Cheniere Energy, Inc. reported a decline in financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. LNG revenues for the third quarter were $3,554 million, down from $3,974 million, while total revenues decreased to $3,763 million from $4,159 million. For the nine-month period, LNG revenues fell to $10,633 million from $14,984 million, and total revenues dropped to $11,267 million from $15,571 million.
The company's operating costs and expenses surged significantly, rising to $2,116 million in Q3 2024 from $1,404 million in Q3 2023, and to $6,878 million for the nine months, up from $2,517 million in the prior year. This increase was primarily driven by unfavorable changes in the fair value of derivatives, which accounted for $915 million and $6.1 billion in variances for the respective periods.
Income from operations for Q3 2024 was $1,647 million, a decrease of $1,108 million from $2,755 million in Q3 2023. Net income for the quarter fell to $1,207 million from $2,091 million, while net income attributable to Cheniere decreased to $893 million from $1,701 million. For the nine months, net income was $3,208 million, down from $10,233 million, with net income attributable to Cheniere at $2,275 million compared to $8,504 million in 2023.
The decline in net income was attributed to unfavorable changes in the fair value of derivatives, which impacted both the quarterly and year-to-date results. Additionally, the effective tax rate for Q3 2024 was 16.1%, down from 17.4% in Q3 2023, reflecting a larger percentage of pre-tax income from non-taxable sources.
As of September 30, 2024, total current assets decreased to $4,455 million from $6,331 million at the end of 2023, with cash and cash equivalents dropping to $2,663 million from $4,066 million. Total liabilities slightly decreased to $33,722 million from $34,056 million, while stockholders’ equity increased to $9,347 million from $9,020 million.
Cheniere continues to pursue expansion projects, including the Corpus Christi Stage 3 Project, which is currently 67.8% complete and expected to enhance production capacity. The company also announced a quarterly dividend of $0.50 per share, payable on November 18, 2024, and has approximately $4.2 billion remaining under its share repurchase program.
About Cheniere Energy, Inc.
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