Schedule I - Condensed Financial Information of Registrant (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Condensed Financial Statements, Captions [Line Items] |
|
| Schedule of Debt Instruments |
Debt consisted of the following (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2024 |
|
2023 |
SPL: |
|
|
|
|
| Senior Secured Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.750% due 2024 |
|
$ |
— |
|
|
$ |
300 |
|
5.625% due 2025 |
|
300 |
|
|
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) |
|
1,782 |
|
|
1,782 |
|
Total SPL Senior Secured Notes |
|
8,432 |
|
|
10,432 |
|
|
|
|
|
|
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)
|
|
— |
|
|
— |
|
Total debt - SPL |
|
8,432 |
|
|
10,432 |
|
|
|
|
|
|
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 |
|
5.950% due 2033 (the “2033 CQP Senior Notes”)
|
|
1,400 |
|
|
1,400 |
|
5.750% due 2034 (the “2034 CQP Senior Notes”)
|
|
1,200 |
|
|
— |
|
Total CQP Senior Notes |
|
6,800 |
|
|
5,600 |
|
|
|
|
|
|
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)
|
|
— |
|
|
— |
|
Total debt - CQP |
|
6,800 |
|
|
5,600 |
|
| Total debt |
|
15,232 |
|
|
16,032 |
|
|
|
|
|
|
| Current debt, net of unamortized discount and debt issuance costs (1) |
|
(351) |
|
|
(300) |
|
|
|
|
|
|
| Unamortized discount and debt issuance costs |
|
(120) |
|
|
(126) |
|
| Total long-term debt, net of unamortized discount and debt issuance costs |
|
$ |
14,761 |
|
|
$ |
15,606 |
|
(1)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures.
|
| Schedule of Maturities of Long-term Debt |
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 |
| 2025 |
|
$ |
352 |
|
| 2026 |
|
1,607 |
| 2027 |
|
1,612 |
| 2028 |
|
1,468 |
| 2029 |
|
1,624 |
| Thereafter |
|
8,569 |
| Total |
|
$ |
15,232 |
|
|
| Schedule of Cash Flow, Supplemental Disclosures |
The following table provides supplemental disclosure of substantive cash flow information (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2024 |
|
2023 |
|
2022 |
| Cash paid during the period for interest on debt, net of amounts capitalized |
$ |
841 |
|
|
$ |
748 |
|
|
$ |
777 |
|
|
|
|
|
|
|
| Non-cash investing activity: |
|
|
|
|
|
| Unpaid purchases of property, plant and equipment (1) |
38 |
|
|
32 |
|
|
103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Reflects unpaid portion, as of the end of each period, of assets and liabilities recognized during the respective periods.
|
| Parent Company [Member] |
|
| Condensed Financial Statements, Captions [Line Items] |
|
| Condensed Income Statement |
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 |
|
|
| Condensed Balance Sheet |
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 |
|
|
| Condensed Cash Flow Statement |
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 |
|
|
| Schedule of Debt Instruments |
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 |
|
|
| Schedule of Maturities of Long-term Debt |
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 |
|
|
| Schedule of Cash Flow, Supplemental Disclosures |
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 |
|
|