Cheniere Energy : First Quarter 2024 Conference Call Presentation

Cheniere Energy, Inc.

First Quarter 2024

May 3, 2024

Safe Harbor Statements

Forward-Looking Statements

This presentation contains certain statements that are, or may be deemed to be, "forward-looking 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 or present facts or conditions, included or incorporated by reference herein are "forward- looking statements." Included among "forward-looking statements" are, among other things:

• statements regarding the ability of Cheniere Energy Partners, L.P. to pay or increase distributions to its unitholders or Cheniere Energy, Inc. to pay or increase dividends to its shareholders or participate in share or unit buybacks;
• statements regarding Cheniere Energy, Inc.'s 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 or portions 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, or any expansions or portions thereof, 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 Cheniere's capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan;
• statements regarding our future sources of liquidity and cash requirements;
• statements relating to the construction of our proposed liquefaction facilities and natural gas liquefaction trains ("Trains") and the construction of our pipelines, 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, natural gas, 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 or pipelines, including the financing of such Trains or pipelines;
• 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, capital expenditures, maintenance and operating costs, free cash flow, run rate SG&A estimates, cash flows, EBITDA, Consolidated Adjusted EBITDA, distributable cash flow, distributable cash flow per share and unit, deconsolidated debt outstanding, and deconsolidated contracted 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 relating to our goals, commitments and strategies in relation to environmental matters;
• 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 non-historical or future information.

These forward-looking statements are often identified by the use of terms and phrases such as "achieve," "anticipate," "believe," "contemplate," "continue," "could," "develop," "estimate," "example," "expect," "forecast," "goals," "guidance," "intend," "may," "opportunities," "plan," "potential," "predict," "project," "propose," "pursue," "should," "subject to," "strategy," "target," "will," and similar terms and phrases, or by use of future tense. Although we believe that the expectations reflected in these forward-looking 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 forward-looking statements, which speak only as of the date of this presentation. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in "Risk Factors" in the Cheniere Energy, Inc. and Cheniere Energy Partners, L.P. Annual Reports on Form 10-K filed with the SEC on February 22, 2024, which are incorporated by reference into this presentation. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these "Risk Factors." These forward-looking statements are made as of the date of this presentation, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.

Reconciliation to U.S. GAAP Financial Information

The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934, as amended. Schedules are included in the appendix hereto that reconcile the non-GAAP financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.

2

Agenda

Introduction

Frances Smith

Director, Investor Relations

Company Highlights

Jack Fusco

President and Chief Executive Officer

Commercial Update

Anatol Feygin

Executive Vice President and Chief Commercial Officer

Financial Review

Zach Davis

Executive Vice President and Chief Financial Officer

Q & A

3

Operating and Financial Highlights

Jack Fusco, President and CEO

First Quarter 2024 Highlights & Full Year 2024 Guidance

Consolidated Adjusted EBITDA

$3,599	$1,773
1Q 2023	1Q 2024

Reconfirming Financial Guidance		FY 2024
	($ billions, except per unit data)
	Consolidated Adjusted EBITDA	$5.5	-	$6.0
	Distributable Cash Flow	$2.9	-	$3.4
	CQP Distribution per Unit	$3.15	-	$3.35

Distributable Cash Flow

~$2,940

~$1,160

1Q 2023

1Q 2024

Net Income

$5,434	$502
1Q 2023	1Q 2024

>$20 >$20 ~$2 Billion of Capital Allocation in 1Q'24

• >7.5 million shares repurchased for ~$1.2 billion
• $150 million of long-term debt reduction
• $0.435/sh dividend declared for 1Q'24
• ~$514 million capex funded for CCL Stage 3

Operational Excellence in 1Q'24

• 601 TBtu of LNG loaded
• 166 cargoes exported
• Successfully managed indirect impacts from freeze

Expansion Projects Update

• First LNG from Train 1 of CCL Stage 3 project expected by year-end 2024
• In February, filed application1 with FERC to site, construct & operate the SPL Expansion Project
• In February, filed application1 with DOE requesting authorization to export to FTA & non-FTA countries from the SPL Expansion Project

CCL Stage 3 Project - 55.9% Complete2

Engineering	Procurement	Subcontract Work	Construction
89.3%	74.8%	75.4%	16.5%

Note: $ in millions unless otherwise noted. Net income as used herein refers to net income attributable to Cheniere on our Statement of Operations. Consolidated Adjusted EBITDA and Distributable Cash Flow are non-GAAP measures.

5 A definition of these non-GAAP measures and a reconciliation to Net income attributable to Cheniere, the most comparable U.S. GAAP measure, is included in the appendix.

