Cheniere Energy Partners (CQP) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $3.0 billion, net income was $641 million, and Adjusted EBITDA totaled $1.0 billion, with a 30% year-over-year revenue increase.

• The company operates the Sabine Pass LNG Terminal and Creole Trail Pipeline in Louisiana.

• Over 2,930 LNG cargoes totaling 200+ million tonnes have been produced and exported as of May 1, 2025.

• The SPL Expansion Project aims to add up to 20 mtpa of liquefaction capacity, pending regulatory and commercial milestones.

• Q1 2025 cash distribution of $0.820 per common unit was declared, with full-year guidance of $3.25–$3.35 per unit reaffirmed.

Financial highlights

• Q1 2025 revenues rose to $2,989 million, up $694 million year-over-year, driven by higher LNG pricing despite lower volumes.

• Net income for Q1 2025 was $641 million, down $41 million year-over-year, mainly due to $84 million in unfavorable derivative fair value changes.

• Basic and diluted net income per common unit was $1.08, compared to $1.18 in Q1 2024.

• Adjusted EBITDA rose by $38 million year-over-year, driven by higher total margins per MMBtu of LNG delivered.

• LNG cargoes exported: 112 in Q1 2025, down 2% year-over-year; LNG volumes loaded: 405 TBtu, down 3%.

Outlook and guidance

• Approximately 80% of anticipated production is contracted under long-term agreements with a weighted average remaining life of 13 years as of March 31, 2025.

• The SPL Expansion Project targets FID in 2026/2027, with regulatory, commercial, and financing milestones pending.

• Management expects to meet cash requirements through operating cash flows, available liquidity, and potential future debt or equity offerings.

• Full-year 2025 distribution guidance of $3.25–$3.35 per common unit reaffirmed, maintaining a $3.10 base distribution.