Summary
Cheniere Energy, Inc. (LNG) reported a significant increase in total assets to $8.58 billion for the quarter ending June 30, 2013, up from $4.64 billion at the end of 2012. This growth is driven by substantial investments in property, plant, and equipment, primarily related to the Liquefaction Project at the Sabine Pass LNG terminal. The company also saw a considerable increase in long-term debt, rising from $2.17 billion to $5.57 billion, reflecting the substantial financing secured for its expansion projects. Operationally, Cheniere experienced a widening net loss attributable to common stockholders, reaching $154.8 million for the quarter ($0.71 per share) compared to $73.0 million ($0.43 per share) in the prior year's quarter. This was largely due to increased general and administrative expenses, notably related to bonus plans for the Liquefaction Project, and a significant loss on the early extinguishment of debt associated with refinancing credit facilities. Despite the increased loss, the company secured substantial financing for its large-scale infrastructure projects, indicating a forward-looking investment strategy.
Financial Highlights
53 data points| Revenue | $67.18M |
| R&D Expenses | $22.08M |
| Operating Expenses | $203.46M |
| Operating Income | -$136.28M |
| Interest Expense | $42.02M |
| Net Income | -$154.76M |
| EPS (Basic) | $-0.71 |
| EPS (Diluted) | $217397000.00 |
| Shares Outstanding (Basic) | 217.40M |
| Shares Outstanding (Diluted) | 217.40M |
Key Highlights
- 1Total assets grew significantly to $8.58 billion as of June 30, 2013, up from $4.64 billion at the end of 2012, primarily due to investments in property, plant, and equipment for the Liquefaction Project.
- 2Long-term debt increased substantially from $2.17 billion to $5.57 billion, reflecting significant debt financings for project development.
- 3Net loss attributable to common stockholders widened to $154.8 million ($0.71 per share) for the three months ended June 30, 2013, from $73.0 million ($0.43 per share) in the same period of 2012.
- 4General and administrative expenses increased significantly, largely due to bonus plans related to the Liquefaction Project.
- 5A substantial loss on the early extinguishment of debt was incurred due to refinancing activities related to credit facilities.
- 6The company secured significant new debt financing, including $2.0 billion in 2021 Senior Secured Notes, $1.0 billion in 2023 Senior Secured Notes, and $5.9 billion in 2013 Liquefaction Credit Facilities.
- 7Cheniere Partners successfully raised $372.4 million in net proceeds through the sale of common units to fund the Liquefaction Project and general business purposes.