Houston’s Cheniere Energy, Inc. announced its financial results for first quarter 2021 showing adjusted earnings of nearly $1.5 billion which is 40% higher than a year ago.
The release of the earnings came a day before Cheniere was to face a congressional hearing regarding complaints from Oklahoma landowners and farmers regarding its Midship pipeline that was laid through their land.
The financial report showed its distributable cash flow was $750n million for the quarter, a 200% increase compared to the first quarter 2020 cash flow.
Cheniere’s net income increased $13 million during the first quarter over a year earlier and was was $393 million or $1.56 a share.
“We are off to a great start in 2021, with reliable production of LNG and our continued ardent focus on execution, as well as sustained strength in LNG markets, helping drive our strong first quarter results and positive outlook for the future,” said Jack Fusco, Cheniere’s President and Chief Executive Officer.
He said continued strength in global LNG market fundamentals improves the company outlook for the rest of the year and also allowed the firm to increase its full year 2021 financial guidance for the second consecutive quarter.
“For the balance of the year, our focus is on delivering results within the increased guidance ranges and leveraging the Cheniere platform to commercialize additional LNG capacity,” added Fusco.
Cheniere’s total consolidated liquidity position was more than $6b billion as of March 31, 2021 and the firm had cash and cash equivalents of $1.7 billion on a consolidated basis.
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