Summary
Cheniere Energy, Inc. reported solid financial results for the first quarter of 2021, with total revenues increasing to $3.09 billion from $2.71 billion in the prior year's comparable period. Net income attributable to common stockholders was $393 million, or $1.54 per diluted share, representing a slight increase from $375 million, or $1.43 per diluted share, in Q1 2020. This performance was driven by higher LNG revenues, largely due to increased revenue per MMBtu and strong contributions from portfolio optimization activities amid volatile energy markets. The company made significant progress on its growth projects, with Train 3 of the Corpus Christi LNG project achieving substantial completion in March 2021. Financially, Cheniere managed its debt effectively, issuing new notes and repaying existing debt, demonstrating a commitment to optimizing its capital structure. The company ended the quarter with a healthy liquidity position, including substantial cash and cash equivalents and available credit facilities, positioning it to meet its financial obligations and pursue future growth opportunities.
Financial Highlights
49 data points| Revenue | $3.09B |
| R&D Expenses | $1.00M |
| SG&A Expenses | $81.00M |
| Operating Expenses | $2.03B |
| Operating Income | $1.06B |
| Interest Expense | $356.00M |
| Net Income | $393.00M |
| EPS (Basic) | $1.56 |
| EPS (Diluted) | $1.54 |
| Shares Outstanding (Basic) | 252.90M |
| Shares Outstanding (Diluted) | 258.90M |
Key Highlights
- 1Total revenues increased by 14% year-over-year to $3.09 billion, driven primarily by higher LNG revenues per MMBtu.
- 2Net income attributable to common stockholders rose to $393 million ($1.54/diluted share) from $375 million ($1.43/diluted share) in Q1 2020.
- 3Train 3 of the Corpus Christi LNG project achieved substantial completion on March 26, 2021, adding to liquefaction capacity.
- 4The company issued $1.5 billion in new senior notes and repaid $1.5 billion of existing senior notes, along with other debt redemptions, indicating active debt management.
- 5Operating cash flow significantly improved, reaching $1.07 billion in Q1 2021 compared to $574 million in Q1 2020.
- 6Cheniere ended the quarter with $1.67 billion in cash and cash equivalents, and substantial available commitments under its various credit facilities, ensuring strong liquidity.
- 7Despite increased commodity margins, net income was partially offset by a significant decrease in derivative-related gains compared to the prior year.