Cheniere Energy Partners reports solid Q2
Cheniere Energy Partners, L.P. has reported a net income of $281m for the three months ended June 30, 2018, compared to $46m for the comparable period in 2017.
In the first six months, the company reported a net income of $616m, compared to $93m for the comparable period in 2017.
The increase in net income was primarily due to increased income from operations as a result of additional natural gas liquefaction trains (Trains) in operation at the SPL Project, partially offset by increased interest expense, net of amounts capitalised.
Adjusted EBITDA for the three and six months ended June 30, 2018 was $562m and $1.2bn, respectively, compared to $283m and $602m for the comparable 2017 periods. The increase in Adjusted EBITDA was primarily due to increased income from operations.
Total revenues increased $415m during the three months ended June 30, 2018 as compared to the three months ended June 30, 2017. Total revenues increased $1.1bn during the six months ended June 30, 2018 as compared to the six months ended June 30, 2017.
Total operating costs and expenses increased $160m during the three months and $573m during the first six months.
The increases in revenues and total operating costs and expenses were primarily driven by the timing of completion of Trains at the SPL Project and the length of each Train’s operations within the periods being compared.
During the three and six months ended June 30, 2018, 61 and 128 LNG cargoes, respectively, were exported from the SPL Project, none of which were commissioning cargoes.
Through Cheniere Partners, the company is developing up to six Trains at the Sabine Pass LNG (SPL project) terminal adjacent to the existing regasification facilities. Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum (Mtpa) of LNG, and an adjusted nominal production capacity of approximately 4.3 to 4.6 Mtpa of LNG. Trains 1 through 4 are operational, Train 5 is undergoing commissioning, and Train 6 is being commercialised and has all necessary regulatory approvals in place.
For more information, visit: www.cheniere.com
10th August 2018