Cheniere Energy Partners, L.P. Files 2023 Annual Report on Form 10-K
Ticker: CQP · Form: 10-K · Filed: Feb 22, 2024 · CIK: 1383650
| Field | Detail |
|---|---|
| Company | Cheniere Energy Partners, L.P. (CQP) |
| Form Type | 10-K |
| Filed Date | Feb 22, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $1.3 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, Cheniere Energy Partners, Financial Report, Natural Gas, LNG
TL;DR
<b>Cheniere Energy Partners, L.P. reported $6.99 billion in revenue and $1.47 billion in net income for FY2023.</b>
AI Summary
Cheniere Energy Partners, L.P. (CQP) filed a Annual Report (10-K) with the SEC on February 22, 2024. Cheniere Energy Partners, L.P. reported total revenues of $6,991 million for the fiscal year ended December 31, 2023. Net income attributable to Cheniere Energy Partners, L.P. was $1,472 million for the fiscal year ended December 31, 2023. Earnings per diluted share (EPS) were $2.721 for the fiscal year ended December 31, 2023. Total assets for Cheniere Energy Partners, L.P. amounted to $16,075 million as of December 31, 2023. Total debt for Cheniere Energy Partners, L.P. was $9,112 million as of December 31, 2023.
Why It Matters
For investors and stakeholders tracking Cheniere Energy Partners, L.P., this filing contains several important signals. The filing provides a comprehensive overview of Cheniere Energy Partners' financial performance and operational status for the fiscal year 2023, including detailed financial statements and risk factors. Investors and stakeholders can use this report to assess the company's financial health, profitability, debt levels, and potential risks, aiding in investment decisions and strategic planning.
Risk Assessment
Risk Level: medium — Cheniere Energy Partners, L.P. shows moderate risk based on this filing. The company operates in the natural gas distribution industry, which is subject to significant regulatory oversight and market volatility, as detailed in the risk factors section.
Analyst Insight
Review the detailed segment revenues and cost of revenues to understand the drivers of profitability and identify any significant shifts in business performance.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Liquefied Natural Gas | 6,991 |
Key Numbers
- 6,991 — Total Revenues (For the fiscal year ended December 31, 2023.)
- 1,472 — Net Income (For the fiscal year ended December 31, 2023.)
- 2.721 — Earnings Per Diluted Share (For the fiscal year ended December 31, 2023.)
- 16,075 — Total Assets (As of December 31, 2023.)
- 9,112 — Total Debt (As of December 31, 2023.)
Key Players & Entities
- Cheniere Energy Partners, L.P. (company) — Filer of the 10-K report.
- 700 MILAM ST. SUITE 1900 HOUSTON TX 77002 (address) — Business and mailing address for Cheniere Energy Partners, L.P.
- DE (jurisdiction) — State of incorporation for Cheniere Energy Partners, L.P.
- 20231231 (date) — Conformed period of report for the 10-K filing.
- 20240222 (date) — Filed as of date for the 10-K filing.
FAQ
When did Cheniere Energy Partners, L.P. file this 10-K?
Cheniere Energy Partners, L.P. filed this Annual Report (10-K) with the SEC on February 22, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Cheniere Energy Partners, L.P. (CQP).
Where can I read the original 10-K filing from Cheniere Energy Partners, L.P.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Cheniere Energy Partners, L.P..
What are the key takeaways from Cheniere Energy Partners, L.P.'s 10-K?
Cheniere Energy Partners, L.P. filed this 10-K on February 22, 2024. Key takeaways: Cheniere Energy Partners, L.P. reported total revenues of $6,991 million for the fiscal year ended December 31, 2023.. Net income attributable to Cheniere Energy Partners, L.P. was $1,472 million for the fiscal year ended December 31, 2023.. Earnings per diluted share (EPS) were $2.721 for the fiscal year ended December 31, 2023..
Is Cheniere Energy Partners, L.P. a risky investment based on this filing?
Based on this 10-K, Cheniere Energy Partners, L.P. presents a moderate-risk profile. The company operates in the natural gas distribution industry, which is subject to significant regulatory oversight and market volatility, as detailed in the risk factors section.
What should investors do after reading Cheniere Energy Partners, L.P.'s 10-K?
Review the detailed segment revenues and cost of revenues to understand the drivers of profitability and identify any significant shifts in business performance. The overall sentiment from this filing is neutral.
