Short answer
Cheniere Energy Inc (LNG) filed its fiscal 2017 10-K annual report with the SEC on Feb 21, 2018. It reported revenue of $5.6B (+338.8% year over year) and net income of −$393M.
- Top risk flagged: Louisiana ITE lawsuit: JMCB seeks nullification of SPL’s property-tax exemption contract
FY2017 key financial metrics · XBRL
- Revenue
- $5.6B
- +338.8% YoY
- Net income
- −$393M
- +35.6% YoY
- Operating margin
- 24.7%
- +27.0 pp YoY
- EPS (diluted)
- −$1.68
- +37.1% YoY
- ROE
- 22.3%
- −21.4 pp YoY
- Operating cash flow
- $1.2B
- +404.8% YoY
Source: XBRL data from the Cheniere Energy Inc (LNG) FY2017 10-K on SEC EDGAR. USD.
Cheniere Energy Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Turnkey LNG liquefaction EPC contractor model, integrating engineering, procurement, construction, commissioning and startup
- 2017 Technical Services Agreement added, alongside the 2011 agreement, supporting Corpus Christi Stage 2 development
- Strategic emphasis on LNG Train 3 and Stage 2 integration with the Stage 1 Liquefaction Facility
- Subproject 3 defined around LNG Train 3, including associated facilities for gas receipt, LNG production, storage and tanker loading
- First Cargo milestone set at 160,000 cubic meters of LNG from LNG Train 3
Management Discussion & Analysis
- Revenue $5.601B, up $4.318B YoY, driven by LNG revenue increasing to $5.317B from $1.016B
- Net loss $393M vs $610M, operating margin 24.8% vs negative 2.3% based on reported revenue and operating costs
- Best segment: SPL LNG, $2.588B third-party SPA revenue and $1.756B integrated marketing revenue
- Operating cash flow $1.231B vs negative $404M, investing outflow $3.381B primarily for SPL and CCL construction
- Capital allocation: $2.936B financing inflow, $185M distributions and dividends to non-controlling interests, Train 5 expected substantial completion 1H 2019
Risk Factors
- Louisiana ITE lawsuit: JMCB seeks nullification of SPL’s property-tax exemption contract
- Sabine Pass concentration: substantially all anticipated 2018 revenue dependent on one southern Louisiana facility
- Construction vulnerability: Bechtel delays, equipment failures or change orders could increase SPL and CCL project costs
- LNG market competition: rising North American liquefaction capacity and lower-cost coal, oil or non-U.S. LNG threaten contract renewals
- Debt burden: $26.1 billion total debt versus $722 million cash and cash equivalents at December 31, 2017
Generated from the filing text; verify against the original. How to read a 10-K
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