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Cheniere Energy PartnersCQP

Legal name
Cheniere Energy Partners, L.P.
Sector
Energy
Industry
Natural Gas Distribution
Exchange
NYSE

Stock Price $CQP

Latest filings

You are here#18 of 31 in Utilities by market cap

Filing record · 2016–202610-K1210-Q338-K177

CQP filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Material agreement8-K · Jul ’25Jul ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025

Last reported FY2021

Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $10.76B
YoY changeLargest recent move+291.3%in FY17Latest +23.6%

2 older moves run past ±150% (largest +307.4%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CQP Financial Metrics47 metrics

Income Statement15

Balance Sheet19

Cash Flow10

Per Share3

02—Overview

Cheniere Energy Partners Financial Overview 2021–2025

Updated Nov 4, 2026

CQP's revenue fell 44% in FY2023, from $17.206 billion to $9.664 billiona, yet net income jumped 70% to $4.254 billion. That gap is the story. Reported earnings here track derivative marks on long-term gas purchase contracts as much as LNG margins. A $3.2 billion favorable derivative swing drove FY2023, and a $1.7 billion reversal cut FY2024 net income to $2.51 billion. The cash engine is steadier than the income statement suggests.

Over the full span, revenue rose from $9.434 billion in FY2021 to $10.758 billionb in FY2025, while net income climbed from $1.630 billion to $2.987 billion. Total debt fell from $17.3 billion to $14.6 billion over the same stretch. In FY2025, operating cash flow reached $2.768 billion, distributions paid were $2.064 billion, and about 85% of anticipated production was contracted.

The derivative noise is now being switched off. Q1 2026 net income fell to $186 millionc on $599 million of unfavorable marks, then rebounded to $1.16 billion in Q2 2026. In June 2026, management moved the IPM agreements to the normal purchases exception, so they are no longer marked to market. Nine-month 2026 net income reached $1.986 billion. The units closed at $53.48 on 2025-12-30, the FY2025 period end. Against the $3.10 annualized base distribution, that is a 5.8% base yield at that price.

Recent Developments (Q2 and Q3 2026)

The most notable development is the lift in payouts. Q3 2026 net income rose to $639 milliond from $506 million, on revenue of $2.574 billion versus $2.404 billion. Adjusted EBITDA reached $954 million versus $885 million. Management tightened 2026 distribution guidance to $3.30–$3.40 from $3.10–$3.40 and declared $0.890 for Q3, including a $0.115 variable piece.

Expansion moved forward. SPL signed a $4.69 billione Bechtel EPC contract for Phase 1 and a QatarEnergy SPA for up to 2 mtpa. FERC issued its final environmental impact statement in September 2026. In June 2026, CQP refinanced $1.5 billion of 5.00% notes with $1.75 billion of new longer-dated debt. Two new independent directors joined the board in July 2026.

Bull case: guidance implies a 4.9%–5.1% yield at the $66.83 close on 2026-10-28, with expansion contracts adding growth. Bear case: the units have risen about 25% since year-end, and FERC siting, DOE approval and financing remain unresolved.

What to watch: FERC and DOE approvals ahead of the Phase 1 final investment decision; Q4 2026 variable distribution

