Did Cheniere Energy Partners maintain its distribution guidance?

Yes. The Partnership reconfirmed full year 2025 distribution guidance of $3.25 to $3.35 per common unit and maintained a base distribution of $3.10 per common unit. It declared a third-quarter 2025 distribution of $0.830 per common unit, comprised of a $0.775 base amount and a $0.055 variable amount.

Why did net income decline compared with the prior year?

The filing states that net income decreased approximately $129 million in the third quarter and $187 million for the nine months ended September 30, 2025. The decreases were primarily attributable to approximately $162 million and $190 million of unfavorable variances related to changes in fair value of derivative instruments, including derivatives related to long-term Integrated Production Marketing agreements.

What was the Partnership's liquidity position at quarter end?

As of September 30, 2025, total available liquidity was $1,979 million. This consisted of $121 million of cash and cash equivalents, $43 million of restricted cash and cash equivalents, and $1,815 million of available commitments under its credit facilities, including $815 million under the SPL Revolving Credit Facility and $1,000 million under the Cheniere Partners Revolving Credit Facility.

What is the status of the SPL Expansion Project?

The Partnership is developing an expansion adjacent to the Sabine Pass LNG terminal with an expected total peak production capacity of up to approximately 20 mtpa of LNG. It expects to execute the project in phases, and a positive final investment decision is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.

CQP 8-K: Earnings & Results

Q: What debt activity occurred during the quarter?

In July 2025, the Partnership issued $1.0 billion of 5.550% Senior Notes due 2035, and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026. In September 2025, SPL repaid approximately $52 million of its 4.746% Senior Secured Notes due 2037 under their fixed amortization schedules.

01—Abstract

Summary

Summary of the 8-K filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.

Cheniere Energy Partners, L.P.

(NYSE: CQP) reported third quarter 2025 results in a press release furnished as Exhibit 99.1 to this Form 8-K dated October 30, 2025. For the three months ended September 30, 2025, the Partnership reported revenues of $2.4 billion^a, net income of $506 million and Adjusted EBITDA of $885 million. For the nine months ended September 30, 2025, revenues were $7.8 billion, net income was $1.7 billion and Adjusted EBITDA was $2.6 billion.

The filing states that net income decreased by approximately $129 million^b in the quarter and $187 million year to date, primarily due to unfavorable changes in the fair value of derivative instruments, including those related to Integrated Production Marketing agreements. The Partnership declared a third-quarter cash distribution of $0.830 per common unit, comprised of a base amount of $0.775 and a variable amount of $0.055, payable November 14, 2025 to unitholders of record as of November 7, 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 $1.98 billion^c as of September 30, 2025, including $121 million of cash and cash equivalents and $1.82 billion of available credit facility commitments. During the quarter, the Partnership issued $1.0 billion of 5.550% Senior Notes due 2035 and used the proceeds, together with cash on hand, to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026. The filing also describes the SPL Expansion Project, expected to reach up to approximately 20 mtpa of peak production capacity, with a positive final investment decision subject to regulatory approvals and acceptable commercial and financing arrangements.

02—Key points

Key Highlights

Third-quarter 2025 revenues of $2,404 million, up from $2,055 million in the prior-year quarter, and net income of $506 million, down from $635 million.
Adjusted EBITDA of $885 million for the third quarter 2025 versus $852 million a year earlier; nine-month Adjusted EBITDA of $2,649 million versus $2,684 million.
Declared a Q3 2025 distribution of $0.830 per common unit ($0.775 base plus $0.055 variable), payable November 14, 2025.
Reconfirmed full year 2025 distribution guidance of $3.25 to $3.35 per common unit, maintaining a $3.10 base distribution.
Total available liquidity of $1,979 million at September 30, 2025, including $121 million of cash and $1,815 million of available credit facility commitments.
Issued $1.0 billion of 5.550% Senior Notes due 2035 in July 2025 and used proceeds with cash on hand to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026.
Net income decline was primarily attributable to unfavorable derivative fair value changes of approximately $162 million in the quarter and $190 million year to date.

03—Questions

Frequently Asked Questions

Did Cheniere Energy Partners maintain its distribution guidance?
Yes. The Partnership reconfirmed full year 2025 distribution guidance of $3.25 to $3.35 per common unit and maintained a base distribution of $3.10 per common unit. It declared a third-quarter 2025 distribution of $0.830 per common unit, comprised of a $0.775 base amount and a $0.055 variable amount.
Why did net income decline compared with the prior year?
The filing states that net income decreased approximately $129 million in the third quarter and $187 million for the nine months ended September 30, 2025. The decreases were primarily attributable to approximately $162 million and $190 million of unfavorable variances related to changes in fair value of derivative instruments, including derivatives related to long-term Integrated Production Marketing agreements.
What was the Partnership's liquidity position at quarter end?
As of September 30, 2025, total available liquidity was $1,979 million. This consisted of $121 million of cash and cash equivalents, $43 million of restricted cash and cash equivalents, and $1,815 million of available commitments under its credit facilities, including $815 million under the SPL Revolving Credit Facility and $1,000 million under the Cheniere Partners Revolving Credit Facility.
What is the status of the SPL Expansion Project?
The Partnership is developing an expansion adjacent to the Sabine Pass LNG terminal with an expected total peak production capacity of up to approximately 20 mtpa of LNG. It expects to execute the project in phases, and a positive final investment decision is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.
What debt activity occurred during the quarter?
In July 2025, the Partnership issued $1.0 billion of 5.550% Senior Notes due 2035, and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026. In September 2025, SPL repaid approximately $52 million of its 4.746% Senior Secured Notes due 2037 under their fixed amortization schedules.

04—Continue

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