Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Cheniere says customers signing long-term LNG agreements again

08/05/2021 | 03:14pm EDT
FILE PHOTO: Sign of U.S LNG company Cheniere is seen at the registration counter at the International Conference & Exhibition on Liquefied Natural Gas (LNG2019) in Shanghai

(Reuters) - U.S. liquefied natural gas (LNG) company Cheniere Energy Inc said on Thursday that customers were starting to sign long-term contracts to buy LNG again.

"We have begun to see the return of long-term LNG contracts in support of the construction of new liquefaction capacity," Cheniere Chief Executive Jack Fusco told analysts on an earnings call.

So far in 2021, he said the company entered into sales agreements with multiple counterparties aggregating approximately 12 million tonnes of LNG to be delivered between 2021-2032.

Cheniere said the sixth liquefaction train at its Sabine Pass export plant in Louisiana was on track to enter commercial service in the first half of 2022. The unit will likely start producing LNG in test mode later this year.

Cheniere also said it continues to develop the Stage 3 expansion at its Corpus Christi plant in Texas.

Cheniere reported second quarter consolidated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.023 billion and distributable cash flow of about $340 million on revenue of over $3 billion.

It posted a quarterly net loss of $329 million due primarily to accounting treatment of derivatives.

Cheniere increased its 2021 consolidated adjusted EBITDA guidance to $4.6-$4.9 billion and 2021 distributable cash flow guidance to $1.8-$2.1 billion due primarily to improved LNG market margins and an increase in forecasted LNG production.

"Market dynamics on both the supply side and demand side continue to move in our favor and support our conviction in the long-term growth prospects for natural gas worldwide," Fusco said, noting LNG exports hit a quarterly record 139 cargoes.

Each of Cheniere's nine liquefaction trains, including Sabine 6, can produce about 5 million tonnes per annum (MTPA) of LNG, or 0.66 billion cubic feet per day of natural gas.

Corpus Stage 3 is designed to produce over 10 MTPA.

(Reporting by Scott DiSavino; editing by Emelia Sithole-Matarise and Marguerita Choy)

ę Reuters 2021
Latest news "Economy & Forex"
04:26pChina detains HNA chair, CEO
04:15pChina welcomes Huawei executive home
03:42pDPR, NSCDC arrest 8 illegal LPG dealers in Maiduguri
03:00pU.S. Republican senators slam release of Huawei's Meng
02:44pU.s. cdc says 2.53 mln people received an additional covid-19 vaccine dose since august 13, 2021
02:44pU.s. cdc says delivered 471,821,155 doses of covid-19 vaccine as of sept 25 vs 470,630,875 doses delivered as of sept 24
02:44pU.s. cdc says administered 389,372,689 doses of covid-19 vaccine as of sept 25 vs 388,567,109 doses administered as of sept 24
02:43pU.s. cdc says 213,177,462 individuals have received at least one dose of covid-19 vaccine as of sept 25 vs 212,861,380 individuals as of sept 24
02:43pU.s. cdc says 183,353,326 individuals have been fully vaccinated against covid-19 as of sept 25 vs 182,958,696 individuals as of sept 24
02:16pU.s. cdc reports total novel coronavirus cases of 42,770,371 as of yesterday vs 42,635,447 in previous report on sept 24
Latest news "Economy & Forex"