Cheniere Energy : Fourth Quarter and Full Year 2023 Conference Call Presentation

Cheniere Energy, Inc.

Fourth Quarter and Full Year 2023

February 22, 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 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

Randy Bhatia

Vice President, 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

Fourth Quarter & Full Year 2023 Highlights & 2024 Guidance

Consolidated Adjusted EBITDA

		$11,564	$8,771
	$1,650
$3,100
4Q 2022	4Q 2023	FY 2022	FY 2023

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

~$2,320	~$1,050		~$8,720		~$6,510
4Q 2022 4Q 2023		FY 2022	FY 2023

Net Income

>$20 >$20 Execution on '20/20 Vision' in 2023

• ~$1.2 billion of long-term debt reduction
• 7 credit rating upgrades, achieving investment grade throughout Cheniere corporate structure
• ~9.5 million shares repurchased for ~$1.5 billion
• $1.66/sh dividends declared
• ~$1.5 billion capex funded for CCL Stage 3

Commercial Strength in 2023

Signed >6.5 mtpa of long-term contracts expected to support the SPL Expansion Project, representing >119 million tonnes in aggregate volumes between 2026-2050

Loaded first cargo in February 2024 at the start of the DFCD(2) window of the 1.1 mtpa

SPA

			$9,881
$3,937	$1,377	$1,428
4Q 2022	4Q 2023	FY 2022	FY 2023

Operational Excellence		CCL Stage 3 Project - 51.4% Complete(3)
Top-decile(1) TRIR of 0.10 for the full year
	Engineering	Procurement	Subcontract Work	Construction
Record 615 TBtu of LNG loaded in 4Q
				11.1%
Record 169 cargoes exported in 4Q	83.7%	72.2%	66.9%

	Note: $ in millions unless otherwise noted. Net income as used herein refers to Net income attributable to common (1)
5	stockholders on our Statement of Operations. Consolidated Adjusted EBITDA and Distributable Cash Flow are non-
	GAAP measures. A definition of these non-GAAP measures and a reconciliation to Net income attributable to	(2)
	common stockholders, the most comparable U.S. GAAP measure, is included in the appendix.	(3)

TRIR top decile is based on Bureau of Labor Statistics data available for companies with 1,000+ employees and various North American Industry Classification System Codes.

DFCD represents Date of First Commercial Delivery. As of December 31, 2023.

Cheniere Regulatory Update

P Supports the U.S. Economy

P Enhances Energy Security

PFacilitates Global Decarbonization

Corpus Christi Stage 3Sabine Pass LiquefactionCorpus Christi Liquefaction

Update		Project	FERC		DOE	Status
	FTA		Non-FTA
Sabine Pass Trains 1-6	P	P		P	Operational
Regulatory		Corpus Christi Trains 1-3	P	P		P	Operational
		CCL Stage 3	P	P		P	Under Construction
			>50% Complete(1)
Cheniere		CCL Midscale Trains 8 & 9	Environmental Assessment (EA) expected	P		Pending(2)	Targeting FID 2025
	March 2024
		SPL Expansion Project	In Pre-Filing; Full application expected to	Not submitted		Not submitted	Targeting FID 2026
		be submitted Q1'24

6 (1) CCL Stage 3 Project completion percentage as of December 31, 2023 and reflects: engineering 83.7% complete, procurement 72.2% complete, subcontract work 66.9% complete and construction 11.1% complete.

1. Subject to the receipt of regulatory permit approval from the FERC.

Commercial Update

Anatol Feygin, EVP and CCO

Global LNG Trade Grew to over 400 MT in 2023

Global LNG Demand

MT				Asia			Europe		Americas			MENA
450										+5%	+3%
								+5%	403
					+0%	393
400	+12%
							374
	356			357
350					-4%	-9%	+60%	+0%
300
+74%
250
200
+3%			+3%	+8%	-7%	+4%
150
100
50

