US LNG Developer Cheniere Cuts Loss
US LNG developer Cheniere Energy reported a 2017 net loss of $393mn February 21, down from a $610mn net loss in 2016, but said consolidated adjusted Ebitda, a non-GAAP measure, rose to $1.8bn from $155mn.
Revenues for the year increased to $5.6bn from $1.28bn as Cheniere filled up 205 cargoes – some 734 trillion Btu – of LNG from its Sabine Pass terminal in Louisiana, up from 56 cargoes totalling 195 trillion Btu in 2016.
Since its first trains were commissioned in 2016, Sabine Pass has exported about 300 LNG cargoes to 25 countries and regions. Between February 2016 and December 2017, according to US Department of Energy data, US LNG exports totalled 890.4bn ft3 (about 904 trillion Btu), with 38% going to east Asia and Pacific markets and 33% to markets in Latin America and the Caribbean.
Cheniere CEO Jack Fusco said 2017 “was a breakthrough year” for the company, while 2018 is off “to a robust start”, prompting increased guidance for 2018 of Ebitda in the $2bn-$2.2bn range.
“Strategically, we have made significant recent progress toward FID for Train 3 at Corpus Christi by entering into three long-term SPAs, two with CNPC and one with Trafigura, and by issuing Bechtel a limited notice to proceed under the EPC Contract for Train 3,” Fusco said.
Train 4 at Sabine Pass is substantially complete, and first commercial deliveries are expected in the first half this year, while Train 5 is under construction, headed towards substantial completion in 1H 2019 and first delivery in 2H 2019.
At the Corpus Christi terminal in Texas, the first two 4.5mn mt/yr trains are under construction, with substantial completion and first delivery for Train 1 expected in 1H 2019 and completion of Train 2 anticipated in 2H 2019. First delivery for Train 2 is expected in 1H 2020, Cheniere said.