US liquefied natural gas exporter Cheniere posted a 20 percent increase in first-quarter revenues while net profit rose to $375 million.
The LNG company reported revenues of $2.71 billion in the January-March period, compared to $2.26 billion in the same period the year before.
Net income increased by $234 million year-on-year primarily due to increased total margins which rose on larger volumes coming from additional trains in operation, Cheniere said.
Cheniere currently operates five production units at its Sabine Pass facility and two at Corpus Christi. It is is also building one additional train at each of the liquefaction terminals.
As of April 27, more than 1,100 cumulative LNG cargoes totaling over 75 million tonnes have been exported from Cheniere’s terminals.
Cheniere shipped 128 LNG cargoes during the March quarter.
The Covid-19 coronavirus pandemic also affected the LNG company’s operations.
Cheniere’s chief executive Jack Fusco said he first quarter was defined by “unprecedented” circumstances.
“Our focus at Cheniere has been to protect the health and safety of our workforce, ensure continuity of construction and operations to deliver on our obligations to our customers, and to support the communities where we live and work with assistance needed to provide critical services,” he said.
Fusco reconfirmed Cheniere’s full-year 2020 guidance of consolidated adjusted EBITDA of $3.8 to $4.1 billion, and distributable cash flow of $1 to $1.3 billion.
