Cheniere Energy reported a net loss of $114 million in the second quarter, compared to a net loss of $18 million in the same period last year, and a net income of $27 million for the first half, compared to net income of $339 million. 

Net loss increased during the three months and net income decreased during the six months primarily due to increased total operating costs and expenses as a result of additional Trains in operation between each of the periods and certain maintenance and related activities at the SPL Project.

“The second quarter was highlighted by continued execution on our growth plans through a positive FID on Train 6 at Sabine Pass, continued commercial innovation with the long-term IPM contract with Apache, and continued financial discipline, reflected in the capital allocation framework we announced during the quarter,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “LNG volumes in our portfolio, via early completion of Trains and excellent operational performance at both Sabine Pass and Corpus Christi, continue to help offset relative softness in short-term LNG market pricing. Our outlook for the remainder of 2019 remains strong, and we are reiterating our full year Consolidated Adjusted EBITDA and Distributable Cash Flow guidance today.”

Consolidated adjusted EBITDA for the three months was $615 million, compared to $531 million due to increased income from operations. Consolidated adjusted EBITDA for the six months was $1.27 billion, compared to $1.44 billion due to decreased income from operations.

Liquefaction projects

Through Cheniere Partners, the company is developing six natural gas liquefaction Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (SPL Project). Trains 1 through 5 are operational and Train 6 is under construction.

It is also developing three Trains near Corpus Christi, Texas (CCL Project). Train 1 is operational, Train 2 is undergoing commissioning, and Train 3 is under construction.

Its Trains are expected to have a nominal production capacity of approximately 4.5 mtpa of LNG per Train, and average run rate adjusted nominal production capacity of approximately 4.7 to 5.0 mtpa of LNG per Train.

Cheniere is developing up to seven midscale liquefaction Trains adjacent to the CCL Project (Corpus Christi Stage 3), each with an expected nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, potential overdesign, and debottlenecking opportunities, of approximately 1.4 mtpa of LNG. The total expected nominal production capacity of the seven midscale Trains is approximately 9.5 mtpa of LNG. 

In June 2018, Cheniere filed an application with FERC to site, construct, and operate Corpus Christi Stage 3, and is in the process of obtaining all necessary regulatory approvals for Corpus Christi Stage 3.

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19th August 2019