Cheniere Energy Partners Reports Q2 2024 Financial Results
Cheniere Energy Partners Reports Q2 2024 Financial Results
Cheniere Energy Partners, L.P. (NYSE:CQP) released its financial results for the second quarter of 2024.
Key Financial Metrics
Metric | Q2 2024 | Q2 2023 | QoQ Change | YoY Change | Consensus Estimates |
---|---|---|---|---|---|
Total Revenue | $1.9 billion | N/A | -7.77% | N/A | $2.06 billion |
Net Income | $570 million | $622 million | -8.36% | -8.36% | N/A |
Adjusted EBITDA | $832 million | $757 million | +9.91% | +9.91% | N/A |
Interpretation: In Q2 2024, Cheniere Partners generated $1.9 billion in revenue, missing the consensus estimate of $2.06 billion. The net income also fell by approximately 8.36% year-over-year to $570 million. However, Adjusted EBITDA increased by 9.91% to $832 million, reflecting higher volumes delivered and lower operating and maintenance expenses.
Revenue Performance by Segment
Segment | Q2 2024 Revenue | Previous Guidance |
---|---|---|
Liquefaction Sales | N/A | N/A |
Other Segments | N/A | N/A |
Interpretation: The earnings release did not provide detailed revenue breakdowns by segment or comparisons to previous guidance.
Key Operational Data
Operational Metric | Q2 2024 | Q2 2023 | Change |
---|---|---|---|
LNG Volumes Loaded | 372 TBtu | N/A | N/A |
Interpretation: During Q2 2024, Cheniere Partners loaded 372 trillion British thermal units (TBtu) of liquefied natural gas (LNG).
Comments from Company's Officers
Cheniere Partners' management highlighted the significant increase in Adjusted EBITDA, attributing it to higher volumes delivered and lower operating and maintenance expenses. They also noted the impact of lower gross margins per MMBtu of LNG delivered compared to the previous period.
Dividends and Share Repurchase Program
Cheniere Partners declared a cash distribution of $0.810 per common unit for Q2 2024, payable on August 14, 2024. This includes a base distribution of $0.775 per unit and a variable amount of $0.035 per unit. The company reaffirmed its full-year distribution guidance of $3.15 - $3.35 per common unit.
Forward Guidance
Cheniere Partners reconfirmed its full-year 2024 distribution guidance, maintaining a base distribution of $3.10 per common unit.
Stock Price Movement
Following the earnings release, Cheniere Partners' stock experienced a minor price increase of approximately 0.144%.
In summary, Cheniere Energy Partners experienced a challenging quarter in terms of revenue and net income, although it managed to exceed expectations in operational efficiency, as evidenced by the rise in Adjusted EBITDA. Despite missing revenue estimates, the company reaffirmed its distribution guidance and continued its focus on financial stability and liquidity.
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