Core Insights - Cheniere Energy Partners, L.P. (CQP) reported second-quarter 2025 earnings per unit of 91 cents, missing the Zacks Consensus Estimate of 96 cents and declining from 95 cents in the same quarter last year [1][9] - Total revenues for the quarter reached $2.5 billion, an increase from $1.9 billion year-over-year, and surpassed the Zacks Consensus Estimate of $2.4 billion [1][9] Financial Performance - The decline in quarterly earnings was attributed to lower LNG volumes loaded and increased total operating costs and expenses [2] - CQP sent 98 cargos in the second quarter, a 5% decrease from 103 cargos in the previous year, and the total LNG volume was 351 trillion British thermal units (TBtu), down from 372 TBtu year-over-year [3] - Adjusted EBITDA for the quarter was $726 million, a 13% decrease from $832 million in the prior year, primarily due to planned maintenance activities leading to higher operating expenses and lower recognized volumes [4] - The cost of sales for the quarter was $1.2 billion, up from $661 million in the same period last year, while total operating costs and expenses rose to $1.74 billion from $1.13 billion year-over-year [5] Balance Sheet - As of June 30, 2025, CQP had $108 million in cash and cash equivalents and a net long-term debt of $14.2 billion [6] Outlook - The company maintained its 2025 full-year distribution guidance, expecting to distribute between $3.25 and $3.35 per common unit, with a base distribution of $3.10 [7] Market Position - CQP currently holds a Zacks Rank 3 (Hold), while other energy sector stocks like Antero Midstream Corporation, Delek Logistics Partners, LP, and Enbridge Inc. have better rankings [8]

Financial Performance - Cheniere's Net Income increased to $1626 million in 2Q 2025, compared to $880 million in 2Q 2024[12] - Consolidated Adjusted EBITDA increased to $1416 million in 2Q 2025, compared to $1322 million in 2Q 2024[12] - Distributable Cash Flow increased to approximately $920 million in 2Q 2025, compared to approximately $700 million in 2Q 2024[12] - Approximately $13 billion was deployed in 2Q 2025, including ~$306 million for repurchasing ~14 million shares[16] Guidance and Outlook - The company is raising and tightening its full-year 2025 Consolidated Adjusted EBITDA guidance to $66 billion - $70 billion, from a prior range of $65 billion - $70 billion[13] - The company is raising and tightening its full-year 2025 Distributable Cash Flow guidance to $44 billion - $48 billion, from a prior range of $41 billion - $46 billion[13] - Cheniere expects to have >$25 billion of available cash through 2030, aiming to reach >$25/share of run-rate Distributable Cash Flow[16] Operational Highlights - Cheniere loaded 550 TBtu of LNG and exported 154 cargoes in 2Q 2025[16] - CCL Stage 3 Train 2 achieved Substantial Completion in August[16] - CCL Stage 3 total project completion was 867% as of June 30, 2025[21] Commercial Progress - Cheniere signed a commercial agreement for ~10 MTPA FOB from 2029 through 2050[14] - Cheniere signed a commercial agreement for ~085 MTPA IPM for 15 years beginning in ~2030[15]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Cheniere Partners' Q2 2025 financial performance, distribution guidance, and key operational developments [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Cheniere Partners reported Q2 2025 revenues of $2.5 billion, net income of $553 million, and Adjusted EBITDA of $0.7 billion, with decreases primarily due to planned maintenance activities | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | % Change | | :----- | :----------------- | :----------------- | :------- | | Revenues | $2,455 | $1,894 | 30% | | Net income | $553 | $570 | (3)% | | Adjusted EBITDA | $726 | $832 | (13)% | | LNG Exported (Cargoes) | 98 | 103 | (5)% | | LNG Exported (TBtu) | 352 | 373 | (6)% | - Decreases in **net income** and **Adjusted EBITDA** were primarily attributable to planned maintenance activities during **Q2 2025**, resulting in **higher operating expenses** and **lower volumes** recognized in income, partially offset by **higher gross margins per MMBtu** of LNG delivered[6](index=6&type=chunk) [2025 Distribution Guidance and Declaration](index=1&type=section&id=2025%20Distribution%20Guidance%20and%20Declaration) The company reconfirmed its full-year 2025 distribution guidance of $3.25 - $3.35 per common