83% of Chenier Sabine Pass LNG production line completed

According to the Oil & Gas Journal website on May 6, Chenier Energy’s 5 million tons/year Sabine Pass 6 LNG production line has been completed by 83%, and the project is expected to continue until the first half of 2022.

At the same time, the company's 10 million tons/year Corpus Christi Phase 3 expansion project is waiting for engineering, procurement and construction contracts, additional commercial agreements, and sufficient financing before construction can begin.

Chenier’s first-quarter net income increased by 5% over the first quarter of 2020 to reach 393 million US dollars, mainly due to the increase in total profit excluding non-cash effects of derivatives, and the decrease in income tax reserves, which are attributable to non-controlling interests.

The increase in total profit (excluding the non-cash impact of derivative products) is mainly related to the increase in profit per million British thermal units of LNG delivered to customers, and due to the significant fluctuations in the LNG and natural gas market in the first quarter of 2021, LNG The contribution of natural gas and natural gas portfolio optimization activities was higher than normal, partially offset by a slight decrease in the amount of LNG recognized in revenue.

Wang Lei is an excerpt from Oil & Gas Journal

The original text is as follows:

Cheniere Sabine Pass LNG Train 6 83% complete

Cheniere Energy Inc.

The company's 10-million tpy Corpus Christi Stage 3 expansion, meanwhile, awaits an engineering, procurement, and construction contract, additional commercial agreements, and adequate financing before construction can begin.

Cheniere's first-quarter net income increased 5% from first-quarter 2020, reaching $393 million as increased total margins excluding non-cash impacts from derivatives, decreased income tax provision, and decreased net income attributable to non-controlling interest were substantially offset by a $450-million decrease in non-cash net gains from changes in fair value of commodity, foreign exchange, and interest rate derivatives.

　　Increases in total margins excluding non-cash impacts from derivatives were primarily related to increased margins per MMbtu of LNG delivered to customers, as well as a higher-than-normal contribution from LNG and natural gas portfolio optimization activities due to significant volatility in LNG and natural gas markets during first-quarter 2021, partially offset by a slight decrease in LNG volumes recognized in income.