Cheniere reports profit in fourth quarter 2016
Cheniere Energy posted a fourth-quarter 2016 net income of US$109.7 million, from a net loss of $291.1 million in the corresponding quarter in 2015.
The loss for the full year 2016 was at $610 million, narrowing from a net loss of $975.1 for the previous year.
Speaking of the fourth quarter results, Cheniere’s President and CEO Jack Fusco said the financial results have been driven by nearly a full quarter of LNG production from the first two trains at Sabine Pass liquefaction and export project in Louisiana.
“Transition and execution will remain central themes for Cheniere in 2017, as we expect Trains 3 and 4 at Sabine Pass to begin commercial operations, with Train 3 having produced its first commissioning cargo in January,” Fusco said.
Total operating costs and expenses increased $139.7 million and $592.3 million during the three and twelve months ended December 31, 2016 compared to the three and twelve months ended December 31, 2015, respectively, generally as a result of the commencement of operations of Train 1 and Train 2 of the Sabine Pass liquefaction project in May and September 2016, respectively.
The Sabine Pass liquefaction and export facility shipped 24 LNG cargoes during te quarter, none of which were commissioning cargoes, the company said in its report.