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Cheniere (CQP) Tops on Q4 Earnings, Gives '23 Distribution View
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Cheniere Energy Partners, L.P.’s (CQP - Free Report) reported fourth-quarter earnings per unit of $1.87, beating the Zacks Consensus Estimate of $1.72. The bottom line increased from 93 cents per unit in the year-ago quarter.
Total quarterly revenues of $4,721 million were higher than the year-ago level of $3,257 million. The top line beat the Zacks Consensus Estimate of $4,375 million.
Strong quarterly earnings resulted from a rise in the volumes of LNG delivered and a lower cost of sales.
Cheniere Energy Partners, LP Price, Consensus and EPS Surprise
Cheniere sent 112 cargoes in the fourth quarter, up from 97 in the year-ago period. Total LNG volumes loaded in the quarter were 410 trillion British thermal units (TBtu), higher than the year-ago level of 342 TBtu.
Adjusted EBITDA in the fourth quarter was $1,591 million, up from the year-ago level of $868 million. Profits increased in the reported quarter due to a rise in the volumes of LNG delivered and increased margins per MMBtu of LNG.
Costs and Expenses
The cost of sales for the quarter was $1,441 million, down from the year-ago period’s $2,112 million. Yet, operating and maintenance expenses increased to $207 million from $170 million in fourth-quarter 2021.
Total costs and expenses for the quarter were $1,959 million, down from $2,539 million in the December-end quarter of 2021.
Cash Flow
In 2022, Cheniere generated an operating net cash flow of $4,149 million, higher than the year-ago level of $2,291 million.
Balance Sheet
As of Dec 31, 2022, the partnership had $904 million in cash and cash equivalents, declining from $988 million at the third-quarter end. Cheniere had a net long-term debt of $16,198 million, higher than $15,699 million at the third-quarter end.
Guidance
For 2023, Cheniere stated its guidance for distribution per unit at $4-$4.25.
Zacks Rank & Stocks to Consider
Cheniere currently carries a Zacks Rank #3 (Hold).
Antero Midstream Corporation (AM - Free Report) reported fourth-quarter 2022 adjusted earnings per share of 20 cents, beating the Zacks Consensus Estimate of 17 cents. The strong quarterly results were primarily driven by higher freshwater delivery volumes and increased average freshwater distribution fees.
For 2023, Antero Midstream expects a net income of $340-$380 million, indicating an increase from the $326.2 million reported in 2022.
Marathon Petroleum Corporation’s (MPC - Free Report) adjusted earnings per share of $6.65 comfortably beat the Zacks Consensus Estimate of $5.54. The bottom line was favorably impacted by the stronger-than-expected performance of its key Refining & Marketing segment.
In the fourth quarter, MPC repurchased $1.8 billion of shares and a further $700 million worth of shares from the start of this year till Jan 27. Marathon Petroleum, which gave an additional $5-billion share repurchase approval, currently has a remaining authorization of $7.6 billion.
PBF Energy Inc.’s (PBF - Free Report) fourth-quarter 2022 earnings of $4.41 per share missed the Zacks Consensus Estimate of earnings of $4.95. Quarterly earnings were primarily driven by lower contributions from the Logistics segment, and higher costs and expenses.
For 2023, PBF Energy’s total refining system throughput is expected to be 935,000-995,000 barrels per day. For the first quarter, the company anticipates throughput volumes of 845,000-905,000 barrels per day.
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Cheniere (CQP) Tops on Q4 Earnings, Gives '23 Distribution View
Cheniere Energy Partners, L.P.’s (CQP - Free Report) reported fourth-quarter earnings per unit of $1.87, beating the Zacks Consensus Estimate of $1.72. The bottom line increased from 93 cents per unit in the year-ago quarter.
Total quarterly revenues of $4,721 million were higher than the year-ago level of $3,257 million. The top line beat the Zacks Consensus Estimate of $4,375 million.
Strong quarterly earnings resulted from a rise in the volumes of LNG delivered and a lower cost of sales.
Cheniere Energy Partners, LP Price, Consensus and EPS Surprise
Cheniere Energy Partners, LP price-consensus-eps-surprise-chart | Cheniere Energy Partners, LP Quote
Operations
Cheniere sent 112 cargoes in the fourth quarter, up from 97 in the year-ago period. Total LNG volumes loaded in the quarter were 410 trillion British thermal units (TBtu), higher than the year-ago level of 342 TBtu.
Adjusted EBITDA in the fourth quarter was $1,591 million, up from the year-ago level of $868 million. Profits increased in the reported quarter due to a rise in the volumes of LNG delivered and increased margins per MMBtu of LNG.
Costs and Expenses
The cost of sales for the quarter was $1,441 million, down from the year-ago period’s $2,112 million. Yet, operating and maintenance expenses increased to $207 million from $170 million in fourth-quarter 2021.
Total costs and expenses for the quarter were $1,959 million, down from $2,539 million in the December-end quarter of 2021.
Cash Flow
In 2022, Cheniere generated an operating net cash flow of $4,149 million, higher than the year-ago level of $2,291 million.
Balance Sheet
As of Dec 31, 2022, the partnership had $904 million in cash and cash equivalents, declining from $988 million at the third-quarter end. Cheniere had a net long-term debt of $16,198 million, higher than $15,699 million at the third-quarter end.
Guidance
For 2023, Cheniere stated its guidance for distribution per unit at $4-$4.25.
Zacks Rank & Stocks to Consider
Cheniere currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Antero Midstream Corporation (AM - Free Report) reported fourth-quarter 2022 adjusted earnings per share of 20 cents, beating the Zacks Consensus Estimate of 17 cents. The strong quarterly results were primarily driven by higher freshwater delivery volumes and increased average freshwater distribution fees.
For 2023, Antero Midstream expects a net income of $340-$380 million, indicating an increase from the $326.2 million reported in 2022.
Marathon Petroleum Corporation’s (MPC - Free Report) adjusted earnings per share of $6.65 comfortably beat the Zacks Consensus Estimate of $5.54. The bottom line was favorably impacted by the stronger-than-expected performance of its key Refining & Marketing segment.
In the fourth quarter, MPC repurchased $1.8 billion of shares and a further $700 million worth of shares from the start of this year till Jan 27. Marathon Petroleum, which gave an additional $5-billion share repurchase approval, currently has a remaining authorization of $7.6 billion.
PBF Energy Inc.’s (PBF - Free Report) fourth-quarter 2022 earnings of $4.41 per share missed the Zacks Consensus Estimate of earnings of $4.95. Quarterly earnings were primarily driven by lower contributions from the Logistics segment, and higher costs and expenses.
For 2023, PBF Energy’s total refining system throughput is expected to be 935,000-995,000 barrels per day. For the first quarter, the company anticipates throughput volumes of 845,000-905,000 barrels per day.