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Cheniere Partners (CQP) Q4 Earnings Beat on Lower Costs

Cheniere Energy Partners, L.P. CQP recorded fourth-quarter 2023 earnings per unit of 96 cents, which beat the Zacks Consensus Estimate of 71 cents. The bottom line significantly declined from the $1.87 per unit reported in the year-ago quarter.

Total quarterly revenues of $2.7 billion were lower than the year-ago quarter’s $4.7 billion. The top line surpassed the Zacks Consensus Estimate of $2.6 billion.

Better-than-expected quarterly results were driven by higher LNG volumes loaded and a significant decline in the cost of sales. The positives were partially offset by lower regasification revenues.

Cheniere Energy Partners, L.P. Price, Consensus and EPS Surprise

 

Cheniere Energy Partners, L.P. Price, Consensus and EPS Surprise
Cheniere Energy Partners, L.P. Price, Consensus and EPS Surprise

Cheniere Energy Partners, L.P. price-consensus-eps-surprise-chart | Cheniere Energy Partners, L.P. Quote

Operations

Cheniere Partners sent 115 cargoes in the fourth quarter, up 3% from 112 in the year-ago period and beat our estimate of 113 cargoes.

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Total LNG volume in the quarter was 418 trillion British thermal units (TBtu), higher than the year-ago level of 410 TBtu. The metric also beat our estimate of 412 TBtu.

Adjusted EBITDA in the fourth quarter totaled $1.1 billion, down from the year-ago level of $1.6 billion. The figure also missed our estimate of $1.7 billion. The decrease resulted from lower regasification revenues.

Costs and Expenses

The cost of sales in the quarter amounted to $1.1 billion, down from the year-ago period’s $1.4 billion. Operating and maintenance expenses decreased to $199 million from $207 million in fourth-quarter 2022.

Total operating costs and expenses were $1.6 billion, down from $2 billion in the December-end quarter of 2022. The figure also lagged our estimate of $1.7 billion.

Balance Sheet

As of Dec 31, 2023, the partnership had $575 million in cash and cash equivalents, and a net long-term debt of $15.6 billion.

Zacks Rank & Stocks to Consider

Cheniere Partners currently carries a Zacks Rank #3 (Hold).

Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Murphy USA Inc. MUSA is a leading independent retailer of motor fuel and convenience merchandise in the United States.

The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.36. The company has a Zacks Style Score of A for Growth and Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.

Subsea 7 S.A. SUBCY helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow, as oil and gas production moves further offshore.

The Zacks Consensus Estimate for SUBCY’s 2024 EPS is pegged at 91 cents. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days. SUBCY’s 2024 earnings are expected to soar 277% year over year.

Energy Transfer ET is a publicly traded limited partnership focused on diverse energy assets in the United States. Its core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.

The Zacks Consensus Estimate for ET’s 2024 EPS is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 12.4% year over year.

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Murphy USA Inc. (MUSA) : Free Stock Analysis Report

Cheniere Energy Partners, L.P. (CQP) : Free Stock Analysis Report

Energy Transfer LP (ET) : Free Stock Analysis Report

Subsea 7 SA (SUBCY) : Free Stock Analysis Report

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