unit and declared a Q2 2025 cash distribution of $0.820 per common unit | Metric | Value | | :----- | :---- | | Full Year 2025 Distribution Guidance per Unit | $3.25 - $3.35 | | Base Distribution per Common Unit (Annualized) | $3.10 | | Q2 2025 Cash Distribution per Common Unit | $0.820 | | Q2 2025 Base Amount per Common Unit | $0.775 | | Q2 2025 Variable Amount per Common Unit | $0.045 | [Key Operational and Strategic Developments](index=1&type=section&id=Key%20Operational%20and%20Strategic%20Developments) Cheniere Partners updated its SPL Expansion Project application to reflect a two-phased project and achieved a significant milestone by loading its 3,000th LNG cargo - Updated the SPL Expansion Project's FERC application in **June 2025** to reflect a **two-phased project**, inclusive of **three liquefaction trains** and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately **20 million tonnes per annum (mtpa)** of LNG[5](index=5&type=chunk)[10](index=10&type=chunk) - Produced and loaded its **3,000th LNG cargo** in **July 2025** since commencing export operations at the Sabine Pass LNG terminal in **February 2016**[5](index=5&type=chunk)[9](index=9&type=chunk) [Financial Performance Review](index=1&type=section&id=Financial%20Performance%20Review) This section details Cheniere Partners' financial results, including statements of operations, balance sheets, and reconciliation of non-GAAP measures [Summary of Financial Results](index=1&type=section&id=Summary%20of%20Financial%20Results) For the three and six months ended June 30, 2025, Cheniere Partners experienced significant revenue growth but a slight decline in net income and Adjusted EBITDA compared to the prior year, primarily due to maintenance activities | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change | | :----- | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Revenues | $2,455 million | $1,894 million | 30% | $5,444 million | $4,189 million | 30% | | Net income | $553 million | $570 million | (3)% | $1,194 million | $1,252 million | (5)% | | Adjusted EBITDA | $726 million | $832 million | (13)% | $1,764 million | $1,832 million | (4)% | | LNG Exported (Cargoes) | 98 | 103 | (5)% | 210 | 217 | (3)% | | LNG Exported (TBtu) | 352 | 373 | (6)% | 758 | 791 | (4)% | - The decrease in **net income** and **Adjusted EBITDA** was primarily due to planned maintenance activities in **Q2 2025**, leading to **higher operating expenses** and **lower recognized volumes**, partially offset by **improved gross margins per MMBtu**[6](index=6&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations show a substantial increase in total revenues for both the three and six months ended June 30, 2025, driven by LNG revenues, while net income saw a slight decrease due to higher operating costs, particularly cost of sales and operating and maintenance expense | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total Revenues | $2,455 | $1,894 | $5,444 | $4,189 | | Cost of sales | $1,196 | $661 | $2,899 | $1,625 | | Operating & maintenance expense | $289 | $210 | $492 | $410 | | Total operating costs and expenses | $1,740 | $1,128 | $3,903 | $2,548 | | Income from operations | $715 | $766 | $1,541 | $1,641 | | Net income | $553 | $570 | $1,194 | $1,252 | | Basic and diluted net income per common unit | $0.91 | $0.95 | $1.99 | $2.13 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Cheniere Partners reported total assets of $16.93 billion and total liabilities of $17.27 billion, with a total partners' deficit of $(340) million, with current assets and liabilities both decreasing compared to December 31, 2024 | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :------------------- | :------------ | :---------------- | | Total current assets | $1,017 | $1,325 | | Property, plant and equipment, net | $15,540 | $15,760 | | Total assets | $16,930 | $17,453 | | Total current liabilities | $1,655 | $1,712 | | Long-term debt, net | $14,213 | $14,761 | | Total liabilities | $17,270 | $17,962 | | Total partners' deficit | $(340) | $(509) | [Reconciliation of Non-GAAP Measures (Adjusted EBITDA)](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Adjusted EBITDA, a non-GAAP measure, was $726 million for Q2 2025, down from $832 million in Q2 2024, with reconciliation showing adjustments from net income, primarily for interest expense, depreciation and