The nation’s first liquefied natural gas exporting company moved closer to profitability in the third quarter.
Houston-based Cheniere Energy reported a net loss of $100 million in the third quarter, but that compares favorably to a nearly $300 million loss during the same time last year.
The smaller loss is because Cheniere’s Sabine Pass LNG Terminal is finally raking in revenues after it starting exporting LNG in late February. Cheniere’s $466 million in quarterly revenues compares to just $66 million during the same time last year.
The 1,000-acre Sabine Pass facility consists of six planned liquefaction trains. The first first liquefaction train started supercooling natural gas into a liquid in February and the initial cargo left the country on Feb. 24.
The second train was just completed and will commence operations shortly. The third and fourth trains are more than 90 percent complete and will start up next year, Cheniere said Thursday. The company still hasn’t made a final decision on whether to move forward with a sixth train.
Construction is ongoing at Cheniere’s Corpus Christi LNG Terminal, which is expected to start exporting product in 2019.