Cheniere Energy improves earnings from a year ago

 

 

Houston liquified natural gas company Cheniere Energy, the firm with pipeline operations in Oklahoma’s STACK and SCOOP plays turned a second-quarter profit despite an industry downturn that caused dozens of LNG cargoes to be canceled around the world.

Cheniere made $197 million during the quarter compared with a $114 million loss during the same quarter a year earlier.

Cheniere came out with quarterly earnings of $0.78 per share, beating the Zacks Consensus Estimate of $0.39 per share. This compares to loss of $0.44 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this natural gas company would post earnings of $0.47 per share when it actually produced earnings of $1.43, delivering a surprise of 204.26%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Cheniere Energy posted revenues of $2.40 billion for the quarter ended June 2020, missing the Zacks Consensus Estimate by 4.70%. This compares to year-ago revenues of $2.29 billion. The company has topped consensus revenue estimates three times over the last four quarters.

During the second quarter, Cheniere put its Midship natural gas pipeline that carries natural gas out of Oklahoma’s STACK play southward to the Gulf Coast.

As of July 31, 2020, more than 1,175 cumulative LNG cargoes totaling over 80 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects.

For the six months ended June 30, 2020, Cheniere reported net income1 of $572 million, Consolidated Adjusted EBITDA  of $2.43 billion, and Distributable Cash Flow2 of approximately $830 million.

During the six months ended June 30, 2020, Cheniere repurchased an aggregate of 2.9 million shares of its common stock for $155 million under our share repurchase program.

Source: Cheniere Energy