The owner of the Sabine Pass and Corpus Christi LNG export terminals said on Thursday its revenue reached $3.25 billion in the second quarter.
This compares to $4.1 billion in the second quarter last year and $4.25 billion in the prior quarter.
Net income was at $880 million and compares to $1.37 billion in the year before and $502 million in the prior quarter.
During the first half, revenue decreased to $7.5 billion from $11.4 billion last year, while net profit dipped to $1.38 billion from $6.8 billion last year.
Cheniere attributed the decrease in quarterly revenue to declining international LNG and gas prices and a reduction of volumes sold under short-term agreements as a higher proportion of its LNG was sold under long-term contracts.
The decrease for the six months was primarily attributable to a $5.2 billion unfavorable variance due to a gain of $321 million for the six months ended June 30, 2024, as compared to a gain of $5.5 billion in the corresponding 2023 period, related to changes in the fair value of Cheniere’s derivative instruments, it said.
The company generated distributable cash flow of about $0.7 billion in the second half and $1.9 billion in the first half, respectively.
Cheniere raised full year 2024 consolidated Adjusted Ebidta guidance to $5.7 billion – $6.1 billion and full year 2024 distributable cash flow guidance to $3.1 billion – $3.5 billion.
Cheniere exported 155 LNG cargoes during the first quarter, up by six cargoes compared to the same period last year.
During the first half, Cheniere shipped 321 cargoes, five more compared to 203.
Most of these volumes landed in Europe, followed by Asia.
The company’s loaded LNG volumes reached 552 trillion British thermal unit (TBtu), up 3 percent year-on-year, while the loaded volumes increased by 1 percent to 1,153 (TBtu) in the first half.
Cheniere is the largest LNG exporter in the US.
The company’s Sabine Pass facility in Louisiana currently has a capacity of about 30 mtpa following the launch of the sixth train in February 2022, while Cheniere’s three-train Corpus Christi plant in Texas can produce about 15 mtpa of LNG and is undergoing expansion to add more than 10 mtpa of capacity.
Cheniere’s unit Corpus Christi Liquefaction said in the June construction report filed with the US FERC that overall project completion for the Stage 3 project is 62.4 percent.
Cheniere confirmed in its financial report it expects to achieve first LNG production from the first train at the end of 2024.
The company said it expects first gas into the first train 1 in about 2 months.
Substantial completion of the project is expected during 1H 2025 – 2H 2026.
Besides this expansion, Cheniere plans to build two more liquefaction trains as part of the third expansion phase at the Corpus Christi plant.
In addition, Cheniere also aims to build two new liquefaction trains as part of the Sabine Pass Stage 5 expansion project to add up to 20 mtpa of capacity to the giant facility.
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