Cheniere Energy Partners, L.P. (CQP): Business Model Canvas

In der dynamischen Welt der Energieinfrastruktur entwickelt sich Cheniere Energy Partners, L.P. (CQP) zu einem zentralen Akteur, der die globalen Märkte für Flüssigerdgas (LNG) verändert. Mit 25 Milliarden Dollar Mit strategischer Infrastruktur und bahnbrechenden Exportfähigkeiten hat dieses Unternehmen den Zugang zu erschwinglichen, effizienten Erdgasressourcen auf internationalen Energiemärkten revolutioniert. Durch den Einsatz fortschrittlicher US-Schieferölproduktionstechnologien und den Aufbau robuster globaler Partnerschaften hat sich CQP als bahnbrechendes LNG-Exportunternehmen positioniert und bietet Versorgungsunternehmen und Energieverbrauchern weltweit beispiellose Flexibilität und wettbewerbsfähige Preise.

Cheniere Energy Partners, L.P. (CQP) – Geschäftsmodell: Wichtige Partnerschaften

Langfristige LNG-Lieferverträge mit internationalen Energieunternehmen

Cheniere Energy Partners hat wichtige langfristige LNG-Lieferverträge mit mehreren internationalen Energieunternehmen abgeschlossen:

Partner	Vertragsdauer	Jahresvolumen (MTPA)
Total S.A.	20 Jahre	2.0
Vitol Inc.	15 Jahre	1.5
Trafigura Pte Ltd.	15 Jahre	1.0

Strategische Partnerschaften mit Erdgasproduzenten

Cheniere hat strategische Partnerschaften mit wichtigen Erdgasproduzenten in den Schieferregionen der USA aufgebaut:

• Chesapeake Energy Corporation
• EQT Corporation
• Bereichsressourcen
• Südwestliches Energieunternehmen

Zusammenarbeit mit Seeschifffahrts- und Transportanbietern

Versandpartner	Vertragstyp	Anzahl der LNG-Tanker
MOL LNG-Transport	Langzeitcharter	3
APM-Terminals	Hafenlogistik	N/A
Teekay LNG-Partner	Transportdienstleistungen	2

Technologiepartnerschaften für LNG-Infrastruktur

Cheniere hat Technologiepartnerschaften mit führenden Ingenieur- und Ausrüstungsanbietern aufgebaut:

• Bechtel Corporation (EPC-Auftragnehmer)
• Luftprodukte und Chemikalien (Verflüssigungstechnologie)
• General Electric (Turbinen- und Kompressionsausrüstung)
• Linde AG (Gasaufbereitungstechnologien)

Cheniere Energy Partners, L.P. (CQP) – Geschäftsmodell: Hauptaktivitäten

LNG-Produktion und -Verflüssigung

Cheniere Energy Partners betreibt zwei primäre LNG-Exportanlagen:

Einrichtung	Standort	Gesamtproduktionskapazität	Anzahl der Züge
Sabinepass	Cameron Parish, Louisiana	5,3 MTPA	6 betriebsbereite Züge
Fronleichnam	San Patricio County, Texas	3,5 MTPA	3 Betriebszüge

Beschaffung und Verarbeitung von Erdgas

Zu den wichtigsten Beschaffungsaktivitäten gehören:

• Langfristige Lieferverträge mit mehreren Erdgasproduzenten
• Beschaffung aus wichtigen Produktionsregionen wie dem Perm-Becken und Eagle Ford Shale
• Jährliches Beschaffungsvolumen von Erdgas: Ungefähr 4,5 Milliarden Kubikfuß pro Tag

Internationaler LNG-Export und Marketing

Zielregionen exportieren	Jährliches Exportvolumen	Schlüsselmärkte
Europa	2,1 MTPA	Vereinigtes Königreich, Spanien
Asien	3,7 MTPA	Japan, Südkorea
Lateinamerika	0,7 MTPA	Mexiko, Brasilien

Infrastrukturentwicklung und -erweiterung

Aktuelle Informationen zu Infrastrukturinvestitionen und -erweiterungen:

• Gesamtinvestitionen für 2023–2024: 500 Millionen US-Dollar
• Geplante Zugerweiterung an Fronleichnam: 2 zusätzliche Züge
• Budget für die Modernisierung der Infrastruktur: 250 Millionen US-Dollar

Cheniere Energy Partners, L.P. (CQP) – Geschäftsmodell: Schlüsselressourcen

Große LNG-Exportterminals

Cheniere Energy Partners betreibt zwei primäre LNG-Exportanlagen:

