Continued Execution on ‘20/20 Vision’
Comprehensive Long-Term Capital Allocation Plan
- Increasing share repurchase authorization by an additional $4
billion through 2027
- Plan to increase third quarter 2024 dividend by ~15% to $2.00
per common share annualized1
Cheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) announced today
that its Board of Directors has approved an increase in its share
repurchase authorization by an additional $4 billion through 2027,
and a plan to increase its quarterly dividend by approximately 15%
to $2.00 per common share annualized, commencing with the third
quarter 2024.
Today’s announcement highlights Cheniere’s robust cash flow
generation and visibility while demonstrating further execution on
Cheniere’s ‘20/20 Vision’ capital allocation plan (the “Plan”).
Introduced in 2022, the Plan is designed to enable continued
investment in Cheniere’s robust and accretive organic growth
project pipeline, return meaningful capital to shareholders via
share repurchases and a stable and growing dividend, and achieve
and maintain investment grade credit metrics. Since the Plan’s
announcement, Cheniere has funded accretive, brownfield growth,
bringing the Corpus Christi Stage 3 Project to over 60% complete2,
repurchased approximately 10% of shares outstanding while growing
its dividend by over 30%, and achieved investment grade ratings
throughout the corporate structure.
“These increases reflect the continued follow through with our
‘20/20 Vision’ capital allocation plan, which is enabled by
Cheniere’s outstanding financial performance, as well as our
steadfast commitment to safety and operational excellence
throughout our business. The new repurchase authorization will
enable us to further reduce share count, and the increased dividend
will enhance capital returns while retaining significant financial
flexibility to fund accretive growth,” said Zach Davis, Cheniere’s
Executive Vice President and Chief Financial Officer. “This
announcement solidifies our line of sight towards the goals of the
capital allocation plan to maximize shareholder value by deploying
over $20 billion of available cash towards accretive growth,
capital returns, and a sustainable investment grade balance sheet,
in order to generate over $20 per share in run-rate distributable
cash flow for shareholders.”
Members of Cheniere’s executive management are scheduled to
present at the 2024 J.P. Morgan Energy, Power and Renewables
Conference in New York City on June 18, 2024 at 11:30 AM Eastern
Time. Related presentation materials are available on the Cheniere
website at www.cheniere.com.
1 Subject to declaration by Board of Directors. 2 Corpus Christi
Stage 3 project completion is as of May 31, 2024 and reflects
engineering 92.9% complete, procurement 78.0% complete, subcontract
82.1% complete and construction 22.3% complete.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of
LNG in the United States, reliably providing a clean, secure, and
affordable solution to the growing global need for natural gas.
Cheniere is a full-service LNG provider, with capabilities that
include gas procurement and transportation, liquefaction, vessel
chartering, and LNG delivery. Cheniere has one of the largest
liquefaction platforms in the world, consisting of the Sabine Pass
and Corpus Christi liquefaction facilities on the U.S. Gulf Coast,
with total production capacity of approximately 45 mtpa of LNG in
operation and an additional 10+ mtpa of expected production
capacity under construction. Cheniere is also pursuing liquefaction
expansion opportunities and other projects along the LNG value
chain. Cheniere is headquartered in Houston, Texas, and has
additional offices in London, Singapore, Beijing, Tokyo, and
Washington, D.C.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Quarterly Report on Form 10-Q for the
quarter ended March 31, 2024, filed with the Securities and
Exchange Commission.
Dividends
Future amounts and payment dates of quarterly cash dividends
will be subject to the determination and approval of Cheniere’s
Board of Directors. The decision by the Board of Directors whether
to pay any future dividends and the amount of any such dividends
will be based on, among other things, Cheniere's financial
position, results of operations, cash flows, capital requirements,
restrictions under Cheniere's existing credit agreements and the
requirements of applicable law.
Share Repurchase Authorization
Under the share repurchase authorization, repurchases can be
made from time to time using a variety of methods, which may
include open market purchases, privately negotiated transactions or
otherwise, all in accordance with the rules of the Securities and
Exchange Commission and other applicable legal requirements. The
timing and amount of any shares of Cheniere’s common stock that are
repurchased under the share repurchase authorization will be
determined by Cheniere’s management based on market conditions and
other factors. The share repurchase authorization does not obligate
Cheniere to acquire any particular amount of common stock, and may
be modified, suspended or discontinued at any time or from time to
time at Cheniere’s discretion.
Forward-Looking Statements
This press release contains certain statements that may include
“forward-looking statements” within the meanings of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical or present facts or conditions, included herein are
“forward-looking statements.” Included among “forward-looking
statements” are, among other things, (i) statements regarding
Cheniere’s financial and operational guidance, business strategy,
plans and objectives, including the development, construction and
operation of liquefaction facilities, (ii) statements regarding
regulatory authorization and approval expectations, (iii)
statements expressing beliefs and expectations regarding the
development of Cheniere’s LNG terminal and pipeline businesses,
including liquefaction facilities, (iv) statements regarding the
business operations and prospects of third-parties, (v) statements
regarding potential financing arrangements, (vi) statements
regarding future discussions and entry into contracts, (vii)
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, and (viii) statements relating to our
goals, commitments and strategies in relation to environmental
matters. Although Cheniere believes 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. Cheniere’s 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 Cheniere’s periodic reports that are filed with and
available from the Securities and Exchange Commission. You should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Other than as
required under the securities laws, Cheniere does not assume a duty
to update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240617114817/en/
Cheniere Energy, Inc.
Investors Randy Bhatia,
713-375-5479 Frances Smith, 713-375-5753
Media Relations Eben
Burnham-Snyder, 713-375-5764 Bernardo Fallas, 713-375-5593
Cheniere Energy (NYSE:LNG)
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