Houston-based LNG export player Cheniere posted a wider net loss in the second quarter of this year as compared to the same period a year ago.
Cheniere reported a net loss of $298.4 million, or $1.31 per share , for the second quarter, compared to a net loss of $118.5 million, or $0.52 per share, for the comparable 2015 period.
Adjusted net loss was $140.2 million for the second quarter, compared to an adjusted net loss of $211.2 million a year ago, Cheniere said in its second-quarter report on Tuesday.
“ The second quarter of 2016 saw Cheniere’s continued transition from a development company into an operating one ,” said Jack Fusco , Cheniere’s President and CEO.
“ During the quarter we took over care, custody, and control of Train 1 of the Sabine Pass Liquefaction Project and commenced commercial sales of LNG. After substantial completion, we exported 5 cargoes of LNG under our contract with BG Gulf Coast LNG, LLC (Shell) as of the end of the second quarter .”
According to Fusco, commissioning activities at Train 2 continue with first LNG achieved in late July, and Cheniere’s remaining Trains under construction continue “on time and on budget.”
“ On the financial front, we continued to manage our debt maturity profile by successfully issuing bonds to prepay a portion of the outstanding borrowings under credit facilities for both the Sabine Pass Liquefaction Project and the CCL Project ,” Fusco said.