Cheniere Energy Partners Reports Revenue Decline to $8.704 Billion for Fiscal Year 2024

Cheniere Energy Partners, L.P. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with total revenues of $8.704 billion, down from $9.664 billion in 2023. The decrease of approximately $960 million was primarily driven by lower LNG revenues, which fell to $6.550 billion from $6.991 billion, reflecting a decrease in pricing per MMBtu due to declining Henry Hub prices. The partnership's net income also saw a substantial drop, falling to $2.510 billion from $4.254 billion in the previous year, largely attributed to a decrease in gains from changes in the fair value of derivatives.

Operationally, Cheniere has continued to expand its liquefaction capacity, with approximately 2,840 cumulative LNG cargoes totaling over 195 million tonnes produced and exported from its Sabine Pass facility as of February 14, 2025. The company has contracted around 80% of its anticipated production through long-term sales and purchase agreements (SPAs), which provide stable cash flows. The weighted average remaining life of these contracts is approximately 13 years, helping to mitigate exposure to fluctuations in natural gas prices.

In terms of strategic developments, Cheniere's subsidiaries submitted applications to the Federal Energy Regulatory Commission (FERC) and the Department of Energy (DOE) for the SPL Expansion Project, which aims to enhance its LNG export capabilities. The DOE granted authorization to export LNG to Free Trade Agreement (FTA) countries in October 2024, marking a significant step in the expansion process. Additionally, the company issued $1.2 billion in senior notes due 2034, which were used to redeem existing senior secured notes, reflecting a proactive approach to managing its debt profile.

Cheniere's liquidity position remains strong, with total available liquidity of $2.155 billion as of December 31, 2024, including cash and cash equivalents of $270 million and available commitments under credit facilities of $1.776 billion. The company anticipates meeting its future cash requirements through operating cash flows and potential debt offerings. Looking ahead, Cheniere expects continued global demand for LNG to support its growth, despite the current market conditions that have led to lower spot prices and reduced revenues. The company remains focused on disciplined growth and optimizing its existing assets while exploring opportunities for further expansion.