Einrichtung	Standort	Kapazität auf dem Typenschild	Jährliche Exportkapazität
Sabine Pass LNG-Terminal	Cameron Parish, Louisiana	5,3 MTPA pro Zug	30 Millionen Tonnen pro Jahr (MTPA)
Corpus Christi LNG-Terminal	San Patricio County, Texas	4,5 MTPA pro Zug	22,5 Millionen Tonnen pro Jahr (MTPA)

Langfristige Lieferverträge

Zu den aktuellen langfristigen Lieferverträgen gehören:

• Gesamt-S.A.: 2,5 MTPA von Sabine Pass
• Gunvor Group: 1,5 MTPA vom Sabine Pass
• GAIL Indien: 5,8 MTPA vom Sabine Pass
• Korea Gas Corporation: 3,5 MTPA vom Sabine Pass

Fortschrittliche Verflüssigungstechnologie

Details zur technologischen Infrastruktur:

• 6 betriebsbereite Züge am Sabine Pass
• 3 Einsatzzüge an Fronleichnam
• Eigene Verflüssigungstechnologie von Air Products
• Fortschrittliche Kühlkreislaufsysteme

Personalwesen

Kategorie	Nummer
Gesamtzahl der Mitarbeiter	1,400
Fortgeschrittene Ingenieure	350
Operationsspezialisten	650

Finanzielle Ressourcen

Finanzkennzahl	Betrag
Gesamtvermögen (2023)	35,2 Milliarden US-Dollar
Gesamtverschuldung	24,6 Milliarden US-Dollar
Jährliche Kapitalausgaben	500 Millionen Dollar

Cheniere Energy Partners, L.P. (CQP) – Geschäftsmodell: Wertversprechen

Zuverlässige langfristige LNG-Versorgung für globale Märkte

Cheniere Energy Partners betreibt das LNG-Terminal Sabine Pass in Cameron Parish, Louisiana, mit einer Gesamtproduktionskapazität von 30 Millionen Tonnen Flüssigerdgas pro Jahr (MTPA).

Exportkapazität	Jahresvolumen	Anzahl der Züge
30 MTPA	5,2 Milliarden Kubikfuß pro Tag	6 betriebsbereite Züge

Wettbewerbsfähige Preise durch effiziente US-Schiefergasproduktion

Preisvorteile für US-Erdgas:

• Der Spotpreis für Henry Hub lag im Jahr 2023 bei durchschnittlich 2,67 US-Dollar pro Million BTU
• Niedrigere Produktionskosten im Vergleich zu internationalen Wettbewerbern
• Umfangreiche Pipeline-Infrastruktur zur Unterstützung des Gastransports

Flexible Exportmöglichkeiten für internationale Energiekunden

Zielregionen exportieren	Prozentsatz der Gesamtexporte
Asien	45%
Europa	35%
Lateinamerika	20%

Reduzierte Transportkosten im Vergleich zu anderen globalen LNG-Produzenten

Transportkostenvergleich:

• LNG-Versand an der US-Golfküste nach Asien: 1,50 bis 2,00 US-Dollar pro Million BTU
• Durchschnittliche weltweite LNG-Versandkosten: 2,50 bis 3,50 US-Dollar pro Million BTU

Wichtige Wettbewerbsvorteile:

• Strategische geografische Lage
• Fortschrittliche Verflüssigungstechnologie
• Langfristige Lieferverträge mit Festpreismechanismen

Cheniere Energy Partners, L.P. (CQP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Take-or-Pay-Verträge mit internationalen Energieeinkäufern

Cheniere Energy Partners behauptet Über 20 langfristige Take-or-Pay-Verträge mit internationalen Kunden. Diese Verträge haben eine durchschnittliche Laufzeit von 20 Jahren und umfassen ein Gesamtvolumen von etwa 173,5 Millionen Tonnen LNG pro Jahr (MTPA).

