Cheniere Energy Partners Reports Fourth Quarter and Full Year 2024 Results

Cheniere Energy Partners, L.P. has released its financial results for the fourth quarter and full year 2024. The company, which owns the Sabine Pass LNG terminal in Cameron Parish, Louisiana, reported significant financial and operational metrics, providing insights into its performance and future outlook.

Financial Highlights

For the fourth quarter of 2024, Cheniere Partners generated revenues of $2.5 billion, a decrease from $2.7 billion in the same period of 2023. Net income for the quarter was $623 million, down from $906 million in the previous year. Adjusted EBITDA for the quarter was $890 million, compared to $1.05 billion in Q4 2023.

For the full year 2024, revenues were $8.7 billion, a 10% decrease from $9.7 billion in 2023. Net income for the year was $2.5 billion, down from $4.3 billion in 2023. Adjusted EBITDA for the year was $3.6 billion, slightly down from $3.6 billion in 2023.

Business and Operational Highlights

Cheniere Partners exported 110 LNG cargoes in Q4 2024, a slight decrease from 115 cargoes in Q4 2023. The total volume of LNG exported was 399 TBtu, down from 419 TBtu in the same period last year. For the full year, the company exported 431 cargoes, totaling 1,567 TBtu, compared to 425 cargoes and 1,536 TBtu in 2023.

The company declared a cash distribution of $0.820 per common unit for Q4 2024, bringing the total cash distributions for the year to $3.25 per common unit. Cheniere Partners also introduced its full year 2025 distribution guidance of $3.25 - $3.35 per common unit.

Strategic Initiatives and Corporate Developments

During Q4 2024, Sabine Pass Liquefaction, LLC (SPL) repaid $350 million in principal amount of its 5.625% Senior Secured Notes due 2025. The company is also developing an expansion project adjacent to the SPL Project, which is expected to increase production capacity by approximately 20 mtpa of LNG.

Management's Perspective

Management attributed the decrease in net income primarily to unfavorable changes in the fair value of derivative instruments. Adjusted EBITDA decreased due to lower gross margins per MMBtu of LNG delivered, although this was partially offset by higher volumes delivered compared to the prior period.

Future Outlook

Cheniere Partners has provided a distribution guidance of $3.25 - $3.35 per common unit for the full year 2025, maintaining a base distribution of $3.10 per common unit. The company continues to focus on its expansion projects and maintaining stable margins through its long-term Integrated Production Marketing agreements.

SEC Filing: Cheniere Energy Partners, L.P. [ CQP ] - 8-K - Feb. 20, 2025