Cheniere Energy reports Q1 (Mar) results, beats on revs (45.66)
- Reports Q1 (Mar) earnings of $0.23 per share, includes items, may not be comparable to the Capital IQ Consensus of ($0.51); revenues rose 1655.1% year/year to $1.21 bln vs the $0.66 bln Capital IQ Consensus
- The YoY increase in net income was primarily due to increased income from operations and decreased derivative loss, partially offset by increased interest expense and loss on early extinguishment of debt
- During the three months ended March 31, 2017, a total of 43 LNG cargoes were loaded from the SPL Project, seven of which were commissioning cargoes\
- Total revenue rose generally as a result of the commencement of operations at the SPL Project in May 2016 upon the substantial completion of Train 1, followed by the substantial completion of Trains 2 and 3 in September 2016 and March 2017, respectively. LNG revenues in the first quarter of 2017 exceeded $1 billion
SPL Project:
- Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "SPL Project")
CCL Project:
- "We are developing up to three Trains near Corpus Christi, Texas. Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of ~4.5 mtpa of LNG. Trains 1 and 2 are under construction, and Train 3 is being commercialized and has all necessary regulatory approvals in place."