Cheniere Energy Partners LP
For the period ended Sep 30, 2024. Filed Oct 31, 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.
Sep 30, 2024 · Filed Oct 31, 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. In October 2024, the authorization from the DOE to export LNG to FTA countries was received.
Operational
As of October 25, 2024, approximately 2,700 cumulative LNG cargoes totaling over 185 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.
Financial
On October 25, 2024, with respect to the third quarter of 2024, we declared a cash distribution of $0.810 per common unit to unitholders of record as of November 4, 2024, and the related general partner distribution, to be paid on November 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 nine months ended September 30, 2024, SPL repaid $150 million and $450 million, respectively, of outstanding aggregate principal amounts of its senior secured notes.
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