Cheniere(US:CQP)2024-10-31 11:32Financial Performance - Cheniere Partners generated revenues of $2.1 billion and $6.2 billion for the three and nine months ended September 30, 2024, respectively, representing a decrease of 3% and 11% compared to the same periods in 2023[3]. - Net income for the third quarter and nine months ended September 30, 2024, was $635 million and $1.9 billion, down 20% and 44% year-over-year, primarily due to unfavorable variances related to changes in fair value of derivative instruments[3][5]. - LNG revenues for Q3 2024 were $1,479 million, a decrease of 5.4% from $1,564 million in Q3 2023[1]. - Total revenues for the nine months ended September 30, 2024, were $6,244 million, down 10.5% from $6,978 million in the same period of 2023[1]. - Net income for Q3 2024 was $635 million, a decline of 19.7% compared to $791 million in Q3 2023[1]. - Adjusted EBITDA increased by 7% to $852 million for the third quarter and by 4% to $2.7 billion for the nine months ended September 30, 2024, driven by higher volumes delivered[5][6]. - Adjusted EBITDA for Q3 2024 was $852 million, an increase of 7.4% from $793 million in Q3 2023[22]. - The company reported a basic and diluted net income per common unit of $1.08 for Q3 2024, down from $1.19 in Q3 2023[1]. Liquidity and Capital Structure - As of September 30, 2024, total available liquidity was approximately $2.2 billion, including cash and cash equivalents of approximately $331 million[9]. - Total current assets decreased to $1,186 million as of September 30, 2024, from $1,581 million at the end of 2023, a decline of 25%[21]. - Cash and cash equivalents decreased to $331 million as of September 30, 2024, from $575 million at the end of 2023, a decline of 42.5%[21]. - The company’s long-term debt as of September 30, 2024, was $14,756 million, down from $15,606 million at the end of 2023, a decrease of 5.4%[21]. - Total liabilities as of September 30, 2024, were $18,011 million, down from $18,886 million at the end of 2023, a reduction of 4.6%[21]. Operational Highlights - The number of LNG cargoes exported increased by 4% to 104 for the third quarter and 321 for the nine months ended September 30, 2024[5]. - Operating costs and expenses for Q3 2024 totaled $1,228 million, an increase of 7.7% from $1,140 million in Q3 2023[1]. - Cheniere Partners is developing the SPL Expansion Project, expected to add up to approximately 20 million tonnes per annum of LNG production capacity[12]. - The company received authorization from the Department of Energy in October 2024 to export LNG to Free-Trade Agreement countries as part of the SPL Expansion Project[12]. Distributions - Cheniere Partners declared a cash distribution of $0.810 per common unit for the third quarter, with a base amount of $0.775 and a variable amount of $0.035, to be paid on November 14, 2024[3][13]. - The company reconfirmed its full year 2024 distribution guidance of $3.15 - $3.35 per common unit, maintaining a base distribution of $3.10[4]. Derivative Instruments - A significant portion of derivative gains recognized were related to long-term Integrated Production Marketing agreements, with non-cash favorable changes in fair value of approximately $32 million and $238 million for the three and nine months ended September 30, 2024, respectively[7].