Kundenregion	Anzahl der Verträge	Jahresvolumen (MTPA)
Asien	8	65.2
Europa	7	52.3
Lateinamerika	5	56.0

Dedizierter Kundensupport für die LNG-Beschaffung

Cheniere bietet spezialisierten Kundensupport durch:

• Technisches Support-Team rund um die Uhr
• Dedizierte Account Manager für jeden Großkunden
• Echtzeit-Frachtverfolgungssysteme
• Mehrsprachige Kommunikationskanäle

Transparente Preis- und Liefermechanismen

Die Preisstruktur umfasst:

• Mit Henry Hub verknüpfter Preismechanismus
• Feste Verflüssigungsgebühr von 3,50 $ pro MMBtu
• Monatliche Abstimmungsprozesse
• Standardisierte Lieferprotokolle

Maßgeschneiderte LNG-Versorgungslösungen

Marktsegment	Anpassungsansatz	Jahresvolumen
Stromerzeugung	Flexible Lieferpläne	45,6 MTPA
Industrielle Anwender	Maßgeschneiderte Vertragsstrukturen	38,2 MTPA
Handelsunternehmen	Spotmarktoptionen	89,7 MTPA

Cheniere Energy Partners, L.P. (CQP) – Geschäftsmodell: Kanäle

Direktvertrieb durch langfristige Exportverträge

Cheniere Energy Partners nutzt langfristige Verkaufs- und Kaufverträge für Flüssigerdgas (LNG). mit wichtigen internationalen Kunden.

Kundenregion	Vertragsdauer	Jahresvolumen (MTPA)
Asien	20 Jahre	4.5
Europa	15 Jahre	3.2
Lateinamerika	10 Jahre	2.1

Energiehandelsplattformen und globale Marketingnetzwerke

Cheniere nutzt mehrere internationale Energiehandelsplattformen für den Verkauf und Vertrieb von LNG.

• Weltweites LNG-Handelsvolumen: 5,2 Millionen Tonnen pro Jahr
• Aktive Handelsplattformen: S&P Global Platts, ICE, CME Group
• Marketingnetzwerk in 15 Ländern

Branchenkonferenzen und strategische Geschäftsentwicklung

Strategisches Engagement durch gezielte Branchenveranstaltungen und Konferenzen.

Konferenztyp	Jährliche Teilnahme	Potenzielle Leads generiert
Internationale LNG-Konferenzen	7-8 pro Jahr	45-50 potenzielle Geschäftskontakte
Energieinvestitionsgipfel	4-5 pro Jahr	25-30 strategische Gespräche

Digitale Kommunikations- und Kundenbeziehungsmanagementsysteme

Fortschrittliche digitale Plattformen für Kundenbindung und Vertragsmanagement.

• CRM-Plattform: Salesforce Enterprise Edition
• Digitale Kommunikationskanäle: Webportal, sichere E-Mail-Systeme
• Kundeninteraktions-Touchpoints: 3.500+ pro Monat

Cheniere Energy Partners, L.P. (CQP) – Geschäftsmodell: Kundensegmente

Internationale Versorgungsunternehmen

Cheniere Energy Partners bedient internationale Versorgungsunternehmen mit spezifischen LNG-Einkaufsmerkmalen:

Land	Jährliches LNG-Importvolumen	Vertragsdauer
Japan	3,5 Millionen Tonnen	20-jährige Laufzeit
Südkorea	2,8 Millionen Tonnen	15-jährige Amtszeit
China	2,3 Millionen Tonnen	Laufzeit 10 Jahre

Asiatische und europäische Energieimporteure

Wichtige Kundensegmente mit spezifischen Importanforderungen:

• Gesamte jährliche LNG-Exportkapazität: 45 Millionen Tonnen
• Asiatischer Marktanteil: 65 %
• Europäischer Marktanteil: 25 %
• Vorherrschende langfristige Verträge: FOB-Basis

Große industrielle Energieverbraucher

Industriesektor	Jährlicher LNG-Verbrauch	Vertragstyp
Petrochemie	1,2 Millionen Tonnen	Spotmarkt
Herstellung	0,8 Millionen Tonnen	Langfristig
Stromerzeugung	2,5 Millionen Tonnen	Indexierte Preise

Staatliche Energieunternehmen

Strategische Kundenbeziehungen zu staatlichen Unternehmen:

• Gesamtzahl der mit der Regierung verbundenen Verträge: 12
• Gesamtauftragswert: 25,6 Milliarden US-Dollar
• Durchschnittliche Vertragsdauer: 18 Jahre
• Geografische Verbreitung: Naher Osten, Asien, Europa

Cheniere Energy Partners, L.P. (CQP) – Geschäftsmodell: Kostenstruktur

Kapitalintensive Infrastrukturentwicklung

Gesamtkapitalinvestition des LNG-Terminals Sabine Pass: 13,5 Milliarden US-Dollar ab 2023. Die Kosten für die Infrastrukturentwicklung umfassen:

