USA: Cheniere Reports Net Loss of USD 117 Mln

Cheniere Energy, Inc. reported a net loss attributable to common stockholders of $117.1 million, or $0.54 per share (basic and diluted), for the three months ended March 31, 2013, compared to a net loss attributable to common stockholders of $56.4 million, or $0.43 per share (basic and diluted), for the comparable 2012 period.

Results include significant items of $34.6 million for the three months ended March 31, 2013, and $22.7 million for the comparable 2012 period, related to liquefied natural gas (LNG) terminal and pipeline development expenses primarily for the liquefaction facilities Cheniere Energy Partners is developing 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 and derivative losses primarily due to the change in fair value of interest rate derivatives that were entered into by Sabine Pass Liquefaction, LLC in August 2012 in connection with its $3.6 billion senior secured credit facility.

Results for the three months ended March 31, 2013 were also impacted by increases in general and administrative expenses of $65.8 million compared to the comparable 2012 period primarily due to the February 2013 granting of awards under the long-term incentive plan related to Trains 3 and 4 of the Sabine Pass Liquefaction Project.

Included in general and administrative expenses were non-cash compensation expenses of $59.2 million for the quarter ended March 31, 2013 and $2.1 million for the comparable 2012 period.

Results are reported on a consolidated basis and include ownership interest in Cheniere Partners, which was 56.4% as of March 31, 2013.

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LNG World News Staff, May 3, 2013