Cheniere Announces Substantial Completion of Train 1 at the Corpus Christi Stage 3 Project

Rhea-AI Summary

Cheniere Energy (NYSE: LNG) has achieved Substantial Completion of Train 1 at the Corpus Christi Stage 3 Liquefaction Project (CCL Stage 3) on March 16, 2025, ahead of schedule and on budget. Bechtel Energy has transferred control of Train 1 to Cheniere, enabling LNG sales to be reflected in Cheniere's financial statements.

The project's key milestones include: Full notice to proceed issued in June 2022, first LNG production in December 2024, and first cargo loaded in February 2025. As of January 31, 2025, the overall project completion stands at 78.3%, with engineering at 97.6%, procurement at 97.2%, subcontract work at 88.8%, and construction at 45.5% complete.

CCL Stage 3 comprises seven midscale trains with an expected total production capacity of over 10 million tonnes per annum (mtpa) of LNG. Upon completion of all seven trains, the Corpus Christi facility's total production capacity will exceed 25 mtpa of LNG.

Positive

• Train 1 completed ahead of schedule and on budget
• Project execution showing strong progress with 78.3% overall completion
• LNG sales from Train 1 to be immediately reflected in financial statements
• Additional 10 mtpa production capacity to be added through Stage 3 expansion

Negative

• Construction phase still only 45.5% complete

Insights

Financial Analyst

Cheniere Energy's announcement of substantial completion of Train 1 at the Corpus Christi Stage 3 Project marks a significant operational achievement with immediate financial implications. This milestone was reached ahead of schedule and on budget - a remarkable accomplishment in the capital-intensive LNG industry where delays and cost overruns are common.

With this completion, financial results from LNG sales from Train 1 will now flow directly to Cheniere's bottom line, creating an immediate new revenue stream that will positively impact upcoming quarterly results. This represents the first of seven midscale trains in the Stage 3 expansion, which collectively will add over 10 million tonnes per annum (mtpa) of LNG production capacity.

The overall project execution demonstrates exceptional operational discipline, with the project at 78.3% completion as of January 31, 2025. The accelerated timeline - from notice to proceed in June 2022 to first cargo in February 2025 - validates Cheniere's brownfield expansion model, which offers significant cost and timing advantages over greenfield developments.

This Train 1 completion derisks the remaining construction process and strengthens Cheniere's competitive position in the global LNG market at a time of strong worldwide demand. When all seven trains achieve substantial completion, Cheniere's Corpus Christi facility will reach a total production capacity exceeding 25 mtpa, solidifying its position as a premier global LNG supplier with expanded cash flow generation capabilities.

HOUSTON--(BUSINESS WIRE)-- Cheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) today announced that Substantial Completion of Train 1 at the Corpus Christi Stage 3 Liquefaction Project (“CCL Stage 3”) was achieved on March 16, 2025. Commissioning is complete and Cheniere’s engineering, procurement and construction partner, Bechtel Energy, Inc. (“Bechtel”) has turned over care, custody, and control of Train 1 and associated systems to Cheniere. With the achievement of Substantial Completion, financial results from liquefied natural gas (“LNG”) sales from Train 1 going forward will be reflected in the statement of operations of Cheniere and its applicable affiliates.

“The substantial completion of the first train of CCL Stage 3 - ahead of schedule and on budget - marks another important milestone for Cheniere and further builds upon the track record of excellence in execution consistently delivered by the Cheniere and Bechtel teams,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “We remain focused on safely and efficiently bringing the remaining CCL Stage 3 trains online ahead of schedule, providing much-needed new LNG supply to the global market, and creating long-term value for our stakeholders by growing the Corpus Christi platform with disciplined, brownfield growth."

Full notice to proceed on CCL Stage 3 was issued to Bechtel by Cheniere in June 2022, with first LNG production from Train 1 achieved in December 2024 and the first cargo loaded in February 2025. CCL Stage 3 consists of seven midscale trains, with an expected total production capacity of over 10 million tonnes per annum (“mtpa”) of LNG. As of January 31, 2025, overall project completion for CCL Stage 3 was 78.3%, which reflects engineering 97.6% complete, procurement 97.2% complete, subcontract work 88.8% complete and construction 45.5% complete. Upon substantial completion of all seven trains of CCL Stage 3, the expected total production capacity of the Corpus Christi liquefaction facility will be over 25 mtpa of LNG.

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 over 46 mtpa of LNG in operation and an additional 8+ 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, Dubai and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250316960570/en/

Cheniere Energy, Inc.

Investors

Randy Bhatia

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Frances Smith

713-375-5753

Media Relations

Randy Bhatia

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Bernardo Fallas

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Source: Cheniere Energy, Inc.

FAQ

What is the production capacity of Cheniere's CCL Stage 3 project once all trains are completed?

CCL Stage 3 will have a total production capacity of over 10 million tonnes per annum (mtpa) of LNG across its seven trains.

When did Cheniere achieve Substantial Completion of Train 1 at CCL Stage 3?

Substantial Completion of Train 1 was achieved on March 16, 2025, ahead of schedule and on budget.

What is the current completion status of Cheniere's CCL Stage 3 project?

As of January 31, 2025, the project is 78.3% complete overall, with engineering at 97.6%, procurement at 97.2%, subcontract work at 88.8%, and construction at 45.5%.

When did Cheniere's CCL Stage 3 Train 1 begin production and ship its first cargo?

First LNG production began in December 2024, with the first cargo loaded in February 2025.

What will be the total LNG production capacity of Cheniere's Corpus Christi facility after Stage 3 completion?

Upon completion of all seven trains of CCL Stage 3, the total production capacity will exceed 25 mtpa of LNG.