Cheniere Energy’s 3Q17 revenue
Cheniere Energy (LNG) and its subsidiaries Cheniere Energy Partners LP Holdings (CQH) and Cheniere Energy Partners (CQP) reported their 3Q17 earnings on November 14, 2017. Cheniere Energy’s revenue rose to $1.4 billion from $465 million in 3Q16, a 201.7% YoY (year-over-year) rise. It also beat its revenue estimate by 9.7%.
The YoY rise in revenue is mainly due to an increase in the number of cargoes shipped and higher LNG (liquefied natural gas) volumes from the commencement of LNG exports from Train 2 and Train 3. Cheniere Energy exported 44 cargoes in 3Q17 compared to 18 in 3Q16. Total LNG volumes lifted in 3Q17 were 160 TBtu (trillion British thermal units). Overall, the company has exported 200 cargoes through October 31, 2017.
Cheniere Energy’s 3Q17 EBITDA
Cheniere Energy’s adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) rose to $442 million in 3Q17 compared to $67 million in 3Q16. The YoY increase is mainly due to higher LNG export revenues in recent quarters.
Cheniere Energy’s 3Q17 net income
Despite strong revenue growth, Cheniere Energy’s net loss widened to $289 million in 3Q17 compared to $101 million in 3Q16. The loss was due to increased interest expense, increased derivative losses, and “an increase in net income attributable to non-controlling interest, as noted in the company’s 3Q17 earnings release.
In the next part, we’ll look at Cheniere Energy’s EBITDA and distributable cash flow guidance for 2017 and 2018.