Cheniere Energy Partners LP
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
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Overview of Significant Events
Our significant events since January 1, 2024 and through the filing date of this Form 10-Q include the following:
Strategic
In February 2024, certain of our subsidiaries submitted an application to the FERC under the NGA for authorization to site, construct and operate the SPL Expansion Project, as well as an application to the DOE requesting authorization to export LNG to FTA countries and non-FTA countries, both of which applications exclude debottlenecking.
Operational
As of August 2, 2024, approximately 2,600 cumulative LNG cargoes totaling approximately 180 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.
Financial
On July 26, 2024, with respect to the second quarter of 2024, we declared a cash distribution of $0.810 per common unit to unitholders of record as of August 7, 2024, and the related general partner distribution, to be paid on August 14, 2024. These distributions consist of a base amount of $0.775 per unit and a variable amount of $0.035 per unit.
In May 2024, we issued $1.2 billion aggregate principal amount of 5.750% Senior Notes due 2034 (the“2034 CQP Senior Notes”). In June 2024, the net proceeds, together with cash on hand, were used to retire $1.2 billion outstanding aggregate principal amount of SPL’s 5.625% Senior Secured Notes due 2025 (the“2025 SPL Senior Notes”).
In May 2024, in connection with the 2034 CQP Senior Notes issuance, Moody’s Ratings (“Moody’s”) upgraded our issuer credit rating to Baa2 from Ba1 and revised our outlook to stable from positive. Moody’s also upgraded SPL’s issuer credit rating to Baa1 from Baa2 and revised SPL’s outlook to stable from positive.
During the three and six months ended June 30, 2024, SPL repaid $150 million and $300 million, respectively, of outstanding aggregate principal amount of its 5.750% Senior Secured Notes due 2024 (the“2024 SPL Senior Notes”).
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