Dominion’s Cove Point LNG export facility near Lusby, Maryland, has reached 67 percent completion, according to the company’s president and chief executive officer Thomas F. Farrell II.
He added that the construction continues on budget and that the liquefied natural gas export facility is on schedule to be in service in late 2017.
The work also continues on the construction of the Atlantic Coast pipeline and the related Supply Header project with an expected completion date of late 2018.
Once it is completed, the liquefaction facility will have the capacity to produce 5.25 million metric tons of liquefied natural gas per year.
Dominion recently posted an increase in its income for the second quarter 2016 reaching US$442 million, compared to the $413 million in the second quarter of 2015.
However, the company’s operating earning, which it uses as its primary performance measurement dropped from $0.73 per share in the corresponding quarter in 2015 to $0.71 per share in the second quarter 2016. The drop has been attributed to the share dilution, among other factors.