Cheniere Energy Partners, L.P. (CQP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la infraestructura energética, Cheniere Energy Partners, L.P. (CQP) emerge como un jugador fundamental que transforma los mercados globales de gas natural licuado (GNL). Con $ 25 mil millones En la infraestructura estratégica y las innovadoras capacidades de exportación, esta compañía ha revolucionado cómo los mercados internacionales de energía acceden a los recursos de gas natural asequibles y eficientes. Al aprovechar las avanzadas tecnologías de producción de esquisto de EE. UU. Y establecer asociaciones globales sólidas, CQP se ha posicionado como una potencia de exportación de GNL que cambia el juego, que ofrece flexibilidad sin precedentes y precios competitivos para empresas de servicios públicos y consumidores de energía en todo el mundo.

Cheniere Energy Partners, L.P. (CQP) - Modelo de negocios: asociaciones clave

Acuerdos de suministro de GNL a largo plazo con compañías de energía internacional

Cheniere Energy Partners ha establecido acuerdos críticos de GNL a largo plazo con múltiples compañías internacionales de energía:

Pareja	Duración del contrato	Volumen anual (MTPA)
Total S.A.	20 años	2.0
Vitol Inc.	15 años	1.5
Trafigura Pte Ltd.	15 años	1.0

Asociaciones estratégicas con productores de gas natural

Cheniere ha desarrollado asociaciones estratégicas con productores clave de gas natural en las regiones de esquisto bituminoso:

• Chesapeake Energy Corporation
• Corporación EQT
• Recursos de rango
• Southwestern Energy Company

Colaboración con proveedores de envío y transporte marítimo

Compañero de envío	Tipo de contrato	Número de portadores de GNL
Transporte de GNL Mol	Estatuto a largo plazo	3
Terminales APM	Logística de puertos	N / A
Teekay LNG Partners	Servicios de transporte	2

Asociaciones tecnológicas para infraestructura de GNL

Cheniere ha establecido asociaciones tecnológicas con proveedores líderes de ingeniería y equipos:

• Bechtel Corporation (contratista de EPC)
• Productos de aire y productos químicos (tecnología de licuefacción)
• General Electric (equipo de turbina y compresión)
• Linde AG (tecnologías de procesamiento de gas)

Cheniere Energy Partners, L.P. (CQP) - Modelo de negocio: actividades clave

Producción y licuefacción de GNL

Cheniere Energy Partners opera dos instalaciones de exportación de GNL primaria:

Instalación	Ubicación	Capacidad de producción total	Número de trenes
Pase de Sabine	Cameron Parish, Louisiana	5.3 MTPA	6 trenes operativos
Corpus Cristi	Condado de San Patricio, Texas	3.5 MTPA	3 trenes operativos

Adquisición y procesamiento de gas natural

Las actividades clave de adquisición incluyen:

• Contratos de suministro a largo plazo con múltiples productores de gas natural
• Abastecimiento de las principales regiones de producción como Permian Basin, Eagle Ford Shale
• Volumen anual de adquisición de gas natural: aproximadamente 4,5 mil millones de pies cúbicos por día

Exportación y marketing internacional de GNL

Regiones de destino de exportación	Volumen de exportación anual	Mercados clave
Europa	2.1 MTPA	Reino Unido, España
Asia	3.7 MTPA	Japón, Corea del Sur
América Latina	0.7 MTPA	México, Brasil

Desarrollo y expansión de la infraestructura

Detalles de inversión y expansión de infraestructura actual:

• Gastos de capital total para 2023-2024: $ 500 millones
• Expansión planificada del tren en Corpus Christi: 2 trenes adicionales
• Presupuesto de modernización de infraestructura: $ 250 millones

Cheniere Energy Partners, L.P. (CQP) - Modelo de negocio: recursos clave

Terminales de exportación de GNL a gran escala

Cheniere Energy Partners opera dos instalaciones de exportación de GNL primaria:

Instalación	Ubicación	Capacidad de placa de identificación	Capacidad de exportación anual
Sabine Pass Lng Terminal	Cameron Parish, Louisiana	5.3 MTPA por tren	30 millones de toneladas métricas por año (MTPA)
Corpus Christi Lng Terminal	Condado de San Patricio, Texas	4.5 MTPA por tren	22.5 millones de toneladas métricas por año (MTPA)

Contratos de suministro a largo plazo

Los contratos de suministro actuales a largo plazo incluyen:

• Total S.A.: 2.5 MTPA de Sabine Pass
• Gunvor Group: 1.5 MTPA de Sabine Pass
• Gail India: 5.8 MTPA de Sabine Pass
• Corea Gas Corporation: 3.5 MTPA de Sabine Pass

Tecnología de licuefacción avanzada

Detalles de la infraestructura tecnológica:

• 6 trenes operativos en Sabine Pass
• 3 trenes operativos en Corpus Christi
• Tecnología de licuefacción patentada de productos aéreos
• Sistemas avanzados de ciclo de refrigeración

