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Cheniere narrows Q2 loss as Sabine Pass shipments ramp up

Cheniere Energy Inc. reported a second-quarter net loss attributable to common stockholders of $285 million, or $1.23 per share, compared to a loss of $298 million, or $1.31 per share, in the year-ago quarter.

The LNG export company's consolidated adjusted EBITDA soared to $371 million from a loss of $4 million in the prior-year period.

Cheniere attributed the narrowed net loss and higher adjusted EBITDA to increased income from operations as the Sabine Pass LNG export terminal continues development. The results were negatively affected by increased allocation of net income to noncontrolling interests after to the amortization of a conversion feature on Cheniere Energy Partners LP's class B units and increased interest expense.

Cheniere raised its full-year financial guidance, with consolidated adjusted EBITDA expected to total $1.6 billion to $1.8 billion and distributable cash flow projected to be in a range of $500 million, or $2.10 per share, to $700 million, or $2.80 per share.

In a separate earnings release, the master limited partnership Cheniere Energy Partners reported second-quarter net income of $46 million, compared to a loss of $100 million in the year-ago quarter. On a per-common-unit basis, the partnership reported a loss of $3.71, compared to a loss of 21 cents in the 2016 second quarter. The partnership reported shipping 48 cargoes of LNG in the second quarter, up from 11 a year earlier.

Adjusted EBITDA climbed to $283 million from $51 million in the same period last year.

Cheniere's earnings were reported on a consolidated basis. Cheniere's ownership interest in Cheniere Energy Partners is made up of 100% ownership of Cheniere Energy Partners' general partner and 82.7% ownership interest in Cheniere Energy Partners LP Holdings LLC, which holds 55.9% limited partner interest in the partnership.