On November 2, 2023, Cheniere Energy Partners LP (CQP, Financial) released its financial results for the third quarter of 2023. The company generated revenues of $2.1 billion and net income of $791 million during the quarter. The Adjusted EBITDA for the period was $793 million. For the nine months ended September 30, 2023, the company reported revenues of $7.0 billion, net income of $3.3 billion, and Adjusted EBITDA of $2.6 billion.
Financial Highlights
Cheniere Energy Partners LP (CQP, Financial) declared a cash distribution of $1.03 per common unit for the third quarter of 2023, to be paid on November 14, 2023. The company also reconfirmed its full-year 2023 distribution guidance of $4.00 - $4.25 per common unit.
Income Statement Review
Net income for the three and nine months ended September 30, 2023, was approximately $791 million and $3.3 billion, respectively, compared to approximately $(514) million and $(13) million in the corresponding 2022 periods. The favorable changes were primarily due to non-cash favorable changes in fair value of commodity derivatives.
Balance Sheet and Cash Flow Statement Summary
As of September 30, 2023, the company's total available liquidity was approximately $2.3 billion, with cash and cash equivalents of approximately $499 million. The company had current restricted cash and cash equivalents of $35 million, $1.0 billion of available commitments under the Cheniere Partners Revolving Credit Facility, and $716 million of available commitments under the Sabine Pass Liquefaction, LLC (“SPL”) Revolving Credit Facility.
Company's Performance Analysis
The decrease in Adjusted EBITDA was primarily due to lower regasification revenues driven by the early termination of one of the company's terminal use agreements in 2022, as well as decreased total margins per MMBtu of LNG delivered.
Other Pertinent Details
Cheniere Energy Partners LP (CQP, Financial) owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities consisting of six liquefaction Trains with a total production capacity of approximately 30 mtpa of LNG.
Explore the complete 8-K earnings release (here) from Cheniere Energy Partners LP for further details.
