Cheniere Energy Partners (CQP) Q4 2024 earnings summary

Executive summary

• Reported Q4 2024 revenues of $2.5B and net income of $623M; full year 2024 revenues of $8.7B and net income of $2.5B.

• Adjusted EBITDA for Q4 2024 was $890M and $3.6B for the full year.

• Q4 2024 cash distribution of $0.820 per common unit; full year 2024 total cash distributions of $3.25 per unit.

• Announced 2025 distribution guidance of $3.25–$3.35 per unit, maintaining a $3.10 base.

Financial highlights

• Q4 2024 revenues decreased 8% year-over-year; full year revenues down 10% from 2023.

• Q4 2024 net income down 31% year-over-year; full year net income down 41% from 2023.

• Adjusted EBITDA decreased 15% in Q4 and 1% for the full year compared to 2023.

• Q4 2024 EPS was $1.05, down from $1.42 in Q4 2023; full year EPS $4.25, down from $6.95.

Outlook and guidance

• 2025 distribution guidance set at $3.25–$3.35 per unit, with a $3.10 base.

• Guidance reflects capital allocation goals, debt repayment, and anticipated capex.