Analyst Note| Stephen Ellis |
Cheniere reported a good third quarter, in our view, as it heads into the winter season and higher expected liquefied natural gas demand. 2020 EBITDA guidance is unchanged at $3.8 billion-$4.1 billion, but we expect results closer to the low end of the range at $3.8 billion due primarily to weak marketing margins. Management introduced 2021 EBITDA guidance of $3.9 billion-$4.2 billion, and our $4.1 billion estimate falls solidly within that range. The bulk of the improvement reflects the startup of Corpus Christi Train 3 during the year.