Cheniere Partners, a partnership established by the Houston-based LNG exporter Cheniere Energy reported a drop in earnings for the first quarter of the year as new LNG trains spring into action.
Cheniere Partners reported a net income of $385 million for the three months ended March 31, 2019, compared to net income of $335 million for the comparable 2018 period.
The increase in net income during the three months ended March 31, 2019, was primarily due to increased income from operations from additional natural gas liquefaction train in operation at the Sabine Pass liquefaction project and increased net gain from changes in fair value of commodity derivatives, the partnership said in its report.
Income from operations increased $55 million during the three months ended March 31, 2019, as compared to the three months ended March 31, 2018.
The partnership noted that during the three months under review, 77 LNG cargoes were exported from the Sabine Pass liquefaction project, three of which were commissioning cargoes.
Five cargoes exported from the project and sold on a delivered basis were in transit as of March 31, 2019, none of which were commissioning cargoes, the partnership said.