Cheniere Energy Partners, L.P. reported increased earnings in the third quarter of this year with adjusted EBITDA of $1.5 billion for the quarter and $3.5 billion for the first nine months of the year.
It compared to $1.0 billion at the end of the second quarter and $2 billion for the first six months of the year. Adjusted EBITDA1 increased $733 million and $1.3 billion during the three and nine months ended September 30, 2022, respectively, as compared to the three and nine months ended September 30, 2021.
Cheniere, a company with significant natural gas operations in Oklahoma, recorded a net loss of $514 million for the quarter and $13 million for the first nine months of the year. Its net income at the end of the second quarter was $342 million while six-month income totaled $501 million.
This unfavorable change was primarily due to non-cash unfavorable changes in fair value of commodity derivatives, partially offset by increased margins per MMBtu of LNG and increased volumes of LNG delivered. The unfavorable change was also partially offset by the recognition of a portion of the lump-sum payment related to the early termination of the TUA with Chevron.
The cash distribution for the third quarter was $1.07per common unit.
During the three and nine months ended September 30, 2022, Cheniere recognized in income 363 TBtu and 1,110 TBtu, respectively, of LNG loaded from the SPL Project.
As of September 30, 2022, the company’s total liquidity position was approximately $2.8 billion. It had cash and cash equivalents of approximately $1.0 billion.
Cheniere owns natural gas liquefaction facilities consisting of six liquefaction Trains, with a total production capacity of approximately 30 million tonnes per annum (“mtpa”) of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”).
As of October 31, 2022, approximately 1,850 cumulative LNG cargoes totaling over 125 million tonnes of LNG have been produced, loaded, and exported from the SPL Project.