amortization, and changes in fair value of commodity derivatives | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income | $553 | $570 | $1,194 | $1,252 | | Interest expense, net | $188 | $202 | $378 | $404 | | Depreciation and amortization expense | $171 | $170 | $342 | $338 | | Gain from changes in fair value of commodity derivatives, net | $(160) | $(104) | $(119) | $(147) | | **Adjusted EBITDA** | **$726** | **$832** | **$1,764** | **$1,832** | - **Adjusted EBITDA** is commonly used to assess financial performance without regard to financing methods, capital structures, or historical cost basis, and is adjusted for certain non-cash items and non-operating income or expense items[25](index=25&type=chunk)[26](index=26&type=chunk) [Capital Resources and Debt Management](index=2&type=section&id=Capital%20Resources%20and%20Debt%20Management) This section outlines Cheniere Partners' liquidity position and recent debt optimization activities [Capital Resources and Debt Management Summary](index=2&type=section&id=Capital%20Resources%20and%20Debt%20Management%20Summary) As of June 30, 2025, Cheniere Partners had total available liquidity of $1.929 billion, including cash and available credit facilities, and completed key financial transactions in July 2025 to optimize its debt structure | Metric (in millions) | June 30, 2025 | | :------------------- | :------------ | | Cash and cash equivalents | $108 | | Restricted cash and cash equivalents | $36 | | Available commitments under credit facilities | $1,785 | | **Total available liquidity** | **$1,929** | - In **July 2025**, Cheniere Partners issued **$1.0 billion** of **5.550% Senior Notes due 2035**, using the net proceeds and cash on hand to redeem **$1.0 billion** of SPL's **5.875% Senior Secured Notes due 2026**[8](index=8&type=chunk) - During the **six months ended June 30, 2025**, SPL repaid the remaining **$300 million** in principal amount of its **5.625% Senior Secured Notes due 2025** with cash on hand[8](index=8&type=chunk) [Operational Overview and Expansion](index=2&type=section&id=Operational%20Overview%20and%20Expansion) This section details the Sabine Pass LNG terminal's operational capacity and the progress of the SPL Expansion Project [Sabine Pass LNG Terminal Operations](index=2&type=section&id=Sabine%20Pass%20LNG%20Terminal%20Operations) The Sabine Pass LNG terminal has a total production capacity of over 30 mtpa of LNG and has cumulatively produced, loaded, and exported approximately 3,030 LNG cargoes as of August 1, 2025 - Cheniere Partners owns natural gas liquefaction facilities at the Sabine Pass LNG terminal with a total production capacity of over **30 mtpa** of LNG[9](index=9&type=chunk)[14](index=14&type=chunk) - As of **August 1, 2025**, approximately **3,030 cumulative LNG cargoes**, totaling approximately **210 million tonnes of LNG**, have been produced, loaded, and exported from the SPL Project[9](index=9&type=chunk) [SPL Expansion Project Update](index=2&type=section&id=SPL%20Expansion%20Project%20Update) Cheniere Partners is developing the SPL Expansion Project, aiming for an additional peak production capacity of up to approximately 20 mtpa of LNG, with its FERC application updated in June 2025 to reflect a two-phased project - Developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately **20 mtpa** of LNG, inclusive of estimated debottlenecking opportunities[10](index=10&type=chunk) - In **June 2025**, the SPL Expansion Project's FERC application was updated to reflect a **two-phased project**, inclusive of **three liquefaction trains** and supporting infrastructure[5](index=5&type=chunk)[10](index=10&type=chunk) - Received authorization from the Department of Energy (DOE) in **October 2024** to export LNG to **Free-Trade Agreement (FTA)** countries[10](index=10&type=chunk) [Distributions to Unitholders](index=1&type=section&id=Distributions%20to%20Unitholders) This section provides details on Cheniere Partners' Q2 2025 cash distribution and full-year 2025 distribution guidance [Distributions to Unitholders Details](index=1&type=section&id=Distributions%20to%20Unitholders%20Details) Cheniere Partners declared a Q2 2025 cash distribution of $0.820 per common unit and reconfirmed its full-year 2025 distribution guidance of $3.25 - $3.35 per common unit | Metric | Value | | :----- | :---- | | Q2 2025 Cash Distribution per Common