PR Newswire
HOUSTON, Feb. 28, 2017
HOUSTON, Feb. 28, 2017 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) reported net income1 of $109.7 million, or $0.48 per share (basic and diluted), for the three months ended December 31, 2016, compared to a net loss1 of $291.1 million, or $1.28 per share (basic and diluted), for the comparable 2015 period. Net Loss, As Adjusted2 was $78.1 million, or $0.34 per share (basic and diluted), for the three months ended December 31, 2016, compared to a Net Loss, As Adjusted of $154.8 million, or $0.68 per share (basic and diluted), for the comparable 2015 period.
For the twelve months ended December 31, 2016, Cheniere reported a net loss of $610.0 million, or $2.67 per share (basic and diluted), compared to a net loss of $975.1 million, or $4.30 per share (basic and diluted), for the comparable 2015 period. For the twelve months ended December 31, 2016, Net Loss, As Adjusted was $447.2 million, or $1.95 per share (basic and diluted), compared to a Net Loss, As Adjusted of $653.3 million, or $2.88 per share (basic and diluted), for the comparable 2015 period.
For the three and twelve months ended December 31, 2016, Net Loss, As Adjusted excludes the impact of changes in the fair value of our interest rate, commodity and foreign currency exchange ("FX") derivatives, loss on early extinguishment of debt, restructuring expense, amortization of the beneficial conversion feature related to certain Class B units of Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) and impairment expense. Loss on early extinguishment of debt was associated with the write-off of debt issuance costs by Sabine Pass Liquefaction, LLC ("SPL") and Cheniere Corpus Christi Holdings, LLC ("CCH") in connection with the refinancing of a portion of their credit facilities, by Sabine Pass LNG, L.P. ("SPLNG") as a result of the redemption of its senior notes, and by Cheniere Creole Trail Pipeline, L.P. as a result of the prepayment of its outstanding term loan. For the three and twelve months ended December 31, 2015, Net Loss, As Adjusted excludes the impact of changes in the fair value of interest rate, commodity and FX derivatives, loss on early extinguishment of debt related to the write-off of debt issuance costs by SPL primarily in connection with the refinancing of a portion of its credit facilities, the write-off of debt issuance costs by CCH primarily in connection with the termination of a portion of its credit facility and note commitments, restructuring expense, amortization of the beneficial conversion feature and impairment expense.
"The fourth quarter of 2016 was another milestone quarter for Cheniere, as today we report financial results driven by nearly a full quarter of LNG production from the first two Trains at Sabine Pass," said Jack Fusco, Cheniere's President and CEO. "Transition and execution will remain central themes for Cheniere in 2017, as we expect Trains 3 and 4 at Sabine Pass to begin commercial operations, with Train 3 having produced its first commissioning cargo in January. The financial and operational results we are reporting today reflect our employees' steadfast dedication to execution on our goals."
Fourth Quarter 2016 Highlights
Fourth Quarter and Full Year 2016 Results
Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Partners as of December 31, 2016 consisted of 100% ownership of the general partner of Cheniere Partners and 82.6% ownership interest in Cheniere Partners Holdings which owns a 55.9% limited partner interest in Cheniere Partners.
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Adjusted EBITDA2 for the three and twelve months ended December 31, 2016 was $134.2 million and $153.6 million, respectively, compared to losses of $90.6 million and $228.6 million, respectively, for the comparable 2015 periods. During the three months ended December 31, 2016, a total of 24 LNG cargoes were loaded and exported from the Sabine Pass Liquefaction Project, none of which were commissioning cargoes.
Total operating costs and expenses increased $139.7 million and $592.3 million during the three and twelve months ended December 31, 2016 compared to the three and twelve months ended December 31, 2015, respectively, generally as a result of the commencement of operations of Train 1 and Train 2 of the Sabine Pass Liquefaction Project in May and September 2016, respectively. Depreciation and amortization expense increased during the three and twelve months ended December 31, 2016 from the comparable 2015 periods as we began depreciation of our assets related to Train 1 and Train 2 of the Sabine Pass Liquefaction Project upon reaching substantial completion. Selling, general and administrative expense during the three and twelve months ended December 31, 2016 decreased from the comparable 2015 periods, primarily due to the timing of share-based compensation recognition and the recognition of certain employee-related costs within restructuring expense during the three and twelve months ended December 31, 2016 historically reported in selling, general and administrative expense, a reduction in certain professional services fees, and reallocation of costs from selling, general and administrative activities to operating and maintenance activities following commencement of operations at the Sabine Pass Liquefaction Project.
