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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cheniere Energy Inc | AMEX:LNG | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 161.81 | 0 | 01:00:00 |
CHENIERE ENERGY, INC. |
Delaware | 001-16383 | 95-4352386 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
700 Milam Street Suite 1900 Houston, Texas | 77002 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (713) 375-5000 |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Number | Description |
99.1* | Press Release, dated February 19, 2016. |
CHENIERE ENERGY, INC. | |||||||
Date: | February 19, 2016 | By: | /s/ Michael J. Wortley | ||||
Name: | Michael J. Wortley | ||||||
Title: | Senior Vice President and | ||||||
Chief Financial Officer |
Number | Description |
99.1* | Press Release, dated February 19, 2016. |
• | Sabine Pass Train 1 has begun producing LNG; First LNG commissioning cargo expected to be exported late February / March |
• | Sabine Pass Trains 1 and 2 substantial completion expected to occur in late April / May and August, respectively |
• | In October 2015, Cheniere Marketing International LLP entered into liquefied natural gas (“LNG”) sales arrangement with ENGIE S.A. (“ENGIE”) for the delivery of LNG cargoes on a delivered at terminal (“DAT”) basis. The sales arrangement with ENGIE covers the delivery of up to 12 cargoes per year, or 222 million MMBtus total, from 2018 to 2023. |
• | In December 2015, the Cheniere Board of Directors appointed Neal Shear as Interim President and Chief Executive Officer and Andrea Botta as Chairman of the Board of Directors. |
• | In January 2016, Cheniere Partners reported it expects substantial completion to occur on Trains 1 and 2 in May and August, respectively. |
▪ | Construction on Trains 1 and 2 began in August 2012, and as of December 31, 2015, the overall project completion percentage for Trains 1 and 2 was approximately 97.4%, which is ahead of the contractual schedule. Based on the recently updated construction and commissioning schedule, Cheniere Partners expects to export the first LNG commissioning cargo in late February or March 2016. |
▪ | Construction on Trains 3 and 4 began in May 2013, and as of December 31, 2015, the overall project completion percentage for Trains 3 and 4 was approximately 79.5%, which is ahead of the contractual schedule. Cheniere Partners expects Trains 3 and 4 to become operational in 2017. |
▪ | Construction on Train 5 began in June 2015, and as of December 31, 2015, the overall project completion percentage for Train 5 was approximately 14.9%, which is ahead of the contractual schedule. Engineering, procurement and construction were approximately 41.9%, 20.5% and 0.1% complete, respectively. Cheniere Partners expects Train 5 to become operational in 2019. |
▪ | Train 6 is currently under development, with all necessary regulatory approvals in place. Cheniere Partners expects to make a final investment decision and commence construction on Train 6 upon, among other things, entering into acceptable commercial arrangements and obtaining adequate financing. |
▪ | Construction on Trains 1 and 2 began in May 2015, and as of December 31, 2015, the overall project completion percentage for Trains 1 and 2 was approximately 29.2%, which is ahead of the contractual schedule. Engineering, procurement and construction were approximately 93.6%, 41.9% and 2.2% complete, respectively. We expect Trains 1 and 2 to become operational in late 2018 and mid-2019, respectively. |
▪ | Train 3 is under development, with all necessary regulatory approvals in place. We have entered into an LNG Sale and Purchase Agreement (“SPA”) for approximately 0.8 mtpa of LNG volumes that commence with Train 3 and expect to commence construction upon entering into additional SPAs and obtaining adequate financing. |
Target Date | ||||||||||
Sabine Pass LNG Terminal | Corpus Christi LNG Terminal | |||||||||
Milestone | Trains 1 - 5 | Train 6 | Trains 1 - 2 | Train 3 | Trains 4 & 5 | |||||
DOE export authorization | Received | Received | Received | Received | 2017 | |||||
Definitive commercial agreements | Completed 19.75 mtpa | 2016/2017 | Completed 7.7 mtpa | 2016 | ||||||
- BG Gulf Coast LNG, LLC | 5.5 mtpa | |||||||||
- Gas Natural Fenosa | 3.5 mtpa | |||||||||
- KOGAS | 3.5 mtpa | |||||||||
- GAIL (India) Ltd. | 3.5 mtpa | |||||||||
- Total Gas & Power N.A. | 2.0 mtpa | |||||||||
- Centrica plc | 1.75 mtpa | |||||||||
- PT Pertamina (Persero) | 1.52 mtpa | |||||||||
- Endesa, S.A. | 2.25 mtpa | |||||||||
- Iberdrola, S.A. | 0.76 mtpa | |||||||||
- Gas Natural Fenosa LNG SL | 1.50 mtpa | |||||||||
- Woodside Energy Trading Singapore | 0.85 mtpa | |||||||||
- Électricité de France, S.A. | 0.77 mtpa | |||||||||
- EDP Energias de Portugal S.A. | 0.77 mtpa | |||||||||
EPC contracts | Completed | 2016/2017 | Completed | Completed | ||||||
Financing | Completed | 2016/2017 | Completed | 2016 | ||||||
