CHENIERE ENERGY PARTENER, L.P. (CQP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'infrastructure énergétique, Cheniere Energy Partners, L.P. (CQP) émerge comme un acteur pivot transformant les marchés mondiaux de gaz naturel liquéfié (GNL). Avec 25 milliards de dollars Dans les infrastructures stratégiques et les capacités d'exportation révolutionnaires, cette entreprise a révolutionné comment les marchés énergétiques internationaux accèdent à des ressources de gaz naturel et abordables. En tirant parti des technologies avancées de production de schiste et en établissant des partenariats mondiaux robustes, CQP s'est positionné comme une puissance d'exportation de GNL qui change la donne, offrant une flexibilité sans précédent et des prix compétitifs aux entreprises de services publics et aux consommateurs d'énergie dans le monde.

CHENIERE ENERGY PARTENER, L.P. (CQP) - Modèle d'entreprise: partenariats clés

Accords d'approvisionnement à long terme de GNL avec des sociétés énergétiques internationales

Cheniere Energy Partners a établi des accords de fourniture de GNL à long terme critiques avec de multiples sociétés énergétiques internationales:

Partenaire	Durée du contrat	Volume annuel (MTPA)
Total S.A.	20 ans	2.0
Vitol Inc.	15 ans	1.5
Trafigura Pte Ltd.	15 ans	1.0

Partenariats stratégiques avec les producteurs de gaz naturel

Cheniere a développé des partenariats stratégiques avec les principaux producteurs de gaz naturel dans les régions de schiste américaines:

• Chesapeake Energy Corporation
• EQT Corporation
• Range des ressources
• Southwestern Energy Company

Collaboration avec les prestataires de transport maritime et de transport maritime

Partenaire d'expédition	Type de contrat	Nombre de transporteurs de GNL
Transport Mol LNG	Charte à long terme	3
Terminaux APM	Logistique portuaire	N / A
Partners TEEKAY LNG	Services de transport	2

Partenariats technologiques pour l'infrastructure de GNL

Cheniere a établi des partenariats technologiques avec les principaux fournisseurs d'ingénierie et d'équipement:

• Bechtel Corporation (entrepreneur EPC)
• Produits aériens et produits chimiques (technologie de liquéfaction)
• General Electric (turbine et équipement de compression)
• Linde AG (Gas Processing Technologies)

CHENIERE ENERGY PARTENER, L.P. (CQP) - Modèle d'entreprise: Activités clés

Production et liquéfaction de GNL

Cheniere Energy Partners exploite deux installations d'exportation de GNL primaires:

Facilité	Emplacement	Capacité de production totale	Nombre de trains
Col de sabine	Paroisse de Cameron, Louisiane	5.3 MTPA	6 trains opérationnels
Corpus Christi	Comté de San Patricio, Texas	3,5 MTPA	3 trains opérationnels

Aachat et traitement du gaz naturel

Les principales activités d'approvisionnement comprennent:

• Contrats d'approvisionnement à long terme avec plusieurs producteurs de gaz naturel
• Sourcing dans les grandes régions de production comme le bassin du Permien, Eagle Ford Shale
• Volume annuel des achats au gaz naturel: environ 4,5 milliards de pieds cubes par jour

Exportation et marketing internationaux de GNL

Régions de destination d'exportation	Volume d'exportation annuel	Marchés clés
Europe	2.1 MTPA	Royaume-Uni, Espagne
Asie	3,7 MTPA	Japon, Corée du Sud
l'Amérique latine	0,7 MTPA	Mexique, Brésil

Développement et expansion des infrastructures

Détails actuels d'investissement et d'expansion de l'infrastructure:

• Total des dépenses en capital pour 2023-2024: 500 millions de dollars
• Extension planifiée des trains chez Corpus Christi: 2 trains supplémentaires
• Budget de modernisation des infrastructures: 250 millions de dollars

CHENIERE ENERGY PARTENER, L.P. (CQP) - Modèle d'entreprise: Ressources clés

Terminaux d'exportation de GNL à grande échelle

Cheniere Energy Partners exploite deux installations d'exportation de GNL primaires:

Facilité	Emplacement	Capacité de plaque signalétique	Capacité d'exportation annuelle
Terminal de GNL de Sabine Pass	Paroisse de Cameron, Louisiane	5.3 MTPA par train	30 millions de tonnes métriques par an (MTPA)
Corpus Christi LNG Terminal	Comté de San Patricio, Texas	4,5 MTPA par train	22,5 millions de tonnes métriques par an (MTPA)

Contrats d'approvisionnement à long terme

Les contrats d'approvisionnement à long terme actuels comprennent:

• Total S.A.: 2,5 MTPA de Sabine Pass
• Groupe Gunvor: 1,5 MTPA de Sabine Pass
• Gail India: 5,8 MTPA de Sabine Pass
• Korea Gas Corporation: 3,5 MTPA de Sabine Pass

Technologie avancée de liquéfaction

Détails des infrastructures technologiques:

• 6 trains opérationnels à Sabine Pass
• 3 trains opérationnels à Corpus Christi
• Technologie de liquéfaction propriétaire des produits aériens
• Systèmes de cycle de réfrigération avancé