Recursos humanos

Categoría	Número
Total de empleados	1,400
Profesionales de ingeniería avanzados	350
Especialistas en operaciones	650

Recursos financieros

Métrica financiera	Cantidad
Activos totales (2023)	$ 35.2 mil millones
Deuda total	$ 24.6 mil millones
Gastos de capital anuales	$ 500 millones

Cheniere Energy Partners, L.P. (CQP) - Modelo de negocio: propuestas de valor

Suministro de GNL a largo plazo confiable a los mercados globales

Cheniere Energy Partners opera la terminal de GNL Sabine Pass en la parroquia de Cameron, Louisiana, con una capacidad de producción total de 30 millones de toneladas por año (MTPA) de gas natural licuado.

Capacidad de exportación	Volumen anual	Número de trenes
30 MTPA	5.2 mil millones de pies cúbicos por día	6 trenes operativos

Precios competitivos a través de una eficiente producción de gas de esquisto bituminoso

Ventajas de precios de gas natural de EE. UU.:

• El precio spot Henry Hub promedió $ 2.67 por millón de BTU en 2023
• Menores costos de producción en comparación con los competidores internacionales
• Infraestructura de tuberías extensa que respalda el transporte de gas

Capacidades de exportación flexibles para clientes de energía internacional

Regiones de destino de exportación	Porcentaje de exportaciones totales
Asia	45%
Europa	35%
América Latina	20%

Costos de transporte reducidos en comparación con otros productores de GNL globales

Comparación de costos de transporte:

• Envío de GLNG de la costa del Golfo de EE. UU. A Asia: $ 1.50- $ 2.00 por millón de BTU
• Costos de envío de GNL global promedio: $ 2.50- $ 3.50 por millón de BTU

Ventajas competitivas clave:

• Ubicación geográfica estratégica
• Tecnología de licuefacción avanzada
• Contratos de suministro a largo plazo con mecanismos de precios fijos

Cheniere Energy Partners, L.P. (CQP) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo para llevar o pagar con compradores de energía internacional

Cheniere Energy Partners mantiene Más de 20 contratos a largo plazo para llevar o pagar con clientes internacionales. Estos contratos tienen una duración promedio de 20 años, con volúmenes totales contratados de aproximadamente 173.5 millones de toneladas por año (MTPA) de GNL.

Región de clientes	Número de contratos	Volumen anual (MTPA)
Asia	8	65.2
Europa	7	52.3
América Latina	5	56.0

Atención al cliente dedicada para la adquisición de GNL

Cheniere proporciona atención al cliente especializada a través de:

• Equipo de soporte técnico 24/7
• Gerentes de cuentas dedicados para cada cliente importante
• Sistemas de seguimiento de carga en tiempo real
• Canales de comunicación multilingües

Mecanismos transparentes de precios y entrega

La estructura de precios incluye:

• Mecanismo de precios vinculado a Henry Hub
• Tarifa de licuefacción fija de $ 3.50 por MMBTU
• Procesos de reconciliación mensuales
• Protocolos de entrega estandarizados

Soluciones de suministro de GNL personalizadas

Segmento de mercado	Enfoque de personalización	Volumen anual
Generación de energía	Horarios de entrega flexibles	45.6 MTPA
Usuarios industriales	Estructuras de contrato a medida	38.2 MTPA
Empresas comerciales	Opciones de mercado spot	89.7 MTPA

Cheniere Energy Partners, L.P. (CQP) - Modelo de negocio: canales

Ventas directas a través de contratos de exportación a largo plazo

Cheniere Energy Partners utiliza acuerdos de venta de gas natural licuado a largo plazo (GNL) con clientes internacionales clave.

Región de clientes	Duración del contrato	Volumen anual (MTPA)
Asia	20 años	4.5
Europa	15 años	3.2
América Latina	10 años	2.1

Plataformas de comercio de energía y redes de marketing global

Cheniere aprovecha múltiples plataformas internacionales de comercio de energía para ventas y distribución de GNL.

• Volúmenes de comercio global de GNL: 5.2 millones de toneladas por año
• Plataformas de comercio activo: S&P Global Platts, ICE, CME Group
• Red de marketing que abarca 15 países

Conferencias de la industria y desarrollo de negocios estratégicos

Compromiso estratégico a través de eventos y conferencias específicas de la industria.

Tipo de conferencia	Participación anual	Potencios de cables generados
Conferencias internacionales de GNL	7-8 por año	45-50 contactos comerciales potenciales
Cumbres de inversión energética	4-5 por año	25-30 discusiones estratégicas

Sistemas de gestión de la comunicación digital y las relaciones con los clientes

Plataformas digitales avanzadas para la participación del cliente y la gestión de contratos.

