Cheniere Q3 profit beats estimates despite weaker LNG prices
© Reuters. FILE PHOTO: A tree decorates the lounge of Houston-based liquefied natural gas company Cheniere during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 13, 2023. REUTERS/Chris Helgren) reported third-quarter profit on Thursday that beat analysts' estimates even as it grappled with lower natural gas prices and export volumes.
The company reported a profit of $7.03 per share, compared with estimates of $2.53, according to LSEG data. U.S. gas prices were down about 60% in the July-September quarter versus the same period last year as U.S. production continued to rise and concerns eased over energy security in Europe. The company is also building new liquefaction trains at Corpus that will add over 10 MTPA of capacity between 2025-2027, and is developing expansions that could add roughly 20 MTPA at Sabine and 3 MTPA at Corpus.
In Asia, year-over-year LNG imports in the third quarter were up to China, India and Thailand but down to Japan, South Korea and Taiwan.
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