Unit | $0.820 | | Q2 2025 Base Amount per Common Unit | $0.775 | | Q2 2025 Variable Amount per Common Unit | $0.045 | | Full Year 2025 Distribution Guidance per Unit | $3.25 - $3.35 | | Full Year 2025 Base Distribution per Common Unit | $3.10 | - The variable amount of the distribution takes into consideration amounts reserved for annual debt repayment, capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves[11](index=11&type=chunk) [Additional Information](index=4&type=section&id=Additional%20Information) This section includes details on the investor conference call, company overview, non-GAAP financial measures, forward-looking statements, and contacts [Investor Conference Call](index=4&type=section&id=INVESTOR%20CONFERENCE%20CALL%20AND%20WEBCAST) Cheniere Energy, Inc. will host a conference call on August 7, 2025, to discuss Q2 2025 financial and operating results, with a listen-only webcast and accompanying slide presentation available on their website - Cheniere Energy, Inc. (NYSE: LNG) will host a conference call to discuss its financial and operating results for the **second quarter 2025** on **Thursday, August 7, 2025**, at **11 a.m. Eastern time / 10 a.m. Central time**[13](index=13&type=chunk) - A listen-only webcast of the call and an accompanying slide presentation may be accessed through **www.cheniere.com**, with an archived recording made available on the website following the call[13](index=13&type=chunk) [About Cheniere Partners](index=4&type=section&id=About%20Cheniere%20Partners) Cheniere Partners owns the Sabine Pass LNG terminal in Louisiana, which includes liquefaction facilities with over 30 mtpa capacity, operational regasification facilities, and the Creole Trail Pipeline - Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities with a total production capacity of over **30 mtpa** of LNG[14](index=14&type=chunk) - The Sabine Pass LNG terminal also has operational regasification facilities, including **five LNG storage tanks**, vaporizers, and **three marine berths**, and Cheniere Partners also owns the **Creole Trail Pipeline**[14](index=14&type=chunk) [Use of Non-GAAP Financial Measures (Explanation)](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The report uses Adjusted EBITDA as a non-GAAP financial measure to facilitate comparisons of operating performance. It is presented as a supplement to, not a substitute for, U.S. GAAP measures and is reconciled to net income - **Adjusted EBITDA** is a non-GAAP financial measure used to facilitate comparisons of operating performance across periods, serving as a supplement to and not a substitute for U.S. GAAP measures of performance[16](index=16&type=chunk)[25](index=25&type=chunk) - It is calculated by taking net income before interest expense, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and changes in the fair value of commodity derivatives[26](index=26&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements regarding financial guidance, business strategy, regulatory approvals, and future operations. These statements involve assumptions, risks, and uncertainties, and actual results may differ materially - This press release contains certain statements that may include '**forward-looking statements**' regarding Cheniere Partners' financial and operational guidance, business strategy, plans and objectives, and regulatory expectations[17](index=17&type=chunk) - These **forward-looking statements** involve assumptions, risks, and uncertainties, and actual results could differ materially from those anticipated due to various factors, including those discussed in Cheniere Partners' periodic reports filed with the SEC[17](index=17&type=chunk) [Contacts](index=7&type=section&id=Contacts) Contact information for investor relations and media relations is provided for inquiries regarding Cheniere Partners | Category | Name | Phone | | :------- | :--- | :---- | | Investors | Randy Bhatia | 713-375-5479 | | | Frances Smith | 713-375-5753 | | Media Relations | Randy Bhatia | 713-375-5479 | | | Bernardo Fallas | 713-375-5593 |

