In the third quarter of 2020, Cheniere Energy Inc. posted a deeper loss than predicted due to the demand destruction on account of the coronavirus pandemic.
In the July-September period, Cheniere lost USD1.84/share, steeper compared to the 33 cents/share loss forecast and wider than the USD1.25/share contraction on the corresponding time of 2019.
Reacting to the news, Cheniere’s shares slumped by 3.5% to USD34.35 in Friday’s midday trade.
In the period, the company only sent out 55 liquefied natural gas (LNG), way below the 108 cargoes it sent out in the same period a year ago.
The company elaborated that it has changed the timeline of the completion of its train three at the Corpus Christi LNG export plant in Texas, from its previous plan of the first half of 2021 to the first quarter of next year.
It also said that the sixth train at Sabine Pass in Louisiana will be completed in the second half of 2022.
At the moment, Cheniere Corpus 3 is 96.7% complete while Sabine 6 is 70.9% complete. Each of the trains will have 5 million tpa of LNG.
Looking forward, the company has a positive view of the LNG market, saying that likely, the market would continue rebalancing. Cheniere reaffirmed 2020 guidance and introduced 2021 guidance which is in line with analysts’ expectations. It will also proceed with the construction of the Corpus Stage 3.
Separately, a subsidiary of Chinese gas company Foran Energy Group Co Ltd stated that it had signed a deal of LNG supply from Cheniere.
