Cheniere Energy Partners LP

Cheniere Energy Partners is a publicly traded limited partnership formed by Cheniere, which owns its general partner (the entity that runs it). The partnership owns the Sabine Pass LNG Terminal in Cameron Parish, Louisiana, one of the world's largest plants for liquefied natural gas (LNG). LNG is natural gas chilled into a liquid so it can travel by ship. Capacity is measured in mtpa, or million tonnes of LNG per year. The plant had over 30 mtpa of capacity as of December 31, 2025.

Its buyers are integrated energy companies, utilities and energy traders around the world. Most output is sold under long-term sale and purchase agreements (SPAs). Customers pay a fixed fee for their contracted volumes even if they cancel cargoes. They also pay a variable fee tied to Henry Hub, the main US natural gas price benchmark, which is meant to cover the cost of the gas. This setup limits the partnership's exposure to swings in US gas prices. As of December 31, 2025, about 85% of expected output was under contract through the mid-2030s.

The 10-K does not split revenue by segment or region, but a few buyers account for much of it. In fiscal 2025, BG Gulf Coast LNG and affiliates provided 22% of revenue from outside customers. Korea Gas Corporation and GAIL (India) provided 15% each, Naturgy LNG GOM 14% and TotalEnergies 10%. Total revenue was $10.8 billion that year.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.58B, up 7.1% from a year earlier, and net income was $639.0M (+26.3%).
• For fiscal 2025, revenue was $10.76B (+23.6% year over year; +11.8% a year from FY2020 to FY2025) with a 27.8% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed 0.0% from Oct 29, 2021 to Oct 23, 2026.

Rank among 1514 US companies

Market value at each year end

Cheniere Energy Partners LP’s market value went from $17.06B at the end of 2020 to $31.83B on Oct 27, 2026, up 87%; since the end of 2025 it is up 23%.

Form 4 filings from 2025-10-30 to 2026-10-30 (4 read): 0 open-market purchases and 0 sales ($0.00).

ETFs with the most weight in CQP

1. A few big buyers drive revenue. Five customers each supplied at least 10% of 2025 revenue from outside customers, led by BG Gulf Coast LNG at 22%. If a major buyer failed to perform, cash flow could suffer materially.
2. One Louisiana site exposed to severe weather. All of its LNG comes from one terminal in Cameron Parish, Louisiana. Severe storms or other disasters could halt production, damage the plant and raise insurance costs, and some hazards may be uninsured.
3. Cheniere controls the partnership. Cheniere owns the general partner, which runs the partnership, and supplies its key staff. The general partner has conflicts of interest and limited duties to unitholders, who cannot elect it or its directors.
4. Expansion could face delays and overruns. As of the February 2026 annual report, a planned expansion of up to about 20 million tonnes a year still needed federal approvals, contracts and financing. Cost overruns, delays or contractor problems could hurt results.
5. Heavy debt can limit distributions. Total debt was about $14.3 billion against $569 million of cash as of September 30, 2026. Loan terms can, in some cases, restrict distributions to unitholders and block otherwise helpful transactions.
6. Partnership taxes add cost and complexity. Unitholders may owe tax on their share of partnership income even without cash distributions. Tax-exempt holders face extra issues, and the IRS could collect audit adjustments from the partnership, cutting cash for distributions.

• Oct 29, 2026 Quarterly results released
• Oct 23, 2026 Other company announcement
• Aug 6, 2026 Quarterly results released
• Jul 28, 2026 Other company announcement
• Jul 14, 2026 Executive or board change
• Jun 9, 2026 Major agreement signed; New debt or financial obligation
• May 28, 2026 Major agreement signed; Investor presentation or announcement
• May 7, 2026 Quarterly results released
• Apr 28, 2026 Other company announcement
• Apr 6, 2026 Executive or board change

Cheniere Energy Partners is a limited partnership. Instead of dividends, it pays cash distributions on its common units (its version of shares). The yield was 4.97% as of October 27, 2026. Free cash flow, the cash left after capital spending, was $2.57 billion in 2025. Payouts are not guaranteed: the annual report warns that debt agreements can restrict distributions. It bought back no units from 2021 through 2025, and the unit count held near 484 million.

The unit price has swung widely in downturns. In the 2008 financial crisis, years before it shipped its first LNG cargo in 2016, it fell 76.5% from its October 2007 peak and regained that level by October 2009. In the 2020 COVID crash it fell 49.9% in about a month and recovered by June 2020. During the 2022 bear market it rose 35.9%, despite a 27.9% drop between May and July. Single stocks carry more risk than diversified funds.