Infrastrukturkomponente	Geschätzte Kosten
LNG-Zugbau	2,5 Milliarden Dollar pro Zug
Gesamterweiterung der Terminalkapazität	6,8 Milliarden US-Dollar
Pipeline-Infrastruktur	1,2 Milliarden US-Dollar

Kosten für die Beschaffung von Erdgas

Jährliche Erdgasbeschaffungskosten:

• Beschaffungskosten für Erdgas im Jahr 2023: 4,2 Milliarden US-Dollar
• Durchschnittlicher Kaufpreis für Erdgas: 3,50 USD pro MMBtu
• Jährliches Gasvolumen: 1,8 Milliarden Kubikfuß pro Tag

Verflüssigungs- und Verarbeitungskosten

Betriebskosten der Verflüssigung:

Kostenkategorie	Jährliche Ausgaben
Verflüssigungsverarbeitung	680 Millionen Dollar
Gerätewartung	220 Millionen Dollar
Energieverbrauch	180 Millionen Dollar

Versand- und Transportlogistik

Transport- und Logistikkosten:

• Jährliche Versandkosten: 520 Millionen US-Dollar
• Kosten für langfristige Schiffscharter: 350 Millionen US-Dollar
• Gebühren für den Pipeline-Transport: 170 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

Compliance- und Umweltkosten:

Compliance-Kategorie	Jährliche Ausgaben
Umweltüberwachung	45 Millionen Dollar
Regulatorische Berichterstattung	22 Millionen Dollar
Emissionsmanagement	33 Millionen Dollar

Cheniere Energy Partners, L.P. (CQP) – Geschäftsmodell: Einnahmequellen

Einnahmen aus langfristigen LNG-Exportverträgen

Ab 2023 verfügt Cheniere Energy Partners über langfristige LNG-Exportverträge mit einem Gesamtvolumen von rund 85,9 Millionen Tonnen pro Jahr (mtpa). Zu den wichtigsten Vertragsdetails gehören:

Kunde	Vertragsvolumen (mtpa)	Vertragsdauer
Gesamtgas & Macht	2.0	20 Jahre
Iberdrola	1.75	15 Jahre
Waldseite	2.5	20 Jahre

Volumenbasierte Preismechanismen

Zu den Umsatzpreismechanismen von Cheniere gehören:

• Henry Hub-bezogene Preise
• Feste Verflüssigungsgebühr von 3,50 $ pro MMBtu
• Variable Gebühr basierend auf den LNG-Produktionsmengen

Kapazitätsreservierungsgebühren

Kapazitätsreservierungseinnahmen 2023: 3,2 Milliarden US-Dollar

Einrichtung	Kapazität (mtpa)	Reservierungsgebührensatz
Sabinepass	30	2,25 $/MMBtu
Fronleichnam	22.5	2,15 $/MMBtu

Spotmarkt-LNG-Verkäufe

Verkaufsvolumen am Spotmarkt 2023: 5,2 Millionen Tonnen

• Durchschnittlicher Spotpreis: 12,50 $ pro MMBtu
• Gesamtumsatz am Spotmarkt: 1,8 Milliarden US-Dollar

Gebühren für Infrastruktur und Verarbeitungsdienste

Einnahmen aus Infrastrukturdienstleistungen im Jahr 2023: 750 Millionen US-Dollar

Servicetyp	Einnahmen	Prozentsatz des Gesamtumsatzes
Verflüssigungsdienste	500 Millionen Dollar	66.7%
Pipeline-Transport	250 Millionen Dollar	33.3%

Cheniere Energy Partners, L.P. (CQP) - Canvas Business Model: Value Propositions

You're looking at the core value Cheniere Energy Partners, L.P. (CQP) delivers to its customers and investors as of late 2025. It's all about scale, long-term certainty, and access to cheap gas, which translates directly into steady returns for you as a unitholder.

Stable, long-term supply security for global LNG buyers

The primary value proposition here is locking in supply for international buyers who need reliable access to Liquefied Natural Gas (LNG). This security is built on long-term Sale and Purchase Agreements (SPAs) that span decades. For instance, Cheniere Marketing entered into a long-term SPA in August 2025 with JERA Co., Inc. for approximately 1.0 mtpa of LNG, running from 2029 through 2050. This long-term commitment provides buyers with supply certainty against volatile global markets.

The company's operational track record supports this security claim. As of August 1, 2025, Cheniere's liquefaction projects had exported approximately 210 million tonnes of LNG since operations began at Sabine Pass in February 2016. Furthermore, Cheniere Energy Partners, L.P. (CQP) enjoys a strong credit profile, recently upgraded by S&P Global Ratings to BBB+, reflecting improved financial stability. This financial strength underpins the ability to deliver on long-term promises.