03—Filings

Recent SEC Filings

  1. 8-KCheniere Energy Partners 8-K Report, Financial Results (Oct 29, 2026)Cheniere Energy Partners, L.P. reported third quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K dated October 29, 2026. For the three months ended September 30, 2026, the Partnership reported revenues of $2,574 million (versus $2,404 million in 2025), net income of $639 million (versus $506 million), and Adjusted EBITDA of $954 million (versus $885 million). For the nine months ended September 30, 2026, revenues were $8,757 million, net income $1,986 million, and Adjusted EBITDA $3,112 million. LNG exports totaled 104 cargoes in the quarter, flat year over year, and 377 TBtu of volumes exported. Total available liquidity was $2,477 million as of September 30, 2026, including cash and cash equivalents of $569 million. The Partnership declared a third-quarter cash distribution of $0.890 per common unit, consisting of a base amount of $0.775 and a variable amount of $0.115, payable November 13, 2026 to unitholders of record as of November 3, 2026. It tightened its full-year 2026 distribution guidance to $3.30 to $3.40 per common unit from $3.10 to $3.40, while maintaining a base distribution of $3.10 per common unit. On the growth front, Sabine Pass Liquefaction, LLC signed a long-term LNG sale and purchase agreement with QatarEnergy in October 2026 for up to 2 mtpa from the early 2030s through 2054, with 1 mtpa subject to, among other things, a positive final investment decision on the first phase of the SPL Expansion Project. FERC issued the final environmental impact statement for the expansion in September 2026, and the Partnership obtained commitments for a term loan sized to finance approximately 50% of estimated first-phase project costs, subject to a positive FID. The FERC siting application and DOE non-FTA export application remain pending.
  2. 8-KCheniere Energy Partners 8-K Report, Corporate Update (Oct 23, 2026)Cheniere Energy Partners, L.P. (NYSE: CQP) filed this Current Report on Form 8-K on October 23, 2026, under Item 8.01 (Other Events) to announce that it declared a quarterly cash distribution of $0.890 per common unit. The distribution is payable on November 13, 2026 to unitholders of record as of November 3, 2026. The filing states that the distribution is comprised of a base amount of $0.775 and a variable amount of $0.115 per common unit, and the Partnership also declared the related distribution to its general partner. The press release attached as Exhibit 99.1 contains tax notices for foreign investors. It states that publicly traded partnerships earning net income effectively connected with a U.S. trade or business are generally required to withhold U.S. income tax from distributions paid to foreign persons. The release states that 100 percent of the Partnership's distributions to foreign investors are attributable to income effectively connected with a U.S. trade or business and are subject to federal income tax withholding at the highest applicable effective tax rate, and that 100 percent of such distributions are in excess of cumulative net income for purposes of Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). The release also serves as qualified notice to nominees, who are treated as withholding agents. The release describes the Partnership as owning the Sabine Pass LNG terminal in Cameron Parish, Louisiana, with liquefaction capacity of over 30 million tonnes per annum, five LNG storage tanks, vaporizers, three marine berths, and the Creole Trail Pipeline. It refers investors to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
  3. 8-KCheniere Energy Partners 8-K Report, Financial Results (Aug 6, 2026)Cheniere Energy Partners, L.P. (NYSE: CQP) reported second quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K. For the three months ended June 30, 2026, revenues were $2,583 million versus $2,455 million a year earlier, and net income was $1,161 million versus $553 million. Adjusted EBITDA was $983 million versus $726 million. For the six months ended June 30, 2026, revenues were $6,183 million, net income was $1,347 million, and Adjusted EBITDA was $2,158 million. The company attributes the increases primarily to higher total margins per MMBtu of LNG delivered, driven by higher volumes recognized in income. The filing states that the three-month net income increase included approximately $367 million of favorable variances from changes in the fair value of derivative instruments, while the six-month figure reflected $233 million of unfavorable variances. The partnership declared a second quarter cash distribution of $0.820 per common unit, comprised of a $0.775 base amount and a $0.045 variable amount, payable August 14, 2026 to holders of record as of August 7, 2026. It reconfirmed full year 2026 distribution guidance of $3.10 to $3.40 per common unit, maintaining a base distribution of $3.10. Available liquidity was $2,337 million as of June 30, 2026, including $443 million of cash and cash equivalents and $1,871 million of available credit facility commitments. The filing also highlights the SPL Expansion Project, with a potential peak capacity of up to approximately 20 mtpa. In May 2026, Sabine Pass Liquefaction Stage V, LLC signed a lump sum, turnkey EPC contract with Bechtel Energy, Inc. for the first phase, a single train (Train 7) with expected capacity of over 6 mtpa, and released Bechtel to begin early engineering and procurement under a limited notice to proceed. The FERC siting and DOE export authorizations remain pending, and a positive final investment decision is subject to regulatory approvals and acceptable commercial and financing arrangements.
  4. 8-KCheniere Energy Partners 8-K Report, Corporate Update (Jul 28, 2026)Cheniere Energy Partners, L.P. (NYSE: CQP) declared a quarterly cash distribution of $0.820 per common unit on July 28, 2026, payable August 14, 2026 to unitholders of record as of August 7, 2026. The distribution is composed of a base amount of $0.775 and a variable amount of $0.045 per common unit, and the Partnership also declared the related distribution to its general partner. The filing is a brief Item 8.01 (Other Events) notice that incorporates by reference a press release dated July 28, 2026 (Exhibit 99.1). That press release also contains tax notices for nominees and foreign investors, stating that 100 percent of the Partnership's distributions to foreign investors are attributable to income effectively connected with a US trade or business and are subject to federal income tax withholding at the highest applicable effective tax rate. It also states that 100 percent of those distributions are in excess of cumulative net income for purposes of Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). The press release describes the Partnership as owning the Sabine Pass LNG terminal in Cameron Parish, Louisiana, with liquefaction capacity of over 30 million tonnes per annum, five LNG storage tanks, three marine berths, and the Creole Trail Pipeline.
  5. 8-KCheniere Energy Partners 8-K Report, Executive Changes (Jul 14, 2026)Cheniere Energy Partners, L.P. (CQP) filed this Current Report on Form 8-K under Item 5.02 to report board changes at its general partner, Cheniere Energy Partners GP, LLC, effective July 14, 2026. Michael Jennings and Zamir Rauf were appointed to the General Partner's Board of Directors, and both are described as independent directors. Jennings was placed on the Conflicts Committee and the CMI SPA Committee, while Rauf joined the Conflicts Committee, Audit Committee, and Executive Committee. The appointments were made under the rights of Cheniere GP Holding Company, LLC (f/k/a Cheniere LNG Holdings, LLC) under the General Partner's Amended LLC Agreement. James R. Ball and Oliver G. Richard, III resigned from the Board in connection with the appointments. Ball also resigned from the Conflicts Committee, Executive Committee and CMI SPA Committee, and Richard from the Audit Committee and Conflicts Committee. The filing states that the resignations were not due to any disagreement with the Partnership or its management regarding its operations, policies or practices. For investors, the filing is primarily a governance update. Each new director received a $200,000 phantom unit award under the Partnership's Long-Term Incentive Plan, vesting on the first anniversary of grant and payable in common units, cash, or a mix at the director's election, plus a $100,000 annual cash fee for 2026. Both directors signed the General Partner's standard Indemnification Agreement and are not parties to any Item 404(a) related-person transaction.
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04—See also

Related Companies

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