Cheniere’s quarterly revenues rise

US liquefied natural gas exporter Cheniere posted a 20 percent increase in first-quarter revenues while net profit rose to $375 million.

The LNG company reported revenues of $2.71 billion in the January-March period, compared to $2.26 billion in the same period the year before.

Net income increased by $234 million year-on-year primarily due to increased total margins which rose on larger volumes coming from additional trains in operation, Cheniere said.

Cheniere currently operates five production units at its Sabine Pass facility and two at Corpus Christi. It is is also building one additional train at each of the liquefaction terminals.

As of April 27, more than 1,100 cumulative LNG cargoes totaling over 75 million tonnes have been exported from Cheniere’s terminals.

Cheniere shipped 128 LNG cargoes during the March quarter.

The Covid-19 coronavirus pandemic also affected the LNG company’s operations.

Cheniere’s chief executive Jack Fusco said he first quarter was defined by “unprecedented” circumstances.

“Our focus at Cheniere has been to protect the health and safety of our workforce, ensure continuity of construction and operations to deliver on our obligations to our customers, and to support the communities where we live and work with assistance needed to provide critical services,” he said.

Fusco reconfirmed Cheniere’s full-year 2020 guidance of consolidated adjusted EBITDA of $3.8 to $4.1 billion, and distributable cash flow of $1 to $1.3 billion.

Most Popular

Atlantic LNG shipping rates, European prices down

Atlantic LNG freight shipping rates and European prices decreased this week compared to the week before.

Glenfarne becomes majority owner of Alaska LNG

US energy firm Glenfarne has signed definitive agreements with state-owned Alaska Gasline Development Corporation to become the majority owner of the giant Alaska LNG export project.

Petronas to supply LNG to PetroVietnam Gas

Malaysian energy giant Petronas will supply liquefied natural gas (LNG) to PetroVietnam Gas, a unit of state-owned PetroVietnam, next month. The two firms will also look into the possibility of signing long-term LNG contracts.

More News Like This

Cheniere ships 4,000th LNG cargo

US LNG exporting giant Cheniere has produced and exported the 4,000th cargo of liquefied natural gas from its Sabine Pass and Corpus Christi terminals since 2016.

Cheniere completes first train at Corpus Christi expansion project

US LNG exporting giant Cheniere has achieved substantial completion of the first liquefaction train at the Corpus Christi Stage 3 expansion project in Texas.

Cheniere gets FERC OK for two more Corpus Christi LNG trains

US LNG exporting giant Cheniere has received approval from the US FERC to build two more midscale trains at its Corpus Christi LNG plant in Texas.

Corpus Christi LNG expansion project 78.3 percent complete

The Stage 3 expansion project at Cheniere’s Corpus Christi LNG export plant in Texas is 78.3 percent complete.