Cheniere(US:CQP)2025-02-20 12:31Financial 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]