Cheniere Energy Partners, LP (CQP)

Cheniere Energy Partners reported revenue of $2.6 billion and net income of $1.2 billion for the second quarter of 2026 3.

Net income was $1,161 million, up from $553 million a year earlier, helped by about $367 million of favorable swings in the fair value of derivative contracts 3.

The terminal loaded 108 cargoes of liquefied natural gas (LNG, natural gas cooled into a liquid for shipping) in the quarter, against 98 a year earlier 3.

In May 2026 a subsidiary signed a lump sum, turnkey construction contract with Bechtel Energy for Train 7, the first phase of an expansion at the same site 3.

Pipeline & Gas Journal reported that Cheniere expects a final investment decision, the formal go-ahead to build, on that first phase by early 2027 7.

The partnership has declared a cash distribution of $0.890 per common unit, payable on 13 November 2026, made up of a base amount of $0.775 and a variable amount of $0.115 4.

The partnership owns the Sabine Pass LNG terminal in Louisiana, formed by Cheniere to turn U.S. natural gas into LNG for customers abroad, and it shipped its first cargo in February 2016 1.

Oil & Gas Journal reported on 7 February 2022 that all six liquefaction trains at Sabine Pass had reached substantial completion, with Bechtel handing the sixth, Train 6, to Cheniere 10.

Revenue peaked at $17,206 million in 2022, then fell to $9,664 million in 2023 and $8,704 million in 2024 6.

The 2024 drop of $960 million came mainly from lower pricing per MMBtu (a unit of gas energy) as Henry Hub, the U.S. gas benchmark, declined 6.

Net income fell from $4,254 million to $2,510 million that year, mainly because gains on derivative contracts shrank by $1.7 billion 6.

In 2025 revenue rose to $10,758 million and net income to $2,987 million 1.

The company said the $2.1 billion revenue increase came from higher pricing tied to Henry Hub, partly offset by $140 million from lower output during planned maintenance on two trains 1.

Net income also gained $344 million from derivative contracts, mostly its integrated production marketing agreements, in which a gas producer sells gas to the company on an LNG-linked index 1.

Credit ratings improved: Fitch raised the partnership to BBB in February 2025, and S&P Global Ratings raised it to BBB+ in November 2025 1.

Reuters reported that Cheniere filed a joint application dated 6 June 2025 with the U.S. Federal Energy Regulatory Commission (FERC) to add three liquefaction trains at Sabine Pass 9.

Sabine Pass liquefaction

The partnership owns one of the largest LNG production facilities in the world, with capacity of over 30 million tonnes a year 1.

LNG takes up about 1/600th of the space of the gas it came from, which is why it can be shipped by sea 1.

Customers generally pay a fixed fee for contracted volumes whether or not they take cargoes, and about 85% of expected production through the mid-2030s is contracted 1.

In 2025 the terminal loaded and recognized 1,546 trillion British thermal units (TBtu) of LNG 1.

Revenue in 2025 was $8,200 million of LNG from outside customers, $2,358 million of LNG from affiliate Cheniere Marketing, $136 million of regasification and $64 million of other 1.

Customers above 10% of 2025 revenue were BG Gulf Coast LNG and affiliates at 22%, Korea Gas at 15%, GAIL (India) at 15%, Naturgy LNG GOM at 14% and TotalEnergies at 10% 1.

Regasification and the pipeline

The terminal can also turn LNG back into gas at about 4 Bcf/d (billion cubic feet a day), and TotalEnergies reserves 1 Bcf/d and pays fixed monthly fees whether or not it uses it 1.

The partnership also owns a 94-mile pipeline, Creole Trail, that links the terminal with large interstate and intrastate pipelines 1.

People and rivals

The partnership has no employees, and Cheniere affiliates provide services to it under agreements 2.

At 31 December 2025 Cheniere had 1,717 full-time employees, 508 of them directly supporting the partnership's operations 1.

As of 20 February 2026 Jack Fusco was chairman, president and chief executive of the general partner, and Zach Davis a director and chief financial officer 1.

Cheniere competes with other liquefaction projects in the U.S. and worldwide, and its Corpus Christi, Texas projects draw on the same staff 1.

The company wrote that Asia's LNG use fell about 4% in 2025 while Europe's rose about 27% 1.

Approvals for the expansion are still pending: FERC authorizations and the Department of Energy's export approval for countries without a free trade agreement 3.

The umbrella, in words

Exhibit 21.1 of the annual report, for 31 December 2025, lists Delaware subsidiaries including Sabine Pass Liquefaction, LLC, Sabine Pass LNG, L.P., Cheniere Creole Trail Pipeline, L.P. and Sabine Pass Liquefaction Stage V, LLC 5.

Its lines of business sit mostly in Sabine Pass Liquefaction (liquefaction), Sabine Pass LNG (regasification) and Creole Trail (pipeline); Stage V holds the expansion 15.

Cheniere Energy, Inc. owns 239,872,502 common units, 50%, and 9,878,316 general partner units, as of 20 February 2026, and it owns and controls the general partner 1.

Blackstone Inc. is shown with 203,984,605 common units (42%) from a Form 4 filed 4 April 2023, and Brookfield Asset Management with 204,321,313 (42%) from filings of 30 September 2020 and 9 June 2021 1.

The two reports overlap, because 190,070,316 of the units in each are held directly by CQP Holdco LP, which appoints three directors of the general partner 1.

By contract, Cheniere Marketing buys LNG from the partnership, and those affiliate sales were $1,477 million in the first six months of 2026 2.

The partnership holds a significant land position at the Sabine Pass terminal for further expansion 1.

The company is developing an expansion beside the current plant of up to about 20 million tonnes a year, in up to three trains, in two phases 18.

The first phase, Train 7 plus a boil-off gas unit, is expected to add over 6 million tonnes a year 3.

Pipeline & Gas Journal, citing a filing of 28 May 2026, put the Bechtel contract at $4.69 billion and said Cheniere expects a final investment decision on the first phase by early 2027 7.

The annual report gave 2026/2027 as the target for the final investment decision, subject to regulatory approvals and financing 1.

LNG Prime reported on 6 April 2026 that FERC released a draft environmental impact statement for the project 11.

For 2026 the partnership reconfirmed distribution guidance of $3.10 to $3.40 per common unit, with a base distribution of $3.10 3.

The company says it aims to contract about 90% of current and planned liquefaction capacity under long-term agreements 1.