Cheniere LNG corporate
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Report summary
The successful start of operations at Sabine Pass has propelled Cheniere into the world's top five largest LNG producers. Four of its trains are operational and three more will start next year, including two trains at Corpus Christi. Plans to grow its US footprint include capacity expansions at both its terminals as well as investments along the value chain in new pipeline infrastructure. Its US-centric position exposes it to competition from other developers in the Gulf Coast, as well as challenges in marketing LNG on an alternative to Henry Hub. But it is also one of its strategic advantages, having access to abundant resources and the deep liquidity of the US gas market, in one of the world's most cost-competitive locations to build an LNG facility.
Table of contents
- Executive summary
-
Recent developments
- February 2018 – CNPC SPA
- January 2018 – Trafigura SPA
- November 2017 – CNPC MOU
- June 2017 – Cheniere could benefit from US-China 100-day plan
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LNG strategy
- Liquefaction and marketing ownership structure
- CMI Marketing
- Financial impact to Cheniere from low utilisation is relatively small
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Long-term growth ambitions
- Liquefaction expansion projects
- Value chain integration
- Refinancing
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LNG assets
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Gas into LNG
- Sabine Pass
- Midship pipeline
- Corpus Christi
- Liquefaction capacity
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Operating/Post FID
- Sabine Pass - The first of a new wave of LNG export projects from the US
- Corpus Christi
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Planned/Pre FID
- Corpus Christi Train 3
- Sabine Pass Train 6
- Corpus Christi Expansion (Phase 3)
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Gas into LNG
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Supply-demand balances
- Committed LNG
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Value Drivers
- Production efficiency
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Contract pricing
- Corpus Christi
- CMI trading and marketing
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Risks and uncertainties
- Trading revenue will be affected by international price movements
- Low risk of GAIL contract renegotiation
- Feedgas supply is paramount
- LNG competition intensifying in the Gulf Coast
Tables and charts
This report includes 12 images and tables including:
- SWOT analysis
- Sales contract pricing
- Liquefaction projects
- Effective Liquefaction Capacity by equity (mmtpa)
- LNG assets: Table 2
- Cheniere Shipping - Owned and Chartered
- Cheniere Shipping Utilisation (mmcm/MT LNG)
- Cheniere's sales contracts
- Supply-demand balances: Image 1
- Supply-demand balances: Image 2
- Cheniere Sabine Pass Long-Term Sales (Trains 1-5)
- Cheniere Corpus Christi Long-Term Sales (Trains 1-2)
What's included
This report contains:
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