Annual report pursuant to Section 13 and 15(d)

Schedule I - Condensed Financial Information of Registrant

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Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Registrant
CHENIERE ENERGY PARTNERS, L.P.

CONDENSED STATEMENTS OF INCOME
(in millions) 
  Year Ended December 31,
  2024 2023 2022
Operating costs and expenses
General and administrative expense $ (4) $ (4) $ (4)
General and administrative expense—affiliate (16) (16) (15)
Amortization of capitalized interest associated to investment in subsidiaries (3) (3) (3)
Total operating costs and expenses (23) (23) (22)
Other income (expense)
Interest expense, net of capitalized interest (298) (218) (176)
Other income 20  32  14 
Equity income of subsidiaries 2,811  4,463  2,682 
Total other income 2,533  4,277  2,520 
Net income $ 2,510  $ 4,254  $ 2,498 
CHENIERE ENERGY PARTNERS, L.P.

CONDENSED BALANCE SHEETS
(in millions) 
  December 31,
  2024 2023
ASSETS    
Current assets    
Cash and cash equivalents $ 268  $ 572 
Trade and other receivables—affiliates 3  1 
Other current assets 1  1 
Total current assets 272  574 
Capitalized interest associated to investment in subsidiaries, net of accumulated amortization 75  74 
Debt issuance costs, net of accumulated amortization 6  7 
Investment in subsidiaries 5,969  4,204 
Total assets $ 6,322  $ 4,859 
LIABILITIES AND PARTNERS’ DEFICIT
Current liabilities
Accrued liabilities $ 96  $ 97 
Due to affiliates 4  4 
Total current liabilities 100  101 
Long-term debt, net of debt issuance costs 6,731  5,542 
Partners’ deficit (509) (784)
Total liabilities and partners’ deficit $ 6,322  $ 4,859 
CHENIERE ENERGY PARTNERS, L.P.

CONDENSED STATEMENTS OF CASH FLOWS
(in millions) 
  Year Ended December 31,
  2024 2023 2022
Cash flows provided by operating activities $ 2,167  $ 2,682  $ 2,514 
Cash flows from investing activities
Capitalized interest associated to investment in subsidiaries (4) (2) (1)
Investments in subsidiaries (1,414) (1,470) (454)
Distributions received from subsidiaries —  —  601 
Payments of financing costs of subsidiary —  (2) — 
Net cash provided by (used in) investing activities (1,418) (1,474) 146 
Cash flows from financing activities  
Proceeds from issuance of debt 1,198  1,397  — 
Debt issuance and other financing costs (16) (25) — 
Distributions to owners (2,235) (2,907) (2,635)
Net cash used in financing activities (1,053) (1,535) (2,635)
Net increase (decrease) in cash and cash equivalents (304) (327) 25 
Cash and cash equivalents—beginning of period 572  899  874 
Cash and cash equivalents—end of period $ 268  $ 572  $ 899 
NOTE 1—BASIS OF PRESENTATION
 
The Condensed Financial Statements represent the financial information required by Securities and Exchange Commission Regulation S-X 5-04 for CQP.
 
In the Condensed Financial Statements, CQP’s investments in subsidiaries are presented at the net amount attributable to CQP under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated and the investments in net assets of the subsidiaries are recorded on the Condensed Balance Sheets. CQP’s share of net income or loss from operations of the subsidiaries is reported as equity income or loss of subsidiaries. In the Condensed Statements of Cash Flows, we apply the cumulative earnings approach when determining whether distributions received from subsidiaries shall be treated as returns of or returns on investment. Under this approach, all distributions received by CQP are deemed returns on investment and classified as cash inflows from operating activities unless the cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed the cumulative equity earnings recognized by CQP, in which the excess distributions received during the period are deemed returns of investment and classified as cash inflows from investing activities.

A substantial amount of CQP’s operating, investing and financing activities are conducted by its subsidiaries. The Condensed Financial Statements should be read in conjunction with CQP’s Consolidated Financial Statements.

NOTE 2—DEBT

Our debt consisted of the following (in millions):
December 31,
2024 2023
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 
5.950% due 2033
 1,400  1,400 
5.750% due 2034
 1,200  — 
Total senior notes 6,800  5,600 
Revolving credit and guaranty agreement —  — 
Total debt 6,800  5,600 
Unamortized debt issuance costs (69) (58)
Total long-term debt, net of debt issuance costs $ 6,731  $ 5,542 

Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2024 (in millions):
Years Ending December 31, Principal Payments
2029 $ 1,500 
Thereafter 5,300
Total $ 6,800 
 
NOTE 3—SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides supplemental disclosure of cash flow information, excluding any non-cash contributions from affiliates of Cheniere to our subsidiaries for which the contribution passed through us (in millions): 
  Year Ended December 31,
  2024 2023 2022
Cash paid during the period for interest, net of amounts capitalized $ 292  $ 168  $ 163 
Cash distributions from subsidiaries 2,460  2,838  3,282