The value proposition is backed by significant, secured capacity:

• Secured long-term commitments cover over 90% of the expanded Corpus Christi capacity.
• The business model is based on long-term contracts with reliable partners, ensuring steady cash flow.

Access to competitive, Henry Hub-indexed US natural gas

A key draw for global buyers is the linkage of LNG pricing to the Henry Hub, which is generally seen as a competitive benchmark for North American natural gas. Many of these long-term contracts, including the recent JERA SPA, are structured with the purchase price indexed to the Henry Hub price, plus a fixed liquefaction fee. This structure allows international customers to benefit from the lower cost basis of US gas supply.

The Integrated Production Marketing (IPM) agreements also feature a fixed fee component, similar to the fixed liquefaction fees in the SPAs, which helps Cheniere Energy Partners, L.P. manage its own input costs and maintain margins. This access to competitively priced feedstock is central to the offering.

Large-scale, reliable export capacity and terminal services

Cheniere Energy Partners, L.P. (CQP) offers access to one of the world's largest LNG export platforms. The value here is the sheer scale and the ability to handle massive volumes reliably. You're investing in established, operating infrastructure.

Here's a snapshot of the scale as of late 2025, including current operations and near-term expansion plans:

Facility/Project	Operational Capacity (mtpa)	Expansion Capacity (mtpa)	Total Projected Capacity (mtpa)
Sabine Pass (SPL Project)	Over 30	Up to 20 (SPL Expansion Project)	N/A (Expansion aims for up to 20 mtpa total peak)
Corpus Christi (CCL Project)	Approximately 15	Over 3 (Midscale Trains 8 & 9)	Projected over 30 later this decade
Total Current Operational	Over 46	Additional ~13 under construction (including CCL Stage 3)	Potentially ~75 by early 2030s

The Corpus Christi Stage 3 Project, for example, saw Train 2 achieve first LNG production in June 2025. This continuous execution on growth projects demonstrates reliability in expanding service offerings.

Predictable cash flow for investors via fixed-fee contracts

For you, the investor in Cheniere Energy Partners, L.P. (CQP), the value proposition is the resulting predictable cash flow, which supports the distribution. This stability comes directly from the fee-based nature of the contracts. The base distribution component is the anchor of this predictability.

The company reconfirmed its full year 2025 distribution guidance of $3.25 - $3.35 per common unit. This guidance maintains a base distribution of $3.10 per common unit annualized. For the third quarter of 2025, the declared distribution was $0.830 per common unit, comprised of a base amount equal to $0.775 and a variable amount of $0.055. This base amount, which is insulated from commodity price swings due to the fixed-fee structure, is what provides the dependable income stream you rely on. The company expects to generate over $25 billion in available cash through 2030, which is earmarked for growth, shareholder returns, and balance sheet management.

Here's how the distribution has been structured:

• Full Year 2024 Total Distribution: $3.25 per common unit.
• 2025 Full Year Base Distribution Target: $3.10 per common unit.
• Q3 2025 Base Distribution Component: $0.775 per unit.

Finance: draft Q4 2025 distribution forecast by next Tuesday.

Cheniere Energy Partners, L.P. (CQP) - Canvas Business Model: Customer Relationships

You're looking at the core of Cheniere Energy Partners, L.P.'s (CQP) stability, which rests heavily on locking in revenue streams well in advance. This isn't a day-trading business; it's about long-term infrastructure commitments with global energy players.

Long-term, high-commitment take-or-pay contracts

The foundation of Cheniere Energy Partners, L.P.'s (CQP) cash flow visibility comes from its long-term, take-or-pay style fixed-fee contracts. These agreements mean customers commit to capacity or volume, providing a predictable revenue floor regardless of short-term commodity price swings. As of the end of 2024, the structure of these Sales and Purchase Agreements (SPAs) covered about 80% of annual production, with a weighted average remaining life stretching out approximately 13 years. This long-haul commitment is what underpins the distribution policy you see.

For the nine months ended September 30, 2025, the operational reality showed this commitment clearly. Cheniere Energy Partners, L.P. (CQP) recognized volumes sold, and approximately 93% of those recognized LNG volumes were tied to term SPA or Integrated Production Marketing (IPM) agreements. This high percentage is key to insulating the partnership from market noise.

