Cheniere Energy Reports Fourth Quarter Results.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--March 29, 2000 Cheniere Energy Inc. (Nasdaq:CHEX CHEX Confined Helium Experiment CHEX Channel Expanded ) today reported the results from its operations for the quarter ended Dec. 31, 1999. In its first full quarter of oil and gas production, Cheniere had 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 of $488,000 on revenues of $1,192,787. Cheniere's net loss for the quarter was $735,734, or $0.02 per share, compared with $490,415, or $0.03 per share, in the fourth quarter of 1998. For the year ended Dec. 31, 1999, Cheniere reported a net loss of $1,753,723, or $0.07 per share, compared with a net loss of $1,637,844, or $0.10 per share, in 1998. A major component of Cheniere's reported losses for both the quarter and the year ended Dec. 31, 1999 is the initially high rate of depreciation, depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able and amortization associated with the early stage of the Company's exploration program. Cheniere president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. L. Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. , said, "Cheniere's exploration program is beginning to have a positive impact. Our first full quarter of production and the resulting cash flow from operations are meaningful steps in Cheniere's development. We look forward to an exciting year as we initiate INITIATE. A right which is incomplete. By the birth of a child, the husband becomes tenant by the curtesy initiate, but his estate is not consummate until the death of the wife. 2 Bouv. Inst. n. 1725. our 2000 drilling program in the second quarter." Cheniere Energy Inc. is an independent oil and gas company focused in and around 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 . The company generates drilling prospects internally using its 9,000-square-mile 3-D seismic database and acquires drilling rights on these prospects through lease sales and farm-ins. Additional information about Cheniere can be found at http://www.cheniere.com. This news release includes 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 are based on assumptions which in the future may prove not to be accurate. 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 Year Ended
December 31, December 31,
------------------------- ------------------------
1999 1998 1999 1998
------------ ------------ ----------- ------------
(Unaudited)
Oil and Gas
Revenues $1,192,787 $-- $1,614,055 $--
------------ ------------ ------------ ------------
Production
Costs 95,771 -- 128,859 --
Depreciation,
Depletion
and
Amortization 1,086,285 7,495 1,361,644 39,171
General and
Administrative
Expenses 754,280 486,884 1,908,805 1,619,307
------------ ------------ ------------ ------------
Total
Operating
Costs and
Expenses 1,936,336 494,379 3,399,308 1,658,478
------------ ------------ ------------ ------------
Loss from
Operations Before
Interest and
Income Taxes (743,549) (494,379) (1,785,253) (1,658,478)
Interest
Income 7,815 3,964 31,530 20,634
Interest
Expense -- -- -- --
------------ ------------ ------------ ------------
Loss From
Operations
Before
Income
Taxes (735,734) (490,415) (1,753,723) (1,637,844)
Provision
for Income
Taxes -- -- -- --
------------ ------------ ------------ ------------
Net Loss $(735,734) $(490,415) $(1,753,723) $(1,637,844)
============ ============ ============ ============
Net Loss
Per Share
(basic and
diluted) $(0.02) $(0.03) $(0.07) $(0.10)
============ ============ ============ ============
Weighted Average
Number of
Shares
Outstanding 31,933,104 17,734,618 25,796,414 16,015,455
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