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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from            to            
Commission file number 001-33366
Cheniere Energy Partners, L.P.
(Exact name of registrant as specified in its charter)
Delaware20-5913059
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
700 Milam Street, Suite 1900
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713) 375-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading SymbolName of each exchange on which registered
Common Units Representing Limited Partner InterestsCQPNYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No ☒
As of April 26, 2023, the registrant had 484,033,123 common units outstanding.




CHENIERE ENERGY PARTNERS, L.P.
TABLE OF CONTENTS







i

Table of Contents

DEFINITIONS

As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms
ASUAccounting Standards Update
Bcfbillion cubic feet
Bcf/dbillion cubic feet per day
Bcf/yrbillion cubic feet per year
Bcfebillion cubic feet equivalent
DOEU.S. Department of Energy
EPCengineering, procurement and construction
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FTA countriescountries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAPgenerally accepted accounting principles in the United States
Henry Hubthe final settlement price (in USD 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 agreementsintegrated production marketing agreements in which the gas producer sells to us gas on a global LNG index price, less a fixed liquefaction fee, shipping and other costs
LIBORLondon Interbank Offered Rate
LNGliquefied 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
MMBtumillion 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
mtpamillion tonnes per annum
non-FTA countriescountries 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
SECU.S. Securities and Exchange Commission
SPALNG sale and purchase agreement
TBtu
trillion 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
Trainan industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUAterminal use agreement



1

Table of Contents

Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of March 31, 2023, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
CQP Org Chart - Dec 2021.jpg
Unless the context requires otherwise, references to “CQP,” “the Partnership,” “we,” “us” and “our” refer to Cheniere Energy Partners, L.P. and its consolidated subsidiaries. 



2

Table of Contents


PART I.     FINANCIAL INFORMATION



ITEM I.     CONSOLIDATED FINANCIAL STATEMENTS
CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per unit data)
(unaudited)

Three Months Ended March 31,
20232022
Revenues
LNG revenues$2,106 $2,488 
LNG revenues—affiliate761 757 
Regasification revenues34 68 
Other revenues16 15 
Total revenues2,917 3,328 
Operating costs and expenses
Cost of sales (excluding items shown separately below)313 2,562 
Cost of sales—affiliate17 5 
Operating and maintenance expense206 170 
Operating and maintenance expense—affiliate44 38 
Operating and maintenance expense—related party16 12 
General and administrative expense3 3 
General and administrative expense—affiliate22 23 
Depreciation and amortization expense167 153 
Total operating costs and expenses788 2,966 
Income from operations2,129 362 
Other income (expense)
Interest expense, net of capitalized interest(208)(203)
Other income, net14  
Total other expense(194)(203)
Net income$1,935 $159 
Basic and diluted net income (loss) per common unit (1)
$3.50 $(0.11)
Weighted average basic and diluted number of common units outstanding484.0 484.0 
(1)In computing basic and diluted net income per common unit, net income is reduced by the amount of undistributed net income allocated to participating securities other than common units, as required under the two-class method. See Note 12—Net Income (Loss) per Common Unit.

The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except unit data)

