Cheniere Energy Partners, L.P. (CQP): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine room of Cheniere Energy Partners, L.P. (CQP), and honestly, it's a masterclass in contracted energy infrastructure. Forget chasing volatile commodity prices; CQP's model is built on locking in massive, long-term fees from its world-class Sabine Pass facility, which is why they are guiding for an Adjusted EBITDA between $6.6 billion to $7 billion for the full year 2025, building on a Q3 2025 revenue of $2.40 billion. This isn't just about moving gas; it's about providing stable, long-term supply security to global buyers through take-or-pay contracts, which underpins their entire value proposition and predictable cash flow for you, the investor. Dive into the nine building blocks below to see exactly how this stable, contracted LNG export machine is structured for performance, from key partnerships to their cost structure.

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

Cheniere Energy, Inc. (General Partner) for operational support

Cheniere Energy, Inc. maintains a critical role, evidenced by S&P Global Ratings upgrading Cheniere Energy Partners, L.P. to BBB+ following strong operational performance and close ties with the parent company. As of September 30, 2025, Cheniere Energy, Inc. held 100% ownership of the general partner interest in Cheniere Energy Partners, L.P..

• Operational support is a core element underpinning the credit rating upgrade.
• Cheniere Energy, Inc. is the leading U.S. producer and exporter of LNG.

Global natural gas suppliers for feed gas procurement

Securing long-term, reliable feed gas is essential for Cheniere Energy Partners, L.P.'s export capacity. This involves complex, indexed supply agreements that underpin expansion decisions.

Supplier Partner	Contract Type/Start Year	Volume Commitment	Pricing Mechanism
Subsidiary of Canadian Natural Resources Limited	IPM Gas Supply Agreement / 2030	140,000 MMBtu per day (approx. 0.85 mtpa LNG)	Platts Japan Korea Marker (JKM) less fixed fees
JERA Co., Inc.	LNG Sale and Purchase Agreement (SPA) / 2029 through 2050	Approx. 1.0 mtpa of LNG	Henry Hub price plus a fixed liquefaction fee

The commitment from Canadian Natural Resources Limited is contingent upon a positive Final Investment Decision for the Sabine Pass Liquefaction Expansion Project (SPL Expansion Project).

EPC contractors for the SPL Expansion Project

The planned SPL Expansion Project aims for an expected total peak production capacity of up to approximately 20 mtpa of LNG. Past Engineering, Procurement, and Construction (EPC) contracts with Bechtel for earlier trains provide context on the scale of these arrangements.

• EPC Contract (SPL Trains 1 and 2) price: $4.1 billion.
• EPC Contract (SPL Trains 3 and 4) price: $3.8 billion.
• EPC Contract (SPL Train 5) price: $3.0 billion.
• Bechtel generally bears project cost, schedule, and performance risks under lump sum turnkey contracts for Corpus Christi Stage 3.

International financial institutions for debt financing

Financing the ongoing development and managing existing obligations requires engagement with major financial players. Cheniere Energy Partners, L.P. actively manages its capital structure through note issuances and credit facility amendments.

In July 2025, Cheniere Partners issued $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035. The net proceeds, combined with cash on hand, were used to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026. Separately, the $1.25 billion Cheniere Revolving Credit Facility was amended in August 2025 to extend its maturity into 2030.

For the parent company, Cheniere Energy, the long-term debt for the quarter ending September 30, 2025, stood at $24.048B, with total debt on the balance sheet reported as $25.19 Billion USD as of September 2025.

Cheniere Partners Revolving Credit Facility had available commitments of $1,000 million as of September 30, 2025.

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

Liquefaction of natural gas into LNG at Sabine Pass

Cheniere Energy Partners, L.P. operates the Sabine Pass LNG terminal (the SPL Project), which has natural gas liquefaction facilities consisting of six operational Trains. The total production capacity is approximately 30 mtpa of LNG.

Operational statistics for the liquefaction activity as of late 2025 include:

Metric	Value	Date/Period
Cumulative LNG Cargoes Loaded	Over 3,120	As of October 24, 2025
Cumulative LNG Tonnage Loaded	Approximately 215 million tonnes	As of October 24, 2025
LNG Recognized in Income (TBtu)	374 TBtu	Three Months Ended September 30, 2025
LNG Recognized in Income (TBtu)	1,130 TBtu	Nine Months Ended September 30, 2025

Operating and maintaining the 30 mtpa Sabine Pass LNG Terminal

The operational performance underpins the financial results for Cheniere Energy Partners, L.P. The company's credit rating was upgraded by S&P Global Ratings to BBB+.