1. Excludes debottlenecking potential.
2. As of March 31, 2024.

Leveraging Brownfield Infrastructure Platform

Corpus Christi Stage 3

Corpus Christi Midscale Trains 8 & 9

SPL Expansion Project & Growth

10+

MTPA

• 55.9% complete and ahead of schedule1
• First LNG expected by year-end
• Substantial completion forecast 1H 2025 - 2H 2026
• ~$3.5B capex funded to-date

~5 MTPA2

• FERC application filed in March 2023; DOE application filed in April 2023
• Up to ~2.8 mtpa of long-term contracts available

Up to

~20

MTPA2

• FERC & DOE applications3 both filed in February 2024
• Up to ~6.5 MTPA of long-term contracts available

Cheniere Investment Parameters are the Foundation of Disciplined, Accretive Growth

P

Highly Contracted

P

Value Accretive

P

Credit Accretive

Targeting 80-90% liquefaction capacity	Attractive unlevered returns under run-rate	Committed to conservative funding
contracted long-term with creditworthy	LNG market scenarios & exceeds CEI	that enhances Investment Grade
counterparties prior to FID	cost of equity / return in stock	balance sheet

1. CCL Stage 3 Project completion percentage as of March 31, 2024 and reflects: engineering 89.3% complete, procurement 74.8% complete, subcontract work 75.4% complete and construction 16.5% complete.

6 2. Includes debottlenecking potential.

3. Excludes debottlenecking potential.

The Benefits of U.S. LNG Are Clear

Facilitates Decarbonization

•P	Enables decarbonization from
	coal-to-gas switching
•P	Supports deployment of
	renewable energy
•P	Underpins role of the U.S. in
	worldwide emissions reductions

80-99%	47-57%	~8.5 GT	~700 MT
Less air pollutant	Less GHG emissions	Record high global	Reduction in CO2
emissions from coal-
emissions vs. coal1	vs. coal2	coal use in 2023
to-gas switching3

Enhances Energy Security & Economic Development

•P	Supports developing economies'
	ability to grow while transitioning
	to cleaner-burning, affordable, &
	more reliable energy production

•P Taps abundant & low-cost natural resources while stabilizing domestic gas markets

# 1 Supplier	1 LNG Cargo	~30% Lower	>75%
of LNG to Europe in	Energy to provide	Average heat rate of	of total U.S. natural
2022 & 2023 thanks	heat for ~1 million	natural gas vs. coal &	gas resource
to destination	people for a winter	petroleum5	economic
flexibility	month in Europe4		<$4/MMBtu 6

1. ~82% less Nitrogen Oxides, ~99% less Sulfur Dioxides, ~100% less mercury emissions. National Energy Technology Laboratory (2016); National Petroleum Council (2011). Compares emissions when used in combined-cycle power plants.

7 2. Roman-White et al., 2021, LNG Supply Chains. Reflects estimates in China. Compares emissions when used for power generation on a life-cycle basis.

3. Globally, from 2011-2020. IEA (July 2019), The Role of Gas in Today's Energy Transitions. Additional provisional data provided in February 2021.

1. Estimate for U.K. / Germany based on publicly available government data.
2. EIA (2022). Reflects average operating heat rates for electric power plants in the utility and independent power producer sectors.
3. S&P Global Platts (2023).

Commercial Update

Anatol Feygin, EVP and CCO

LNG Trade Highlights Emergence of Price Sensitive Buyers

Global Gas Price Benchmarks

Tenders Awarded for Asia Delivery1

U.S. LNG Exports by Destination

$/MMBtu						# of Cargoes
80			Average Prices $/MMBtu	180
	JKM - TTF spread		JKM	TTF		Other Asia
	Henry Hub		1Q 2023	$26.04	$19.47	160	India
	JKM		1Q 2024	$11.90	$9.41		China
60		YoY Change	-54%	-52%
TTF
					140
40						120
						100
20						80
0						60
						40
-20						20
						0
-40						1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q
2020	2021	2022	2023	2024			2022				2023			2024

Source: ICIS.

MT

25

In Transit

Middle East - North Africa

Latin America

20

15

10

Europe

5

Asia

0

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2021

2022

2023

2024

Source: Kpler, ICIS, CME, ICE, S&P Global.

9

1.

Cheniere Research interpretation of Independent Commodity Intelligence Service (ICIS) data. Chart includes both short and long-term tenders and excludes swaps.

Market Beginning to Shift from Europe to Asia

Gas Demand in Key Markets YoY Variance LNG Imports to Europe1

Gas Demand in Key European Markets2

Bcm (Bars)	LDC	Power	Industrial	Other	Total YoY (%)	% (Dots)	MT												Bcm
1	5%	14												50
										5-Yr Range										5-Yr Range
						4%	12						2024												2024
												2023						40						2023
0						0%
-1%					10
																		30
		-2%	-3%				8
			-4%
-1					-5%	6
																20
				-9%			4
-2					-10%													10
					2
							0												0
							Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec

LNG Imports to Asia

China Gas & LNG Demand YoY Variance

Asia LNG Imports YoY Variance

MT		Bcm		MT
29	5-Yr Range	6		4.5
27	2024		Gas Demand	3.5
	2023	4
25
			2.5
23		2		1.5
21
19		0	LNG Imports	0.5
17				-0.5
15		-2		-1.5

MT 5

4

3

2

1

0 -1-2-3

India

Thailand

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan 2023

Apr 2023

Jul 2023

Oct 2023

Jan 2024

China

South Asia

Southeast Asia

JKT

Source: Cheniere Research, Kpler, Commodity Essentials, SIA.

10 1. Europe LNG imports include Turkey.

2. European gas demand include data from Italy, Spain, United Kingdom, Germany, France and the Netherlands.