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Cheniere releases 2Q19 results

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LNG Industry,


Cheniere Energy, Inc. has reported its 2Q19 results and reconfirms full year 2019 guidance.

Recent highlights

Strategic

  • In May 2019, the company’s wholly owned subsidiary Cheniere Corpus Christi Liquefaction Stage III, LLC entered into an integrated production marketing (IPM) transaction with Apache Corp. to purchase 140 billion Btu/d of natural gas, for a term of approximately 15 years, at a price based on international LNG indices, net of a fixed liquefaction fee and certain costs incurred by Cheniere.
  • In May 2019, the board of directors of the general partner of Cheniere Energy Partners, L.P. made a positive final investment decision (FID) with respect to Train 6 of the SPL Project and issued a full notice to proceed with construction to Bechtel Oil, Gas and Chemicals, Inc. in June 2019.

Operational

  • As of 31 July 2019, over 750 cumulative LNG cargoes have been produced, loaded and exported from our liquefaction projects.
  • In June 2019, first LNG production from Train 2 of the CCL project occurred, and the first commissioning cargo from Train 2 was exported.

Financial

  • For the six months ended 30 June 2019, the company reported a net income of US$27 million, Consolidated Adjusted EBITDA of US$1.27 billion, and Distributable Cash Flow of approximately US$320 million.
  • In June 2019, the company announced a capital allocation framework which prioritises investments in the growth of our liquefaction platform, improvement of consolidated leverage metrics, and a return of excess capital to shareholders under a 3 year, US$1 billion share repurchase program.
  • In June 2019, the date of first commercial delivery was reached under the 20-year LNG Sale and Purchase Agreements (SPAs) with Endesa S.A. and PT Pertamina (Persero) relating to Train 1 of the CCL Project.
  • In June 2019, Cheniere Corpus Christi Holdings, LLC and its subsidiaries, as guarantors, entered into a note purchase agreement with Allianz Global Investors GmbH to issue an aggregate principal amount of US$727 million of 4.8% Senior Secured Notes due 2039, with closing and funding of the notes conditional in part on the notes receiving at least two investment grade ratings within 18 months of the date of the note purchase agreement.
  • In May 2019, Cheniere Partners entered into 5-year, US$1.5 billion credit facilities, which consist of a US$750 million delayed draw term loan and a US$750 million revolving credit facility, to fund a portion of the development and construction of Train 6, a third LNG berth, and supporting infrastructure at the SPL Project.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/08082019/cheniere-releases-2q19-results/

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LNG project news US LNG news LNG export news Current LNG projects