Cheniere Reports Boom in Revenues as LNG Production, Exports Ramp Up at Sabine Pass
Cheniere Energy is reaping rewards following the start-up of production and exports at its Sabine Pass LNG Terminal earlier this year. Revenues have skyrocketed as the first U.S.-based exporter of liquefied natural gas (LNG) entered its ninth month of production at the facility, completed production on a major component and commissioned activities on a third.
The company saw a net loss of $100 million in the third quarter, an improvement from nearly $300 million in losses during the same period last year. Perhaps more notably, quarterly revenues stood at $466 million, compared with only $66 million in the same period last year.
Train 1 at Sabine began exporting in February. Train 2 actually began producing LNG earlier this summer, while it was being commissioned, but it was not fully completed until September. For more information, see Industrial Info's project report.
The next three trains at Sabine Pass, each valued at $2.5 billion, are under construction, with varying completion dates. For more information, see Industrial Info's project reports on Train 3, Train 4, Train 5 and Train 6.
"The third quarter of 2016 was significant for Cheniere on multiple fronts. Our transition to operations continues, highlighted in the third quarter by the substantial completion of Train 2 at Sabine Pass," said Jack Fusco, the president and chief executive officer of Cheniere, in a quarterly earnings report. "Commissioning activities commenced on Train 3, and our remaining trains under construction continue on time and on budget."
For more information on Cheniere’s developments this quarter, see October 14, 2016, article - Cheniere Gets OK to Double LNG Export Capacity at Sabine Pass Facility.
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