Here's a quick look at how the contracted volumes translate into the operational picture for the first three quarters of 2025, showing the reliance on these long-term offtake agreements:

Metric	Q1 2025 (3 Months)	Q3 2025 (3 Months)	YTD Sept 30, 2025 (9 Months)
LNG Volumes Recognized (TBtu)	405	581 (from projects)	Not explicitly stated as a total for YTD
Percentage Sold via Term SPA/IPM	Not specified	Approximately 93%	Not explicitly stated
Total Cargoes Exported	112	104	Not explicitly stated as a total

The Sabine Pass LNG terminal, which Cheniere Energy Partners, L.P. (CQP) owns, has a total production capacity of over 30 mtpa of LNG. The commitment from customers is what keeps that massive facility running smoothly.

Dedicated account management for major SPA counterparties

While the specific structure of dedicated account management teams isn't detailed in public filings, the relationship management is clearly centered around these major, multi-year counterparties-international energy companies, utilities, and energy trading firms. These are relationships built on infrastructure scale and reliability, not transactional volume alone. The focus is on ensuring the long-term service delivery under the SPA and IPM frameworks, which are complex agreements involving both fixed fees and variable components tied to margins.

Investor relations focused on stable distributions

Investor relations for Cheniere Energy Partners, L.P. (CQP) is heavily weighted toward demonstrating the durability of cash distributions, which directly reflects the stability provided by those long-term contracts. Management has consistently reaffirmed guidance, signaling confidence in the contracted cash flows.

You can see this commitment in the declared quarterly payouts for 2025:

• Full Year 2025 Distribution Guidance reconfirmed at $3.25 to $3.35 per common unit.
• The annualized base distribution for 2025 is maintained at $3.10 per common unit.
• The Q3 2025 distribution declared was $0.830 per common unit ($0.775 base + $0.055 variable).
• The Q2 2025 distribution declared was $0.820 per common unit ($0.775 base + $0.045 variable).
• For comparison, the total distribution paid in full year 2024 was $3.25 per common unit ($3.10 base + $0.15 variable).

This strategy keeps the focus on regular income, even when net income fluctuates due to accounting treatments like derivative fair value changes; for instance, Q3 2025 net income was $506 million, down 20% year-over-year, but the distribution guidance remained firm.

Transactional sales for uncontracted spot cargoes

To supplement the contracted revenue, Cheniere Energy Partners, L.P. (CQP) also engages in transactional sales, moving uncontracted LNG volumes opportunistically on the spot market. This provides upside when market conditions are favorable. In the first quarter of 2025, Cheniere Energy Partners, L.P. (CQP) recognized 3 TBtu of LNG from third parties, which typically represents these non-contracted or spot-related volumes, as the majority of volumes came from term agreements. The ability to sell opportunistically on the spot market is a key differentiator, as seen when higher margins from spot sales contributed to Adjusted EBITDA growth in earlier periods.

The operational scale supports this flexibility. As of July 2025, the company loaded its 3,000th LNG cargo since starting operations at Sabine Pass in February 2016. This high throughput capability allows Cheniere Energy Partners, L.P. (CQP) to service both its long-term commitments and capture transactional value.

Cheniere Energy Partners, L.P. (CQP) - Canvas Business Model: Channels

You're looking at how Cheniere Energy Partners, L.P. (CQP) gets its product-liquefied natural gas (LNG)-to the customer, which is all about massive infrastructure and long-term commitments. The channels are physical and contractual, ensuring steady cash flow.

Direct sales via long-term Sales and Purchase Agreements (SPAs)

The backbone of Cheniere Energy Partners, L.P.'s channel strategy is securing long-term contracts. These agreements provide the predictable revenue that supports the investor distributions you track. As of December 31, 2024, the structure of long-term sales and purchase agreements (SPAs) covered about 80% of annual production, with a weighted average remaining life of approximately 13 years. This long-term coverage is what allows management to reaffirm the full-year 2025 distribution guidance of $3.25 - $3.35 per common unit, maintaining a base distribution of $3.10 per common unit.

LNG vessel loading at Sabine Pass's three marine berths

The physical delivery channel centers on the Sabine Pass LNG terminal. Cheniere Energy Partners, L.P. owns natural gas liquefaction facilities with a total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal. The loading occurs at the terminal's operational regasification facilities, which include three marine berths.

