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Dienstag, 08.08.2017 14:05 von

Cheniere Reports Second Quarter 2017 Results, Raises Full Year Guidance

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PR Newswire

HOUSTON, Aug. 8, 2017 /PRNewswire/ -- 

Summary of Second Quarter 2017 Results (in millions, except LNG data)



Three Months Ended


Six Months Ended


June 30,


June 30,


2017


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2016


2017


2016

Revenues

$

1,241



$

177



$

2,452



$

246


Net loss1

$

(285)



$

(298)



$

(231)



$

(619)


Consolidated Adjusted EBITDA2

$

371



$

(4)



$

854



$

(48)


Weighted average number of common shares outstanding—basic and diluted

232.5



228.3



232.4



228.2


LNG exported:








Number of cargoes

48



11



91



15


Volumes (TBtu)

170



38



322



52


LNG volumes loaded (TBtu)

167



38



321



53


 

Summary 2017 Revised Full Year Guidance (in billions, except per share amounts)



2017

Consolidated Adjusted EBITDA2

$

1.6


-

$

1.8


Distributable Cash Flow2

$

0.5


-

$

0.7


Distributable Cash Flow per Share2

$

2.10


-

$

2.80


Recent Highlights

Strategic

  • Year to date, LNG from the SPL Project (defined below) has been delivered to 10 new countries. As of July 2017, LNG from the SPL Project had reached 24 of the 40 LNG importing countries around the world.
  • We made an equity investment of $55 million in Midship Pipeline Company, LLC through Midship Holdings, LLC ("Midship Holdings"), which is constructing an approximately 230-mile interstate natural gas pipeline with expected capacity of up to 1.44 Dekatherms per day, to connect new production in the Anadarko Basin to Gulf Coast markets (the "Midship Project"). Additionally, Midship Holdings entered into agreements with investment funds managed by EIG Global Energy Partners ("EIG") under which EIG-managed funds have committed to make an investment of up to $500 million in the Midship Project, subject to the terms and conditions in the applicable agreements.

Operational

  • In April 2017, we reached the milestone of 100 cumulative LNG cargoes exported from the SPL Project. As of July 31, 2017, more than 160 cumulative LNG cargoes had been exported from the SPL Project.
  • In June 2017, the date of first commercial delivery ("DFCD") was reached under the 20-year LNG Sale and Purchase Agreement ("SPA") with Korea Gas Corporation ("KOGAS") relating to Train 3 of the SPL Project.
  • In August 2017, DFCD was reached under the respective 20-year LNG SPAs with Gas Natural Fenosa LNG GOM, Limited and BG Gulf Coast LNG, LLC relating to Train 2 of the SPL Project.
  • Commissioning activities for Train 4 of the SPL Project began in March 2017, and first LNG was achieved in July 2017.

Financial

  • In May 2017, Cheniere Corpus Christi Holdings, LLC ("CCH") issued an aggregate principal amount of $1.5 billion of 5.125% Senior Secured Notes due 2027. Net proceeds of the offering, after deducting commissions, fees and expenses, and after provisioning for incremental interest during construction, were used to prepay a portion of the outstanding borrowings under CCH's credit facility.
  • In May 2017, Moody's Investors Service upgraded the senior secured debt rating of Sabine Pass Liquefaction, LLC ("SPL") from Ba1 to Baa3, an investment-grade rating.
  • In June 2017, Fitch Ratings assigned SPL an investment-grade issuer default rating of BBB-.

Liquefaction Projects Update


SPL Project


CCL Project

Liquefaction Train

Trains 1-3

Train 4

Train 5

Train 6


Trains 1-2

Train 3

Project Status

Operational

Commissioning

Under
Construction

Permitted

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