Cheniere narrows losses in second quarter
US LNG export player Cheniere narrowed its net loss from $298 million in the second quarter of 2016 to $285 million in the second quarter of 2017.
During the three months ended June 30, 2017, the decrease in net loss was primarily due to increased income from operations. the company said in its quarterly report.
Speaking of the results Jack Fusco, Cheniere’s president and CEO said the quarter was highlighted by the commencement of its long-term contract with Kogas.
“We are revising our 2017 guidance upward as our operating results year-to-date have exceeded our expectations, primarily due to LNG trains entering service ahead of schedule and the ramp-up in LNG production levels occurring faster than we’d forecast earlier this year,” he said.
Cheniere will focus on bringing the Sabine Pass LNG’s train 4, that produced first LNG in July, online in the second half of the year as well as delivering the increased 2017 guidance.
During the three months ended June 30, 2017, 48 LNG cargoes were exported from the Sabine Pass liquefaction plant, totalling 167 trillion British thermal units.
LNG revenues in the second quarter of 2017 exceeded $1 billion, Cheniere said.
In total, the facility has shipped over 160 LNG cargoes as of July 31, 2017.
As of July 2017, LNG from the Sabine Pass liquefaction project had reached 24 of the 40 LNG importing countries around the world.