By a News Reporter-Staff News Editor at Energy Weekly News -- Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) reported a net loss attributable to common stockholders of $97.8 million, or $0.44 per share (basic and diluted), for the three months ended March 31, 2014, compared to a net loss attributable to common stockholders of $117.1 million, or $0.54 per share (basic and diluted), for the comparable 2013 period.
Results include significant items for the three months ended March 31, 2014 of $46.8 million, or $0.21 per share (basic and diluted), compared to $34.6 million, or $0.16 per share (basic and diluted), for the comparable 2013 period. The significant items related to liquefied natural gas ("LNG") terminal development expenses and derivative losses. LNG terminal development expenses were primarily for the liquefaction facilities being developed by us near Corpus Christi, Texas (the "Corpus Christi Liquefaction Project"), and for the liquefaction facilities Cheniere Energy Partners, L.P. ("Cheniere Partners") is developing through Sabine Pass Liquefaction, LLC ("Sabine Pass Liquefaction") at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project"). Derivative losses were primarily the result of the change in fair value of Sabine Pass Liquefaction's interest rate derivatives to hedge the exposure to volatility in a portion of the floating-rate interest payments under Sabine Pass Liquefaction's four credit facilities.
Results are reported on a consolidated basis and include our ownership interest in Cheniere Partners, which is based on our 100% ownership of the general partner and 84.5% ownership interest in Cheniere Holdings, which owns 55.9% of Cheniere Partners.
Overview of Recent Significant Events
-- In April 2014, our wholly owned subsidiary, Corpus Christi Liquefaction,
LLC ("Corpus Christi Liquefaction") entered into two Sale and Purchase
Agreements ("SPAs") with Endesa S.A. ("Endesa") under which Endesa has
agreed to purchase a total of 117.3 million MMBtu of LNG per year
(approximately 2.25 million tonnes per annum ("mtpa")) upon the
commencement of operations of Train 1 of the Corpus Christi Liquefaction
Keywords for this news article include: Cheniere Energy Inc.
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