Cheniere Energy Partners, L.P. (CQP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$11.5B

Revenue growth

15.4%

Net income, last twelve months

$3.1B

Gross margin

49.8%

Operating margin

33.6%

Net margin

27.3%

Free cash flow

$2.8B

Market value

$31.4B

Cash

$443.0M

Debt

$14.4B

Shares outstanding

484.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 29 October 2026.

• Revenue and net income rose. Third quarter revenues were $2,574 million, up 7% from $2,404 million, and net income was $639 million, up 26% from $506 million. Nine-month revenues rose 12% to $8,757 million.
• Adjusted EBITDA rose 8% in quarter. Adjusted EBITDA was $954 million in the quarter against $885 million, up 8%. For nine months it was $3,112 million against $2,649 million, up 17%. Adjusted EBITDA is a non-GAAP measure.
• Higher margins on delivered LNG. Net income rose about $133 million in the quarter, mainly from higher total margins on LNG delivered, driven by higher volumes recognized in income and higher margins per MMBtu.
• Derivative fair value variances offset gains. Nine-month net income growth was partly offset by about $208 million of unfavorable derivative fair value variances, including impacts tied to long-term IPM agreements.
• Cargoes flat, volumes up. Third quarter exports were 104 cargoes, unchanged from 2025, and 377 TBtu, up 1%. Nine-month cargoes were 324, up 3%, and volumes were 1,185 TBtu, up 5%.
• Recognized volumes slightly above exports. LNG loaded and recognized in income was 378 TBtu in the quarter, against 374 TBtu a year earlier, and 1,187 TBtu for nine months, against 1,130 TBtu.
• Cumulative cargoes since startup. As of October 23, 2026, about 3,560 cumulative cargoes, totaling over 245 million tonnes, had been produced, loaded and exported from the SPL Project.
• Cost of sales near prior year. Quarterly cost of sales was $1,276 million, against $1,278 million a year earlier. Nine-month cost of sales was $4,757 million, up from $4,177 million.
• Operating and maintenance expense rose. Operating and maintenance expense was $236 million in the quarter, against $191 million. Nine-month operating and maintenance expense was $692 million, against $683 million.
• Operating income rose. Income from operations was $815 million in the quarter, against $696 million, and $2,516 million for nine months, against $2,237 million.
• Interest expense eased. Interest expense, net of capitalized interest, was $182 million in the quarter, against $189 million, and $546 million for nine months, against $567 million.
• Cash and liquidity at quarter end. Cash and cash equivalents were $569 million at September 30, 2026, against $182 million at December 31, 2025. Total available liquidity was $2,477 million.
• Revolver commitments amended and extended. Commitments were secured to amend and extend both revolving credit facilities, including reallocating $250 million from the SPL facility to the Cheniere Partners facility.
• Partial repayment of SPL notes. In September 2026, SPL repaid about $54 million of its 2037 Senior Secured Notes, which had a weighted average rate of 4.748% as of June 30, 2026, under fixed amortization schedules.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 376 held.

Every filing

The newest filings with the SEC of 613 held.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

217 funds held it at 30 Jun 2026: 70 added and 48 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Cheniere Energy, Inc. (LNG): revenue $21.5B, market value $61.5B
• Venture Global, Inc. (VG): revenue $17.0B, market value $38.0B
• Atmos Energy Corp. (ATO): revenue $4.9B, market value $28.7B
• National Fuel Gas Co. (NFG): revenue $2.5B, market value $7.6B
• New Jersey Resources Corp. (NJR): revenue $2.2B, market value $5.4B
• Spire Inc. (SR): revenue $2.5B, market value $5.1B
• One Gas, Inc. (OGS): revenue $2.3B, market value $4.9B
• MDU Resources Group Inc. (MDU): revenue $1.8B, market value $4.1B
• Northwest Natural Holding Co. (NWN): revenue $1.3B, market value $2.1B

What the company does

Cheniere Energy Partners, L.P. is a limited partnership formed by Cheniere. The company says it exists to provide "clean, secure and affordable LNG" to integrated energy companies, utilities and energy trading companies around the world. It owns the natural gas liquefaction and export facility at Sabine Pass in Cameron Parish, Louisiana, which the filing calls the Liquefaction Project. As of 20 February 2026, over 3,270 cumulative LNG cargoes totaling over 225 million tonnes of LNG had been produced, loaded and exported from the Liquefaction Project. The company describes its long-term counterparty arrangements as the foundation of its business.

