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Cheniere Energy, Inc.
Cheniere Reports Second Quarter 2017 Results, Raises Full Year Guidance



Aug 11, 2017

During the three months ended June 30, 2017, the decrease in net loss was primarily due to increased income from operations, decreased derivative loss, net and decreased loss on early extinguishment of debt, which were partially offset by an increased allocation of net income to non-controlling interest due primarily to the amortization of the beneficial conversion feature on Cheniere Partners' Class B units and increased interest expense, net of amounts capitalized. During the six months ended June 30, 2017, the decrease in net loss was primarily due to increased income from operations and decreased derivative loss, net, which were partially offset by increased allocation of net income to non-controlling interest, increased interest expense, net of amounts capitalized, and loss on early extinguishment of debt. During the three and six months ended June 30, 2017, 48 and 91 LNG cargoes, respectively, were exported from the SPL Project, of which zero and 7, respectively, were commissioning cargoes.

Consolidated Adjusted EBITDA2 for the three and six months ended June 30, 2017 was $371 million and $854 million, respectively, compared to a loss of $4 million and $48 million for the comparable 2016 periods. The increases in Consolidated Adjusted EBITDA during the respective periods were primarily due to increased income from operations.

"Today I'm pleased to announce our solid second quarter results, which are once again driven by execution and operational excellence across the company, and an increase in our full year 2017 guidance" said Jack Fusco, Cheniere's President and CEO. "The quarter was highlighted by the commencement of our long-term contract with KOGAS and securing equity financing for the Midship Project. Subsequent to the end of the quarter, our long-term contract with Gas Natural Fenosa commenced and first LNG production occurred from Train 4 at Sabine Pass.

"We are revising our 2017 guidance upward as our operating results year-to-date have exceeded our expectations, primarily due to LNG trains entering service ahead of schedule and the ramp-up in LNG production levels occurring faster than we'd forecast earlier this year. During the second half of 2017, our focus remains on bringing Train 4 at Sabine Pass online safely and efficiently, executing on our commercialization strategies, and delivering on our increased 2017 guidance."

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Cheniere Energy Inc.
www.cheniere.com


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