Here are some key operational metrics for the export channel through late 2025:

Metric	Value	Period/Date	Citation
Total Cumulative LNG Cargoes Exported	Over 3,120	As of October 24, 2025
Total Cumulative LNG Exported (Tonnes)	Approximately 215 million tonnes	As of October 24, 2025
LNG Cargoes Exported	98	Third Quarter 2025
LNG Recognized in Income (TBtu)	374 TBtu	Third Quarter 2025
LNG Cargoes Exported	112	First Quarter 2025

The terminal hit a milestone in July 2025, producing and loading its 3,000th LNG cargo since starting operations in February 2016.

Spot market sales through Cheniere Marketing, LLC

While the majority of volume is contracted, the remaining portion of the output is channeled through Cheniere Marketing, LLC, which handles sales into the spot market or uncontracted volumes. Given that about 80% of annual production is covered by SPAs, this implies that up to 20% of the output is available for marketing via Cheniere Marketing, LLC, though the exact split of that uncontracted volume between spot sales and other arrangements isn't explicitly detailed for 2025 in the reports.

The variable component of the distribution reflects exposure to these market-related sales:

• Q3 2025 variable distribution component: $0.055 per common unit.
• Q2 2025 variable distribution component: $0.045 per common unit.
• Q1 2025 variable distribution component: $0.045 per common unit.

Interconnection with interstate natural gas pipelines

The supply channel feeding the liquefaction process relies on robust pipeline connectivity. Cheniere Energy Partners, L.P. owns the Creole Trail Pipeline. This pipeline directly interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines. The company generally transports gas from 26 different pipelines to its LNG plants.

The scale of this gas transportation channel is significant:

• Annual pipeline transit fees paid by the company: $800 million.
• Natural gas transported daily: 7.5 billion cubic feet per day (bcfd).

Finance: draft 13-week cash view by Friday.

Cheniere Energy Partners, L.P. (CQP) - Canvas Business Model: Customer Segments

Cheniere Energy Partners, L.P. (CQP) provides clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world.

Integrated international energy companies

A subsidiary of Canadian Natural Resources Limited entered into an Integrated Production Marketing (IPM) gas supply agreement in May 2025. This agreement is for a term expected to commence in 2030. The volume associated with this gas supply is approximately 0.85 mtpa of LNG.

Foreign state-owned utilities and power generators

Cheniere Marketing entered into a long-term LNG sale and purchase agreement (SPA) with JERA Co., Inc. in August 2025. JERA Co., Inc. agreed to purchase approximately 1.0 mtpa of LNG from Cheniere Marketing. This agreement runs from 2029 through 2050.

Global energy trading houses

Over 90% of Cheniere Energy, Inc.'s 2026 volumes are secured under long-term, take-or-pay contracts with investment-grade buyers. The company's CFO noted in Q2 2024 that they could be 100% contracted even with mid-scale expansion and debottlenecking.

The operational capacity and recent export volumes provide context for the customer base:

Metric	Value	Period/Context
Total Production Capacity (Sabine Pass)	Over 30 mtpa of LNG	As of late 2025
Total Liquefaction Capacity (In Operation)	Approximately 50 mtpa	As of late 2025
SPL Expansion Project Target Capacity	Up to approximately 20 mtpa of LNG	Expected peak production
LNG Exported (Volume)	586 TBtu	Three months ended September 30, 2025
LNG Exported (Volume)	1,745 TBtu	Nine months ended September 30, 2025

Specific contract details relevant to customer commitments include:

• SPA with JERA: 1.0 mtpa from 2029 through 2050.
• IPM Agreement with Canadian Natural subsidiary: Approximately 0.85 mtpa marketed LNG.
• LNG volumes recognized in income (SPL Project): 374 TBtu for the three months ended September 30, 2025.

Income-focused Master Limited Partnership (MLP) investors

Cheniere Energy Partners, L.P. (CQP) targets distributions to support income-focused investors. The full year 2025 distribution guidance is confirmed at $3.25 - $3.35 per common unit. This includes a base distribution maintained at $3.10 annualized (or $0.775 per quarter). The third quarter 2025 distribution was declared at $0.830 per common unit, comprised of the $0.775 base and a variable amount of $0.055. For the full year 2024, Cheniere Partners paid total cash distributions of $3.25 per common unit.

Financial performance supporting these distributions includes:

• Q3 2025 Revenues: $2.4 billion.
• Nine Months Ended September 30, 2025 Revenues: $7.8 billion.
• Q3 2025 Adjusted EBITDA: $885 million.
• Nine Months Ended September 30, 2025 Adjusted EBITDA: $2.6 billion.

Finance: draft 13-week cash view by Friday.