Risk Factors
- Regulatory and Environmental Matters [medium — regulatory]: The company is subject to extensive federal, state, and local regulation concerning its operations, including environmental laws and regulations.
- Market Conditions and Commodity Prices [high — market]: The company's financial performance is significantly influenced by fluctuations in natural gas and LNG prices, as well as global supply and demand dynamics.
- Operational Risks [medium — operational]: The operation of LNG facilities involves inherent risks, including potential equipment failures, accidents, and natural disasters.
- Debt and Financing Risks [medium — financial]: The company has substantial debt obligations, and its ability to service this debt and fund future capital expenditures depends on its financial performance and access to capital markets.
Filing Stats: 4,488 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-02-21 17:39:40
Key Financial Figures
- $1.3 million — orders of the FERC up to approximately $1.3 million per day per violation, including any co
Filing Documents
- cqp-20231231.htm (10-K) — 2730KB
- exhibit447cqp2023form10k.htm (EX-4.47) — 218KB
- exhibit211cqp2023form10k.htm (EX-21.1) — 9KB
- exhibit221cqp2023form10k.htm (EX-22.1) — 9KB
- exhibit231cqp2023form10k.htm (EX-23.1) — 3KB
- exhibit311cqp2023q4form10k.htm (EX-31.1) — 9KB
- exhibit312cqp2023q4form10k.htm (EX-31.2) — 9KB
- exhibit321cqp2023q4form10k.htm (EX-32.1) — 5KB
- exhibit322cqp2023q4form10k.htm (EX-32.2) — 5KB
- exhibit97cqp2023q4form10k.htm (EX-97) — 32KB
- cqp-20231231_g1.jpg (GRAPHIC) — 106KB
- 0001383650-24-000013.txt ( ) — 12563KB
- cqp-20231231.xsd (EX-101.SCH) — 80KB
- cqp-20231231_cal.xml (EX-101.CAL) — 75KB
- cqp-20231231_def.xml (EX-101.DEF) — 500KB
- cqp-20231231_lab.xml (EX-101.LAB) — 834KB
- cqp-20231231_pre.xml (EX-101.PRE) — 659KB
- cqp-20231231_htm.xml (XML) — 2031KB
Risk Factors
Item 1A. Risk Factors 13
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 27
Cybersecurity
Item 1C. Cybersecurity 28
Legal Proceedings
Item 3. Legal Proceedings 29
Mine Safety Disclosure
Item 4. Mine Safety Disclosure 29 PART II
Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 30
[Reserved]
Item 6. [Reserved] 30
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31
Quantitative and Qualitative Disclosures about Market Risk
Item 7A. Quantitative and Qualitative Disclosures about Market Risk 46
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 47
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 82
Controls and Procedures
Item 9A. Controls and Procedures 82
Other Information
Item 9B. Other Information 82
Disclosure Regarding Foreign Jurisdictions That Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 82 PART III
Directors, Executive Officers of Our General Partner and Corporate Governance
Item 10. Directors, Executive Officers of Our General Partner and Corporate Governance 83
Executive Compensation
Item 11. Executive Compensation 88
Security Ownership of Certain Beneficial Owners and Management, and Related Unitholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management, and Related Unitholder Matters 91
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 93
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 94 PART IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 96
Form 10-K Summary
Item 16. Form 10-K Summary 111
Signatures
Signatures 112 i Table of Contents DEFINITIONS As used in this annual report, the terms listed below have the following meanings: Common Industry and Other Terms ASU Accounting Standards Update Bcf billion cubic feet Bcf/d billion cubic feet per day Bcf/yr billion cubic feet per year Bcfe billion cubic feet equivalent DOE U.S. Department of Energy EPC engineering, procurement and construction ESG environmental, social and governance FASB Financial Accounting Standards Board FERC Federal Energy Regulatory Commission FID final investment decision FOB free-on-board FTA countries countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas GAAP generally accepted accounting principles in the United States Henry Hub the final settlement price (in U.S. dollars per MMBtu) for the New York Mercantile Exchange's Henry Hub natural gas futures contract for the month in which a relevant cargo's delivery window is scheduled to begin IPM agreements integrated production marketing agreements in which the gas producer sells to us gas on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs LIBOR London Interbank Offered Rate LNG liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state MMBtu million British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit mtpa million tonnes per annum non-FTA countries countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted SEC U.S. Securities and Exchange Commission SOFR Secured Overnight Financing Rate SPA LNG sale and purchase agreement TBtu trillion British