Cheniere Energy Inc

The following table summarizes the sources and uses of our cash, cash equivalents and restricted cash and cash equivalents (in millions). The table presents capital expenditures on a cash basis; therefore, these amounts differ from the amounts of capital expenditures, including accruals, which are referred to elsewhere in this report. Additional discussion of these items follows the table.

Operating Cash Flows

The $3.0 billion decrease between the periods was primarily related to lower cash receipts from the sale of LNG cargoes due to a reduction in both pricing per MMBtu and volumes sold under short-term agreements, although this exposed us less to declining international LNG and gas prices in the current year as a higher proportion of our LNG was sold under long-term agreements. The decrease was partially offset by lower cash outflows for natural gas feedstock, largely due to the decline and sustained moderation of global LNG and gas prices as well as lower U.S. natural gas prices during the year ended December 31, 2024 as compared to December 31, 2023.

We became subject to the 15% CAMT in 2024. For the period ended December 31, 2024, our CAMT liability exceeded our regular tax liability by $383 million which created a CAMT credit carryforward with indefinite life. Our CAMT liability exceeded our regular tax liability in 2024 primarily because we used approximately $2.8 billion of our NOL carryover from 2019 to offset our regular taxable income; however, such NOL carryover does not factor into our CAMT computation resulting in a higher CAMT tax base. We may continue to owe CAMT in future periods until the time our existing NOL carryovers are fully exhausted. Additionally, any final regulatory guidance related to the CAMT issued in the future could significantly affect the timing and amount of our CAMT obligations.

During 2024, the IRS issued Notice 2024-66 which extended the due date of our CAMT estimated payments to April 15, 2025. As a result, the majority of our current tax expense incurred for the year ended December 31, 2024 will be paid in 2025.

Additionally, our cash taxes in the near term could potentially be impacted by possible new federal tax legislation being enacted. Several key provisions of the Tax Cuts and Jobs Act (the“TCJA”) are set to expire or change after 2025, raising the prospects for a new tax bill being enacted in 2025. While the current corporate tax rate of 21% established by the TCJA is permanent and not set to expire, President Trump has proposed reducing the rate to 15% for U.S. manufacturers. Any significant changes to the corporate tax rate, Foreign-Derived Intangible Income provisions, immediate expensing rules or other key tax policies in 2025 could affect our financial position and liquidity. While we are unable to predict the timing and scope of any potential tax legislation, we continue to monitor and assess any proposed tax law changes to determine the impact on our business, cash flows and financial results.

Investing Cash Flows

Our investing net cash outflows in both periods primarily were for the construction costs for the Corpus Christi Stage 3 Project, which were $1.5 billion during both the years ended December 31, 2024 and 2023, as well as for optimization and other site improvement projects. We expect to incur a proportional level of capital expenditures in the upcoming year as construction work progresses on the Corpus Christi Stage 3 Project.

Financing Cash Flows

The following table summarizes our financing activities (in millions):

Debt Issuances

The following table shows our debt issuances (in millions):

Debt Redemptions, Repayments and Repurchases

The following table shows the redemptions, repayments and repurchases of debt, including intra-year repayments (in millions):

Repurchase of Common Stock

During the years ended December 31, 2024 and 2023, we paid $2.3 billion and $1.5 billion to repurchase approximately 13.8 million and 9.5 million shares of our common stock, respectively, under our share repurchase program. As of December 31, 2024, we had approximately $3.9 billion remaining under our share repurchase program.

Cash Dividends to Stockholders

We paid aggregate dividends of $1.805 per share of common stock for a total of $412 million during the year ended December 31, 2024 and $1.62 per share of common stock for a total of $393 million during the year ended December 31, 2023.

On January 28, 2025, we declared a quarterly dividend of $0.50 per share of common stock that is payable on February 21, 2025 to stockholders of record as of the close of business on February 7, 2025.