Cheniere Energy Inc (LNG, Financial) released its earnings report for the third quarter of 2023 on November 2, 2023. The company reported a net income of $1.7 billion, a significant turnaround from a net loss of $2.4 billion in the same period last year. Revenues for the quarter were $4.2 billion, compared to $8.8 billion in Q3 2022.
Financial Highlights
Cheniere Energy Inc (LNG, Financial) reported revenues of $4.2 billion and net income of $1.7 billion for the third quarter of 2023. For the first nine months of 2023, the company generated revenues of $15.6 billion and net income of $8.5 billion. The company also reported Consolidated Adjusted EBITDA of $1.7 billion for Q3 and $7.1 billion for the nine-month period.
Cheniere Energy Inc (LNG, Financial) also reconfirmed its full-year 2023 financial guidance, with Consolidated Adjusted EBITDA expected to be between $8.3 billion and $8.8 billion, and Distributable Cash Flow expected to be between $5.8 billion and $6.3 billion.
Operational Highlights
During the third quarter, Cheniere Energy Inc (LNG, Financial) prepaid $50 million of consolidated long-term indebtedness, repurchased approximately 2.2 million shares of common stock for approximately $357 million, and increased its quarterly dividend by 10% to $0.435 per share of common stock.
In August 2023, Cheniere Marketing, a subsidiary of Cheniere Energy Inc (LNG, Financial), entered into a long-term LNG sale and purchase agreement with BASF, under which BASF has agreed to purchase up to approximately 0.8 million tonnes per annum of LNG from Cheniere Marketing.
Project Updates
Cheniere Energy Inc (LNG, Financial) reported significant progress on its Corpus Christi Stage 3 Project, with a completion percentage of 44.1% as of September 30, 2023. The project is expected to be substantially completed between the second quarter of 2025 and the second half of 2026.
Cheniere Energy Inc (LNG, Financial) is the leading producer and exporter of LNG in the United States, with one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast.
Explore the complete 8-K earnings release (here) from Cheniere Energy Inc for further details.
