Skip to content
AnalystLens

Cheniere Energy Partners 8-K Report, Financial Results (Aug 7, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 7, 2025
Period End
August 7, 2025
Security
CQP
In the 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. Material agreement8-K · Sep ’17Sep ’17
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Sep ’22Sep ’22
  4. Leadership change8-K · Jul ’26Jul ’26

01—Abstract

Summary

Summary of the 8-K filed August 7, 2025. Cited figures are marked; the original filing is the authoritative source.

Cheniere Energy Partners, L.P. reported second quarter 2025 results in Exhibit 99.1 to this 8-K, filed August 7, 2025.

For the three months ended June 30, 2025, revenues were $2,455 milliona (up 30% from $1,894 million), net income was $553 million (down 3% from $570 million), and Adjusted EBITDA was $726 million (down 13% from $832 million). For the six months ended June 30, 2025, revenues were $5,444 million, net income was $1,194 million (down 5%), and Adjusted EBITDA was $1,764 million (down 4%). The filing attributes the decreases in net income and Adjusted EBITDA mainly to planned maintenance during the second quarter, which raised operating expenses and lowered volumes recognized in income, partially offset by higher gross margins per MMBtu of LNG delivered.

The Partnership declared a second-quarter cash distribution of $0.820b per common unit, made up of a $0.775 base amount and a $0.045 variable amount, payable August 14, 2025. It reconfirmed full-year 2025 distribution guidance of $3.25 to $3.35 per common unit, with a base distribution of $3.10 per common unit. Total available liquidity was $1,929 million as of June 30, 2025, including $108 million of cash and cash equivalents and $1,785 million of available credit facility commitments.

On the balance sheet, total assets were $16,930 millionc and total liabilities were $17,270 million, leaving a total partners' deficit of $340 million. In July 2025 the Partnership issued $1.0 billion of 5.550% Senior Notes due 2035 and used the proceeds, with cash on hand, to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026. The filing also updated the SPL Expansion Project's FERC application in June 2025 to a two-phased project with three liquefaction trains and expected peak capacity of up to approximately 20 mtpa.

02—Key points

Key Highlights

  1. Q2 2025 revenues rose 30% to $2,455 million from $1,894 million, while net income fell 3% to $553 million and Adjusted EBITDA fell 13% to $726 million.
  2. Six-month 2025 net income was $1,194 million (down 5%) and Adjusted EBITDA was $1,764 million (down 4%), with the decline attributed to planned maintenance activities in the second quarter.
  3. Q2 2025 cash distribution declared at $0.820 per common unit ($0.775 base plus $0.045 variable), payable August 14, 2025.
  4. Full-year 2025 distribution guidance of $3.25 to $3.35 per common unit was reconfirmed, with a base distribution of $3.10 per common unit.
  5. Total available liquidity of $1,929 million as of June 30, 2025, including $108 million of cash and $1,785 million of available credit facility commitments.
  6. July 2025 issuance of $1.0 billion of 5.550% Senior Notes due 2035 used to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026.
  7. SPL Expansion Project FERC application updated in June 2025 to a two-phased, three-train project with peak capacity of up to approximately 20 mtpa; the Partnership also produced its 3,000th LNG cargo from Sabine Pass in July 2025.

03—Questions

Frequently Asked Questions

  1. Why did Adjusted EBITDA decline in the second quarter of 2025 despite higher revenues?

    The filing attributes the decline to planned maintenance activities during the three months ended June 30, 2025, which resulted in higher operating expenses and lower volumes recognized in income. These effects were partially offset by higher gross margins per MMBtu of LNG delivered compared with the 2024 periods. Adjusted EBITDA was $726 million versus $832 million a year earlier.

  2. Is the distribution to unitholders being maintained?

    Yes. The Partnership declared a second-quarter 2025 distribution of $0.820 per common unit, payable August 14, 2025, and reconfirmed full-year 2025 distribution guidance of $3.25 to $3.35 per common unit. The base distribution is maintained at $3.10 per common unit, and the variable component takes into account debt repayment, capital allocation goals, anticipated capital expenditures and cash reserves.

  3. How much liquidity does the Partnership have?

    As of June 30, 2025, total available liquidity was $1,929 million. This consisted of $108 million in cash and cash equivalents, $36 million in restricted cash and cash equivalents, $785 million available under the SPL Revolving Credit Facility, and $1,000 million available under the Cheniere Partners Revolving Credit Facility.

  4. What debt actions did the Partnership take in 2025?

    During the first half of 2025, SPL repaid the remaining $300 million principal of its 5.625% Senior Secured Notes due 2025 with cash on hand. In July 2025, the Partnership issued $1.0 billion of 5.550% Senior Notes due 2035 and, with the proceeds and cash on hand, redeemed $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026.

  5. What is the status of the SPL Expansion Project?

    The SPL Expansion Project is expected to have total peak production capacity of up to approximately 20 mtpa of LNG, including estimated debottlenecking. The DOE authorized LNG exports to FTA countries in October 2024. In June 2025, the FERC application was updated to a two-phased project with three liquefaction trains and supporting infrastructure, maintaining the 20 mtpa capacity estimate.

04—Continue

← View all 8-K filings