FERC authorization | Completed | Completed | Completed | Completed | 2017 | |||||
Issue Notice to Proceed | Completed | 2016/2017 | Completed | 2016 | ||||||
Commence operations | 2016 - 2019 | 2019/2020 | 2018/2019 | 2019/2020 |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | |||||||||||||||
LNG terminal revenues | $ | 66,583 | $ | 67,363 | $ | 269,281 | $ | 267,606 | |||||||
Marketing and trading revenues (losses) | 1,667 | (1,768 | ) | 66 | (1,286 | ) | |||||||||
Other | 182 | 357 | 1,538 | 1,634 | |||||||||||
Total revenues | 68,432 | 65,952 | 270,885 | 267,954 | |||||||||||
Operating costs and expenses | |||||||||||||||
Operating and maintenance expense | 30,448 | 15,141 | 79,767 | 84,403 | |||||||||||
Depreciation and amortization expense | 23,119 | 15,296 | 82,680 | 64,258 | |||||||||||
Development expense | 4,501 | 15,457 | 42,141 | 54,376 | |||||||||||
General and administrative expense | 160,657 | 107,926 | 423,862 | 323,709 | |||||||||||
Impairment expense | 90,744 | — | 91,317 | — | |||||||||||
Other | 84 | 13,142 | 431 | 13,387 | |||||||||||
Total operating costs and expenses | 309,553 | 166,962 | 720,198 | 540,133 | |||||||||||
Loss from operations | (241,121 | ) | (101,010 | ) | (449,313 | ) | (272,179 | ) | |||||||
Other income (expense) | |||||||||||||||
Interest expense, net of capitalized interest | (83,419 | ) | (50,293 | ) | (322,083 | ) | (181,236 | ) | |||||||
Loss on early extinguishment of debt | (27,907 | ) | — | (124,180 | ) | (114,335 | ) | ||||||||
Derivative gain (loss), net | 38,484 | (30,179 | ) | (203,639 | ) | (119,401 | ) | ||||||||
Other income (expense) | 1,188 | (544 | ) | 1,804 | (583 | ) | |||||||||
Total other expense | (71,654 | ) | (81,016 | ) | (648,098 | ) | (415,555 | ) | |||||||
Loss before income taxes and non-controlling interest | (312,775 | ) | (182,026 | ) | (1,097,411 | ) | (687,734 | ) | |||||||
Income tax benefit (provision) | 198 | (1,996 | ) | 96 | (4,143 | ) | |||||||||
Net loss | (312,577 | ) | (184,022 | ) | (1,097,315 | ) | (691,877 | ) | |||||||
Less: net loss attributable to non-controlling interest | (21,480 | ) | (25,409 | ) | (122,206 | ) | (143,945 | ) | |||||||
Net loss attributable to common stockholders | $ | (291,097 | ) | $ | (158,613 | ) | $ | (975,109 | ) | $ | (547,932 | ) | |||
Net loss per share attributable to common stockholders—basic and diluted | $ | (1.28 | ) | $ | (0.70 | ) | $ | (4.30 | ) | $ | (2.44 | ) | |||
Weighted average number of common shares outstanding—basic and diluted | 227,658 | 226,201 | 226,903 | 224,338 |
(1) | Please refer to the Cheniere Energy, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission. |
December 31, | |||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1,201,112 | $ | 1,747,583 | |||
Restricted cash | 503,397 | 481,737 | |||||
Accounts and interest receivable | 5,749 | 4,419 | |||||
Inventory | 18,125 | 7,786 | |||||
Other current assets | 54,203 | 17,352 | |||||
Total current assets | 1,782,586 | 2,258,877 | |||||
Non-current restricted cash | 31,722 | 550,811 | |||||
Property, plant and equipment, net | 16,193,907 | 9,246,753 | |||||
Debt issuance costs, net | 589,213 | 242,323 | |||||
Non-current derivative assets | 30,887 | 11,744 | |||||
Goodwill | 76,819 | 76,819 | |||||
Other non-current assets | 314,455 | 186,356 | |||||
Total assets | $ | 19,019,589 | $ | 12,573,683 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | $ | 22,820 | $ | 13,426 | |||
Accrued liabilities | 427,199 | 169,129 | |||||
Current debt, net | 1,676,197 | — | |||||
Deferred revenue | 26,669 | 26,655 | |||||
Derivative liabilities | 35,201 | 23,247 | |||||
Other current liabilities | — | 18 | |||||
Total current liabilities | 2,188,086 | 232,475 | |||||
Long-term debt, net | 15,128,145 | 9,806,084 | |||||
Non-current deferred revenue | 9,500 | 13,500 | |||||
Non-current derivative liabilities | 79,387 | 267 | |||||
Other non-current liabilities | 53,068 | 19,840 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | |||||||
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued | — | — | |||||
Common stock, $0.003 par value | |||||||
Authorized: 480.0 million shares at December 31, 2015 and 2014 | |||||||
Issued and outstanding: 235.6 million shares and 236.7 million shares at December 31, 2015 and 2014, respectively | 708 | 712 | |||||
Treasury stock: 11.6 million shares and 10.6 million shares at December 31, 2015 and 2014, respectively, at cost | (353,927 | ) | (292,752 | ) | |||
Additional paid-in-capital | 3,075,317 | 2,776,702 | |||||
Accumulated deficit | (3,623,948 | ) | (2,648,839 | ) | |||
Total stockholders’ deficit | (901,850 | ) | (164,177 | ) | |||
Non-controlling interest | 2,463,253 | 2,665,694 | |||||
Total equity | 1,561,403 | 2,501,517 | |||||
Total liabilities and equity | $ | 19,019,589 | $ | 12,573,683 |
(1) | Please refer to the Cheniere Energy, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission. |
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