March 31,December 31,
20232022
ASSETS(unaudited) 
Current assets  
Cash and cash equivalents$834 $904 
Restricted cash and cash equivalents160 92 
Trade and other receivables, net of current expected credit losses269 627 
Trade receivables—affiliate263 551 
Advances to affiliate157 177 
Inventory150 160 
Current derivative assets55 24 
Margin deposits 35 
Other current assets44 50 
Other current assets—affiliate1  
Total current assets1,933 2,620 
Property, plant and equipment, net of accumulated depreciation16,587 16,725 
Operating lease assets87 89 
Debt issuance costs, net of accumulated amortization7 8 
Derivative assets32 28 
Other non-current assets, net171 163 
Total assets$18,817 $19,633 
LIABILITIES AND PARTNERS’ DEFICIT 
Current liabilities
Accounts payable$70 $32 
Accrued liabilities674 1,378 
Accrued liabilities—related party5 6 
Current debt, net of discount and debt issuance costs60  
Due to affiliates32 74 
Deferred revenue83 144 
Deferred revenue—affiliate 3 
Current operating lease liabilities11 10 
Current derivative liabilities400 769 
Other current liabilities13 5 
Total current liabilities1,348 2,421 
Long-term debt, net of premium, discount and debt issuance costs16,145 16,198 
Operating lease liabilities78 80 
Finance lease liabilities17 18 
Derivative liabilities2,157 3,024 
Other non-current liabilities—affiliate22 23 
Partners’ deficit
Common unitholders’ interest (484.0 million units issued and outstanding at both March 31, 2023 and December 31, 2022)
261 (1,118)
General partner’s interest (2% interest with 9.9 million units issued and outstanding at both March 31, 2023 and December 31, 2022)
(1,211)(1,013)
Total partners’ deficit(950)(2,131)
Total liabilities and partners’ deficit$18,817 $19,633 

The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY (DEFICIT)
(in millions)
(unaudited)

Three Months Ended March 31, 2023
Common Unitholders’ InterestGeneral Partner’s InterestTotal Partners’ Deficit
UnitsAmountUnitsAmount
Balance at December 31, 2022484.0 $(1,118)9.9 $(1,013)$(2,131)
Net income— 1,897 — 38 1,935 
Distributions
Common units, $1.070/unit
— (518)— — (518)
General partner units— — — (236)(236)
Balance at March 31, 2023484.0 $261 9.9 $(1,211)$(950)

Three Months Ended March 31, 2022
Common Unitholders’ InterestGeneral Partner’s InterestTotal Partners’ Equity (Deficit)
UnitsAmountUnitsAmount
Balance at December 31, 2021484.0 $1,024 9.9 $(306)$718 
Net income— 157 — 2 159 
Novated IPM agreement (see Note 14)
— (2,712)— — (2,712)
Distributions
Common units, $0.700/unit
— (339)— — (339)
General partner units— — — (56)(56)
Balance at March 31, 2022484.0 $(1,870)9.9 $(360)$(2,230)

The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 Three Months Ended March 31,
20232022
Cash flows from operating activities  
Net income$1,935 $159 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense167 153 
Amortization of debt issuance costs, premium and discount7 7 
Total losses (gains) on derivative instruments, net(1,260)525 
Net cash used for settlement of derivative instruments(11)(9)
Other6 4 
Changes in operating assets and liabilities:
Trade and other receivables, net of current expected credit losses358 88 
Trade receivables—affiliate288 (74)
Advances to affiliate18 (8)
Inventory10 25 
Margin deposits35 25 
Accounts payable and accrued liabilities(617)13 
Accrued liabilities—related party(2)1 
Due to affiliates(40)(20)
Deferred revenue(61)(39)
Other, net18 (49)
Other, net—affiliate(4)(1)
Net cash provided by operating activities847 800 
Cash flows from investing activities  
Property, plant and equipment(89)(87)
Other(5) 
Net cash used in investing activities(94)(87)
Cash flows from financing activities  
Distributions(754)(395)
Other(1) 
Net cash used in financing activities(755)(395)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents(2)318 
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period996 974 
Cash, cash equivalents and restricted cash and cash equivalents—end of period$994 $1,292 

Balances per Consolidated Balance Sheet:
March 31,
2023
Cash and cash equivalents$834 
Restricted cash and cash equivalents160 
Total cash, cash equivalents and restricted cash and cash equivalents$994 
The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


NOTE 1—NATURE OF OPERATIONS AND BASIS OF PRESENTATION

We own the natural gas liquefaction and export facility located in Cameron Parish, Louisiana at Sabine Pass (the “Sabine Pass LNG Terminal”) which has six operational Trains, for a total production capacity of approximately 30 mtpa of LNG (the “Liquefaction Project”). The Sabine Pass LNG Terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers and three marine berths. We also own a 94-mile pipeline through our subsidiary, CTPL, that interconnects the Sabine Pass LNG Terminal with a number of large interstate and intrastate pipelines (the “Creole Trail Pipeline”).

