01—Abstract
Summary
Summary of the 10-Q filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Cheniere Energy Partners, L.P. reported net income of $639 milliona for the three months ended September 30, 2026, up from $506 million a year earlier, and $1.986 billion for the nine months, up from $1.700 billion.
Total revenues were $2.574 billionb for the quarter and $8.757 billion for the nine months, compared with $2.404 billion and $7.848 billion in the prior-year periods. Basic and diluted net income per common unit was $1.01 for the quarter and $3.34 for the nine months. The filing attributes the nine-month increase in revenues mainly to higher Henry Hub pricing ($551 million) and higher production volume ($381 million), while the nine-month derivative results included $441 million of unfavorable changes in fair value on IPM agreements before their June 2026 NPNS designation.
Operating cash flow was $2.550 billionc for the nine months, compared with $1.881 billion a year earlier. Total partners' equity rose to $879 million at September 30, 2026 from $414 million at December 31, 2025. Total debt was $14.523 billion, and the company issued $1.0 billion of 5.350% Senior Notes due 2036 and $750 million of 6.050% Senior Notes due 2056 in June 2026, using part of the proceeds to redeem $1.5 billion of SPL's 5.00% Senior Secured Notes due 2027.
Total available liquidity was $2.477 billiond at September 30, 2026. The company continues to develop the SPL Expansion Project, with expected total peak production capacity of up to approximately 20 mtpa. In May 2026, SPL Stage V entered into a lump sum, turnkey EPC contract with Bechtel Energy, Inc. for the first phase, and the filing reports a final environmental impact statement received from FERC in September 2026.
A positive final investment decision on the first phase is targeted for 2026/2027. In October 2026, SPL entered into a long-term LNG SPA with QatarEnergy for up to 2 mtpa, beginning in the early 2030s.
02—Key points
Key Highlights
- Net income rose to $639 million for Q3 2026 from $506 million, and to $1.986 billion for the nine months from $1.700 billion.
- Total revenues were $2.574 billion for Q3 2026 and $8.757 billion for the nine months, up from $2.404 billion and $7.848 billion.
- Net cash provided by operating activities was $2.550 billion for the nine months, compared with $1.881 billion in the prior-year period.
- Total partners' equity increased to $879 million at September 30, 2026 from $414 million at December 31, 2025.
- In June 2026, CQP issued $1.0 billion of 5.350% Senior Notes due 2036 and $750 million of 6.050% Senior Notes due 2056, and used part of the proceeds to redeem $1.5 billion of SPL's 5.00% Senior Secured Notes due 2027.
- The company designated the NPNS scope exception for its IPM agreements in June 2026, after which physical gas purchases are no longer remeasured at fair value through earnings.
- On October 23, 2026, the general partner declared a distribution of $0.890 per common unit for the third quarter of 2026, payable November 13, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 29, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $2.58B$2.40B | +7.1% |
| Operating Expenses | $1.76B$1.71B | +3.0% |
| Operating Income | $815.00M$696.00M | +17.1% |
| Net Income | $639.00M$506.00M | +26.3% |
| EPS (Basic) | $1.01$0.80 | +26.2% |
| EPS (Diluted) | $1.01$0.80 | +26.2% |
05—Questions
Frequently Asked Questions
What drove the increase in net income for the nine months ended September 30, 2026?
The filing attributes the increase mainly to a $551 million increase in revenue from higher pricing per MMBtu, linked to higher Henry Hub pricing, and a $381 million increase from higher production volume after planned large-scale maintenance in 2025 did not recur. These gains were partly offset by $208 million of unfavorable changes in the fair value of derivative instruments, which includes $441 million of unfavorable changes on IPM agreements before the June 2026 NPNS designation.
How did the NPNS designation for IPM agreements affect reported results?
Following the June 2026 designation, physical natural gas purchases under the IPM agreements are no longer remeasured at fair value through earnings. Their estimated fair values at the designation date became a new cost basis that is amortized into cost of sales. The filing reports a net reduction to cost of sales of $26 million for the third quarter and $31 million for the nine months from this amortization, and estimates $57 million for the remainder of 2026.
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 across three trains. In May 2026, SPL Stage V signed a lump sum, turnkey EPC contract with Bechtel for the first phase, which has begun early engineering and procurement under limited notices to proceed. The FERC final environmental impact statement was received in September 2026. The filing lists the Section 3 order and the certification to commence construction as pending, and targets a final investment decision for the first phase in 2026/2027.
How much liquidity does the company have, and how is its debt structured?
At September 30, 2026, total available liquidity was $2.477 billion, consisting of $569 million of cash and cash equivalents, $35 million of restricted cash, and $1.873 billion of available revolving credit commitments. Total debt was $14.523 billion, of which $4.973 billion was SPL senior secured notes and $9.550 billion was CQP senior notes. The company reported compliance with all debt covenants as of September 30, 2026.
What distributions have been declared to unitholders?
On October 23, 2026, the company declared a cash distribution of $0.890 per common unit for the third quarter of 2026, to unitholders of record as of November 3, 2026, and payable November 13, 2026. The distribution consists of a base amount of $0.775 per unit and a variable amount of $0.115 per unit. Distributions paid during the nine months ended September 30, 2026 totaled $1.521 billion in cash.
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