Cheniere Energy: Year-End Financial Results and Operational Update.Business Editors HOUSTON--(BUSINESS WIRE)--April 2, 2001 Cheniere Energy Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :CXY) announced significantly improved year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. and 4th quarter 2000 financial results and provided an operational update for the first quarter of 2001 on the success of its exploration activities in the 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 , including those of its minority-owned affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , Gryphon Exploration Company. Financial Results. Cheniere reported a net loss for the fourth quarter of $591,107, or $0.05 per share, compared with a net loss of $735,734, or $0.09 per share, in the fourth quarter of 1999. For the year ended December December: see month. 31, 2000, Cheniere reported a net loss of $616,480, or $0.06 per share on revenues of $5,320,432, compared with a net loss of $1,753,723, or $0.27 per share, on revenues of $1,614,055 for 1999. For the fourth quarter and year-end numbers $445,000 of non-cash expense Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a charge from the equity in affiliate Gryphon for its accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) . In the year 2000, Cheniere generated positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , before changes in operating assets Operating Assets Another term for working capital. and liabilities, of $3,151,302, compared with a net use of cash of $254,579 in 1999. Drilling. Gryphon drilled two natural gas discoveries during the first quarter of 2001. The first, at High Island Block 52, is currently undergoing completion operations. Facilities installation will commence following testing with first production anticipated during the third quarter of 2001. The second well, at West Cameron Cam·er·on , Mount A peak, 4,342.6 m (14,238 ft) high, in the Rocky Mountains of central Colorado. Block 43, has logged apparent pay and casing has been run to total depth. Development plans are currently being evaluated. Gryphon has now been successful in three of its first four wells drilled. Leasing. At the Central Gulf of Mexico Lease Sale 178, held March 28, Cheniere was apparent high bidder on three blocks of five on which it submitted bids. These blocks are located offshore Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. in water
depths of less than 200 feet. In addition, Cheniere acquired leases over
two prospects in the state waters of Texas and Louisiana during the
first quarter. Cheniere would be operator on all of the recently
acquired leases and has a 95 percent working interest in each.Gryphon was apparent high bidder at Sale 178 on 13 blocks of 24 on which it submitted bids. The blocks are located offshore Louisiana in water depths of less than 100 feet. Gryphon has a 50 percent working interest in 11 of the blocks and a 100 percent working interest in two blocks. Gryphon would be operator of all of the blocks. The remaining 50 percent interest in Gryphon's partially-owned blocks is held by Samson Samson, in the Bible, judge of Israel. His long hair was a symbol of his vows to God, and because of this covenant Samson was strong. The enemies of his people, the Philistines, accomplished his destruction through the woman Delilah. Offshore Company. Cheniere Energy, Inc. is an independent oil and gas company focused in and around the Gulf of Mexico. The company explores in the shallow This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since October 2007. Shallow means not very deep. Gulf of Mexico using regional 3D seismic data. Activities offshore Louisiana are conducted primarily through its 36.8 percent interest in privately-held Gryphon Exploration Company and its ownership of a 228 square mile proprietary 3D project. In Texas and the adjacent West Cameron area, the company is currently developing an offshore exploration program using 6,800 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 recently licensed 3D data. Additional information about Cheniere can be found by calling the company's investor and media relations department at 888/948-2036 or by writing to chex@mdcgroup.com Except for the historical statements contained herein, this news release presents 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. that involve risks and uncertainties. Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Certain risks and uncertainties inherent in the company's business are set forth in the company's periodic reports that are filed with and available from the Securities and Exchange Commission.
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended
December 31,
2000 1999
------------ ------------
(Unaudited)
Oil and Gas Revenues $1,217,697 $1,192,787
------------ ------------
Production Costs 72,410 95,771
Depreciation, Depletion
and Amortization 473,952 1,086,285
General and Administrative
Expenses 841,885 754,280
Total Operating Costs and
Expenses 1,388,247 1,936,336
------------ ------------
Loss from Operations Before
Interest, Income Taxes
and Equity in Net Loss
of Unconsolidated
Affiliate (170,550) (743,549)
Interest Income 6,092 7,815
Provision for Income Taxes -- --
Equity in Net Loss of
Unconsolidated
Affiliate (426,649) --
------------ ------------
Net Loss $(591,107) $(735,734)
============ ============
Net Loss Per Share
(basic and diluted) $(0.05) $(0.09)
============ ============
Weighted Average Number of
Shares Outstanding 11,209,404 7,983,276
============ ============
Year Ended
December 31,
2000 1999
------------ ------------
Oil and Gas Revenues $5,320,432 $1,614,055
------------ ------------
Production Costs 388,637 128,859
Depreciation, Depletion
and Amortization 3,371,383 1,361,644
General and Administrative
Expenses 1,774,159 1,908,805
Total Operating Costs and
Expenses 5,534,179 3,399,308
------------ ------------
Loss from Operations Before
Interest, Income Taxes
and Equity in Net Loss
of Unconsolidated
Affiliate (213,747) (1,785,253)
Interest Income 23,916 31,530
Provision for Income Taxes -- --
Equity in Net Loss of
Unconsolidated
Affiliate (426,649) --
------------ ------------
Net Loss $(616,480) $(1,753,723)
============ ============
Net Loss Per Share
(basic and diluted) $(0.06) $(0.27)
============ ============
Weighted Average Number of
Shares Outstanding 10,732,678 6,449,104
============ ============
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