Cheniere Energy Partners reports $463 million 3Q loss

 

Cheniere Energy Partners, L.P. reported a $463 million net loss or $1.84 per basic share for the just-finished third quarter, an increase from the $318 million lost a year earlier, but it also had $109 million in net income compared to a net loss of $291 million a year earlier.

Net income totaled 43 cents a share while the loss a year ago was $1.13 per share.

A year earlier, the Texas-based company, one with a major pipeline carrying natural gas out of Oklahoma’s STACK play, had net income of $110 million.

The company blamed the increased net loss on decreased total margins that were partially offset by decreased costs of maintenance the Sabine Pass project.

Consolidated adjusted EBITDA was $477 million for the quarter, down from the $694 million in the third quarter of 2019. The company’s adjusted EBITDA for the nine months of 2020 was $2.91 billion, up from the $1.96 billion a year earlier.

Cheniere Partners had net income of $774 million for the first nine months of the year, up from the $727 million for the same time frame in 2019. The company credited increased total margins which grew as a resulted of increased LNG revenues.

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Source: Cheniere Energy Partners