US LNG exporter Cheniere Energy ships 166 cargoes but net income hit by unfavourable derivative fair values
Cheniere Energy, the largest US liquefied natural gas exporter, shipped 166 LNG cargoes in the first quarter of 2024, though net profits were hit be unfavourable changes to the fair value of derivatives.
Largest US LNG exporter Cheniere Energy ships 637 cargoes for the year and derivative gains boost net income
Cheniere Energy, the largest US LNG exporter from two plants at Sabine Pass in Louisiana and Corpus Christi in Texas, shipped 637 cargoes last year and the company's registered annual net profits jumped more than six-fold due to very positive changes in the derivatives portfolio, though Cheniere forecasts showed that revenue-based earnings were likely heading for a decline in the coming year.
US LNG producer Cheniere to export volumes of Canadian gas and signs deal with OMV of landlocked Austria
Cheniere Energy, the largest US liquefied natural gas exporter with its two plants at Corpus Christi in Texas and Sabine Pass in Louisiana, said the Sabine expansion project known as SPL Stage 5 has signed a long-term Integrated Production Marketing gas supply agreement with the US unit of Canadian producer ARC Resources.
Cheniere says US Sabine Pass Train 6 now completed and formally handed over by engineers Bechtel
Cheniere Energy has announced the “substantial completion” of Train 6 at the Sabine Pass liquefaction plant in Cameron Parish in Louisiana and formally taking nameplate capacity to 27 million tonnes per annum.
“Commissioning is complete and Cheniere’s engineering, procurement and construction partner, Bechtel Oil, Gas and Chemicals has turned over care, custody and control of Train 6 to Cheniere Energy Partners LP,” said a statement from the Houston, Texas-based company.
“With the achievement of substantial completion, financial results of LNG sales from Train 6 going forward will be reflected in the statement of operations of Cheniere Partners and its applicable affiliates,” added the company.
The work on Cheniere’s Sabine Pass Train 6 started in June 2019 and the peak workforce on the project reached 1,800 workers who installed 12,250 tons of steel, poured 48,500 yards of concrete and laid 2,500,000 feet of cable.
“The accelerated completion of Train 6 once again reflects the world-class standard of execution consistently achieved by the Cheniere and Bechtel teams, and we are proud to have the six-Train vision of Sabine Pass completed safely, ahead of schedule and on budget,” said Jack Fusco, Chairman, President and Chief Executive of Cheniere Partners.
Nine Trains
“With nine total Trains across both the Sabine Pass and Corpus Christi projects, the Cheniere liquefaction platform is the second largest in the world, reliably providing our global customer base with clean, secure and affordable energy,” explained Fusco.
“We look forward to opportunities to build upon our platform with disciplined, brownfield growth at both sites in the future,” stated the CEO.
Brendan Bechtel, Chairman and CEO of Bechtel, said Cheniere plays a vital role in delivering reliable and safe energy to communities around the world.
“For us to be involved in supporting the development of these extraordinary projects is a great source of pride and we’re honored to help bring Cheniere’s vision to reality,” declared the Bechtel Chairman.
Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere can now turn its focus to the Texas Corpus Christi plant expansion, known as Stage 3 and comprising the construction of seven mid-scale liquefaction Trains adjacent to the existing facility.
The mid-scale Trains will add nameplate capacity of almost 10 MTPA to the 13.5 MTPA from the three larger existing Corpus Christi Trains, each producing 4.5 MTPA.
Cheniere is aiming to reach a final investment decision on the Texas plant expansion project in 2022.
