By Rob Curran
Cheniere Energy's first-quarter net income fell as robust growth in liquefied-natural gas sales was offset by hedging losses.
The biggest U.S. liquefied-natural gas producer on Thursday posted earnings of $353 million, or $1.57 a share, down from $502 million, or $2.13 a share, a year earlier. On average, analysts surveyed by FactSet had forecast earnings of $2.75 a share.
Hedging in the derivatives market, a common practice among energy producers, backfired in the quarter, weighing on profit.
Quarterly revenue surged 28% to $5.44 billion, eclipsing the average analyst target of $4.91 billion, as per FactSet.
Houston-based Cheniere reiterated its 2025 targets for adjusted earnings before interest, taxes, depreciation and amortization in a range between $6.5 billion and $7 billion, and for distributable cash flow of $4.1 billion-to-$4.6 billion.
Cheniere operates the Sabine Pass liquefied natural gas plant on the Gulf Coast of Louisiana and another plant in Corpus Christi on the Texas Gulf Coast. The company said an expansion of its Corpus Christi plant is 82.5% complete, and will be finished sometime between the first half of this year and the second half of 2026.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
May 08, 2025 08:03 ET (12:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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