Financial performance for the nine months ended September 30, 2025, related to these operations includes:

• Revenues: $7.8 billion
• Net Income: $1.7 billion
• Adjusted EBITDA: $2.6 billion

The company reconfirmed its full year 2025 distribution guidance for common unitholders between $3.25 and $3.35 per unit. The declared cash distribution for the third quarter of 2025 was $0.830 per common unit.

Managing the Creole Trail Pipeline transportation

Cheniere Energy Partners, L.P. owns the Creole Trail Pipeline, a 94-mile, 42-inch pipeline placed into service in spring 2008. The pipeline's current capacity is approximately 1.5 Bcf/d.

Key activity for managing this asset in 2025 involved capacity expansion to support future liquefaction growth:

• A binding open season closed in May 2025.
• The open season sought commitments for approximately 930,000 dekatherms per day (Dth/d) of new firm transportation capacity.
• Another report indicated the open season targeted up to 1.4 Bcf/d of new capacity.

Developing the 20 mtpa SPL Expansion Project

Cheniere Energy Partners, L.P. is developing the SPL Expansion Project, which is designed for a total peak production capacity of up to approximately 20 mtpa of LNG.

The development status as of late 2025 involved regulatory and commercial milestones:

Project Detail	Specification/Status	Date Reference
Expected Peak Capacity	Up to approximately 20 mtpa of LNG	2025
FERC Application Update	Reflected a two-phased project with three liquefaction trains	June 2025
Target Final Investment Decision (FID)	2026/2027	As of March 31, 2025
Commercialization Progress	Binding commitments covered 70% of the expansion's output	May 2025

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

You're looking at the core assets Cheniere Energy Partners, L.P. (CQP) relies on to generate cash flow, so let's lay out the hard numbers for late 2025.

Sabine Pass LNG Terminal with six operational trains

The Sabine Pass LNG terminal, or the SPL Project, is the foundation here. Cheniere Energy Partners, L.P. owns the liquefaction facilities which consist of six operational Trains. These trains give the facility a total production capacity of approximately 30 mtpa of LNG. As of August 1, 2025, the cumulative output from this project reached approximately 3,030 LNG cargoes, totaling about 210 million tonnes of LNG exported since operations began.

The terminal isn't just about liquefaction; it has supporting infrastructure that matters for throughput and storage.

Asset Component	Capacity/Quantity	Status/Date Reference
Operational Liquefaction Trains	6	Operational
Total Production Capacity	Approx. 30 mtpa
LNG Storage Tanks	5 operational tanks
Aggregate LNG Storage Capacity	Approx. 17 Bcfe
Marine Berths	3	Operational
Regasification Capacity	Approx. 4 Bcf/d

Honestly, the sheer volume of product moved is impressive; for context, as of February 14, 2025, over 195 million tonnes of LNG had been exported cumulatively.

Creole Trail Pipeline (94-mile) interconnecting gas supply

To feed those trains, Cheniere Energy Partners, L.P. owns the Creole Trail Pipeline (CTPL). This is a 94-mile, 42-inch diameter, bidirectional pipeline that was placed into service in spring 2008. It connects the Sabine Pass LNG terminal to several major interstate and intrastate pipelines, including Transco, TETCO, Trunkline, and Natural Gas Pipeline Company of America.

The pipeline is actively being expanded to support future capacity, with commercial steps taken in 2025.

• Pipeline Length: 94 miles
• Pipeline Diameter: 42-inch
• Expansion Capacity Sought (May 2025 Open Season): Approx. 930,000 Dth/d
• Minimum Contract Term for Expansion: 20 years

Long-term Sales and Purchase Agreements (SPAs)

Stability in revenue comes from locking in volumes with long-term contracts. As of March 31, 2025, Cheniere Energy Partners, L.P. had about 80% of the Liquefaction Project's anticipated production covered by long-term arrangements like SPAs and IPM agreements. These contracts have a weighted average remaining life of approximately 13 years as of that date.

A very recent example shows the long-term commitment in the market; in August 2025, Cheniere Marketing entered an SPA with JERA Co., Inc. for the purchase of approximately 1.0 mtpa of LNG, with deliveries scheduled from 2029 through 2050.

Regulatory approvals from FERC and DOE for export

Operational capability requires the right governmental permissions. Cheniere Energy Partners, L.P. has secured key authorizations for its existing operations and is progressing on expansion approvals.

For the planned SPL Expansion Project, which targets up to approximately 20 mtpa of peak production capacity, the regulatory process is moving forward:

• DOE Authorization: Received authorization from the DOE in October 2024 to export LNG to Free-Trade Agreement (FTA) countries.
• FERC Application Update: In June 2025, the FERC application was updated to reflect a two-phased project, inclusive of three liquefaction trains.

The existing operations are subject to ongoing compliance with conditions from FERC, DOE, and other agencies.

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..