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Houston based Cheniere Energy reported mixed fourth quarter earnings Tuesday, missing on the top line but beating revenues by over $500 million. $LNG last quarter gained from higher LNG revenue, and the natural gas company raised guidance for global demand. 

Cheniere LNG

Cheniere Energy, Inc. NYSEAMERICAN: LNG Reported Earnings Before Open Tuesday

$0.26 Missed $0.35 EPS But $2.38B Beat $1.76 billion forecast in revenue 

Earnings

Cheniere Energy Inc. (LNG) on Tuesday reported fourth-quarter earnings of $67 million, or $0.26 per share. This compares with $127 million, or $0.54 per share, in last year's fourth quarter. The company's revenue for the quarter rose 36.0% to $2.38 billion from $1.75 billion last year.  The earnings missed analysts’ consensus estimates for an EPS for the quarter of $0.36. The companyy delivered EBITDA of $634 million, forecasts were looking for EBITDA of $562 million for the quarter ending December 31. In the same quarter in 2017, the company reported earnings of $545 million. In the third quarter, Cheniere Energy posted an EBITDA of $538 million.

However Cheniere Energy beat the revenue expected of $1.76 billion for the fourth quarter by over $500 million. In the fourth quarter of 2017, the company generated total revenues of $1.75 billion. Cheniere Energy started the liquefied natural gas production at its Corpus Christi terminal in November. The company has recorded substantial earnings growth over the last few years as LNG shipments kicked in. 

Cheniere Energy, Inc. NYSEAMERICAN: LNG

Market Reaction - Pre Market $65.09 ▲ 0.56 (+0.87%)

LNG Projects update 0219

Highlights

  • In December 2018, Sabine Pass Liquefaction, LLC (“SPL”) entered into a 20-year LNG Sale and Purchase Agreement (“SPA”) with PETRONAS LNG Ltd. for the sale of approximately 1.1 million tonnes per annum (“mtpa”) of LNG, commencing on the date of first commercial delivery for Train 6 of the SPL Project (defined below).
  • In November 2018, we entered into a 24-year LNG SPA with Polish state-owned oil and gas company Polskie Gornictwo Naftowe i Gazownictwo S.A. for the sale of approximately 1.45 mtpa of LNG, with deliveries to commence in 2019 and the full annual quantity to commence in 2023.
  • In November 2018, SPL entered into an Engineering, Procurement, and Construction (“EPC”) contract with Bechtel Oil, Gas and Chemicals, Inc. (“Bechtel”) for Train 6 of the SPL Project. SPL has also issued limited notices to proceed (“LNTP”) to Bechtel to commence early engineering, procurement, and site works.
  • As of February 20, 2019, over 575 cumulative LNG cargoes have been produced, loaded and exported from the SPL Project and the CCL Project (defined below), including more than 270 cargoes in 2018.
  • LNG from the SPL Project and the CCL Project has been delivered to 32 countries and regions worldwide. In November 2018 and December 2018, the first LNG commissioning cargoes were exported from Train 5 of the SPL Project and Train 1 of the CCL Project, respectively.
  • For the twelve months ended December 31, 2018, $LNG achieved net income1 of over $470 million, Consolidated Adjusted EBITDA of over $2.6 billion and Distributable Cash Flow of approximately $600 million.
  • In December 2018, $LNG amended and restated its existing revolving credit facility to, among other changes, increase total commitments to $1.25 billion, reduce the interest rate and extend the maturity date to December 2022.
  • Borrowings will be used to fund the development of the CCL Project and, provided that certain conditions are met, for general corporate purposes.

Cheniere Global LNG Q 4 2018

 

Cheniere Energy Q3 Earnings Recap

$0.26 Beat $0.24 EPS and $1.82 billion Beat $1.50 billion forecast in revenue 

Earnings

Cheniere Energy Inc. (LNG) on Thursday reported third-quarter net income of $65 million, after reporting a loss in the same period a year earlier. On a per-share basis $LNG had profit of 26 cents beating expectations of 24 cents per share.  Revenue of $1.82 billion was well ahead of an expected $1.5 billion. 

Last quarter Cheniere Energy reported a net loss of $18 million, or $0.07 per share (basic and diluted), for the three months ended June 30, 2018, compared to a net loss of $285 million, or $1.23 per share (basic and diluted), for the comparable 2017 period. $LNG posted revenue of $1.54 billion short of Street forecasts of $1.61 billion. EPS also fell short with estimates of seven analysts looking for earnings of 32 cents per share.

Cheniere Energy, Inc. NYSEAMERICAN: LNG

Market Reaction - Pre Market $63.85 ▲ $1.77 (+2.85%)

Highlights

  • Cheniere exported 65 cargoes of LNG during the three months, up from 44 in the year-earlier quarter.
  • As of October 31, 2018, more than 215 cargoes have been produced, loaded, and exported from the SPL Project year to date.
  • To date, more than 475 cumulative LNG cargoes have been exported from the SPL Project, with deliveries to 29 countries and regions worldwide.
  • In August 2018, feed gas was introduced to Train 1 of the CCL Project (defined below) as part of the commissioning process.
  • In September 2018, feed gas was introduced to Train 5 of the SPL Project as part of the commissioning process, and first LNG production from Train 5 occurred in October 2018.
  • Financial For the nine months ended September 30, 2018, we achieved Consolidated Adjusted EBITDA of over $2.0 billion and Distributable Cash Flow of approximately $470 million.

Outlook

  • Cheniere raised its guidance for adjusted earnings to between $2.45 billion and $2.55 billion for 2018 overall, from $2.30 billion to $2.50 billion previously.
  • For 2019, the company expects adjusted earnings of $2.90 billion to $3.20 billion.

"In September 2018, we closed the previously announced merger of Cheniere Energy Partners LP Holdings, LLC (“Cheniere Partners Holdings”) with our wholly owned subsidiary. As a result of the merger, all of the publicly-held shares of Cheniere Partners Holdings not owned by us were canceled and shareholders received 0.4750 shares of our common stock for each publicly-held share of Cheniere Partners Holdings."

About Cheniere

Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing, constructing, and operating liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.

Source: Cheniere

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