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Cheniere's earnings soar on income from Sabine Pass LNG

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Cheniere's earnings soar on income from Sabine Pass LNG

Cheniere Energy Inc. on Feb. 21 posted fourth-quarter 2017 consolidated adjusted EBITDA of $523 million, an increase from $136 million a year earlier.

The S&P Global Market Intelligence consensus EBITDA estimate was $586.2 million.

Cheniere reported net income of $127 million, an increase from $110 million a year earlier.

For the full year, the company reported consolidated adjusted EBITDA of $1.82 billion, up from $155 million a year prior. The S&P Global Market Intelligence consensus estimate for full-year EBITDA was $1.90 billion.

Distributable cash flow, or DCF, for the year was $600 million, an increase from $200 million in the prior year. Net loss came to $393 million, compared with a net loss of $610 million in the previous year.

Cheniere also raised its consolidated adjusted EBITDA guidance for 2018 to a range of $2.0 billion to $2.2 billion, from $1.9 billion to $2.1 billion. DCF guidance remained the same at $200 million to $400 million for 2018.

Cheniere attributed the increases in fourth-quarter and full-year adjusted EBITDA to higher income from operations. "In 2017, we demonstrated our commitment to execution and operational excellence by bringing the third and fourth trains at Sabine Pass online ahead of schedule and on budget, fulfilling our obligations to our foundation customers, and successfully marketing and delivering portfolio LNG volumes," said Jack Fusco, president and CEO of Cheniere.

In a separate release, Cheniere Energy Partners LP on Feb. 21 posted fourth-quarter adjusted EBITDA of $612 million, an increase from $202 million a year earlier. The S&P Global Market Intelligence consensus EBITDA estimate was $476.4 million.

Cheniere Energy Partners reported net income of $374 million, an increase from $86 million a year earlier.

For the full year, the partnership reported adjusted EBITDA of $1.51 billion, up from $365 million a year earlier. The S&P Global Market Intelligence consensus estimate for full-year EBITDA was $1.39 billion.

Net income came to $490 million, compared with a net loss of $171 million in the previous year.

Cheniere Energy Partners is in charge of development and operations at the Sabine Pass LNG export terminal in Cameron Parish, La. Four out of six planned liquefaction trains are already in service.