Cheniere Energy reverses Q1 loss in 2023
Cheniere Energy said May 2 it had net income of $5.4bn in Q1 2023, reversing an $865mn loss posted in the same period last year which it attributed to derivative losses.
“On the back of a strong first quarter, we are raising our full year guidance for both EBITDA and distributable cash flow,” CEO Jack Fusco said. “We set a new quarterly LNG production record in the first quarter, which is a testament to our steadfast commitment to safe and reliable operations across the Cheniere platform.”
Consolidated adjusted EBITDA is projected in the $8.2-$8.7bn range this year, while guidance on distributable cash flow is in the $5.7-$6.2bn range.
Cheniere exported 167 LNG cargoes in the first quarter this year, up from 160 in the comparable 2022 period, comprising some 603 trillion Btu (TBtu), an increase from 584 TBtu in Q1 2022.
During the quarter, Cheniere filed an application with the US Federal Energy Regulatory Commission (FERC) for its 3mn metric tons/year midscale trains 8 and 9 expansion at its Corpus Christi Liquefaction (CCL) terminal in Texas and initiated the pre-filing process with FERC for its 20mn mt/yr expansion project at Sabine Pass in Louisiana.
The seven-train, 10mn mt/yr CCL Stage 3 project is nearly 29% complete, Cheniere said, with substantial completion expected between late 2025 and early 2027.