We have increased available liquefaction capacity at our Liquefaction Project as a result of debottlenecking and other optimization projects. We hold a significant land position at the Sabine Pass LNG Terminal, which provides opportunity for further liquefaction capacity expansion. In February 2023, certain of our subsidiaries initiated the pre-filing review process with the FERC under the National Environmental Policy Act for an expansion adjacent to the Liquefaction Project consisting of up to three Trains with an expected total production capacity of approximately 20 mtpa of LNG. The development of this site or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a positive final investment decision.

As of March 31, 2023, Cheniere owned 48.6% of our limited partner interest in the form of 239.9 million of our common units. Cheniere also owns 100% of our general partner interest and our incentive distribution rights (“IDRs”).

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of CQP have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods presented. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2022.

Results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023.

We are not subject to either federal or state income tax, as our partners are taxed individually on their allocable share of our taxable income.

Recent Accounting Standards

ASU 2020-04

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing debt agreements expected to arise from the market transition from LIBOR to alternative reference rates. The temporary optional expedients under the standard became effective March 12, 2020 and will be available until December 31, 2024 following a subsequent amendment to the standard. We have not yet applied the optional expedients available under the standard because we have not yet modified any of our existing contracts indexed to LIBOR, mainly our credit facilities as further described in Note 9—Debt, for reference rate reform. However, we do not expect the impact of applying the optional expedients to any future contract modifications to be material, and we do not expect the transition to a replacement rate index to have a material impact on our future cash flows.

NOTE 2—UNITHOLDERS’ EQUITY
 
The common units represent limited partner interests in us, which entitle the unitholders to participate in partnership distributions and exercise the rights and privileges available to limited partners under our partnership agreement. Although common unitholders are not obligated to fund losses of the Partnership, their capital account, which would be considered in allocating the net assets of the Partnership were it to be liquidated, continues to share in losses.
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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
The general partner interest is entitled to at least 2% of all distributions made by us. In addition, the general partner holds IDRs, which allow the general partner to receive a higher percentage of quarterly distributions of available cash from operating surplus as additional target levels are met, but may transfer these rights separately from its general partner interest. The higher percentages range from 15% to 50%, inclusive of the general partner interest.
Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash (as defined in our partnership agreement). Generally, our available cash is our cash on hand at the end of a quarter less the amount of any reserves established by our general partner. All distributions we have paid to date have been made from accumulated operating surplus as defined in the partnership agreement.
As of March 31, 2023, our total securities beneficially owned in the form of common units were held 48.6% by Cheniere, 41.5% by CQP Target Holdco L.L.C. (“CQP Target Holdco”) and other affiliates of Blackstone Inc. (“Blackstone”) and Brookfield Asset Management Inc. (“Brookfield”) and 7.9% by the public. All of our 2% general partner interest was held by Cheniere. CQP Target Holdco’s equity interests are 50.0% owned by BIP Chinook Holdco L.L.C., an affiliate of Blackstone, and 50.0% owned by BIF IV Cypress Aggregator (Delaware) LLC, an affiliate of Brookfield. The ownership of CQP Target Holdco, Blackstone and Brookfield are based on their most recent filings with the SEC.

NOTE 3—RESTRICTED CASH AND CASH EQUIVALENTS
 
Pursuant to the accounts agreement entered into with the collateral trustee for the benefit of SPL’s debt holders, SPL is required to deposit all cash received into reserve accounts controlled by the collateral trustee. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Project and other restricted payments.

As of March 31, 2023 and December 31, 2022, we had $160 million and $92 million of restricted cash and cash equivalents, respectively, as required under the above agreement.

