Fusco

Cheniere Energy Inc. said Thursday it earned $53 million in first quarter revenue from customers that canceled liquefied natural gas (LNG) cargoes and elected to pay fees as global prices cratered and demand eroded from the Covid-19 pandemic.

Management for Cheniere Energy Inc., the largest liquefied natural gas (LNG) producer in the United States, does “not view significant or prolonged curtailment of U.S. LNG production as a likely scenario” despite the recent cancellation of two cargoes and growing uncertainty about the impacts of the coronavirus.

Cheniere Energy Inc. has big plans for growing its extensive liquefaction capabilities, with further brownfield expansions being considered at the Corpus Christi liquefied natural gas (LNG) terminal, which management said is an “ideal location to match new gas supply with global LNG demand over the long term.”

Less than two months after signing a 15-year natural gas export deal with Swiss trader Vitol Inc., Cheniere Energy Inc. has secured another long-term sale and purchase agreement (SPA) with Polish state-owned oil and gas company Polskie Gornictwo Naftowe i Gazownictwo S.A. (PGNiG), the company announced Thursday.

Houston-based Cheniere Energy Inc. saw its revenues nearly triple and the liquefied natural gas (LNG) export business boom in 3Q2017, with progress made at both the Sabine Pass and Corpus Christi facilities, despite the impacts of Hurricane Harvey, CEO Jack Fusco said Tuesday.

Awash in red ink, Cheniere Energy officials said Tuesday the liquefied natural gas (LNG) operations are adding to earnings and improving cash flow, and they plan to pursue long-term LNG contracts to keep that trend on the ascent.

Cheniere Energy Inc. has named Jack A. Fusco president and CEO. He succeeds Neal A. Shear, who has held the same positions on an interim basis since December when Charif Souki, Cheniere co-founder, was ousted from the top position (see Daily GPI,Dec. 14, 2015). Fusco joins Cheniere from Calpine Corp., where he most recently served as executive chairman of the board. Fusco’s 30-year-plus energy career began at Pacific Gas & Electric Co. upon graduation from California State University, Sacramento with a bachelor’s degree in mechanical engineering in 1984. He joined Goldman Sachs 13 years later as a vice president with responsibility for commodity trading and marketing of wholesale electricity, a role that led to the creation of Orion Power Holdings, an independent power producer that Fusco helped found with backing from Goldman Sachs, where he served as president and CEO from 1998 to 2002. In 2004, he was named chairman and CEO of Texas Genco LLC and managed the transition of that business from a subsidiary of a regulated utility to an independent company before its merger with NRG in 2006. Cheniere has granted one-time employee inducement awards of 236,381 restricted shares to Fusco. He has agreed to purchase $10 million worth of Cheniere common shares by Dec. 31, 2016.

Cheniere Energy Inc. has named Jack A. Fusco president and CEO. He succeeds Neal A. Shear, who has held the same positions on an interim basis since December when Charif Souki, Cheniere co-founder, was ousted from the top position (see Daily GPI,Dec. 14, 2015). Fusco joins Cheniere from Calpine Corp., where he most recently served as executive chairman of the board. Fusco’s 30-year-plus energy career began at Pacific Gas & Electric Co. upon graduation from California State University, Sacramento with a bachelor’s degree in mechanical engineering in 1984. He joined Goldman Sachs 13 years later as a vice president with responsibility for commodity trading and marketing of wholesale electricity, a role that led to the creation of Orion Power Holdings, an independent power producer that Fusco helped found with backing from Goldman Sachs, where he served as president and CEO from 1998 to 2002. In 2004, he was named chairman and CEO of Texas Genco LLC and managed the transition of that business from a subsidiary of a regulated utility to an independent company before its merger with NRG in 2006. Cheniere has granted one-time employee inducement awards of 236,381 restricted shares to Fusco. He has agreed to purchase $10 million worth of Cheniere common shares by Dec. 31, 2016.