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Cheniere Energy Partners 8-K Report, Financial Results (May 8, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 8, 2025
Period End
May 8, 2025
Security
CQP
In the record · 2016–202610-K1210-Q338-K177

CQP filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’17Sep ’17
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Sep ’22Sep ’22
  4. Leadership change8-K · Jul ’26Jul ’26

01—Abstract

Summary

Summary of the 8-K filed May 8, 2025. Cited figures are marked; the original filing is the authoritative source.

Cheniere Energy Partners, L.P.

(NYSE: CQP) reported first quarter 2025 results on May 8, 2025, as stated in Exhibit 99.1 to this Form 8-K. For the three months ended March 31, 2025, the Partnership generated revenues of $3.0 billiona (2,989 million), net income of $641 million, and Adjusted EBITDA of $1.0 billion (1,038 million). Net income decreased approximately $41 million year over year, primarily due to approximately $84 million of unfavorable variances in the fair value of derivative instruments, including those related to long-term Integrated Production Marketing agreements.

Adjusted EBITDA increased approximately $38 millionb, primarily due to higher total margins per MMBtu of LNG delivered. The Partnership declared a cash distribution of $0.820 per common unit for the first quarter, comprised of a base amount of $0.775 and a variable amount of $0.045, payable May 15, 2025 to unitholders of record as of May 9, 2025. It reconfirmed full-year 2025 distribution guidance of $3.25 to $3.35 per common unit, while maintaining a base distribution of $3.10 per common unit.

As of March 31, 2025, total available liquidity was approximately $2.0 billionc, including cash and cash equivalents of approximately $94 million. During the quarter, SPL repaid the remaining $300 million of its 5.625% Senior Secured Notes due 2025 using cash on hand.

Operationally, the Sabine Pass facility loaded 405 TBtu of LNG and exported 112 cargoes in the quarter, compared with 117 TBtu loaded and 114 cargoes a year earlier. The SPL Expansion Project, with expected capacity of up to approximately 20 mtpa, remains in development, and the Partnership received DOE authorization in October 2024 to export to FTA countries.

02—Key points

Key Highlights

  1. Q1 2025 revenues of $2,989 million, up 30% from $2,295 million in Q1 2024
  2. Net income of $641 million, down 6% from $682 million, mainly due to approximately $84 million of unfavorable derivative fair value variances
  3. Adjusted EBITDA of $1,038 million, up 4% from $1,000 million, driven by higher total margins per MMBtu of LNG delivered
  4. Q1 2025 cash distribution of $0.820 per common unit ($0.775 base plus $0.045 variable), payable May 15, 2025
  5. Full-year 2025 distribution guidance of $3.25 to $3.35 per common unit reconfirmed, with a base distribution of $3.10
  6. Total available liquidity of approximately $2.0 billion as of March 31, 2025, including $94 million of cash
  7. SPL repaid the remaining $300 million of its 5.625% Senior Secured Notes due 2025 with cash on hand

03—Questions

Frequently Asked Questions

  1. What was the Partnership's distribution for the first quarter of 2025?

    The Partnership declared a cash distribution of $0.820 per common unit, comprised of a base amount of $0.775 and a variable amount of $0.045. It is payable May 15, 2025 to unitholders of record as of May 9, 2025.

  2. What is the full-year 2025 distribution guidance?

    The Partnership reconfirmed full-year 2025 distribution guidance of $3.25 to $3.35 per common unit, maintaining a base distribution of $3.10 per common unit.

  3. Why did net income decline in the first quarter of 2025?

    Net income decreased approximately $41 million compared with the first quarter of 2024, primarily due to approximately $84 million of unfavorable variances related to changes in fair value of derivative instruments, including those tied to long-term IPM agreements.

  4. What drove the increase in Adjusted EBITDA?

    Adjusted EBITDA increased approximately $38 million, primarily due to higher total margins per MMBtu of LNG delivered in the 2025 period compared with the 2024 period.

  5. What is the status of the SPL Expansion Project?

    The SPL Expansion Project is expected to have total production capacity of up to approximately 20 mtpa. Applications were submitted to FERC and the DOE in February 2024, and in October 2024 the Partnership received DOE authorization to export LNG to FTA countries. The filing does not state the non-FTA authorization status.

04—Continue

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