Production and Capacity - As of August 1, 2025, approximately 3,030 cumulative LNG cargoes totaling approximately 210 million tonnes of LNG have been produced, loaded, and exported from the Liquefaction Project [121]. - The Sabine Pass LNG Terminal has a total production capacity of over 30 mtpa of LNG as of June 30, 2025 [110]. - The SPL Expansion Project is expected to have a total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities [120]. - Approximately 90% of the total anticipated production from the Liquefaction Project is contracted through long-term SPAs and IPM agreements with a weighted average remaining life of approximately 13 years as of June 30, 2025 [114]. - The company aims to achieve value accretive returns through long-term commercial contracts, targeting approximately 90% of current and planned liquefaction capacity [115]. - The company has increased available liquefaction capacity at its Liquefaction Project as a result of debottlenecking and other optimization projects [116]. Financial Performance - LNG revenues increased by $403 million (27.7%) to $1,857 million for the three months ended June 30, 2025, compared to $1,454 million in 2024, and by $950 million (29.9%) to $4,124 million for the six months ended June 30, 2025, compared to $3,174 million in 2024 [123]. - Total revenues rose by $561 million (29.6%) to $2,455 million for the three months ended June 30, 2025, and by $1.3 billion (30.9%) to $5,444 million for the six months ended June 30, 2025, compared to the same periods in 2024 [126]. - Net income decreased by $17 million (3.0%) to $553 million for the three months ended June 30, 2025, and by $58 million (4.6%) to $1,194 million for the six months ended June 30, 2025, compared to the same periods in 2024 [125]. - Operating costs and expenses increased by $612 million (54.3%) to $1,740 million for the three months ended June 30, 2025, and by $1.4 billion (54.9%) to $3,903 million for the six months ended June 30, 2025, compared to the same periods in 2024 [127]. - Operating and maintenance expenses increased by $79 million (37.6%) to $289 million for the three months ended June 30, 2025, and by $82 million (20.0%) to $492 million for the six months ended June 30, 2025, compared to the same periods in 2024 [125]. Debt and Liquidity - The average debt balance decreased from $16.0 billion in the six months ended June 30, 2024, to $15.1 billion in the same period of 2025, reflecting a decrease in total indebtedness [128]. - The total available liquidity as of June 30, 2025, was $1,929 million, consisting of cash and cash equivalents, restricted cash, and available commitments under credit facilities [136]. - The company expects to meet its long-term cash requirements through operating cash flows and potential future debt or equity offerings [134]. - The company’s long-term debt remained stable at approximately $6,735 million as of June 30, 2025, compared to $6,731 million at the end of 2024 [145]. - Proceeds from issuances of debt and borrowings were $265 million in the first half of 2025, a significant drop from $1,228 million in 2024 [152]. Regulatory and Market Conditions - The SPL Expansion Project requires regulatory approvals and acceptable commercial and financing arrangements before a positive FID can be made [116]. - Fitch Ratings upgraded the issuer credit rating of CQP to BBB from BBB- with a stable outlook in February 2025 [122]. Asset and Liability Changes - Total assets decreased from $3,502 million on December 31, 2024, to $3,384 million on June 30, 2025, representing a decline of approximately 3.4% [145]. - Total current liabilities increased from $325 million on December 31, 2024, to $359 million on June 30, 2025, reflecting a rise of approximately 10.5% [145]. - Net cash provided by operating activities decreased from $1,401 million in 2024 to $1,223 million in 2025, a decline of approximately 12.7% [148]. - The company reported a net income of $(20) million for the six months ended June 30, 2025, compared to a positive income in the previous period [146]. - Other income—affiliate increased by $22 million for both the three and six months ended June 30, 2025, compared to the same periods in 2024 [128]. - The fair value of Liquefaction Supply Derivatives was $(1,147) million as of June 30, 2025, with a change in fair value of $297 million compared to December 31, 2024 [159]. Distributions - The company declared distributions of $0.820 and $1.64 per common unit for the three and six months ended June 30, 2025, respectively [122]. - Cash distributions to unitholders for the period included $0.820 per common unit, totaling $397 million for the first quarter of 2025 [155].