How the business is organised

CQP and SPL operate with independent capital structures. SPL must deposit all cash it receives into restricted accounts under certain of its debt agreements, and its debt agreements limit its ability to make distributions unless specific requirements are met.

The partnership's general partner manages the development, construction, operation and maintenance of the terminal. The general partner has no employees, so it relies on subsidiaries of Cheniere to provide personnel under services agreements. Payments under those agreements mainly cover cost reimbursement plus a fixed fee per Train in service, indexed for inflation. The partnership agreement requires it to distribute all of its available cash within 45 days after the end of each quarter, less any reserves set by the general partner.

What it sells and how it is paid

Customers buy LNG on an FOB basis. The price generally has two parts:

- A fixed fee per MMBtu of LNG, a portion of which is adjusted each year for inflation. - A variable fee per MMBtu generally equal to 115% of Henry Hub.

The company says the variable fees were generally sized to cover the supply and transportation of natural gas and the fuel used in liquefaction, which limits its exposure to higher U.S. natural gas prices. Certain customers may cancel or suspend cargo deliveries with advance notice under their SPAs. They must still pay the fixed fee on the volumes not delivered.

The company has contracted approximately 85% of the total anticipated production through the mid-2030s from liquefaction capacity that is in construction or operation. This covers its SPAs and its IPM agreements.

Who it buys from and sells to

The partnership sells LNG to Cheniere Marketing under an SPA with pricing linked to the same global gas prices as one of its IPM agreements. Under an IPM agreement, the partnership pays for natural gas feedstock based on global gas prices less liquefaction fees and certain costs. Taken with the matching SPA, the company says this produces a take-or-pay style fixed liquefaction fee.

About 531 TBtu of LNG remained to be delivered under the Cheniere Marketing SPA, which has a remaining fixed term of 12 years. The partnership had not yet executed an SPA for the approximately 669 TBtu tied to its other IPM agreement. Cheniere Marketing also holds SPAs that may be novated to the partnership in the future.

Natural gas supply and logistics

Apart from the IPM agreements, the company has secured approximately 3,406 TBtu of natural gas feedstock through long-term supply agreements with remaining fixed terms of up to 6 years. That covers approximately 73% of the natural gas needed for forecasted 2026 production capacity, and a further 3% is secured under the IPM agreements. The share secured falls for later years.

To move gas to the terminal, the company has agreements for firm pipeline capacity with CTPL and with third-party interstate and intrastate pipeline companies. It also has firm storage services agreements with third parties to help manage swings in the gas needed. Its leases mainly cover tug vessels and land sites.

Possible expansion

The partnership has land at the Sabine Pass LNG Terminal available for further liquefaction capacity. Certain subsidiaries filed an application for the SPL Expansion Project with FERC in February 2024. In June 2025 they updated it to a two-phased project with three liquefaction trains and supporting infrastructure. The filing gives an expected total peak production capacity of up to approximately 20 mtpa of LNG, including estimated debottlenecking opportunities. The company says development requires acceptable commercial and financing arrangements before a positive FID is made.

Its people

As of 31 December 2025, Cheniere and its subsidiaries had 1,717 full-time employees. Of these, 508 directly supported Sabine Pass LNG Terminal operations. The partnership has no employees of its own and relies on this workforce through the services agreements.

*From Cheniere Energy Partners's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1383650/000138365026000005/cqp-20251231.htm)*

From the company's 10-K.