USA: Cheniere Reports Net Loss of USD 100.8 Mln

Cheniere Energy reported a net loss attributable to common stockholders of $100.8 million, or $0.46 per share, for the three months ended September 30, 2013, compared to a net loss attributable to common stockholders of $109.0 million, or $0.52 per share, for the comparable 2012 period.  

For the nine months ended September 30, 2013, Cheniere reported a net loss attributable to common stockholders of $372.7 million, or $1.71 per share (basic and diluted), compared to a net loss attributable to common stockholders of $238.5 million, or $1.40 per share, during the corresponding period of 2012.

Significant items for the three months and nine months ended September 30, 2013 were $33.4 million, or $0.15 per share, and $75.0 million, or $0.34 per share, respectively, compared to $11.4 million, or $0.05 per share, and $70.0 million, or $0.41 per share, respectively, for the comparable 2012 periods.

Significant items for the quarter related to liquefied natural gas terminal development expenses and derivative gains/losses, and for the nine months ended September 30, 2013, significant items also included a loss on early extinguishment of debt.

LNG terminal development expenses were primarily for the liquefaction facilities Cheniere Energy Partners, L.P. is developing through Sabine Pass Liquefaction, LLC at the Sabine Pass LNG terminal adjacent to the existing regasification facilities and the proposed liquefaction facilities being developed by us near Corpus Christi, Texas. Derivative gains/losses were primarily the result of the change in fair value of Sabine Pass Liquefaction’s interest rate derivatives to hedge the exposure to volatility in a portion of the floating-rate interest payments under the four credit facilities. Loss on early extinguishment of debt was related to Sabine Pass Liquefaction amending and replacing its $3.6 billion credit facility with four credit facilities aggregating $5.9 billion in May 2013.

Results are reported on a consolidated basis and include ownership interest in Cheniere Partners, which was 57.9% as of September 30, 2013.

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LNG World News Staff, November 08, 2013; Image: Cheniere