NOTE 4—TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES

Trade and other receivables, net of current expected credit losses consisted of the following (in millions):
March 31,December 31,
20232022
Trade receivables$259 $603 
Other receivables10 24 
Total trade and other receivables, net of current expected credit losses$269 $627 

NOTE 5—INVENTORY

Inventory consisted of the following (in millions):
March 31,December 31,
20232022
Materials$106 $103 
LNG20 27 
Natural gas22 28 
Other2 2 
Total inventory$150 $160 

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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
NOTE 6—PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
 
Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):
March 31,December 31,
20232022
LNG terminal  
Terminal and interconnecting pipeline facilities$20,096 $20,072 
Construction-in-process143 140 
Accumulated depreciation(3,676)(3,512)
Total LNG terminal, net of accumulated depreciation16,563 16,700 
Fixed assets 
Fixed assets29 29 
Accumulated depreciation(25)(25)
Total fixed assets, net of accumulated depreciation4 4 
Assets under finance leases
Tug vessels23 23 
Accumulated depreciation(3)(2)
Total assets under finance lease, net of accumulated depreciation20 21 
Property, plant and equipment, net of accumulated depreciation$16,587 $16,725 

The following table shows depreciation expense and offsets to LNG terminal costs (in millions):
Three Months Ended March 31,
20232022
Depreciation expense$165 $152 
Offsets to LNG terminal costs (1) 148 
(1)We recognize offsets to LNG terminal costs related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Project during the testing phase for its construction.

NOTE 7—DERIVATIVE INSTRUMENTS

SPL has commodity derivatives consisting of natural gas supply contracts, including those under the IPM agreement, for the operation of the Liquefaction Project and associated economic hedges (collectively, “Liquefaction Supply Derivatives”).

We recognize SPL’s derivative instruments as either assets or liabilities and measure those instruments at fair value. None of SPL’s derivative instruments are designated as cash flow or fair value hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Income to the extent not utilized for the commissioning process, in which case such changes are capitalized.

The following table shows the fair value of the derivative instruments that are required to be measured at fair value on a recurring basis (in millions):
Fair Value Measurements as of
March 31, 2023December 31, 2022
Quoted Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
TotalQuoted Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Liquefaction Supply Derivatives asset (liability)$28 $4 $(2,502)$(2,470)$(12)$(10)$(3,719)$(3,741)

We value the Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data.

The fair value of the Liquefaction Supply Derivatives is predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated events deriving fair
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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
value including, but not limited to, evaluation of whether the respective market exists from the perspective of market participants as infrastructure is developed.

We include a significant portion of the Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity and volatility.

The Level 3 fair value measurements of the natural gas positions within the Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas and international LNG prices. The following table includes quantitative information for the unobservable inputs for the Level 3 Liquefaction Supply Derivatives as of March 31, 2023:
Net Fair Value Liability
(in millions)
Valuation ApproachSignificant Unobservable InputRange of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives$(2,502)Market approach incorporating present value techniquesHenry Hub basis spread
$(1.173) - $0.361 / $(0.021)
Option pricing modelInternational LNG pricing spread, relative to Henry Hub (2)
93% - 574% / 208%
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)Spread contemplates U.S. dollar-denominated pricing.
Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of the Liquefaction Supply Derivatives.

The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions):
Three Months Ended March 31,
20232022
Balance, beginning of period$(3,719)$38 
Realized and change in fair value gains (losses) included in net income (1):
Included in cost of sales, existing deals (2)1,049 (53)
Included in cost of sales, new deals (3)3  
Purchases and settlements:
Purchases (4) (3,141)
Settlements (5)165 (6)
Balance, end of period$(2,502)$(3,162)
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period
$1,052 $(53)
(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to contractually fixed price from trade date multiplied by contractual volume.  See settlements line item in this table.
(2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.
(3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.
(4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing to exist at the end of the period.
(5)Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.
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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
All counterparty derivative contracts provide for the unconditional right of set-off in the event of default. We have elected to report derivative assets and liabilities arising from those derivative contracts with the same counterparty and the unconditional contractual right of set-off on a net basis. The use of derivative instruments exposes SPL to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments, in instances when the derivative instruments are in an asset position. Additionally, counterparties are at risk that SPL will be unable to meet its commitments in instances where the derivative instruments are in a liability position. We incorporate both SPL’s nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements depending on the position of the derivative. In adjusting the fair value of the derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees.
Liquefaction Supply Derivatives

