01—Abstract
Summary
Summary of the 10-Q filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.
Cheniere Energy Partners, L.P.
(CQP) reported third-quarter 2025 net income of $506 milliona, or $0.80 per common unit, compared with $635 million, or $1.08 per unit, in the same period of 2024. Total revenues rose to $2.40 billion from $2.06 billion, driven by higher LNG revenues, while cost of sales increased to $1.28 billion from $773 million. For the nine months ended September 30, 2025, net income was $1.70 billion ($2.79 per unit) versus $1.89 billion ($3.21 per unit) a year earlier.
The filing attributes the decline primarily to $162 millionb and $190 million (three and nine months, respectively) of unfavorable changes in fair value of derivative instruments, and to $60 million of higher operating and maintenance expense from planned large-scale maintenance on two trains at the Liquefaction Project. Partially offsetting these were lower interest expense, which fell as total indebtedness decreased. Balance sheet and liquidity improved during the period.
Total debt was $14.88 billionc at September 30, 2025, versus $15.23 billion at December 31, 2024, and partners' deficit narrowed to $(348) million from $(509) million. Total available liquidity was $1.98 billion, including $121 million of cash and $1.82 billion of available revolving credit commitments. The company issued $1.0 billion of 5.550% Senior Notes due 2035 in July 2025 and used the proceeds, with cash on hand, to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026.
Fitch and S&P upgraded CQP's ratings to BBB during the period. On October 28, 2025, the company declared a cash distribution of $0.830d per common unit for the third quarter, payable November 14, 2025. The SPL Expansion Project, with expected peak capacity of up to approximately 20 mtpa, remains pre-FID, with target FID listed as 2026/2027.
02—Key points
Key Highlights
- Q3 2025 net income was $506 million ($0.80 per common unit), down from $635 million ($1.08 per unit) in Q3 2024; nine-month net income was $1.70 billion ($2.79 per unit) versus $1.89 billion ($3.21 per unit).
- Q3 2025 total revenues were $2.40 billion, up from $2.06 billion, with LNG revenues of $1.84 billion versus $1.48 billion a year earlier.
- Net income declined mainly due to $162 million (quarter) and $190 million (nine months) of unfavorable derivative fair value changes and $60 million of higher operating and maintenance expense from planned maintenance on two trains.
- Total debt decreased to $14.88 billion from $15.23 billion at year-end 2024, and interest expense, net of capitalized interest, fell to $567 million for nine months from $603 million.
- Total available liquidity was $1.98 billion at September 30, 2025, including $121 million of cash and $1.82 billion of available credit facility commitments.
- Partners' deficit improved to $(348) million from $(509) million at December 31, 2024.
- Quarterly distribution of $0.830 per common unit declared October 28, 2025, payable November 14, 2025; distributions of $2.460 per unit declared for the first nine months of 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 30, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $2.40B$2.06B | +17.0% |
| Operating Expenses | $1.71B$1.23B | +39.1% |
| Operating Income | $696.00M$827.00M | −15.8% |
| Net Income | $506.00M$635.00M | −20.3% |
| EPS (Basic) | $0.80— | — |
| EPS (Diluted) | $0.80— | — |
05—Questions
Frequently Asked Questions
How did CQP's profitability change in the third quarter of 2025?
Net income fell to $506 million, or $0.80 per common unit, from $635 million, or $1.08 per unit, in the third quarter of 2024. Revenues increased to $2.40 billion from $2.06 billion, but cost of sales rose to $1.28 billion from $773 million, and derivative fair value changes were unfavorable.
What drove the decline in net income for the nine months ended September 30, 2025?
The filing attributes the $187 million decline primarily to $190 million of unfavorable changes in fair value of derivative instruments and a $60 million increase in operating and maintenance expense from planned large-scale maintenance on two trains at the Liquefaction Project. These were partially offset by a $23 million increase in other income from affiliates and a $36 million decrease in interest expense.
How is CQP's debt position and liquidity?
Total debt was $14.88 billion at September 30, 2025, down from $15.23 billion at December 31, 2024. Available liquidity was $1.98 billion, including $121 million of cash, $43 million of restricted cash, $815 million under the SPL Revolving Credit Facility and $1.0 billion under the CQP Revolving Credit Facility. The company stated it was in compliance with all debt covenants.
What is the status of the SPL Expansion Project?
The SPL Expansion Project is expected to reach up to approximately 20 mtpa of peak production capacity. It remains pre-FID, with regulatory approvals, commercial agreements and financing still in process. The target FID is listed as 2026/2027, subject to milestones and capital investment parameters.
What distributions has CQP declared to unitholders?
The company declared distributions of $0.820 per common unit in each of the first three quarters of 2025, totaling $2.460 for the nine months. On October 28, 2025, it declared a $0.830 per unit distribution for the third quarter, consisting of a $0.775 base amount and a $0.055 variable amount, payable November 14, 2025.
06—Continue