Houston’s Cheniere Energy, the operator of the Midship natural gas line from Kingfisher south to the Oklahoma state line reported a first quarter 2020 decline in net income. The quarter’s net income totaled $375 million or $1.48 a share, down from $141 million and 55 cents a share reported for the first quarter of 2019.
The company didn’t blame the coronavirus pandemic for its drop in income but said it was due to increased total margins offset by increased operating costs and expenses as a result of additional trains in operation.
Consolidated Adjusted EBITDA was $1.04 billion for the three months ended March 31, 2020, compared to $0.65 billion for the comparable 2019 period. During the three months ended March 31, 2020, 128 LNG cargoes were exported from our liquefaction projects, none of which were commissioning cargoes. Eight cargoes exported from our liquefaction projects and sold on a delivered basis were in transit as of March 31, 2020.
“The first quarter of 2020 was defined by unprecedented circumstances, and our focus at Cheniere has been to protect the health and safety of our workforce, ensure continuity of
construction and operations to deliver on our obligations to our customers, and to support the communities where we live and work with assistance needed to provide critical services,”
said Jack Fusco, Cheniere’s President and Chief Executive Officer. “We have built a strong and resilient business, one capable of withstanding volatility in both energy and financial markets, and that enables us today to reconfirm our full year 2020 guidance of Consolidated Adjusted EBITDA of $3.8 to $4.1 billion, and Distributable Cash Flow of $1.0 to $1.3 billion.”
As of March 31, 2020, total assets and liabilities of Cheniere Partners, which are included in its Consolidated Balance Sheets, were $19.0 billion and $18.4 billion, respectively, including $1.7 billion of cash and cash equivalents and $0.1 billion of restricted cash.
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Source: Cheniere Energy