Houston based Cheniere Energy reported better than expected first quarter earnings Thursday.$ LNG saw higher LNG demand From Asia and the natural gas company guding higher for global demand.
Houston based Cheniere Energy reported better than expected first quarter earnings Thursday.$ LNG saw higher LNG demand From Asia and the natural gas company guding higher for global demand.
Earnings
Cheniere Energy Inc. (LNG) first-quarter net income was $357 million or on a per-share basis $1.50. Earnings, adjusted for non-recurring gains, were $1.18 per share beating Wall Street expectations of 62 cents per share. Revenue of $2.24 billion beat analysts who expected $1.52 billion.
Cheniere Energy, Inc. NYSEAMERICAN: $LNG
Market Reaction – Pre-market 61.00 +2.02 (+3.42%)
Highlights
- In February 2018 $LNG into two LNG Sale and Purchase Agreements (“SPAs”) with PetroChina International Company Limited, a subsidiary of China National Petroleum Corporation, for the sale of approximately 1.2 million tonnes per annum (“mtpa”) of LNG through 2043, with a portion of the supply beginning in 2018 and the balance beginning in 2023.
- In January 2018 $LNG entered into a 15-year LNG SPA with Trafigura Pte Ltd for the sale of approximately 1 mtpa of LNG beginning in 2019.
- As of April 30, approximately 90 cargoes have been produced, loaded, and exported from the SPL Project in 2018.
- To date, approximately 350 cumulative LNG cargoes have been exported from the SPL Project, with deliveries to 26 countries and regions worldwide.
- During the first quarter 2018, we delivered 30 cargoes totaling over two million tonnes of LNG exported from the SPL Project and sold by our integrated marketing function.
- For the first quarter of 2018, we achieved Consolidated Adjusted EBITDA of over $900 million and Distributable Cash Flow of approximately $270 million.
- In March 2018, the date of first commercial delivery (“DFCD”) was reached under the 20-year SPA with GAIL (India) Limited relating to Train 4 of the SPL Project.
Train 5 and 6 Update
Cheniere expect Sabine Pass Train 5 and Corpus Christi Train 1 to come online in the first quarter of 2019. Corpus Christi Train 2 will follow in the second half of 2019.
Cheniere said Train 6 of the Sabine Pass Liquefaction facility is currently being commercialized and all regulatory approvals are in place.
Source: Cheniere
From The Traders Community Research Desk