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The owner of the Sabine Pass and Corpus Christi LNG export terminals said on Thursday its revenue reached $5.44 billion in the first quarter.
This compares to $4.25 billion in the first quarter last year and $4.4 billion in the prior quarter.
Cheniere attributed the $1.2 billion revenue rise to a $725 million increase in revenues attributable to increased Henry Hub pricing, to which the majority of the company’s long-term LNG sales contracts are indexed.
Also, Cheniere attributed the rise to a $428 million increase in revenues generated by Cheniere’s “integrated marketing function under short-term agreements due to an increase in volumes sold at higher prices due to increased international LNG and natural gas prices.”
Net income was at $353 million, which is comparable to $502 million in the year before and $1 billion in the prior quarter.
“Although approximately 90 percent of our LNG volumes recognized in the comparable three month periods were sold in relation to long-term SPAs or IPM agreements, there was a decline in net income attributable to Cheniere in the current year as compared to the same period of 2024 primarily due to a $277 million unfavorable change in fair value of agreements accounted for as derivative instruments,” the firm said.
Also contributing to the decline in net income was a $70 million decrease in sublease income from Cheniere’s LNG vessels due to fewer days the LNG vessels were subleased and at lower rates in the current year as compared to the same period of 2024, it said.
The company’s loaded LNG volumes reached 614 trillion British thermal units (TBtu) in the first quarter, up from 601 TBtu in the same quarter last year and 606 TBtu in the previous quarter.
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