Core Insights - Blackstone's total market value of holdings reached $24.1 billion for Q1 2025, up from $22.0 billion in the previous quarter, representing a 9% increase [1][2] - The investment portfolio included 47 new stocks, 36 stocks were increased, 25 stocks were reduced, and 39 stocks were completely sold out [1][2] - The top ten holdings accounted for 68.8% of the total market value [1][2] Holdings Overview - The largest holding is Cheniere Energy Partners (CQP.US) with approximately 102 million shares valued at about $6.759 billion, making up 28.07% of the portfolio, unchanged from the previous quarter [2][3] - Corebridge Financial Inc. (CRBG.US) is the second-largest holding with around 61.96 million shares valued at approximately $1.956 billion, also unchanged [2][3] - Williams (WMB.US) ranks third with about 20.08 million shares valued at approximately $1.200 billion, reflecting a 5.94% increase in holdings [3][4] Sector Focus - The portfolio shows a strong inclination towards energy stocks, with significant positions in companies like Targa Resources (TRGP.US), Energy Transfer Equity LP (ET.US), and MPLX LP (MPLX.US) [3][4] - The top five purchases included SPDR S&P 500 ETF put options, CoreWeave (CRWV.US), Kinder Morgan (KMI.US), Hess Midstream (HESM.US), and Enbridge (ENB.US) [4][5] - The top five sales included Expand Energy, First Industrial Realty (FR.US), Western Midstream (WES.US), Energy Transfer (ET.US), and NextEra Energy (NEE.US) [5][6]

Cheniere Energy, Inc. First Quarter 2025 May 8, 2025 Safe Harbor Statements Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical or present facts or conditions, included or incorporated by reference herein are "forward- looking stat ...

Financial Performance - Cheniere Partners reported revenues of $2.989 billion for Q1 2025, a 30% increase from $2.295 billion in Q1 2024[4] - Net income for Q1 2025 was $641 million, down 6% from $682 million in Q1 2024, primarily due to $84 million in unfavorable variances related to derivative instruments[4] - Adjusted EBITDA increased by 4% to $1.038 billion in Q1 2025, compared to $1.000 billion in Q1 2024, driven by higher total margins per MMBtu of LNG delivered[5] - Adjusted EBITDA for Q1 2025 was $1,038 million, an increase from $1,000 million in Q1 2024, representing a growth of 3.8%[24] - Net income for Q1 2025 was $641 million, down from $682 million in Q1 2024, reflecting a decrease of 6.0%[24] - Income from operations for Q1 2025 was $826 million, compared to $875 million in Q1 2024, indicating a decline of 5.6%[24] - Interest expense, net of capitalized interest, decreased to $190 million in Q1 2025 from $202 million in Q1 2024, a reduction of 5.9%[24] - Depreciation and amortization expense increased slightly to $171 million in Q1 2025 from $168 million in Q1 2024, a rise of 1.8%[24] - The company reported a loss of $41 million from changes in the fair value of commodity derivatives in Q1 2025, contrasting with a gain of $43 million in Q1 2024[24] Liquidity and Debt Management - As of March 31, 2025, total available liquidity was approximately $2.0 billion, including $94 million in cash and cash equivalents[8] - Cheniere Partners repaid $300 million in principal of its 5.625% Senior Secured Notes due 2025 during Q1 2025[9] LNG Operations - Cheniere Partners exported 112 LNG cargoes in Q1 2025, a 2% decrease from 114 cargoes in Q1 2024, with total volumes of 406 TBtu, down 3% from 418 TBtu[4] - The Sabine Pass LNG terminal has a total production capacity of approximately 30 mtpa, with over 200 million tonnes of LNG produced and exported since inception[10] - The SPL Expansion Project is expected to add up to 20 mtpa of LNG production capacity, with regulatory applications submitted in February 2024[11] Asset Management - Total assets as of March 31, 2025, were $17.094 billion, a decrease from $17.453 billion as of December 31, 2024[22] Adjusted EBITDA Definition - Adjusted EBITDA is used by management and external users to assess financial performance without regard to financing methods or capital structures[25] - The calculation of Adjusted EBITDA excludes certain non-cash items and non-operating income or expenses to provide a clearer view of ongoing operating performance[26]