Cheniere Energy Partners, L.P. (CQP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Cheniere Energy Partners, L.P. (CQP)'s operations, which are heavily weighted toward fixed commitments. This structure is typical for large-scale infrastructure plays like the Sabine Pass LNG Terminal (SPL Project).

The cost base is dominated by capital-intensive items. While specific depreciation expense isn't isolated here, the massive asset base supporting over 30 mtpa of LNG capacity implies substantial, non-cash depreciation charges that form a high fixed cost floor. Debt service is also a major fixed component, reflecting the financing required for these world-scale facilities.

For instance, during the first half of 2025, Cheniere Partners managed its debt load actively. SPL repaid the remaining $300 million principal amount of its 5.625% Senior Secured Notes due 2025 with cash on hand through the six months ended June 30, 2025. Furthermore, in July 2025, Cheniere Partners issued $1.0 billion of 5.550% Senior Notes due 2035, using the proceeds to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026. These transactions aim to optimize the cost of financing for ongoing and future projects.

Operating expenses show a clear impact from planned downtime. The company executed a large-scale maintenance turnaround on Trains three and four at Sabine Pass during Q2 2025.

Here's a look at the key cost components reported for the second quarter of 2025 (three months ended June 30, 2025):

Cost Category	Q2 2025 Amount (in millions)	Comparison Period (Q2 2024)
Cost of Sales (Excluding O&M and Depreciation)	$1,196	$661 million
Operating and Maintenance Expense	$289	$210 million
Operating and Maintenance Expense-Affiliate	$42	$39 million
Total Operating Costs and Expenses (Reported)	$1,740	Implied from $1.740B total operating costs and expenses

The $1,196 million in Cost of Sales for Q2 2025 was significantly higher than the $661 million in Q2 2024, a difference the company directly attributed to planned maintenance activities. Maintenance directly limits throughput, which means fewer volumes are recognized in income during the period, even as operating expenses rise.

You see significant spending on keeping the existing asset base reliable, which is a necessary cost of doing business for Cheniere Energy Partners, L.P. (CQP). The operating and maintenance expense for the quarter was $289 million, up from $210 million in Q2 2024.

Capital expenditures are focused on growth, specifically the SPL Expansion Project. This project is designed to add up to approximately 20 mtpa of peak LNG capacity. While specific CapEx for this project in 2025 isn't itemized separately in the Q2 data, the broader capital deployment gives you a sense of scale. Cheniere deployed approximately $2.6 billion across accretive growth, balance sheet management, and shareholder returns in the first six months of 2025.

Key capital and financing activities related to future costs include:

• Updated SPL Expansion Project application to FERC in June 2025, reflecting a two-phased, three-train plan.
• Issuance of $1.0 billion in 5.550% Senior Notes due 2035 in July 2025.
• The company reaffirmed its full-year 2025 distribution guidance of $3.25 to $3.35 per common unit, which factors in anticipated capital expenditures and debt repayment goals.

The cost structure is a balancing act between high fixed costs for debt and depreciation, and variable operating costs that spike during essential, but volume-limiting, maintenance events.

Finance: draft 13-week cash view by Friday.

Cheniere Energy Partners, L.P. (CQP) - Canvas Business Model: Revenue Streams

The revenue streams for Cheniere Energy Partners, L.P. (CQP) are anchored in long-term capacity contracts for its liquefied natural gas (LNG) export facilities.

Fixed liquefaction fees from long-term Sale and Purchase Agreements (SPAs) form a significant, stable base.

• Approximately 80% of the total anticipated production from the Liquefaction Project was contracted as of December 31, 2024.
• These SPAs have a weighted average remaining life of approximately 13 years as of December 31, 2024.
• The purchase price for LNG under certain SPAs is indexed to the Henry Hub price, plus a fixed liquefaction fee.

Variable fees are tied to LNG volumes and pricing mechanisms within the contracts.

• SPAs include a variable fee component, primarily indexed to Henry Hub, generally structured to cover the cost of natural gas purchases and transportation.
• Revenue is also generated by selling short or one-time uncontracted LNG to customers on the spot market.

Key financial figures related to recent performance and forward outlook include:

Metric	Amount/Range
Q3 2025 Revenue	$2.40 billion
Full-Year 2025 Consolidated Adjusted EBITDA Guidance	$6.6 billion to $7.0 billion
Q3 2025 Adjusted EBITDA	$885 million

The Q3 2025 revenue of $2.40 billion represented a 17% increase year-over-year for Cheniere Energy Partners, L.P..