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Cheniere reports record 4Q19 and full year 2019 results

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LNG Industry,


Cheniere has reported its results for 4Q19 and full year 2019 and reconfirmed its full year 2020 guidance.

Recent highlights

Strategic
  • In November 2019, Cheniere received approval from the US Federal Energy Regulatory Commission (FERC) to site, construct and operate the Corpus Christi Stage 3 project, which is being developed for up to seven mid scale liquefaction trains with an expected aggregate nominal production capacity of approximately 10 million tpy of LNG.
Operational
  • As of 21 February 2020, over 1000 cumulative LNG cargoes totalling over 70 million t of LNG have been produced, loaded and exported from our liquefaction projects.
Financial
  • For the year ended 31 December 2019, Cheniere reported net income of US$648 million, Consolidated Adjusted EBITDA of US$2.95 billion, and Distributable Cash Flow of approximately US$780 million.
  • During the year ended 31 December 2019, pursuant to its capital allocation framework, Cheniere repurchased an aggregate of 4.0 million shares of its common stock for US$249 million under its share repurchase program and prepaid US$153 million of outstanding borrowings under the Cheniere Corpus Christi Holdings, LLC (CCH) credit facility.
  • In October 2019, CCH issued an aggregate principal amount of US$475 million of 3.925% Senior Secured Notes due 2039 pursuant to a note purchase agreement with certain accounts managed by BlackRock Real Assets and MetLife Investment Management, to prepay a portion of the outstanding indebtedness under the CCH credit facility.
  • In November 2019, CCH issued an aggregate principal amount of US$1.5 billion of 3.700% Senior Secured Notes due 2029, to prepay a portion of the outstanding indebtedness under the CCH credit facility.

CEO comments

“2019 was an incredible year for Cheniere as we achieved significant milestones in securing our growth, exhibiting execution and operating excellence, demonstrating capital discipline, and further solidifying our position as a global leader in LNG,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “2019 was highlighted by reaching a positive final investment decision (FID) on Train 6 at Sabine Pass, achieving major commercial and regulatory milestones for the Corpus Christi Stage 3 project, launching our capital allocation plan, and placing three trains into service within budget and on average more than nine months ahead of schedule.

“We managed our operations effectively and delivered financial results within our guidance ranges for the year. Our focus on execution and operational excellence enabled us to increase our run-rate LNG production and financial guidance. We are laser-focused on delivering on our promises to our customers and stakeholders in 2020, despite some short-term LNG market headwinds. Today, we are reconfirming our 2020 guidance of Consolidated Adjusted EBITDA of US$3.8 billion to US$4.1 billion, and Distributable Cash Flow of US$1.0 billion to US$1.3 billion.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/26022020/cheniere-reports-record-4q19-and-full-year-2019-results/

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