Houston-based Cheniere is an awfully lot like many players in the energy industry these days battling unforeseen events, Wall Street expectations, and general unknowns. But what makes Cheniere and other LNG exporters different is that they are pioneering a whole new industry that’s just beginning to unfold—and offering natural gas producers global markets for their supplies.
Cheniere Energy
Cheniere Energy, Inc. is an international energy company headquartered in Houston, Texas, and is the leading producer of liquefied natural gas in the United States. We provide clean, secure, and affordable energy to the world, while responsibly delivering a reliable, competitive, and integrated source of LNG, in a safe and rewarding work environment. Cheniere’s operations, construction and development also support energy and economic development across the United States. Cheniere is a top-5 global provider of LNG.
RMR is following the latest news from Cheniere Energy, which just announced its 3Q earnings along with an update on the company’s construction of Train 3 at its Corpus Christi LNG terminal. Cheniere posted a $318 million loss for the quarter, compared to a $65 million profit in the same quarter last year.
CEO Jack Fusco pointed to higher operating expenses and interest payments as the primary reasons for the loss, but cost overruns and construction delays on its Midship Pipeline in the Anadarko also made a significant impact on financial performance. The 200-mile Midship will ferry 1.4 million Dth/d of gas from Oklahoma’s SCOOP and STACK to the Gulf Coast. There, the gas will be liquified and shipped to world markets.
On the positive side, Cheniere looks to complete its Train 3 by next June, almost six months ahead of schedule. Train 2, completed in September, is expected to begin service in May. The company will then have seven trains in operation—five at its Sabine Pass terminal in Louisiana and two at its Corpus Christi terminal. Five LNG export terminals in the U.S. are now in operation.
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