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Cheniere (CQP) Units Gain 2.8% Since Q1 Earnings Top Estimates
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Cheniere Energy Partners, L.P.’s (CQP - Free Report) units have gained 2.8% since it reported strong first-quarter 2023 earnings on May 2.
Cheniere recorded first-quarter 2023 earnings per unit of $1.43, beating the Zacks Consensus Estimate of 70 cents. The bottom line significantly increased from 73 cents per unit in the year-ago quarter.
Total quarterly revenues of $2,917 million were lower than the year-ago level of $3,328 million. The top line missed the Zacks Consensus Estimate of $3,014 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 first quarter, up from 105 in the year-ago period. Total LNG volumes loaded in the quarter were 403 trillion British thermal units (TBtu), higher than the year-ago level of 385 TBtu.
Adjusted EBITDA in the first quarter was $1,026 million, down from the year-ago level of $1,031 million. The decrease resulted from lower regasification revenues. The negatives were partially offset by a rise in the volumes of LNG delivered.
Costs and Expenses
The cost of sales for the quarter was $313 million, significantly down from the year-ago period’s $2,562 million. Yet, operating and maintenance expenses increased to $206 million from $170 million in first-quarter 2022.
Total costs and expenses for the quarter were $788 million, down from $2,966 million in the March-end quarter of 2022.
Cash Flow
In the first quarter, Cheniere generated an operating net cash flow of $847 million, higher than the year-ago quarter’s $800 million.
Balance Sheet
As of Mar 31, 2023, the partnership had $834 million in cash and cash equivalents, declining from $904 million at the fourth-quarter end. Cheniere had a net long-term debt of $16,145 million, lower than $16,198 million at the fourth-quarter end.
A Glimpse of Other Midstream Companies’ Q1 Earnings
Kinder Morgan, Inc. (KMI - Free Report) reported first-quarter 2023 adjusted earnings per share of 30 cents, beating the Zacks Consensus Estimate by a penny. Better-than-expected quarterly earnings were primarily aided by higher gathering and transport volumes.
For 2023, KMI projects a net income attributable to the midstream player of $2.5 billion. For this year, it expects a dividend of $1.13 per share, suggesting an increase of 2% from the prior-year reported figure.
Crestwood Equity Partners LP reported first-quarter adjusted earnings of 15 cents per unit, in line with the Zacks Consensus Estimate. The bottom line reversed from the year-ago quarter’s loss of 4 cents per unit.
For 2023, Crestwood expects adjusted EBITDA of $780-$860 million, suggesting an improvement from the $762.1 million reported in 2022. The partnership expects a free cash flow after paying distributions of $10-$90 million.
Enbridge Inc. (ENB - Free Report) recorded first-quarter adjusted earnings per share of 63 cents, beating the Zacks Consensus Estimate of 62 cents. The bottom line declined from the year-ago quarter’s 66 cents.
For 2023, Enbridge projects EBITDA of C$15.9-C$16.5 billion, indicating an increase from the C$12 billion reported in 2022. The company expects distributable cash flow per share of C$5.25-C$5.65 for the year, the mid-point of which suggests an increase from the C$5.42 reported in 2022.
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Cheniere (CQP) Units Gain 2.8% Since Q1 Earnings Top Estimates
Cheniere Energy Partners, L.P.’s (CQP - Free Report) units have gained 2.8% since it reported strong first-quarter 2023 earnings on May 2.
Cheniere recorded first-quarter 2023 earnings per unit of $1.43, beating the Zacks Consensus Estimate of 70 cents. The bottom line significantly increased from 73 cents per unit in the year-ago quarter.
Total quarterly revenues of $2,917 million were lower than the year-ago level of $3,328 million. The top line missed the Zacks Consensus Estimate of $3,014 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 first quarter, up from 105 in the year-ago period. Total LNG volumes loaded in the quarter were 403 trillion British thermal units (TBtu), higher than the year-ago level of 385 TBtu.
Adjusted EBITDA in the first quarter was $1,026 million, down from the year-ago level of $1,031 million. The decrease resulted from lower regasification revenues. The negatives were partially offset by a rise in the volumes of LNG delivered.
Costs and Expenses
The cost of sales for the quarter was $313 million, significantly down from the year-ago period’s $2,562 million. Yet, operating and maintenance expenses increased to $206 million from $170 million in first-quarter 2022.
Total costs and expenses for the quarter were $788 million, down from $2,966 million in the March-end quarter of 2022.
Cash Flow
In the first quarter, Cheniere generated an operating net cash flow of $847 million, higher than the year-ago quarter’s $800 million.
Balance Sheet
As of Mar 31, 2023, the partnership had $834 million in cash and cash equivalents, declining from $904 million at the fourth-quarter end. Cheniere had a net long-term debt of $16,145 million, lower than $16,198 million at the fourth-quarter end.
Guidance
For 2023, the Zacks Rank #3 (Hold) partnership stated its guidance for distribution per unit at $4-$4.25. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Glimpse of Other Midstream Companies’ Q1 Earnings
Kinder Morgan, Inc. (KMI - Free Report) reported first-quarter 2023 adjusted earnings per share of 30 cents, beating the Zacks Consensus Estimate by a penny. Better-than-expected quarterly earnings were primarily aided by higher gathering and transport volumes.
For 2023, KMI projects a net income attributable to the midstream player of $2.5 billion. For this year, it expects a dividend of $1.13 per share, suggesting an increase of 2% from the prior-year reported figure.
Crestwood Equity Partners LP reported first-quarter adjusted earnings of 15 cents per unit, in line with the Zacks Consensus Estimate. The bottom line reversed from the year-ago quarter’s loss of 4 cents per unit.
For 2023, Crestwood expects adjusted EBITDA of $780-$860 million, suggesting an improvement from the $762.1 million reported in 2022. The partnership expects a free cash flow after paying distributions of $10-$90 million.
Enbridge Inc. (ENB - Free Report) recorded first-quarter adjusted earnings per share of 63 cents, beating the Zacks Consensus Estimate of 62 cents. The bottom line declined from the year-ago quarter’s 66 cents.
For 2023, Enbridge projects EBITDA of C$15.9-C$16.5 billion, indicating an increase from the C$12 billion reported in 2022. The company expects distributable cash flow per share of C$5.25-C$5.65 for the year, the mid-point of which suggests an increase from the C$5.42 reported in 2022.