Cheniere Energy Inc. reported earnings on Nov. 6 that missed analysts estimates and said it expects to complete the third train at its Corpus Christi LNG export plant in Texas in first-quarter 2021.
Previously, Cheniere, the biggest U.S. LNG company, said it expected to complete Corpus 3 in the first half of 2021.
In what has been a tough year for the LNG industry due to coronavirus demand destruction, Cheniere said its earnings per share were minus $1.84 in the third quarter.
That fell short of the minus 33 cents analysts estimated and compared with minus $1.25 in the third quarter last year.
Cheniere said that revenue was $1.46 billion in the quarter, which fell short of the $1.96 billion analysts estimated and compared with $2.17 billion in the same quarter last year.
Cheniere also said it still plans the “substantial completion” of the sixth train at its Sabine Pass LNG export plant in Louisiana in the second half of 2022.
Cheniere said Corpus 3 was 96.7% complete and Sabine 6 was 70.9% complete. Each train will be capable of producing about 5 million tonnes per annum of LNG, equivalent to around 0.66 billion cubic feet per day of natural gas.
As of Sept. 30, Cheniere said it has spent about $1.8 billion of the roughly $2.5 billion contract price to build Sabine 6 and about $2.3 billion of the roughly $2.4 billion contract price to build Corpus 3.
Bechtel Corp., which has a history of building liquefaction trains for Cheniere under budget and ahead of schedule, is also working on the new trains.
In addition, Cheniere said the final investment decision for the Corpus Stage 3 expansion will be subject to entering a construction contract, obtaining additional commercial support and securing financing.