How did Cheniere Partners perform in the second quarter of 2026?

Revenues were $2,583 million, net income was $1,161 million, and Adjusted EBITDA was $983 million, compared with $2,455 million, $553 million, and $726 million in the second quarter of 2025. The filing attributes the increases primarily to higher margins per MMBtu of LNG delivered, driven by higher volumes recognized in income.

Is the distribution to unitholders changing?

The company declared a Q2 2026 distribution of $0.820 per common unit, payable August 14, 2026. It reconfirmed full year 2026 distribution guidance of $3.10 to $3.40 per common unit and maintained a base distribution of $3.10. The variable amount takes into account, among other things, reserves for annual debt repayment and capital allocation goals, anticipated cash-funded capital expenditures, and cash reserves.

How much of the net income increase came from derivative fair value changes?

For the three months ended June 30, 2026, the filing states that approximately $367 million of favorable variances related to changes in the fair value of derivative instruments, including impacts related to the long-term IPM agreements, contributed to the increase. For the six months, reported net income reflected $233 million of unfavorable variances from these changes.

What is the status of the SPL Expansion Project?

The project is planned for up to approximately 20 mtpa in phases. In May 2026, a lump sum, turnkey EPC contract was signed with Bechtel for the first phase, which includes Train 7 with over 6 mtpa, and Bechtel was released under a limited notice to proceed. The FERC siting and DOE non-FTA export applications remain pending, and a final investment decision is subject to regulatory approvals and commercial and financing arrangements.

How is the company funding its operations and growth?

As of June 30, 2026, available liquidity was $2,337 million, including $443 million of cash and cash equivalents, $23 million of restricted cash, and $1,871 million of available credit facility commitments. In June 2026 the company issued $1.75 billion of senior notes in total, and part of the proceeds funded a portion of the first-phase LNTP, along with a $1.5 billion SPL note redemption and general corporate purposes.

CQP 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.

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^a 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^b, 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^c 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.

02—Key points

Key Highlights

Q2 2026 net income of $1,161 million, up from $553 million in Q2 2025; Adjusted EBITDA of $983 million, up from $726 million.
Six-month 2026 revenues of $6,183 million and net income of $1,347 million, compared with $5,444 million and $1,194 million in the prior-year period.
Declared a Q2 2026 distribution of $0.820 per common unit ($0.775 base plus $0.045 variable), payable August 14, 2026.
Reconfirmed full year 2026 distribution guidance of $3.10 to $3.40 per common unit, with the base distribution maintained at $3.10.
Total available liquidity of $2,337 million as of June 30, 2026, including $443 million in cash and cash equivalents.
In June 2026, 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.
SPL Expansion Project advanced with a Bechtel EPC contract for Phase 1 (over 6 mtpa) and a limited notice to proceed, while FERC and DOE approvals remain pending.

03—Questions

Frequently Asked Questions

How did Cheniere Partners perform in the second quarter of 2026?
Revenues were $2,583 million, net income was $1,161 million, and Adjusted EBITDA was $983 million, compared with $2,455 million, $553 million, and $726 million in the second quarter of 2025. The filing attributes the increases primarily to higher margins per MMBtu of LNG delivered, driven by higher volumes recognized in income.
Is the distribution to unitholders changing?
The company declared a Q2 2026 distribution of $0.820 per common unit, payable August 14, 2026. It reconfirmed full year 2026 distribution guidance of $3.10 to $3.40 per common unit and maintained a base distribution of $3.10. The variable amount takes into account, among other things, reserves for annual debt repayment and capital allocation goals, anticipated cash-funded capital expenditures, and cash reserves.
How much of the net income increase came from derivative fair value changes?
For the three months ended June 30, 2026, the filing states that approximately $367 million of favorable variances related to changes in the fair value of derivative instruments, including impacts related to the long-term IPM agreements, contributed to the increase. For the six months, reported net income reflected $233 million of unfavorable variances from these changes.
What is the status of the SPL Expansion Project?
The project is planned for up to approximately 20 mtpa in phases. In May 2026, a lump sum, turnkey EPC contract was signed with Bechtel for the first phase, which includes Train 7 with over 6 mtpa, and Bechtel was released under a limited notice to proceed. The FERC siting and DOE non-FTA export applications remain pending, and a final investment decision is subject to regulatory approvals and commercial and financing arrangements.
How is the company funding its operations and growth?
As of June 30, 2026, available liquidity was $2,337 million, including $443 million of cash and cash equivalents, $23 million of restricted cash, and $1,871 million of available credit facility commitments. In June 2026 the company issued $1.75 billion of senior notes in total, and part of the proceeds funded a portion of the first-phase LNTP, along with a $1.5 billion SPL note redemption and general corporate purposes.

04—Continue

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