Financial Performance - LNG revenues for Q1 2025 reached $2,267 million, an increase of 31.8% compared to $1,720 million in Q1 2024[111] - Total revenues for Q1 2025 were $2,989 million, up 30.3% from $2,295 million in Q1 2024[111] - Net income for Q1 2025 was $641 million, a decrease of 6% from $682 million in Q1 2024[111] - Net income decreased by $41 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to an $84 million unfavorable change in fair value of derivative instruments[114] - Revenues increased by $694 million during the three months ended March 31, 2025, mainly driven by a $733 million rise in pricing per MMBtu due to higher Henry Hub pricing[115] - Operating costs and expenses rose by $743 million for the three months ended March 31, 2025, largely due to a $643 million increase in the cost of natural gas feedstock[116] - The company reported a net income of $(10) million for the three months ended March 31, 2025, compared to a net income of $0 million in the same period of 2024[129] Cash Flow and Liquidity - Net cash provided by operating activities was $665 million for the three months ended March 31, 2025, compared to $669 million in the same period of 2024[131] - Total available liquidity as of March 31, 2025, was $1,955 million, consisting of cash and cash equivalents, restricted cash, and available commitments under credit facilities[120] - The company repaid $300 million of its 2025 SPL Senior Notes during the three months ended March 31, 2025, and borrowed and repaid $125 million under the SPL Revolving Credit Facility[135] - Cash distributions to unitholders for the three months ended March 31, 2025, totaled $397 million, with a distribution per common unit of $0.820[137] - The increase in operating cash flows was primarily attributed to a decrease in interest payments due to reduced total indebtedness[132] Assets and Liabilities - Total assets decreased from $3,502 million as of December 31, 2024, to $3,254 million as of March 31, 2025[128] - The company has commodity derivatives related to natural gas supply contracts for the Liquefaction Project, with a fair value of $(1,277) million as of March 31, 2025, reflecting a change of $(1,281) million from December 31, 2024[141] - A 10% change in the commodity price for natural gas would impact the fair value of the Liquefaction Supply Derivatives, with specific values detailed in the financial statements[141] Projects and Capacity - The Sabine Pass LNG Terminal has a total production capacity of approximately 30 mtpa and has produced over 200 million tonnes of LNG since inception[101][108] - The SPL Expansion Project aims to add up to approximately 20 mtpa of LNG production capacity, with a target FID in 2026/2027[106][107] - Approximately 80% of the total anticipated production from the Liquefaction Project is contracted under long-term SPAs and IPM agreements[104] - The company has increased available liquefaction capacity through optimization projects, supporting future growth in customer contracts[106] - As of May 1, 2025, over 2,930 cumulative LNG cargoes have been produced and exported from the Liquefaction Project[108] Ratings and Accounting - Fitch Ratings upgraded the issuer credit rating of CQP to BBB from BBB- with a stable outlook in February 2025[113] - The company has not made significant changes to its critical accounting estimates since the annual report for the fiscal year ended December 31, 2024[139]

Financial Performance - For the fourth quarter of 2024, Cheniere Partners reported revenues of $2.46 billion, a decrease of 8% compared to $2.69 billion in Q4 2023[4] - Net income for Q4 2024 was $623 million, down 31% from $906 million in the same quarter of 2023[4] - Adjusted EBITDA for Q4 2024 was $890 million, reflecting a 15% decrease from $1.05 billion in Q4 2023[4] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $3,574 million, slightly down from $3,626 million in 2023, a decrease of approximately 1.4%[26] LNG Exports - Cheniere Partners exported 110 LNG cargoes in Q4 2024, a 4% decrease from 115 cargoes in Q4 2023[4] Cash Distribution - The company declared a cash distribution of $0.820 per common unit for Q4 2024, with a total cash distribution of $3.25 per common unit for the full year 2024[5] - Cheniere Partners introduced full year 2025 distribution guidance of $3.25 to $3.35 per common unit[3] Liquidity and Assets - As of December 31, 2024, total available liquidity was approximately $2.2 billion, including cash and cash equivalents of $270 million[10] - Total assets decreased from $18,102 million in 2023 to $17,453 million in 2024, a decline of approximately 3.6%[24] - Cash and cash equivalents decreased significantly from $575 million in 2023 to $270 million in 2024, a decline of about 53.1%[24] Liabilities