Cheniere Energy, Inc. Reports 4th Quarter and 2004 Results.HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- Cheniere Energy, Inc. (AMEX AMEX See: American Stock Exchange :LNG LNG (liquefied natural gas): see under natural gas. ) reported a net loss of $9.8 million, or $0.46 per share (basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), for the fourth quarter of 2004 compared with a net loss of $4.4 million, or $0.27 per share (basic and diluted), a year earlier. The major factors contributing to the fourth quarter net loss in 2004 were: general and administrative expenses of $5.4 million, LNG receiving terminal development expenses of $3.8 million and our equity share of the loss in Freeport Freeport, city, Bahamas Freeport, city (1990 pop. 25,115), Grand Bahama Island, Bahamas. A popular resort area, it developed out of a 1955 agreement between the Bahamian colonial government and a private development company to create a free port and Development LNG, L.P. ("Freeport LNG") of $1.4 million. Financial results for the year ended December 31, 2004 reflect a net loss of $24.6 million, or $1.26 per share (basic and diluted), compared to a net loss of $5.3 million, or $0.36 per share (basic and diluted), in 2003. The major factors contributing to the net loss for 2004 were: LNG receiving terminal development expenses of $17.2 million (which were partially offset by a $2.9 million minority interest in the operations of Corpus Christi Corpus Christi, in Christianity Corpus Christi [Lat.,=body of Christ], feast of the Western Church, observed on the Thursday after Trinity Sunday (or on the following Sunday). LNG, L.P.), and other general and administrative expenses of $12.5 million. These factors were partially offset by a $2.5 million reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. from our limited partnership investment in Freeport LNG. Cheniere's working capital at December 31, 2004 was $305.8 million, primarily resulting from net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $285.9 million received from a public offering of 5 million shares of Cheniere common stock in December 2004 and the receipt of $22 million in advance reservation capacity fees related to our Sabine Pass Sabine Pass is the natural outlet of Sabine Lake into the Gulf of Mexico. It borders Jefferson County, Texas, and Cameron Parish, Louisiana. The First Battle of Sabine Pass, and the second Battle of Sabine Pass took place at Sabine Pass during the American Civil War. LNG receiving terminal during the fourth quarter of 2004. Cheniere Energy, Inc. is a Houston-based energy company engaged in developing LNG Receiving Terminals and Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east Exploration & Production. Cheniere is developing 100% owned Gulf Coast LNG Receiving Terminals near Sabine Pass in Cameron Parish, La.; near Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. ; and near the Creole Trail in Cameron Parish, La. Cheniere is also a 30% limited partner in Freeport LNG Development, L.P., which is building an LNG Receiving Terminal in Freeport, Texas Freeport is a city in Brazoria County, Texas within the Houston–Sugar Land–Baytown Metropolitan Area and is situated in Southeast Texas. As of the 2000 U.S. Census, the city population was 12,708 and is about sixteen miles away from Angleton. . Cheniere explores for oil and gas in the Gulf of Mexico using a regional database of 7,000 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. of PSTM PSTM Pre-Stack Time Migration (seismic processing) PSTM Photon Scanning Tunneling Microscopy 3D seismic data. Cheniere owns 9% of Gryphon Exploration Company, along with Warburg War·burg , Otto Heinrich 1883-1970. German biochemist. He won a 1931 Nobel Prize for research on the respiration of cells. , Pincus Pin·cus , Gregory Goodwin 1903-1967. American physiologist. Through his studies of natural hormones that inhibit ovulation in mammals, he developed the first effective oral contraceptive, which was first tested in 1954. Equity Partners, L.P., which owns 91%. Additional information about Cheniere Energy, Inc. may be found on its Web site at www.Cheniere.com. This press release contains certain statements that may include "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives and (ii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG receiving terminal business. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements. (Financial table follows)
Cheniere Energy, Inc.
Selected Financial Information
(in thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
----------------------- --------------------
2004 2003 2004 2003
----------- ----------- ---------- ---------
Revenues $866 $291 $1,998 $658
----------- ----------- ---------- ---------
Operating Costs and
Expenses
LNG Terminal Development
Expenses 3,752 3,344 17,166 6,705
Production Costs 88 - 117 -
Depreciation, Depletion
and Amortization 692 178 1,324 429
General and
Administrative Expenses 5,369 814 12,476 2,542
----------- ----------- ---------- ---------
Total Operating Costs
and Expenses 9,901 4,336 31,083 9,676
----------- ----------- ---------- ---------
Loss from Operations (9,035) (4,045) (29,085) (9,018)
Equity in Net Loss of
Limited Partnership (1,431) (1,816) (1,346) (4,471)
Gain on Sale of LNG Assets - - - 4,760
Gain on Sale of Limited
Partnership Interest - - - 423
Reimbursement from Limited
Partnership Investment - - 2,500 -
Interest and Other Income 453 1 501 3
Minority Interest 212 1,462 2,862 3,015
----------- ----------- ---------- ---------
Net Loss $(9,801) $(4,398) $(24,568) $(5,288)
=========== =========== ========== =========
Net Loss Per Share - Basic
and Diluted $(0.46) $(0.27) $(1.26) $(0.36)
=========== =========== ========== =========
Weighted Average Shares
Outstanding - Basic and
Diluted 21,470 16,101 19,447 14,772
=========== =========== ========== =========
12/31/2004 12/31/2003
----------- -----------
Cash and Cash Equivalents $308,443 $1,258
Other Current Assets 2,838 3,229
Oil and Gas Properties,
net, full cost method 19,056 19,135
Other Assets 3,230 969
----------- -----------
Total Assets $333,567 $24,591
=========== ===========
Current Liabilities $5,529 $4,332
Deferred Revenue 23,000 1,000
Other Liabilities and
Minority Interest 437 120
Stockholders' Equity 304,601 19,139
----------- -----------
Total Liabilities and
Stockholders' Equity $333,567 $24,591
=========== ===========
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