Cheniere Posts Quarterly Loss

Cheniere Energy reported a net loss attributable to common stockholders of $97.8 million for the three months ended March 31, 2014, compared to a net loss attributable to common stockholders of $117.1 million for the comparable 2013 period.

Results include significant items for the three months ended March 31, 2014 of $46.8 million, compared to $34.6 million for the comparable 2013 period.

The significant items related to LNG terminal development expenses and derivative losses. LNG terminal development expenses were primarily for the liquefaction facilities being developed by the company at Corpus Christi and at the Sabine Pass LNG terminal.

Sabine Pass Liquefaction Project

Through Cheniere Partners the company is developing up to six natural gas liquefaction trains, each with an expected nominal production capacity of approximately 4.5 mtpa at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners has received Federal Energy Regulatory Commission (FERC) and Department of Energy (DOE) approvals for Trains 1 through 4, and the company has filed all required regulatory applications with the FERC and DOE to develop Trains 5 and 6.

The Trains are in various stages of development.

– Construction on Trains 1 and 2 began in August 2012, and as of March 31, 2014, the overall project for Trains 1 and 2 was approximately 63% complete, which is ahead of the contractual schedule. Based on the company’s current construction schedule,Cheniere anticipates that Train 1 will produce LNG as early as late 2015.

– Construction on Trains 3 and 4 began in May 2013, and as of March 31, 2014, the overall project for Trains 3 and 4 was approximately 27% complete, which is ahead of the contractual schedule. To date, soil stabilization has been completed and pile driving, the next critical path item, is underway. Cheniere expects Trains 3 and 4 to become operational in late 2016 and 2017, respectively.

– The company continues to make progress with the development of Trains 5 and 6. To date Cheniere has completed two LNG SPAs for approximately 3.75 mtpa in aggregate of LNG volumes that commence with the date of first commercial delivery for Train 5. In September 2013, Cheniere filed a complete application with the FERC and has received authorizations from the DOE to export 503 Bcf of LNG volumes from Trains 5 and 6 to free trade agreement (FTA) countries. Non-FTA authorization is pending.

Press Release, May 2, 2014; Image: Cheniere

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