Cheniere Energy Inc. widened its loss in the second quarter over a year ago, blaming the decline on the cost of developing its liquefied natural gas (LNG) receiving terminals. The Houston-based producer reported a net loss of $8.05 million (minus 43 cents/share) versus a net loss of $1.62 million (minus 11 cents) in 2Q2003.
Factors that contributed to the quarterly decline included LNG terminal development costs of $5.45 million, which were offset by a $751,907 minority interest in the operations of the Corpus Christi facility. Cheniere also lost $1.6 million in general and administrative expenses and another $1.49 million for its equity share in the net loss of the Freeport development.
However, working capital climbed higher at the end of the second quarter, to $8.45 million from $155,526 on Dec. 31, 2003, primarily because of the sale of common stock through a private placement offering in January 2004 and stock options that resulted in net proceeds of $16.4 million. Cheniere also received a $2.5 million payment from Freeport LNG for selling its 60% interest in the project, as well as $2.19 million in partnership contributions from its Corpus LNG minority owner.
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