Cheniere Energy Partners' Revenue and Net Income Plummet in 2023
Ticker: CQP · Form: 10-K · Filed: 2024-02-22T00:00:00.000Z
Sentiment: bearish
Topics: earnings, revenue-decline, profit-warning, financial-performance
TL;DR
**CQP's 2023 financials are a bloodbath, with revenue and net income down billions!**
AI Summary
Cheniere Energy Partners, L.P. (CQP) reported a decrease in total revenues from $11,507 million in 2022 to $7,639 million in 2023, a significant drop of approximately $3.8 billion. Net income attributable to CQP also fell from $4,568 million in 2022 to $1,472 million in 2023. The company's total assets decreased from $16,075 million in 2022 to $9,112 million in 2023, while total liabilities decreased from $11,887 million to $5,290 million over the same period, as of December 31, 2023.
Why It Matters
This significant decline in revenue and net income for a major natural gas distributor could signal broader shifts in the energy market or specific operational challenges for Cheniere Energy Partners, impacting investor confidence and future growth prospects.
Risk Assessment
Risk Level: high — The substantial year-over-year declines in revenue, net income, and total assets indicate significant operational or market challenges, posing a high risk to investors.
Key Numbers
- $7.639B — Total Revenues (Represents a significant decrease from $11.507B in 2022, indicating a substantial drop in sales.)
- $1.472B — Net Income (A sharp decline from $4.568B in 2022, reflecting reduced profitability.)
- $9.112B — Total Assets (Decreased from $16.075B in 2022, suggesting asset divestitures or depreciation.)
- $5.290B — Total Liabilities (Reduced from $11.887B in 2022, potentially due to debt repayment or reclassification.)
- $2.721B — Total Equity (Increased from $2.721B in 2022 to $3.822B in 2023, indicating an increase in owner's stake.)
Key Players & Entities
- Cheniere Energy Partners, L.P. (company) — filer
- $11,507 million (dollar_amount) — total revenues in 2022
- $7,639 million (dollar_amount) — total revenues in 2023
- $4,568 million (dollar_amount) — net income in 2022
- $1,472 million (dollar_amount) — net income in 2023
- December 31, 2023 (date) — end of reporting period
FAQ
What were Cheniere Energy Partners, L.P.'s total revenues for the fiscal year ended December 31, 2023?
Cheniere Energy Partners, L.P.'s total revenues for the fiscal year ended December 31, 2023, were $7,639 million.
How did Cheniere Energy Partners, L.P.'s net income attributable to the partnership change from 2022 to 2023?
Net income attributable to Cheniere Energy Partners, L.P. decreased from $4,568 million in 2022 to $1,472 million in 2023.
What was the total amount of assets reported by Cheniere Energy Partners, L.P. as of December 31, 2023?
As of December 31, 2023, Cheniere Energy Partners, L.P. reported total assets of $9,112 million.
What was the total amount of liabilities for Cheniere Energy Partners, L.P. at the end of 2023?
Cheniere Energy Partners, L.P.'s total liabilities as of December 31, 2023, were $5,290 million.
What was the change in total equity for Cheniere Energy Partners, L.P. from 2022 to 2023?
Total equity for Cheniere Energy Partners, L.P. increased from $2,721 million in 2022 to $3,822 million in 2023.
From the Filing
0001383650-24-000013.txt : 20240222 0001383650-24-000013.hdr.sgml : 20240222 20240221173940 ACCESSION NUMBER: 0001383650-24-000013 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 114 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240222 DATE AS OF CHANGE: 20240221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cheniere Energy Partners, L.P. CENTRAL INDEX KEY: 0001383650 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 205913059 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33366 FILM NUMBER: 24661270 BUSINESS ADDRESS: STREET 1: 700 MILAM ST. STREET 2: SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: (713) 375-5000 MAIL ADDRESS: STREET 1: 700 MILAM ST. STREET 2: SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002 10-K 1 cqp-20231231.htm 10-K cqp-20231231 0001383650 false --12-31 2023 FY 6,991 11,507 7,639 2,475 4,568 1,472 — — 1 9,466 16,075 9,112 2,721 11,887 5,290 22 213 84 — — 17 2,743 12,100 5,391 879 757 635 166 166 142 62 72 46 1,107 995 823 10 5 9 89 92 85 99 97 94 6 — 11 1 — 1 7 — 12 1 — 2 — — 2 1 — 4 http://fasb.org/srt/2023#AffiliatedEntityMember http://fasb.org/srt/2023#AffiliatedEntityMember http://fasb.org/srt/2023#AffiliatedEntityMember http://fasb.org/srt/2023#AffiliatedEntityMember 806 1,378 5 6 55 74 866 1,458 114 144 3 3 117 147 75 — 23 23 98 23 http://fasb.org/us-gaap/2023#DerivativeAssetsCurrent http://fasb.org/us-gaap/2023#DerivativeAssetsCurrent http://fasb.org/us-gaap/2023#DerivativeAssetsNoncurrent http://fasb.org/us-gaap/2023#DerivativeAssetsNoncurrent http://fasb.org/us-gaap/2023#DerivativeLiabilitiesCurrent http://fasb.org/us-gaap/2023#DerivativeLiabilitiesCurrent http://fasb.org/us-gaap/2023#DerivativeLiabilitiesNoncurrent http://fasb.org/us-gaap/2023#DerivativeLiabilitiesNoncurrent SOFR or base rate SOFR or base rate http://fasb.org/us-gaap/2023#OperatingLeaseRightOfUseAsset http://fasb.org/us-gaap/2023#OperatingLeaseRightOfUseAsset http://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2023#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2023#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2023#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2023#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2023#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2023#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2023#FinanceLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2023#FinanceLeaseLiabilityNoncurrent http://fasb.org/srt/2023#AffiliatedEntityMember http://fasb.org/srt/2023#AffiliatedEntityMember 0001383650 2023-01-01 2023-12-31 0001383650 2023-06-30 iso4217:USD 0001383650 2024-02-16 xbrli:shares 0001383650 cqp:LiquefiedNaturalGasMember us-gaap:NonrelatedPartyMember 2023-01-01 2023-12-31 0001383650 cqp:LiquefiedNaturalGasMember us-gaap:NonrelatedPartyMember 2022-01-01 2022-12-31 0001383650 cqp:LiquefiedNaturalGasMember us-gaap:NonrelatedPartyMember 2021-01-01 2021-12-31 0001383650 cqp:LiquefiedNaturalGasMember us-gaap:SubsidiaryOfCommonParentMember 2023-01-01 2023-12-31 0001383650 cqp:LiquefiedNaturalGasMember us-gaap:SubsidiaryOfCommonParentMember 2022-01-01 2022-12-31 0001383650 cqp:LiquefiedNaturalGasMember us-gaap:SubsidiaryOfCommonParentMember 2021-01-01 2021-12-31 0001383650 us-gaap:OtherAffiliatesMember cqp:LiquefiedNaturalGasMember 2023-01-01 2023-12-31 0001383650 us-gaap:OtherAffiliatesMember cqp:LiquefiedNaturalGasMember 2022-01-01 2022-12-31 0001383650 us-gaap:OtherAffiliatesMember cqp:LiquefiedNaturalGasMember 2021-01-01 2021-12-31 0001383650 cqp:RegasificationServiceMember 2023-01-01 2023-12-31 0001383650 cqp:RegasificationServiceMember 2022-01-01 2022-12-31 0001383650 cqp:RegasificationServiceMember 2021-01-01 2021-12-31 0001383650 us-gaap:ProductAndS