Cheniere earnings down in Q3 on derivatives hit
US LNG producer Cheniere Energy said it had Q3 2024 net income of $893mn, down from $1.7bn in the comparable 2023 period, and said the decline was largely due to $923mn of unfavourable variances related to changes in the fair value of its derivatives instruments.
Revenues were off about 10%, to $3.8bn from $4.2bn, while consolidated adjusted EBITDA was 11% lower, at $1.5bn versus $1.7bn.
During the quarter, Cheniere exported 158 LNG cargoes, representing 568 TBtu of gas, including the 1,000th cargo from its Corpus Christi terminal in Texas. As of late October, some 3,720 cumulative cargoes totalling more than 255mn tonnes of LNG have been produced, loaded and exported from Cheniere’s liquefaction projects in Texas and Louisiana.
At Corpus Christi, the CCL Stage 3 expansion project, consisting of seven midscale trains with a total liquefaction capacity of about 10mn tonnes/year, is expected to be substantially complete between the first half next year and the second half of 2026, although first LNG production from the first train is expected by the end of this year.