SPL holds Liquefaction Supply Derivatives which are primarily indexed to the natural gas market and international LNG indices. The terms of the Liquefaction Supply Derivatives range up to approximately 15 years, some of which commence upon the satisfaction of certain events or states of affairs.

The forward notional amount for the Liquefaction Supply Derivatives was approximately 6,027 TBtu and 5,972 TBtu as of March 31, 2023 and December 31, 2022, respectively, excluding notional amounts associated with extension options that were uncertain to be taken as of March 31, 2023.

The following table shows the effect and location of the Liquefaction Supply Derivatives recorded on our Consolidated Statements of Income (in millions):
Gain (Loss) Recognized in Consolidated Statements of Income
 Consolidated Statements of Income Location (1)
Three Months Ended March 31,
20232022
Cost of sales$1,260 $(525)
(1)Does not include the value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

Fair Value and Location of Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following table shows the fair value and location of the Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in millions):
Fair Value Measurements as of (1)
Consolidated Balance Sheets LocationMarch 31, 2023December 31, 2022
Current derivative assets$55 $24 
Derivative assets32 28 
Total derivative assets87 52 
Current derivative liabilities(400)(769)
Derivative liabilities(2,157)(3,024)
Total derivative liabilities(2,557)(3,793)
Derivative liability, net$(2,470)$(3,741)
(1)Does not include collateral posted by counterparties to us of $8 million as of March 31, 2023, which is included in other current liabilities on our Consolidated Balance Sheets, and collateral posted with counterparties by us of $35 million as of December 31, 2022, which is included in margin deposits in our Consolidated Balance Sheets.

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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
Consolidated Balance Sheets Presentation

The following table shows the fair value of the derivatives outstanding on a gross and net basis (in millions) for the derivative instruments that are presented on a net basis on our Consolidated Balance Sheets:
Liquefaction Supply Derivatives
March 31, 2023December 31, 2022
Gross assets$89 $57 
Offsetting amounts(2)(5)
Net assets$87 $52 
Gross liabilities$(2,577)$(3,814)
Offsetting amounts20 21 
Net liabilities$(2,557)$(3,793)

NOTE 8—ACCRUED LIABILITIES
 
Accrued liabilities consisted of the following (in millions):
March 31,December 31,
20232022
Natural gas purchases$406 $1,017 
Interest costs and related debt fees164 218 
LNG terminal and related pipeline costs92 137 
Other accrued liabilities12 6 
Total accrued liabilities $674 $1,378 

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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
NOTE 9—DEBT

Debt consisted of the following (in millions):
March 31,December 31,
20232022
SPL:
Senior Secured Notes:
5.75% due 2024
$2,000 $2,000 
5.625% due 2025
2,000 2,000 
5.875% due 2026
1,500 1,500 
5.00% due 2027
1,500 1,500 
4.200% due 2028
1,350 1,350 
4.500% due 2030
2,000 2,000 
4.746% weighted average rate due 2037
1,782 1,782 
Total SPL Senior Secured Notes12,132 12,132 
Working capital revolving credit and letter of credit reimbursement agreement (the “SPL Working Capital Facility”)
  
Total debt - SPL12,132 12,132 
CQP:
Senior Notes:
4.500% due 2029
1,500 1,500 
4.000% due 2031
1,500 1,500 
3.25% due 2032
1,200 1,200 
Total CQP Senior Notes4,200 4,200 
Credit facilities (the “CQP Credit Facilities”)
  
Total debt - CQP4,200 4,200 
Total debt16,332 16,332 
Current portion of long-term debt (1)(60) 
Long-term portion of unamortized premium, discount and debt issuance costs, net(127)(134)
Total long-term debt, net of premium, discount and debt issuance costs$16,145 $16,198 
(1)As of March 31, 2023, $60 million of debt with contractual maturities of greater than one year was classified as current portion of long-term debt based on our intent and ability to repay the debt with cash that was on hand at March 31, 2023, including repurchases of debt subsequent to the balance sheet date and through April 26, 2023.

