Cheniere Energy, Inc. (NYSE MKT:LNG) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 11:00 am ET


Cheniere Energy, Inc. (NYSE MKT:LNG) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Cheniere Energy Inc. 2Q 2020 Earnings Call and Webcast. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Randy Bhatia, VP of Investor Relations. Please go ahead sir.

Randy Bhatia

Thank you, operator. Good morning everyone, and welcome to Cheniere's second quarter 2020 earnings conference call. The slide presentation and access to the webcast for today's call are available at

Joining me today are Jack Fusco, Cheniere's President and CEO; Anatol Feygin, Executive Vice President and Chief Commercial Officer; and Zach Davis, Senior Vice President and CFO. Before we begin, I would like to remind all listeners that our remarks, including answers to your questions may contain forward-looking statements and actual results could differ materially from what is described in these statements.

Slide 2 of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, we may include references to certain non-GAAP financial measures such as consolidated adjusted EBITDA and distributable cash flow. A reconciliation of these measures to the most comparable GAAP financial measure can be found in the appendix to the slide presentation.

As part of our discussion of Cheniere's results, today's call may also include selected financial information and results for Cheniere Energy Partners LP or CQP. We do not intend to cover CQP's results separately from those of Cheniere Energy Inc. The call agenda is shown on Slide 3. Jack will begin with operating and financial highlights, Anatol will then provide an update on the LNG market and Zach will review our financial results and guidance. After prepared remarks, we will open the call for Q&A.

I'll now turn the call over to Jack Fusco, Cheniere's President and CEO.

Jack A. Fusco

Thank you, Randy, and good morning everyone. I'm pleased to be here today to review our results from the second quarter of 2020. We had an outstanding quarter, especially considering the impact of the COVID-19 pandemic on the global economy and energy markets, on how people live and work and how companies worldwide have had to adapt through everyday operations.

The current environment has presented challenges, but the resiliency of our customer-oriented business and the professionalism and resolute focus of the Cheniere workforce continues to deliver outcomes, which benefit all of our stakeholders. The second quarter was highlighted by a number of significant achievements across multiple phases of our business and our visibility on achieving our 2020 financial targets remain steadfast.

Before I get started though, I'm sure you noticed this morning's personnel announcement of the departure of Michael Wortley, as Cheniere's CFO. I want to personally thank Michael for standing by my side over the last four years. And more importantly, for all of his contributions to Cheniere's success over the last close to 16 years. Michael will be missed and we wish him well on his future endeavors.

Succession planning and employee development are core principles here at Cheniere and for our Board. And I am pleased to announce that