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.
Recommended Reading
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.