LNG: Cheniere Gives Bechtel Green Light for New Corpus Christi Expansion

Rhea-AI Filing Summary

Cheniere Energy, Inc. (NYSE: LNG) filed an 8-K to disclose that on June 17, 2025 it reached a positive Final Investment Decision (FID) to move forward with the expansion of its Corpus Christi Liquefaction Project. The expansion, referred to as CCL Midscale Trains 8 & 9, encompasses two additional mid-scale liquefaction trains plus related debottlenecking infrastructure.

Following the FID, wholly-owned subsidiary Corpus Christi Liquefaction, LLC issued a Notice to Proceed to Bechtel Energy Inc. under a fixed-price, separated turnkey EPC contract, formally initiating construction activities.

In conjunction with the FID, the company released an updated long-term outlook that extends "run-rate" guidance beyond 2030. Details are contained in the furnished Exhibit 99.1 (press release) and Exhibit 99.2 (corporate presentation), both dated June 24, 2025. Under Item 7.01, the materials are deemed furnished—not filed—under the Exchange Act.

No financial statements were included, and the filing contains no quantitative CAPEX, capacity, or earnings projections. Nonetheless, the FID signals continued expansion of Cheniere’s LNG export capacity and underscores management’s confidence in global LNG demand.

Positive

• Positive Final Investment Decision for CCL Midscale Trains 8 & 9 advances growth pipeline.
• Notice to Proceed issued to Bechtel under fixed-price EPC, reducing cost-overrun risk.
• Updated long-term outlook furnished, signalling confidence in post-2030 cash flows.

Negative

• None.

Insights

Financial Analyst

TL;DR: FID for Corpus Christi Trains 8 & 9 confirms growth pipeline; EPC contract issued; positive strategic signal, limited financial detail.

The announcement shifts the Corpus Christi expansion from planning to execution, locking in Bechtel under a fixed-price EPC structure, which mitigates cost-overrun risk. While the 8-K does not disclose capex or incremental capacity, the decision strengthens Cheniere’s position as the leading U.S. LNG exporter. The furnished long-term outlook suggests management visibility on post-2030 cash flows, potentially supporting future dividend or buyback flexibility. Absent financial metrics, investors will await the presentation for IRR and funding mix detail, but directionally the disclosure is positive for growth and valuation.

Project Finance Specialist

TL;DR: Fixed-price EPC with Bechtel and formal NTP reduce execution uncertainty; credit profile impact depends on undisclosed funding plan.

Issuing the Notice to Proceed the same day as FID implies advanced contractual readiness and could compress the construction timeline. Bechtel’s track record at Corpus Christi lowers performance risk. Yet, without capex and financing structure, leverage impact remains unknown. From an execution standpoint the filing is constructive, but bondholders will seek clarity on debt issuance versus cash flow funding.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 17, 2025

CHENIERE ENERGY, INC.

(Exact name of registrant as specified in its charter)

Delaware			001-16383			95-4352386
(State or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

845 Texas Avenue, Suite 1250

Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

(713) 375-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

    Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, $0.003 par value			LNG			NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On June 24, 2025, Cheniere Energy, Inc. (the “Company”) issued a press release and posted a presentation announcing, among other things, (i) the final investment decision (“FID”) with respect to the investment in the development, construction and operation of an expansion of the Corpus Christi Liquefaction Project, consisting of two additional midscale liquefaction trains and other debottlenecking infrastructure (“CCL Midscale Trains 8 & 9”) and (ii) an updated Company outlook, including run-rate, beyond 2030 (“Company Outlook”).

The Company’s press release and presentation announcing the FID and updated Company Outlook are attached as Exhibit 99.1 and Exhibit 99.2 to this report, respectively, and are incorporated herein by reference.

The information included in this Item 7.01 of this Current Report on Form 8-K, including the attached Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

Final Investment Decision

On June 17, 2025, the Company and its subsidiaries made a positive final investment decision with respect to the investment in the development, construction and operation of CCL Midscale Trains 8 & 9.

Notice to Proceed

On June 17, 2025, Corpus Christi Liquefaction, LLC, a wholly owned subsidiary of the Company, issued a notice to proceed to Bechtel Energy Inc. (“Bechtel”) under the fixed price separated turnkey engineering, procurement and construction contract related to CCL Midscale Trains 8 & 9 with Bechtel to commence construction of CCL Midscale Trains 8 & 9.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.						Description
99.1*						Press Release, dated June 24, 2025
99.2*						Corporate Presentation, dated June 24, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Furnished herewith.

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CHENIERE ENERGY, INC.

Date:

June 24, 2025

By:

/s/ Zach Davis

Name:

Zach Davis

Title:

Executive Vice President and

Chief Financial Officer

FAQ

What major decision did Cheniere Energy (LNG) announce in its June 17 2025 8-K?

A positive Final Investment Decision to build Corpus Christi Liquefaction Midscale Trains 8 & 9.

Who will construct Corpus Christi Midscale Trains 8 & 9 for Cheniere?

Cheniere issued a Notice to Proceed to Bechtel Energy Inc. under a fixed-price EPC contract.

Are the press release and presentation considered "filed" with the SEC?

No. Under Item 7.01 they are furnished, not filed, and are not incorporated into Securities Act or Exchange Act filings.

When were the supporting press release and presentation dated?

Both Exhibit 99.1 and Exhibit 99.2 are dated June 24, 2025.

What exchange and ticker symbol does Cheniere Energy trade under?

The company’s common stock trades on the NYSE under symbol LNG.