Cheniere(US:CQP)2025-10-30 11:31Financial Performance - Cheniere Partners reported Q3 2025 revenues of $2.404 billion, a 17% increase from $2.055 billion in Q3 2024[4] - Net income for Q3 2025 was $506 million, down 20% from $635 million in Q3 2024, primarily due to unfavorable variances in derivative instruments[4] - Adjusted EBITDA for Q3 2025 was $885 million, a 4% increase from $852 million in Q3 2024[4] - The company experienced a decrease in net income of approximately $129 million and $187 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024[4] - Adjusted EBITDA for the three months ended September 30, 2025, was $885 million, an increase of 3.9% compared to $852 million for the same period in 2024[24] - Net income for the three months ended September 30, 2025, was $506 million, down 20.3% from $635 million in the same period of 2024[24] - Adjusted EBITDA for the nine months ended September 30, 2025, was $2,649 million, slightly down from $2,684 million for the same period in 2024, indicating a decrease of 1.3%[24] Liquidity and Debt Management - As of September 30, 2025, total available liquidity was $1.979 billion, including $121 million in cash and cash equivalents[7] - In July 2025, the company issued $1.0 billion of 5.550% Senior Notes due 2035, using proceeds to redeem $1.0 billion of 5.875% Senior Secured Notes due 2026[9] - Current liabilities decreased slightly from $1,712 million as of December 31, 2024, to $1,697 million as of September 30, 2025, a reduction of about 0.9%[22] - Long-term debt decreased from $14,761 million as of December 31, 2024, to $14,156 million as of September 30, 2025, a decrease of approximately 4.1%[22] - Interest expense for the three months ended September 30, 2025, was $189 million, compared to $199 million for the same period in 2024, reflecting a decrease of 5.0%[24] - The company reported a loss on modification or extinguishment of debt of $7 million for the three months ended September 30, 2025, compared to no loss in the same period of 2024[24] Operational Highlights - The company exported 104 LNG cargoes in Q3 2025, maintaining the same number as in Q3 2024, with total volumes of 374 TBtu, a 1% decrease[4] - The Sabine Pass LNG terminal has a total production capacity of over 30 mtpa, with over 3,120 cumulative LNG cargoes exported since operations began[10] - Cheniere Partners is developing the SPL Expansion Project, expected to add approximately 20 mtpa of LNG production capacity, pending regulatory approvals[11] Asset Management - Total assets decreased from $17,453 million as of December 31, 2024, to $16,834 million as of September 30, 2025, representing a decline of approximately 3.5%[22] - Total partners' deficit improved from $(509) million as of December 31, 2024, to $(348) million as of September 30, 2025[22] - Inventory remained relatively stable, decreasing slightly from $151 million as of December 31, 2024, to $147 million as of September 30, 2025[22] Cash Distribution - Cheniere Partners declared a cash distribution of $0.830 per common unit for Q3 2025, reaffirming full year 2025 distribution guidance of $3.25 - $3.35 per common unit[5]