Cheniere narrows second-quarter loss

US LNG export player Cheniere reported a net loss of $18 million for the second quarter of 2018, compared to a net loss of $285 million for the comparable 2017 period. 

The decrease in net loss was primarily due to increased income from operations as a result of additional trains in operation at the Sabine Pass LNG project, the company said in its quarterly report.

Net income for the first six months of the year rose to $339 million, after a $231 million net loss in the comparable period last year.

Total revenues rose 24 and 54 percent for the second quarter and the first six months periods, respectively, reaching $1.5 billion for the quarter and $3.8 billion for the first half of the year.

During the three and six months ended June 30, 61 and 128 LNG cargoes, respectively, were exported from the Sabine Pass LNG project, none of which were commissioning cargoes. One cargo exported from the facility and sold on a delivered basis was in transit as of June 30, 2018.

“Our results for the second quarter of 2018 reflect strong operational performance and continued robust and durable LNG market pricing,” Jack Fusco, Cheniere’s president and CEO.

He further noted the company a positive FID on the third train at the Corpus Christi liquefaction project.