Cheniere Energy, Inc.

Filing receipts

“30 Table of Contents The following is an expanded discussion of the material drivers of the variance in net income (loss) attributable to Cheniere: Revenues The $424 million increase in total revenues during the three months ended March 31, 2026 as compared to the same period of 2025 was primarily attributable to: • 1.3 billion increase primarily due to higher pricing per MMBtu from increased Henry Hub pricing, to which the majority of our long-term LNG sales contracts are indexed, as well as higher volumes of LNG delivered as LNG revenues between the periods; partially offset by: • $952 million of unfavorable changes in the fair value of agreements accounted for as derivative instruments i...”

“Our operating results, excluding these items discussed above, were favorable during the three months ended March 31, 2026 as compared to the same period of 2025 due to higher total margins primarily from higher volumes delivered, which increased by 66 TBtu, largely due to the first four Trains of the Corpus Christi Stage 3 Project in operation throughout the three months ended March 31, 2026 as compared to the first Train of the Corpus Christi Stage 3 Project in operation for only half a month during the same period in 2025 and from contributions from optimization activities, and to a lesser degree from the relative portion of our cargoes sold that is subject to global LNG pricing.”

“Net income (loss) attributable to Cheniere Net income (loss) attributable to Cheniere declined by $3.9 billion during the three months ended March 31, 2026 as compared to the same period of 2025, primarily due to $4.8 billion of unfavorable changes in the fair value of agreements accounted for as derivative instruments (before tax and the impact of NCI), largely associated with our long-term IPM agreements.”