Ressources humaines

Catégorie	Nombre
Total des employés	1,400
Professionnels de l'ingénierie avancée	350
Spécialistes des opérations	650

Ressources financières

Métrique financière	Montant
Total des actifs (2023)	35,2 milliards de dollars
Dette totale	24,6 milliards de dollars
Dépenses en capital annuelles	500 millions de dollars

CHENIERE ENERGY PARTENER, L.P. (CQP) - Modèle d'entreprise: propositions de valeur

Alimentation fiable de GNL à long terme aux marchés mondiaux

Cheeniere Energy Partners exploite le terminal Sabine Pass LNG à Cameron Parish, en Louisiane, avec une capacité de production totale de 30 millions de tonnes par an (MTPA) de gaz naturel liquéfié.

Capacité d'exportation	Volume annuel	Nombre de trains
30 MTPA	5,2 milliards de pieds cubes par jour	6 trains opérationnels

Prix ​​de compétition grâce à une production efficace de gaz de schiste américain

Avantages des prix du gaz naturel américain:

• Henry Hub Spot Prix était en moyenne de 2,67 $ par million de BTU en 2023
• Réduire les coûts de production par rapport aux concurrents internationaux
• Infrastructure de pipeline approfondie soutenant le transport de gaz

Capacités d'exportation flexibles pour les clients de l'énergie internationale

Régions de destination d'exportation	Pourcentage des exportations totales
Asie	45%
Europe	35%
l'Amérique latine	20%

Réduction des coûts de transport par rapport aux autres producteurs mondiaux de GNL

Comparaison des coûts de transport:

• U.S. Gulf Coast LNG Shipping en Asie: 1,50 $ - 2,00 $ par million de BTU
• Coûts d'expédition mondiaux de GNL moyens: 2,50 $ - 3,50 $ par million de BTU

Avantages concurrentiels clés:

• Emplacement géographique stratégique
• Technologie avancée de liquéfaction
• Contrats d'approvisionnement à long terme avec des mécanismes de tarification fixes

CHENIERE ENERGY PARTENER, L.P. (CQP) - Modèle d'entreprise: relations avec les clients

Contrats à long terme à prendre avec des acheteurs d'énergie internationaux

Cheeniere Energy Partners maintient Plus de 20 contrats à long terme à prendre ou à payer avec des clients internationaux. Ces contrats couvrent une durée moyenne de 20 ans, avec des volumes totaux contractés d'environ 173,5 millions de tonnes par an (MTPA) de GNL.

Région client	Nombre de contrats	Volume annuel (MTPA)
Asie	8	65.2
Europe	7	52.3
l'Amérique latine	5	56.0

Support client dédié à l'approvisionnement en GNL

Cheniere fournit un support client spécialisé à travers:

• Équipe de support technique 24/7
• Gestionnaires de compte dédiés pour chaque client majeur
• Systèmes de suivi de fret en temps réel
• Canaux de communication multilingues

Mécanismes de tarification et de livraison transparentes

La structure des prix comprend:

• Mécanisme de tarification lié à Henry Hub
• Frais de liquéfaction fixe de 3,50 $ par MMBTU
• Processus de réconciliation mensuels
• Protocoles de livraison standardisés

Solutions de fourniture de GNL personnalisées

Segment de marché	Approche de personnalisation	Volume annuel
Production d'électricité	Horaires de livraison flexibles	45,6 MTPA
Utilisateurs industriels	Structures contractuelles sur mesure	38.2 MTPA
Sociétés commerciales	Options du marché au comptant	89,7 MTPA

CHENIERE ENERGY PARTENER, L.P. (CQP) - Modèle d'entreprise: canaux

Ventes directes grâce à des contrats d'exportation à long terme

Cheeniere Energy Partners utilise Accords de vente et d'achat au gaz naturel liquéfié à long terme (GNL) avec des clients internationaux clés.

Région client	Durée du contrat	Volume annuel (MTPA)
Asie	20 ans	4.5
Europe	15 ans	3.2
l'Amérique latine	10 ans	2.1

Plateformes de trading d'énergie et réseaux de marketing mondiaux

Cheniere exploite plusieurs plateformes internationales de trading d'énergie pour les ventes et la distribution de GNL.

• Volumes mondiaux de trading de GNL: 5,2 millions de tonnes par an
• Plateformes de trading actif: S&P Global Platts, Ice, CME Group
• Réseau de marketing couvrant 15 pays

Conférences de l'industrie et développement commercial stratégique

Engagement stratégique grâce à des événements et des conférences ciblés dans l'industrie.

Type de conférence	Participation annuelle	Les pistes potentielles générées
Conférences internationales de GNL	7-8 par an	45-50 contacts commerciaux potentiels
Sommets d'investissement énergétique	4-5 par an	25-30 discussions stratégiques

Communication numérique et systèmes de gestion de la relation client

Plateformes numériques avancées pour l'engagement des clients et la gestion des contrats.