• Plataforma CRM: Salesforce Enterprise Edition
• Canales de comunicación digital: portal web, sistemas de correo electrónico seguros
• Puntos de contacto de interacción con el cliente: más de 3,500 por mes

Cheniere Energy Partners, L.P. (CQP) - Modelo de negocio: segmentos de clientes

Compañías internacionales de servicios públicos

Cheniere Energy Partners atiende a compañías internacionales de servicios públicos con características específicas de compras de GNL:

País	Volumen de importación de GNL anual	Duración del contrato
Japón	3.5 millones de toneladas métricas	Término de 20 años
Corea del Sur	2.8 millones de toneladas métricas	Plazo de 15 años
Porcelana	2.3 millones de toneladas métricas	Plazo de 10 años

Importadores energéticos asiáticos y europeos

Segmentos clave de clientes con requisitos de importación específicos:

• Capacidad total de exportación de GNL anual: 45 millones de toneladas métricas
• Cuota de mercado asiático: 65%
• Cuota de mercado europea: 25%
• Contratos predominantes a largo plazo: base FOB

Grandes consumidores de energía industrial

Sector industrial	Consumo anual de GNL	Tipo de contrato
Petroquímico	1.2 millones de toneladas métricas	Mercado al contado
Fabricación	0,8 millones de toneladas métricas	A largo plazo
Generación de energía	2.5 millones de toneladas métricas	Fijación de precios indexados

Corporaciones de energía propiedad del gobierno

Relaciones estratégicas de clientes con entidades estatales:

• Contratos totales vinculados al gobierno: 12
• Valor agregado del contrato: $ 25.6 mil millones
• Duración promedio del contrato: 18 años
• Distribución geográfica: Medio Oriente, Asia, Europa

Cheniere Energy Partners, L.P. (CQP) - Modelo de negocio: Estructura de costos

Desarrollo de infraestructura intensiva en capital

Sabine Pass LNG Terminal Total Capital Investment: $ 13.5 mil millones a partir de 2023. Los costos de desarrollo de la infraestructura incluyen:

Componente de infraestructura	Costo estimado
Construcción del tren de GNL	$ 2.5 mil millones por tren
Expansión de capacidad terminal total	$ 6.8 mil millones
Infraestructura de tuberías	$ 1.2 mil millones

Costos de adquisición de gas natural

Gastos anuales de adquisición de gas natural:

• 2023 Costo de adquisición de gas natural: $ 4.2 mil millones
• Precio promedio de compra de gas natural: $ 3.50 por mmbtu
• Volumen anual de gas: 1.800 millones de pies cúbicos por día

Licencia y gastos de procesamiento

Costos de licuefacción operacional:

Categoría de costos	Gasto anual
Procesamiento de licuefacción	$ 680 millones
Mantenimiento del equipo	$ 220 millones
Consumo de energía	$ 180 millones

Logística de envío y transporte

Gastos de transporte y logística:

• Costos de envío anuales: $ 520 millones
• Gastos de la carta de la embarcación a largo plazo: $ 350 millones
• Tarifas de transporte de tuberías: $ 170 millones

Cumplimiento regulatorio y gestión ambiental

Cumplimiento y costos ambientales:

Categoría de cumplimiento	Gasto anual
Monitoreo ambiental	$ 45 millones
Informes regulatorios	$ 22 millones
Gestión de emisiones	$ 33 millones

Cheniere Energy Partners, L.P. (CQP) - Modelo de negocio: flujos de ingresos

Ingresos del contrato de exportación de GNL a largo plazo

A partir de 2023, Cheniere Energy Partners tiene contratos de exportación de GNL a largo plazo por un total de aproximadamente 85.9 millones de toneladas por año (MTPA). Los detalles clave del contrato incluyen:

Cliente	Volumen de contrato (MTPA)	Duración del contrato
Gas total & Fuerza	2.0	20 años
Iberdrola	1.75	15 años
Costada	2.5	20 años

Mecanismos de precios basados ​​en volumen

Los mecanismos de precios de ingresos de Cheniere incluyen:

• Precios vinculados a Henry Hub
• Tarifa de licuefacción fija de $ 3.50 por MMBTU
• Tarifa variable basada en volúmenes de producción de GNL

Tarifas de reserva de capacidad

2023 Ingresos de reserva de capacidad: $ 3.2 mil millones

Instalación	Capacidad (MTPA)	Tarifa de reserva
Pase de Sabine	30	$ 2.25/mmbtu
Corpus Cristi	22.5	$ 2.15/mmbtu

Ventas de GNL del mercado spot

2023 Volumen de ventas del mercado spot: 5.2 millones de toneladas

• Precio spot promedio: $ 12.50 por mmbtu
• Ingresos totales del mercado spot: $ 1.8 mil millones

Tarifas de servicio de infraestructura y procesamiento

2023 Ingresos del servicio de infraestructura: $ 750 millones

Tipo de servicio	Ganancia	Porcentaje de ingresos totales
Servicios de licuefacción	$ 500 millones	66.7%
Transporte de tuberías	$ 250 millones	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..