Cheniere Narrowed Losses in 2017, Reports Q4 Profit

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(Image Courtesy: The New York Times)

Houston’s Cheniere Energy reported a fourth-quarter profit and narrowed its annual losses last year as the pioneer U.S. exporter of liquified natural gas ramped up shipments from its Sabine Pass facility in Louisiana.

The company reported a USD 393 million annual loss in 2017, compared to a USD 610 million loss in 2016. In the fourth quarter alone, it reported a USD 127 million profit, up from USD 110 million during the same period a year earlier.

The company’s annual revenue more than quadrupled to 5.6 billion, up from roughly USD 1.3 billion in 2016. In the fourth quarter, revenue rose to about USD 1.75 billion from USD 572 million a year earlier.

Cheniere was the first among several companies developing LNG projects to export the fuel from the U.S. It made its first shipment in 2016 out of its Sabine Pass hub, which is now expanding to support more production and exports.

Last year, the company shipped 205 LNG cargoes out of Sabine Pass. It has exported about 300 cargoes to 25 countries and regions worldwide since launching operations there.

In a statement, president and CEO Jack Fusco called 2017 “a breakthrough year for Cheniere, with milestone achievements throughout the company.”

Cheniere is also working to open a terminal at the Port of Corpus Christi. It has started construction on two liquefaction plants to convert the gas into liquid, and it’s planning to build a third if it secures enough sale contracts.

Cheniere earlier this month announced a deal to sell LNG to China’s state-owned oil company under two contracts extending through 2043. That deal will support the Corpus Christi development.

(Source: Chron)

Sea News, February 22