Cheniere Energy Reports 28% Revenue Growth to $5.444 Billion in Q1 2025

Cheniere Energy, Inc. reported significant financial results for the first quarter of 2025, with total revenues reaching $5.444 billion, a 28% increase from $4.253 billion in the same period of 2024. The rise in revenue was primarily driven by a substantial increase in LNG revenues, which rose to $5.305 billion from $4.037 billion year-over-year. However, net income attributable to Cheniere decreased to $353 million, down from $502 million in the prior year, reflecting a decline in profitability despite higher revenues. The net income per share attributable to common stockholders was $1.57, compared to $2.14 in the previous year.

The company's operating costs also saw a significant increase, totaling $4.483 billion, up from $3.099 billion in the prior year. This increase was largely attributed to a $932 million rise in the cost of natural gas feedstock, driven by higher U.S. natural gas prices. Additionally, unfavorable changes in the fair value of derivative instruments accounted for a $439 million impact on costs. The overall increase in operating expenses outpaced revenue growth, contributing to the decline in net income.

Strategically, Cheniere has made notable advancements, including the substantial completion of the first Train of the Corpus Christi Stage 3 Project in March 2025, which is expected to add over 10 million tonnes per annum (mtpa) of operational liquefaction capacity. The company is also pursuing further expansions at both the Sabine Pass and Corpus Christi LNG terminals, with plans for additional midscale Trains that could increase production capacity significantly. As of March 31, 2025, Cheniere's total production capacity is expected to exceed 55 mtpa, with over 8 mtpa still under construction.

Operationally, Cheniere loaded approximately 608 TBtu of LNG during the first quarter, with 609 TBtu recognized in revenue. The company has contracted about 95% of its anticipated production from its liquefaction projects through long-term sales agreements, providing a stable revenue base. As of the end of the quarter, Cheniere had approximately 4,070 cumulative LNG cargoes produced and exported from its facilities. The company also reported a decrease in sublease income from LNG vessels, which fell to $35 million from $105 million in the previous year, reflecting fewer days of subleasing and lower rates.

Looking ahead, Cheniere remains focused on disciplined growth and capital allocation, with plans to continue investing in its liquefaction infrastructure. The company has approximately $10.553 billion in available liquidity, including cash and credit facilities, to support its ongoing projects and operational needs. Cheniere's management expressed confidence in its ability to navigate market conditions and capitalize on the growing demand for LNG, while also managing risks associated with commodity price volatility and operational challenges.