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Cheniere Energy Inc. releases 2Q16 results

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LNG Industry,


Cheniere Energy Inc. has released its results for 2Q16, reporting a net loss of US$298.4 million – US$1.31 per share (basic and diluted). This is compared to a net loss of US$118.5 million – US$0.52 per share (basic and diluted) – in 2Q15. Net loss, as adjusted, was US$140.2 million – US$0.61 per share (basic and diluted) – for 2Q16. This is compared to 2Q15, when net loss, as adjusted, was US$211.2 million, or US$0.93 per share (basic and diluted).

In 1H16, Cheniere posted a net loss of US$619.3 million, or US$2.71 per share (basic and diluted). This is in comparison to a net loss of US$386.2 million – US$1.71 per share (basic and diluted) – in 1H15. Net loss, as adjusted, was US$278.3 million, or US$1.22 per share (basic and diluted), in 1H16. This is compared to 1H15, when net loss, as adjusted, was US$333.9 million, or US$1.47 per share (basic and diluted).

The President and CEO of Cheniere, Jack Fusco, said: “The second quarter of 2016 saw Cheniere's continued transition from a development company into an operating one. During the quarter we took over care, custody, and control of Train 1 of the Sabine Pass Liquefaction Project and commenced commercial sales of LNG. After substantial completion, we exported five cargoes of LNG under our contract with BG Gulf Coast LNG, LLC (Shell) as of the end of the second quarter. Commissioning activities at Train 2 continue with first LNG achieved in late July, and our remaining Trains under construction continue on time and on budget.

"On the financial front, we continued to manage our debt maturity profile by successfully issuing bonds to prepay a portion of the outstanding borrowings under credit facilities for both the Sabine Pass Liquefaction Project and the CCL Project."

Edited from press release by David Rowlands

Read the article online at: https://www.lngindustry.com/liquefaction/10082016/cheniere-energy-inc-releases-2q16-results-2887/


 

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