Short answer
Cheniere Energy Inc (LNG) filed its fiscal 2016 10-K annual report with the SEC on Feb 24, 2017. It reported revenue of $1.3B and net income of −$610M.
- Top risk flagged: JMCB class-action lawsuit challenges a Sabine Pass Industrial Tax Exemption contract, potentially eliminating Louisiana ad valorem tax benefits
FY2016 key financial metrics · XBRL
- Revenue
- $1.3B
- Net income
- −$610M
- Operating margin
- -2.3%
- EPS (diluted)
- −$2.67
- ROE
- 43.7%
- Operating cash flow
- −$404M
Source: XBRL data from the Cheniere Energy Inc (LNG) FY2016 10-K on SEC EDGAR. USD.
Cheniere Energy Inc FY2016 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Integrated LNG company, developing, constructing and operating liquefaction, export, regasification, pipeline and marketing assets
- Sabine Pass Trains 1 and 2 began operations, with Train 3 commissioning and LNG production underway
- First commercial delivery under Sabine Pass’s fixed-price, 20-year BG Gulf Coast LNG SPA reached in November 2016
- Corpus Christi project advanced across staged development, targeting three Trains and approximately 13.5 mtpa capacity
- Approximately $8.0 billion in 2016 senior-note issuances and credit facilities refinanced project debt and construction borrowings
Management Discussion & Analysis
- Revenue $1.283B, up $1.012B YoY, driven by SPL Trains 1 and 2 operations
- Net loss $610.0M vs $975.1M, operating costs $1.313B vs $720.2M
- Best segment: SPL, 150.9M MMBtu recognized as revenue; worst: CCL, Stage 1 only 49.2% complete
- Operating cash outflow $403.8M, investing outflow $4.4B, financing inflow $4.9B, capex funded mainly by SPL and CCL construction
- Outlook: additional Trains expected to increase LNG revenue and operating costs, with $44.6B contractual obligations and pending FID and regulatory approvals posing risks
Risk Factors
- JMCB class-action lawsuit challenges a Sabine Pass Industrial Tax Exemption contract, potentially eliminating Louisiana ad valorem tax benefits
- $22.7B total debt and $403.8M negative operating cash flow in 2016, constraining liquidity and refinancing capacity
- Sabine Pass concentration: substantially all anticipated 2017 revenue dependent on one southern Louisiana facility
- Bechtel contractor dependence, with change orders already increasing construction costs for SPL and Corpus Christi projects
- LNG competition from expanding global liquefaction capacity and lower-cost non-U.S. LNG threatening replacement SPA economics
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