Cheniere Energy (NYSE: LNG) reported Q4 EPS of $0.87, $0.40 better than the analyst estimate of $0.47. Revenue for the quarter came in at $1.91 billion versus the consensus estimate of $2.79 billion.

• Reported net income of $448 million for the three months ended December 31, 2019 compared to $351 million for the comparable 2018 period. The increase in net income for the three months ended December 31, 2019 was primarily due to increased total margins2, partially offset by increased operating costs and expenses as a result of an additional Train in operation and increased interest expense.
• Net income of $1.2 billion for the year ended December 31, 2019 compared to $1.3 billion for the comparable 2018 period. The decrease in net income for the year ended December 31, 2019 was primarily due to increased total operating costs and expenses primarily as a result of an additional Train in operation and certain maintenance and related activities at the SPL Project and increased interest expense, partially offset by increased total margins.
• Total margins increased during the three and twelve months ended December 31, 2019 primarily due to increased volumes of LNG recognized in income primarily as a result of an additional Train in operation and increased net gains from changes in fair value of commodity derivatives, partially offset by decreased margins per MMBtu of LNG recognized in income. Margins per MMBtu of LNG recognized in income decreased during the three and twelve months ended December 31, 2019 as compared to the comparable 2018 periods due to decreased pricing of LNG recognized in income, partially offset by decreased pricing of natural gas feedstock related to our LNG sales.
• Adjusted EBITDA1 was $766 million and $2.5 billion, respectively, for the three and twelve months ended December 31, 2019, compared to $692 million and $2.5 billion for the comparable 2018 periods. The increase in Adjusted EBITDA during the three months ended December 31, 2019 as compared to the comparable 2018 period was primarily due to increased volumes of LNG recognized in income primarily as a result of an additional Train in operation, partially offset by decreased margins per MMBtu of LNG recognized in income and increased total operating costs and expenses as a result of an additional Train in operation.
• Income from operations increased $152 million and $61 million, respectively, during the three and twelve months ended December 31, 2019 as compared to the comparable 2018 periods, primarily due to increased volumes of LNG recognized in income primarily as a result of an additional Train in operation and increased net gains from changes in fair value of commodity derivatives, partially offset by decreased margins per MMBtu of LNG recognized in income and increased total operating costs and expenses as a result of an additional Train in operation. During the twelve months ended December 31, 2019, total operating costs and expenses also increased due to certain maintenance and related activities at the SPL Project.

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