Stabilis logs higher revenues, LNG deliveries

Houston-based Stabilis Solutions on Wednesday reported an increase in quarterly revenues and volumes as the small-scale LNG player continues to expand its operations.

For the third quarter, the company reported record revenues of $19.7 million, an increase of 118% from the same period last year and an increase 23% from the prior quarter.

The company’s previous revenue high-water mark was $17.7 million in the first quarter of this year, Stabilis said in its quarterly report.

Revenues from Stabilis’ LNG segment reached $17.8 million, a $10.1 million increase compared to the same period last year, and $3.4 million above the second quarter.

Also, the company delivered a record of 15 million gallons of LNG to customers during the third quarter, an increase of 6.8 million gallons from the same period last year and up 1.4 million gallons from the second quarter.

However, Stabilis recorded a net loss for the quarter of $4.6 million, compared to a loss of $2.1 million in the same period last year and 1 million in the second quarter.

The firm has this year signed several deals with ports in Texas and in Louisiana as it looks to boost its LNG bunkering business.

These include the Port of Port Arthur, the Cameron Parish Port, Harbor & Terminal District, Port Isabel Logistical Offshore Terminal, the Port of Galveston, and the Port of Corpus Christi.

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