• CRM Plateforme: Salesforce Enterprise Edition
• Canaux de communication numérique: portail Web, systèmes de messagerie sécurisés
• Points de contact d'interaction client: 3 500+ par mois

CHENIERE ENERGY PARTENER, L.P. (CQP) - Modèle d'entreprise: segments de clientèle

Entreprises de services publics internationaux

Cheniere Energy Partners dessert des sociétés de services publics internationaux avec des caractéristiques d'achat spécifiques du GNL:

Pays	Volume annuel d'importation de GNL	Durée du contrat
Japon	3,5 millions de tonnes métriques	Mandat de 20 ans
Corée du Sud	2,8 millions de tonnes métriques	Trimestre de 15 ans
Chine	2,3 millions de tonnes métriques	Trimestre de 10 ans

Importateurs d'énergie asiatique et européenne

Segments de clientèle clés avec des exigences d'importation spécifiques:

• Capacité d'exportation annuelle totale de GNL: 45 millions de tonnes métriques
• Part de marché asiatique: 65%
• Part de marché européen: 25%
• Contrats prédominants à long terme: base FOB

Grands consommateurs d'énergie industrielle

Secteur de l'industrie	Consommation annuelle de GNL	Type de contrat
Pétrochimique	1,2 million de tonnes métriques	Marché au compteur
Fabrication	0,8 million de tonnes métriques	À long terme
Production d'électricité	2,5 millions de tonnes métriques	Prix ​​indexé

Corporations énergétiques appartenant à un gouvernement

Relations stratégiques des clients avec des entités publiques:

• Contrats totaux liés au gouvernement: 12
• Valeur du contrat global: 25,6 milliards de dollars
• Durée du contrat moyen: 18 ans
• Distribution géographique: Moyen-Orient, Asie, Europe

CHENIERE ENERGY PARTENER, L.P. (CQP) - Modèle d'entreprise: Structure des coûts

Développement d'infrastructures à forte intensité de capital

Sabine adopte l'investissement total du terminal de GNL: 13,5 milliards de dollars en 2023. Les coûts de développement des infrastructures comprennent:

Composant d'infrastructure	Coût estimé
Construction du train de GNL	2,5 milliards de dollars par train
Extension totale de capacité terminale	6,8 milliards de dollars
Infrastructure de pipeline	1,2 milliard de dollars

Coûts d'approvisionnement en gaz naturel

Dépenses annuelles sur l'approvisionnement en gaz naturel:

• 2023 Coût d'approvisionnement en gaz naturel: 4,2 milliards de dollars
• Prix ​​d'achat moyen en gaz naturel: 3,50 $ par MMBTU
• Volume de gaz annuel: 1,8 milliard de pieds cubes par jour

Frais de liquéfaction et de traitement

Coûts de liquéfaction opérationnelle:

Catégorie de coûts	Dépenses annuelles
Traitement de liquéfaction	680 millions de dollars
Entretien de l'équipement	220 millions de dollars
Consommation d'énergie	180 millions de dollars

Logistique d'expédition et de transport

Frais de transport et de logistique:

• Frais d'expédition annuels: 520 millions de dollars
• Dépenses de charte à long terme des navires: 350 millions de dollars
• Frais de transport de pipeline: 170 millions de dollars

Conformité réglementaire et gestion environnementale

CONFORMATION ET ENVIRONNEMENTS:

Catégorie de conformité	Dépenses annuelles
Surveillance environnementale	45 millions de dollars
Représentation réglementaire	22 millions de dollars
Gestion des émissions	33 millions de dollars

CHENIERE ENERGY PARTENER, L.P. (CQP) - Modèle d'entreprise: Strots de revenus

Revenus de contrat d'exportation de GNL à long terme

En 2023, Cheniere Energy Partners a des contrats d'exportation de GNL à long terme totalisant environ 85,9 millions de tonnes par an (MTPA). Les détails du contrat clé comprennent:

Client	Volume de contrat (MTPA)	Durée du contrat
Gaz total & Pouvoir	2.0	20 ans
Iberdrola	1.75	15 ans
Woodside	2.5	20 ans

Mécanismes de tarification basés sur le volume

Les mécanismes de tarification des revenus de Cheniere comprennent:

• Prix ​​lié à Henry Hub
• Frais de liquéfaction fixe de 3,50 $ par MMBTU
• Frais variables basés sur les volumes de production de GNL

Frais de réservation de capacité

2023 Revenus de réservation de capacité: 3,2 milliards de dollars

Facilité	Capacité (MTPA)	Taux de frais de réservation
Col de sabine	30	2,25 $ / MMBTU
Corpus Christi	22.5	2,15 $ / MMBTU

Ventes de GNL du marché au comptant

2023 Volume des ventes du marché au comptant: 5,2 millions de tonnes

• Prix ​​au comptant moyen: 12,50 $ par MMBTU
• Revenu total du marché au comptant: 1,8 milliard de dollars

Frais d'infrastructure et de traitement

2023 Revenus du service d'infrastructure: 750 millions de dollars

Type de service	Revenu	Pourcentage du total des revenus
Services de liquéfaction	500 millions de dollars	66.7%
Transport de pipeline	250 millions de dollars	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..