Cheniere posts $54 million profit in Q1

US LNG export player Cheniere reported a net income of $54 million in the first quarter as it continued to boost production at its Sabine Pass LNG export terminal.

This compares to a net loss of $321 million in the first quarter of 2016.

Total revenues during the three months ended March 31, 2017, rose to $1.2 billion compared to $69 million in the first quarter 2016, generally as a result of the commencement of operations at the Sabine Pass LNG project.

Cheniere’s Sabine Pass LNG project loaded 43 LNG cargoes during the first quarter, seven of which were commissioning cargoes. This is an equivalent of 154 trillion British thermal units (TBtu).

Jack Fusco, Cheniere’s president and CEO said, “train 3 of the SPL project achieved substantial completion during the quarter, and we commenced commissioning activities on Train 4. We have now safely and efficiently placed three trains into commercial operation in less than a year, and we expect to have Train 4 complete during the second half of 2017.”

He added that the company is looking to place the fourth liquefaction train at the Sabine Pass LNG plant by the end of 2017.

Cheniere’s LNG revenues in the first quarter of 2017 hit $1.14 billion, the company’s report shows.

As of April 2017, LNG from the SPL Project had reached 20 of the 39 LNG importing countries around the world.