US LNG export player Cheniere reported a jump in its quarterly net income and revenue as production continued to rise at its Sabine Pass facility in Louisiana.
Cheniere posted net income of $357 million, or $1.52 per share, compared to net income of $54 million, or $0.23 per share for the comparable 2017 period.
The increase in net income was primarily due to increased income from operations as a result of additional trains in operation at the Sabine Pass liquefaction end export project, the company said on Friday.
The company’s revenues rose to $2.4 billion in the quarter under review as compared to $1.21 billion the year before.
During the three months, 67 LNG cargoes were exported from the Sabine Pass facility. Three cargoes exported from the facility and sold on a delivered basis were in transit as of March 31, Cheniere has said.
“Our record first quarter 2018 results are the product of a robust LNG market and superior execution throughout the company, and we are raising our full year 2018 guidance to reflect our year to date performance coupled with LNG market pricing that is stronger and more durable than we previously forecast,” said Jack Fusco, Cheniere’s President and CEO.
“Solid LNG market fundamentals and the strategic positioning of our world-class LNG platform reinforce my confidence in our long-term growth prospects. We continue to progress Train 3 at Corpus Christi and expect to make a positive final investment decision on that project in the coming weeks,” added Fusco.