Cheniere(US:CQP)2025-05-07 21:38Financial 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]