0

2019

2020

2021

2022

2023

Top 3 LNG Exporters in 2023

Gas and LNG Prices

MT					$/MMBtu								Average JKM Price
				85
9					75	JKM - TTF spread					($/MMBtu)
									2020		$3.83
					65	Henry Hub
	The US became the			86 MT	JKM						2021		$15.03
			55
	top monthly LNG			United	TTF						2022		$34.25
			45
	exporter in April			States								2023		$16.13
					35
8					25
					15
				81 MT	5
				-5
				Australia
					2020		2021		2022			2023	2024
7				80 MT	U.S. LNG Exports by Destination
				Qatar
					MT
					25			In Transit	Latin America	MENA
					20										7%
6					15		17%			Asia			26%
					10		47%
					5					Europe			65%
					0		34%
5					1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
Jan	Feb Mar Apr May Jun	Jul	Aug Sep	Oct Nov Dec		2021			2022			2023

8 Sources: Cheniere Research, Kpler, CME, ICE, S&P Global.

LNG Trade Remains Delicately Balanced

LNG Imports to Europe(1)

EU+UK Gas Demand YoY Variance by Sector EU Gas Storage Levels

MT						5-Yr Range					Bcm	Industry	Power	LDZ	Total Demand Variance	%	% Full												Bcm
14						2023						4							8%	100												100
12						2022
											2							4%	80
																															80
10												0							0%
																		60
8																															60
											-2							-4%
6													-6%			-5%										5-Yr Range
																40										40
												-4							-8%									5-Yr Average
4
																										2023
												-10%	-10%						20
												-6		-12%		-11%	-12%									2022			20
2
0																				0									2021			0
											-8							-16%
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Italy	UK	Germany	France	Spain	Netherlands		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec

LNG Imports to Asia

Asia LNG Imports YoY Variance

China Gas Demand YoY Variance

MT											China					MT				7.5	Bcm
					5-Yr Range				Thailand						2.9								+0.2	+28.3
																					+0.8
30						2023					India							2.0			30			+4.5	+1.8
										Singapore						1.1
						2022
										Bangladesh						0.8				25
																				+9.0
											Indonesia						0.8
25											Philippines						0.6				20
										Hong Kong						0.4
											Pakistan						0.2				15	+12.0
											Taiwan						0.2
20											Vietnam						0.1				10
										Myanmar						0.0
											Malaysia					-0.1					5
											South Korea				-1.5
15											Japan		-6.0								0
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	-8	-6	-4	-2	0	2	4	6	8		Industrial	City Gas	Power	Chemical	Exports	UGS	Total
																											Injections	Increase

9	Source: Cheniere Research, Kpler, Commodity Essentials, GIE, OIES, METI.
(1) Major European markets' gas demand and power generation include data from Germany, UK, Italy, France, Spain, and the Netherlands.

Sustained Demand for Natural Gas Through 2050 & Beyond

Global Coal Consumption at All-Time High

MT
8,800		+220				+98	+31
8,600																			-107									8,536
																							-97
		8,415																-24
8,400
8,200
		Global China	India ASEAN			EU				USA				RoW			Global
2022																									2023

Global Power Generation YoY Change

TWh				Renewables		Coal		Gas		Other Fossil		Nuclear		Hydro
800
600
400
200
0
-200

-400

China

India

EU

USA

RoW(1)

Global Gas Demand Forecasts

	Asia Pacific
	Europe
	Latin America and Caribbean
Bcm	Middle East, Africa, Russia and Caspian
North America
5,000	IEEJ-ATS Forecast	CAGR
	S&P Global Forecast	2018-50
4,500
4,000
3,500		+1.7%
3,000		-2.5%
		+0.4%
2,500
2,000
		+0.2%
1,500
1,000
500		+0.7%
0	Area chart represents Wood Mackenzie forecast

Global coal consumption was up 1.4% in 2023, primarily in price sensitive emerging and developing economies

Global electricity demand met predominately by coal, despite expansion of renewables

Coal remains the largest source of power generation globally; Gas to play an important role in helping reduce coal consumption and lowering GHG emissions

Longer term, gas demand growth expected to be driven by developing economies - which favors continued LNG supply growth

Strong and sound clean energy policies require an increase in natural gas infrastructure

10 Sources: IEA "Coal 2023" report, EMBER, Wood Mackenzie "Global Demand December 2023", S&P Global, IEEJ 2023 Forecast.

(1) ROW power generation data for December 2023 are internal estimates based on historical data.