Cheniere posts losses, Sabine Pass passes 200 LNG cargoes mark

Cheniere posts losses, Sabine Pass passes 200 LNG cargoes markCorpus Christi liquefaction project (Image courtesy of Cheniere)

The US LNG export player, Cheniere, reported a net loss of $289 million for the third quarter of 2017, compared to $101 million net loss in the corresponding period a year ago. 

The company has also reported a net loss of $520 million for the first nine months period of 2017, compared to $720 million in the first nine months of 2016.

Speaking of the company results, Jack Fusco, Cheniere’s president and CEO said that the company plans to increase the full year 2017 guidance and is unveiling its guidance for the full year 2018.

Cheniere increased its 2017 EBITDA guidance to $1.9 billion from $1.8 billion previously. The 2018 EBITDA guidance has been increased from $1.9 billion to $2.1 billion.

“We are revising our 2017 guidance upward as operating results continue to exceed earlier expectations, and we have greater certainty on results as we approach the end of the year. Our 2018 guidance range is driven primarily by LNG production scenarios at Sabine Pass and expected market pricing for LNG during 2018,” Fusco said.

During the three and nine months ended September 30, 2017, 44 and 135 LNG cargoes, respectively, were exported from the Cheniere’s Sabine Pass project, of which 5 and 12, respectively, were commissioning cargoes, the company said in its quarterly report.

In terms of volumes, the facility loaded 144 trillion British thermal units (TBtu) for the quarter, and 439 TBtu for the nine-month period.

Cheniere’s liquefaction projects

“The third quarter was highlighted by the commencement of our long-term contract with Gas Natural Fenosa and the successful commissioning of Train 4 at Sabine Pass. Train 4 recently achieved Substantial Completion, and we’ve now brought the first four Trains online in less than 17 months, all of them ahead of schedule and within budget,” Fusco said.

As of October 31, the project, currently the only such a facility to export US shale gas overseas, shipped more than 200 LNG cargoes with deliveries completed to 25 countries.

The company said it has completed its FEED study on a midscale liquefaction solution for the Corpus Christi expansion project and began the process of amending the filing with the Federal Energy Regulatory Commission to incorporate midscale liquefaction technology.

The project involves up to seven midscale liquefaction trains adjacent to the Corpus Christi liquefaction project, each with an expected nominal production capacity of approximately 1.4 mtpa of LNG. The total expected nominal production capacity of the seven midscale trains is approximately 9.5 mtpa.

 

LNG World News Staff

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Posted on November 14, 2017 with tags .

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