Summary
Cheniere Energy, Inc. (LNG) reported revenues of $3.02 billion for the second quarter of 2021, a significant increase from $2.40 billion in the same period of 2020. This growth was driven by higher LNG revenues, reflecting improved market prices and increased volumes delivered, as well as the non-recurrence of a prior year event where customers did not take delivery of LNG cargoes. Despite revenue growth, the company reported a net loss attributable to common stockholders of $329 million, or $(1.30) per share, compared to a net income of $197 million, or $0.78 per share, in the prior year's second quarter. This loss was largely due to significant derivative-related losses, primarily from unfavorable shifts in international commodity forward curves. Operationally, the company continues to progress with its liquefaction projects, with Train 3 of the Corpus Christi LNG Project achieving substantial completion in March 2021, and Train 6 at the Sabine Pass LNG Project nearing completion with 89.6% overall project completion as of June 30, 2021. The company's balance sheet shows total assets of $36.75 billion and total liabilities of $34.40 billion. Liquidity remains solid with $1.81 billion in cash and cash equivalents, supported by substantial available commitments under its various credit facilities.
Financial Highlights
50 data points| Revenue | $3.02B |
| R&D Expenses | $2.00M |
| SG&A Expenses | $73.00M |
| Operating Expenses | $2.87B |
| Operating Income | $146.00M |
| Interest Expense | $368.00M |
| Net Income | -$329.00M |
| EPS (Basic) | $-1.30 |
| EPS (Diluted) | $-1.30 |
| Shares Outstanding (Basic) | 253.50M |
| Shares Outstanding (Diluted) | 253.50M |
Key Highlights
- 1Total revenues increased by 25.6% to $3.02 billion in Q2 2021 compared to $2.40 billion in Q2 2020, driven by higher LNG revenues.
- 2Net loss attributable to common stockholders was $(329) million, or $(1.30) per share, a significant decrease from a net income of $197 million, or $0.78 per share, in Q2 2020.
- 3The decrease in net income was primarily attributed to a $472 million increase in derivative-related after-tax losses in Q2 2021.
- 4Construction of Train 6 at the Sabine Pass LNG Project is progressing well, with overall project completion at 89.6% as of June 30, 2021, and expected substantial completion in the first half of 2022.
- 5Substantial completion of Train 3 at the Corpus Christi LNG Project was achieved on March 26, 2021.
- 6Total debt decreased from $30.84 billion at year-end 2020 to $30.28 billion at June 30, 2021.
- 7The company continues to secure long-term agreements, with approximately 85% of the total production capacity from its Liquefaction Projects contracted on a term basis, with a weighted average remaining life of approximately 17 years.