Cheniere posts Q2 loss

Houston-based LNG export player Cheniere posted a wider net loss in the second quarter of this year as compared to the same period a year ago.

Cheniere reported a net loss of $298.4 million, or $1.31 per share , for the second quarter, compared to a net loss of $118.5 million, or $0.52 per share, for the comparable 2015 period.

Adjusted net loss was $140.2 million for the second quarter, compared to an adjusted net loss of $211.2 million a year ago, Cheniere said in its second-quarter report on Tuesday.

“The second quarter of 2016 saw Cheniere’s continued transition from a development company into an operating one,” said Jack Fusco, Cheniere’s President and CEO.

“During the quarter we took over care, custody, and control of Train 1 of the Sabine Pass Liquefaction Project and commenced commercial sales of LNG. After substantial completion, we exported 5 cargoes of LNG under our contract with BG Gulf Coast LNG, LLC (Shell) as of the end of the second quarter.”

According to Fusco, commissioning activities at Train 2 continue with first LNG achieved in late July, and Cheniere’s remaining Trains under construction continue “on time and on budget.”

“On the financial front, we continued to manage our debt maturity profile by successfully issuing bonds to prepay a portion of the outstanding borrowings under credit facilities for both the Sabine Pass Liquefaction Project and the CCL Project,” Fusco said.