and Debt - Current liabilities increased from $1,566 million in 2023 to $1,712 million in 2024, an increase of about 9.3%[24] - Long-term debt decreased from $15,606 million in 2023 to $14,761 million in 2024, a reduction of approximately 5.4%[24] - Total liabilities decreased from $18,886 million in 2023 to $17,962 million in 2024, a decline of about 4.9%[24] - The company reported interest expense of $800 million for the twelve months ended December 31, 2024, compared to $823 million in 2023, a decrease of approximately 2.8%[26] Inventory and Production Capacity - Inventory increased from $142 million in 2023 to $151 million in 2024, an increase of approximately 6.3%[24] - The Sabine Pass LNG terminal has a total production capacity of approximately 30 million tonnes per annum (mtpa) and has exported over 195 million tonnes of LNG since inception[12] - The SPL Expansion Project is expected to add up to approximately 20 mtpa of LNG production capacity, with regulatory applications submitted in February 2024[13] Non-Cash Changes and Partners' Deficit - Cheniere Partners recognized approximately $13 million and $251 million of non-cash favorable changes in fair value from Integrated Production Marketing agreements for Q4 and full year 2024, respectively[8] - The partners' deficit improved from $(784) million in 2023 to $(509) million in 2024, indicating a reduction of approximately 35%[24]

Regulatory Approvals and Compliance - The Sabine Pass LNG Terminal has received FERC approvals for a total of 1,661.94 Bcf/yr for both FTA and non-FTA countries, with a DOE approved volume of 33 mtpa for each category[26] - In October 2024, the DOE authorized the export of an additional 899 Bcf/yr to FTA countries for the SPL Expansion Project, effective upon the first commercial export[26] - The SPL Expansion Project is pending regulatory approval from the FERC and DOE for non-FTA export[47] - The FERC's jurisdiction includes regulation of rates, construction, and operation of LNG terminals, which impacts the company's operational costs[34] - The company is subject to extensive regulatory requirements, including compliance with the PHMSA for safety standards and inspections[48] - The Sabine Pass LNG Terminal is subject to various environmental regulations, which may impose substantial penalties for non-compliance and increase operational costs[55] - The company anticipates capital expenditures for air pollution control equipment due to the Clean Air Act, but does not expect a material adverse effect on operations[56] - The EPA's recent regulations on methane emissions will require monitoring at compressor stations, but the company believes these will not materially impact operations[58] Operational Capacity and Customers - The operational regasification capacity of the Sabine Pass LNG Terminal is approximately 4 Bcf/d, with an aggregate LNG storage capacity of about 17 Bcfe[30] - Major customers contributing 10% or more of total consolidated revenues include BG Gulf Coast LNG (22%), Korea Gas Corporation (15%), and GAIL (India) Limited (15%) for the year ended December 31, 2024[31] - The company has initiated commercial delivery for ten out of eleven third-party long-term SPA customers as of December 31, 2024[27] - The company has secured long-term natural gas supply agreements to support its Liquefaction Project and planned expansions[27] Market Demand and Competition - Global demand for LNG is projected to increase by approximately 61%, from 418 million tons per annum (mtpa) in 2023 to 675 mtpa in 2040[69] - Wood Mackenzie forecasts a need for an additional 142 mtpa of LNG production by 2040 and about 227 mtpa by 2050 to meet market demand[69] - Competition for new SPAs will be based on price per contracted volume and attributes such as reliable production and customer-focused operations[71] Workforce and Corporate Strategy - As of December 31, 2024, Cheniere and its subsidiaries had 1,714 full-time employees, including 501 supporting the Sabine Pass LNG Terminal operations[78] - The company has collaborated on life-cycle assessment models and emissions quantification to enhance its climate strategy and transparency[75] Financial Instruments and Risk - The ultimate fair value of the company's derivative instruments is uncertain and may be subject to material changes due to commodity price volatility[253] - The company has limited exposure to oil price movements due to long-term sales and purchase agreements (SPAs) that generate fixed and variable fees[70]