Cheniere Energy reported a second quarter 2020 net earnings of $197 million or 78 cents per share, despite liquefied natural gas shipments being down 25% from a year ago, Kallanish Energy reports.
Those earnings compare to a net loss of $114 million or 44 cents per share in Q2 2019.
But thee earnings are down 47% from the $375 million profit recorded in first quarter 2020.
The company, with headquarters in Houston, Texas, reported that revenues rose 5% to $2.4 billion in Q2 2020.
LNG cargoes from its facilities in Louisiana and Texas dropped from 104 in Q2 2019 to 78 in Q2 2020, the company said.
The volumes of the LNG cargoes were 274 trillion BTUs in the quarter, down from 361 trillion BTUs in Q2 2019, it said.
Cheniere refused to say how many cargoes were canceled in Q2 2020 with the coronavirus pandemic, low demand and low prices.
But the company still gets paid for canceled cargoes under long-term contracts.
In a filing with the U.S. Securities and Exchange Commission, the company said it was paid $708 million in Q2 2020 for canceled cargoes.
In related news, Cheniere said that construction on Train 6 at Sabine Pass in Louisiana will likely be completed in the H2 2022, not the first quarter 2023.
It also reported that Train 3 at Corpus Christi, Texas, is 91% complete and the facility will likely begin commercial service in the first half of 2021.
This post appeared first on Kallanish Energy News.