artistsrenditionforbothprojects
(1)CheniereEnergy,Inc.hasagreedinprincipletopartnerwithParallaxEnterprises,LLContheseprojects
ApplicationsFiledwithFERCforLiquefactionProjects
ContinentalU.S.
FERCApproval
DOE
Non FTA
Final
Under
Construction
4/16/12
8/7/12
4/30/14
6/19/14
9/10/14
EIS
6/16/14
7/30/14
11/14/14
3/12/14
EA
5/15/14
9/29/14
5/7/15
8/31/12
2/12/14
EIS
10/8/14
12/30/14
5/12/15
T12:
2/27/13
9/30/13
11/03/14
EA
12/12/14
4/6/2015
6/26/15
T5:
1.2/0.8
2/29/12
5/22/13
7/16/14
EIS
9/30/15
OregonLNG
1.25
7/3/12
6/7/13
4/17/15
EIS
2/12/16
LakeCharlesLNG
2.0
3/30/12
3/25/14
1/26/15
EIS
8/14/15
Magnolia
1.08
3/20/13
4/30/14
4/30/15
EIS
11/16/15
SouthernLNG
0.5
12/5/12
3/10/14
GoldenPass
2.6
5/16/13
7/7/14
GulfLNG
1.3
12/6/12
6/19/15
EIS
CameronLNGExpansionT45
1.4
2/24/15
9/28/15
EIS
Quantity
Bcf/d
FERC
Prefiling
Date
FERC
Application
Date
FERC
Scheduling
NoticeIssued
EIS/
EA
SabinePassLiquefactionT14
2.8
7/26/10
1/31/11
12/16/11
EA
CameronLNGT13
1.7
4/30/12
12/10/12
11/21/13
EIS
FreeportLNG
1.4
0.4
12/23/10
8/31/12
1/6/14
DominionCovePointLNG
1.0
6/1/12
4/1/13
CorpusChristiLiquefactionT13
2.1
12/13/11
SabinePassLiquefactionT56
1.38
LNGExportProjects
JordanCoveEnergy
Scheduled
DateforEIS
orEA
EA
6/26/15
EA
3/4/16
6 projectshavereceivedFERCapprovalandfinalDOEapprovalforNonFTA
Source:OfficeofFossilEnergy,U.S.DepartmentofEnergy;U.S.FederalEnergyRegulatoryCommission;Companyreleases
35 Note:NationalEnvironmentalPolicyAct(NEPA)empowersFERCastheleadFederalagencytoprepareanEnvironmentalImpactStatementincooperationwithotherstateandfederalagencies
U.S.LNGExportProjects
Company
OregonLNG
DominionCovePoint
JordanCove
FreeportLNG
CorpusChristi
FERC
Contracts
CheniereSabine
PassT1 T4
2.2
Fullypermitted
Fully
Subscribed
Freeport
1.8
Fullypermitted
Fully
Subscribed
LakeCharles
2.0
DominionCove
Point
1.0
Fullypermitted
Fully
Subscribed
CameronLNGT13
1.7
Fullypermitted
Fully
Subscribed
FTA+
NonFTA
Fully
Subscribed
1.2/0.8
FTA+
NonFTA
OregonLNG
1.25
FTA+
NonFTA
GulfLNG
CheniereCorpus
ChristiT1 T3
2.1
Fullypermitted
Partially
Subscribed
LakeCharles
CheniereSabine
PassT5 T6
1.3
Fullypermitted
T5
Subscribed
SouthernLNG
0.5
FTA
Fully
Subscribed
MagnoliaLNG
0.5
FTA
Partially
Subscribed
FTA
Fully
Subscribed
GulfLNG
1.3
FTA
CameronLNGT45
1.4
FTA
Magnolia
CameronLNG
SabinePass
UnderConstruction
FiledFERCApplication
Source:OfficeofOilandGasGlobalSecurityandSupply,OfficeofFossilEnergy,U.S.DepartmentofEnergy;
U.S.FederalEnergyRegulatoryCommission;Companyreleases
36
DOE
JordanCove
SouthernLNG
GoldenPass
Quantity
(Bcf/d)
GoldenPassLNG
PlusotherproposedLNGexportprojectsthathavenotfiledaFERCapplication.
ExceleratehasrequestedthatFERCputonholdthereviewitsapplication.
Applicationfiling=
FERCschedulingnoticeissued=
InvestorRelationsContacts
RandyBhatia:Director,FinanceandInvestorRelations (713)3755479,randy.bhatia@cheniere.com
KatyCox:SeniorAnalyst,InvestorRelations (713)3755079,katy.cox@cheniere.com