As a result of restructuring efforts initiated in 2015, during the three and twelve months ended December 31, 2016 we recorded $12.2 million and $61.4 million, respectively, of restructuring charges and other costs associated with restructuring and operational efficiency initiatives compared to $60.8 million for each of the three and twelve months ended December 31, 2015 for which the majority of these charges required, or will require, cash expenditure. Included in these amounts are $3.9 million and $46.9 million for share-based compensation for the three and twelve months ended December 31, 2016, respectively, and $57.9 million for each of the three and twelve months ended December 31, 2015. Charges related to restructuring efforts were recorded within restructuring expense on our Consolidated Statements of Operations and substantially all related to severance and other employee-related costs.
Included in selling, general and administrative expense were share-based compensation expenses of $7.0 million and $38.2 million for the three and twelve months ended December 31, 2016, respectively, compared to $17.2 million and $102.4 million for the comparable 2015 periods, respectively.
Liquefaction Projects Update
Sabine Pass Liquefaction Project
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project"). 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.
The Trains are in various stages of operation, construction, and development.
| Sabine Pass Liquefaction Project | ||||||
Liquefaction Train | Train 1 | Train 2 | Trains 3-4 | Train 5 | |||
Project Status | Operational | Operational | 96% Overall Completion | 52% Overall Completion | |||
Expected Substantial Completion | - | - | T3 - 1Q 2017 T4 - 2H 2017 | 2H 2019 | |||
| | | | |
Corpus Christi LNG Terminal
We are developing up to three Trains near Corpus Christi, Texas (the "CCL Project"). 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 mtpa of LNG.
The Trains are in various stages of construction and development:
Additionally, we are developing two additional trains adjacent to the CCL Project and have initiated the regulatory approval process with respect to those Trains.
| Corpus Christi LNG Terminal |
Liquefaction Train | Trains 1-2 |
Project Status | 49% Overall Completion |
Expected Substantial Completion | T1 - 1H 2019 T2 - 2H 2019 |
Investor Conference Call and Webcast
We will host a conference call to discuss our financial and operating results for the fourth quarter and full year on Tuesday, February 28, 2017, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.
1 Reported as Net income (loss) attributable to common stockholders on our Consolidated Statements of Operations.
2 Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details.
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing, constructing, and operating liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.
For additional information, please refer to the Cheniere website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
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Cheniere Energy, Inc. Consolidated Statements of Operations (in thousands, except per share data) | |||||||||||||||
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| (Unaudited) | | | | | ||||||||||
| Three Months Ended | | Year Ended | ||||||||||||
| December 31, | | December 31, (1) | ||||||||||||
| 2016 | | 2015 | | 2016 | | 2015 | ||||||||
Revenues | | | | | | | | ||||||||
LNG revenues | $ | 504,140 | | | $ | 1,667 | | | $ | 1,016,133 | | | $ | 66 | |
Regasification revenues | 67,262 | | | 65,832 | | | 265,405 | | | 265,720 | | ||||
Other revenues | 184 | | | 933 | | | 1,629 | | | 5,099 | | ||||
Total revenues | 571,586 | | | 68,432 | | | 1,283,167 | | | 270,885 | | ||||
| | | | | | | | ||||||||
Operating costs and expenses | | | | | | | | ||||||||
Cost (cost recovery) of sales (excluding depreciation and amortization expense shown separately below) | 229,358 | | | 7,044 | | | 581,917 | | | (15,033) | | ||||
Operating and maintenance expense | 72,731 Werbung Mehr Nachrichten zur Cheniere Energy Aktie kostenlos abonnieren
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