Its revenues for the period more than doubled to $8.9 billion from $3.2 billion last...
“The Cheniere team continued to fire on all cylinders throughout the third quarter,” CEO Jack Fusco said.Cheniere Energy said Thursday that it lost billions during the third quarter despite soaring revenues, blaming the disparity on gas price fluctuations that dealt the company a blow in futures contracts.
The Houston liquefied natural gas company said it lost $2.4 billion during the quarter compared with a loss of $1.1 billion during the same quarter last year. Meanwhile, its revenues for the period more than doubled to $8.9 billion from $3.2 billion last year. Cheniere said its long-term contracts are meant to mitigate price volatility, but gas and LNG prices increased quickly during the quarter — changes that cost the company $5 billion in accounting charges. Those charges were offset by soaring revenues that stemmed both from increased export volumes and rising prices.
“The Cheniere team continued to fire on all cylinders throughout the third quarter,” CEO Jack Fusco said, “as evidenced by our strong quarterly earnings, confirmation of our recently revised 2022 guidance, and the implementation of our ‘20/20 Vision’ long-term capital allocation plan.” The company said it also paid down $1.3 billion in debt during the quarter, repurchased shares for $75 million and paid a 33-cent dividend.
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