Credit Facilities

Below is a summary of our credit facilities outstanding as of March 31, 2023 (in millions):
SPL Working Capital Facility
CQP Credit Facilities
Total facility size$1,200 $750 
Less:
Outstanding balance  
Letters of credit issued329  
Available commitment$871 $750 
Priority rankingSenior securedUnsecured
Interest rate on available balance (1)
LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750%
LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125%
Commitment fees on undrawn balance (1)
0.10% - 0.30%
0.375% - 0.638%
Maturity dateMarch 19, 2025May 29, 2024
(1)The margin on the interest rate and the commitment fees is subject to change based on the applicable entity’s credit rating.

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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
Restrictive Debt Covenants

The indentures governing our senior notes and other agreements underlying our debt contain customary terms and events of default and certain covenants that, among other things, may limit us and our restricted subsidiaries’ ability to make certain investments or pay dividends or distributions. We and SPL are restricted from making distributions under agreements governing our and SPL’s indebtedness generally until, among other requirements, appropriate reserves have been established for debt service using cash or letters of credit and a historical debt service coverage ratio and projected debt service coverage ratio of at least 1.25:1.00 is satisfied.

As of March 31, 2023, we and SPL were in compliance with all covenants related to our respective debt agreements.
Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in millions):
Three Months Ended March 31,
20232022
Total interest cost$210 $224 
Capitalized interest(2)(21)
Total interest expense, net of capitalized interest$208 $203 

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our debt (in millions):
March 31, 2023December 31, 2022
 Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
Senior notes — Level 2 (1)$14,980 $14,450 $14,980 $14,162 
Senior notes — Level 3 (2)1,352 1,241 1,352 1,224 
(1)The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments.
(2)The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market.

The estimated fair value of our credit facilities approximates the principal amount outstanding because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty.
NOTE 10—REVENUES

The following table represents a disaggregation of revenue earned (in millions):
Three Months Ended March 31,
20232022
Revenues from contracts with customers
LNG revenues$2,106 $2,488 
LNG revenues—affiliate761 757 
Regasification revenues34 68 
Other revenues16 15 
Total revenues from contracts with customers$2,917 $3,328 
(1)See Note 7—Derivative Instruments for additional information about our derivatives.

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CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
Contract Assets and Liabilities

The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions):
March 31,December 31,
20232022
Contract assets, net of current expected credit losses$1 $1 

The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions):
Three Months Ended March 31, 2023
Deferred revenue, beginning of period$144 
Cash received but not yet recognized in revenue83 
Revenue recognized from prior period deferral(144)
Deferred revenue, end of period$83 

The following table reflects the changes in our contract liabilities to affiliate, which we classify as deferred revenue—affiliate and other non-current liabilities—affiliate on our Consolidated Balance Sheets (in millions):
Three Months Ended March 31, 2023
Deferred revenue—affiliate, beginning of period$8 
Cash received but not yet recognized in revenue5 
Revenue recognized from prior period deferral(8)
Deferred revenue—affiliate, end of period$5 

Transaction Price Allocated to Future Performance Obligations

Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied:
March 31, 2023December 31, 2022
Unsatisfied
Transaction Price
(in billions)
Weighted Average Recognition Timing (years) (1)Unsatisfied
Transaction Price
(in billions)
Weighted Average Recognition Timing (years) (1)
LNG revenues$49.9