Cheniere(CQP) - 2025 Q1 - Quarterly Results

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]