Cheniere(US:CQP)2024-08-08 11:01Financial Performance - Cheniere Partners generated revenues of $1.9 billion and $4.2 billion for the three and six months ended June 30, 2024, respectively, with net income of $570 million and $1.3 billion[2]. - Adjusted EBITDA increased by approximately 10% to $832 million for the second quarter of 2024, and by 3% to $1.8 billion for the first half of 2024 compared to the same periods in 2023[4]. - LNG revenues for Q2 2024 reached $1,454 million, a slight increase from $1,415 million in Q2 2023[18]. - Total revenues for the six months ended June 30, 2024, were $4,189 million, down from $4,850 million in the same period of 2023[18]. - Net income for Q2 2024 was $570 million, compared to $622 million in Q2 2023, reflecting a decrease of approximately 8.4%[18]. - Adjusted EBITDA for Q2 2024 was $832 million, an increase from $757 million in Q2 2023[20]. - The company reported a basic and diluted net income per common unit of $0.95 for Q2 2024, compared to $0.84 in Q2 2023[18]. Distribution and Guidance - The company declared a cash distribution of $0.810 per common unit for the second quarter, maintaining a base distribution of $3.10 per common unit for the full year 2024[2]. - Cheniere Partners confirmed full year 2024 distribution guidance of $3.15 - $3.35 per common unit[2]. Liquidity and Debt - Total available liquidity as of June 30, 2024, was approximately $2.2 billion, including cash and cash equivalents of approximately $351 million[8]. - In May 2024, Cheniere Partners issued $1.2 billion of 5.750% Senior Notes due 2034, which were used to retire $1.2 billion of SPL's 5.625% Senior Secured Notes due 2025[9]. - Long-term debt as of June 30, 2024, was $14,803 million, down from $15,606 million at the end of 2023[19]. Operational Metrics - The number of LNG cargoes exported increased by 5% to 103 for the second quarter of 2024, and by 3% to 217 for the first half of 2024 compared to the same periods in 2023[4]. - The Sabine Pass LNG terminal has a total production capacity of approximately 30 million tonnes per annum (mtpa) and has exported approximately 180 million tonnes of LNG since inception[10]. - The SPL Expansion Project is being developed with an expected total production capacity of up to approximately 20 mtpa of LNG[11]. Asset and Liability Management - Total current assets decreased to $1,228 million as of June 30, 2024, from $1,581 million at the end of 2023[19]. - Current liabilities increased to $1,886 million as of June 30, 2024, compared to $1,566 million at the end of 2023[19]. - Operating and maintenance expenses for Q2 2024 were $210 million, a decrease from $263 million in Q2 2023[18]. - The weighted average number of common units outstanding remained stable at 484.0 million for both June 30, 2024, and December 31, 2023[19]. Credit Rating - Moody's upgraded Cheniere Partners' issuer credit rating to Baa2, indicating an investment-grade rating with a stable outlook[3].