Cheniere bleeds deeper in second quarter

Edmonton Oilers' Marc Pouliot bleeds from a cut above his eye as he skates off the ice following a fight with Calgary Flames' Jim Vandermeer during second period NHL preseason hockey action in Calgary, Friday, Oct. 3, 2008. (AP Photo/The Canadian Press, Jeff McIntosh)

Bleeding: Cheniere suffers loss

Jeff McIntosh

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Luke Johnson

 03 August 2012 22:55 GMT

Cheniere Energy suffered a deeper quarterly loss than a year ago due to higher development and operational costs at its proposed LNG export facility at Sabine Pass in Louisiana.

The Houston-based company posted a net loss of $73 million in the second quarter, it said in a statement. That compared to a loss of $47.2 million for the 2011 period. 

The results for the three months that ended in June included a $35.7 million loss related to the Sabine Pass terminal and pipeline development expenses.

They also included losses due to the early extinguishment of debt. Cheniere paid off the entire outstanding balance of 2008 loans, due in 2018, during the quarter.

Increased development costs, related to maintenance dredging, and decreased marketing and trading revenues also hit Cheniere’s…

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