Cheniere Energy Partners, L.P. (CQP): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da infraestrutura energética, a Cheniere Energy Partners, L.P. (CQP) surge como um jogador fundamental que transforma os mercados globais de gás natural liquefeito (GNL). Com US $ 25 bilhões Em infraestrutura estratégica e capacidades de exportação inovadoras, esta empresa revolucionou como os mercados internacionais de energia acessam recursos de gás natural acessíveis e eficientes. Ao alavancar tecnologias avançadas de produção de xisto nos EUA e estabelecer parcerias globais robustas, o CQP se posicionou como uma potência de exportação de GNL que muda o jogo, oferecendo flexibilidade sem precedentes e preços competitivos para empresas de serviços públicos e consumidores de energia em todo o mundo.

Cheniere Energy Partners, L.P. (CQP) - Modelo de negócios: Parcerias -chave

Acordos de fornecimento de GNL de longo prazo com empresas internacionais de energia

A Cheniere Energy Partners estabeleceu acordos críticos de fornecimento de GNL de longo prazo com várias empresas internacionais de energia:

Parceiro	Duração do contrato	Volume anual (MTPA)
Total S.A.	20 anos	2.0
Vitol Inc.	15 anos	1.5
Trafigura Pte Ltd.	15 anos	1.0

Parcerias estratégicas com produtores de gás natural

A Cheniere desenvolveu parcerias estratégicas com os principais produtores de gás natural nas regiões de xisto dos EUA:

• Chesapeake Energy Corporation
• EQT Corporation
• Recursos de alcance
• Southwestern Energy Company

Colaboração com provedores de transporte marítimo e transporte

Parceiro de remessa	Tipo de contrato	Número de transportadoras de GNL
Mol LNG Transporte	Carta de longo prazo	3
Terminais APM	Logística da porta	N / D
Teekay LNG Partners	Serviços de transporte	2

Parcerias de tecnologia para infraestrutura de GNL

A Cheniere estabeleceu parcerias tecnológicas com os principais fornecedores de engenharia e equipamentos:

• Bechtel Corporation (Empreiteiro EPC)
• Air Products and Chemicals (Liquefação Technology)
• General Electric (equipamento de turbina e compressão)
• Linde AG (Tecnologias de Processamento de Gás)

Cheniere Energy Partners, L.P. (CQP) - Modelo de negócios: Atividades -chave

Produção de GNL e Liquefação

A Cheniere Energy Partners opera duas instalações de exportação primárias de GNL:

Instalação	Localização	Capacidade total de produção	Número de trens
Sabine Pass	Paróquia de Cameron, Louisiana	5.3 MTPA	6 trens operacionais
Corpus Christi	Condado de San Patricio, Texas	3.5 MTPA	3 trens operacionais

Aquisição e processamento de gás natural

As principais atividades de compras incluem:

• Contratos de fornecimento de longo prazo com múltiplos produtores de gás natural
• Fornecimento de grandes regiões de produção, como a Bacia do Permiano, Eagle Ford Shale
• Volume anual de aquisição de gás natural: aproximadamente 4,5 bilhões de pés cúbicos por dia

Exportação e marketing internacional de GNL

Regiões de destino de exportação	Volume anual de exportação	Mercados -chave
Europa	2.1 MTPA	Reino Unido, Espanha
Ásia	3.7 MTPA	Japão, Coréia do Sul
América latina	0,7 mtpa	México, Brasil

Desenvolvimento e expansão da infraestrutura

Detalhes atuais de investimento em infraestrutura e expansão:

• Despesas totais de capital para 2023-2024: US $ 500 milhões
• Expansão de trem planejada em Corpus Christi: 2 trens adicionais
• Orçamento de modernização de infraestrutura: US $ 250 milhões

Cheniere Energy Partners, L.P. (CQP) - Modelo de negócios: Recursos -chave

Terminais de exportação de GNL em larga escala

A Cheniere Energy Partners opera duas instalações de exportação primárias de GNL:

Instalação	Localização	Capacidade da placa de identificação	Capacidade anual de exportação
Terminal Sabine Pass LNG	Paróquia de Cameron, Louisiana	5,3 mtpa por trem	30 milhões de toneladas métricas por ano (MTPA)
Terminal de Corpus Christi LNG	Condado de San Patricio, Texas	4,5 mtpa por trem	22,5 milhões de toneladas métricas por ano (MTPA)

Contratos de fornecimento de longo prazo

Os contratos atuais de fornecimento de longo prazo incluem:

• Total S.A.: 2.5 MTPA da Sabine Pass
• Grupo Gunvor: 1,5 MTPA da Sabine Pass
• Gail India: 5,8 MTPA da Sabine Pass
• Coréia de Gas Corporation: 3,5 MTPA da Sabine Pass

Tecnologia avançada de liquefação

Detalhes da infraestrutura tecnológica:

• 6 trens operacionais no Sabine Pass
• 3 trens operacionais em Corpus Christi
• Air Products Tecnologia de Liquefação Proprietária
• Sistemas avançados de ciclo de refrigeração

Recursos Humanos

Categoria	Número
Total de funcionários	1,400
Profissionais avançados de engenharia	350
Especialistas em operações	650

Recursos financeiros

Métrica financeira	Quantia
Total de ativos (2023)	US $ 35,2 bilhões
Dívida total	US $ 24,6 bilhões
Gastos anuais de capital	US $ 500 milhões

Cheniere Energy Partners, L.P. (CQP) - Modelo de negócios: proposições de valor

Fornecimento de GNL de longo prazo confiável para mercados globais

A Cheniere Energy Partners opera o terminal Sabine Pass LNG na Paróquia de Cameron, Louisiana, com uma capacidade total de produção de 30 milhões de toneladas por ano (MTPA) de gás natural liquefeito.

Capacidade de exportação	Volume anual	Número de trens
30 mtpa	5,2 bilhões de pés cúbicos por dia	6 trens operacionais

Preços competitivos por meio de eficiente produção de gás de xisto nos EUA

Vantagens de preços de gás natural dos EUA:

• O preço do Henry Hub Spot teve uma média de US $ 2,67 por milhão de BTU em 2023
• Custos de produção mais baixos em comparação aos concorrentes internacionais
• Extensa infraestrutura de pipeline que suporta transporte de gás

Capacidades de exportação flexíveis para clientes internacionais de energia

Regiões de destino de exportação	Porcentagem do total de exportações
Ásia	45%
Europa	35%
América latina	20%

Custos de transporte reduzidos em comparação com outros produtores globais de GNL

Comparação de custos de transporte:

• U.S. Gulf Coast LNG Envio para a Ásia: US $ 1,50 a US $ 2,00 por milhão de BTU
• Custos médios de envio global de GNL: US $ 2,50 a US $ 3,50 por milhão de BTU

Principais vantagens competitivas:

• Localização geográfica estratégica
• Tecnologia avançada de liquefação
• Contratos de fornecimento de longo prazo com mecanismos de preços fixos

Cheniere Energy Partners, L.P. (CQP) - Modelo de negócios: Relacionamentos do cliente

Contratos de longo prazo ou pagamento com compradores internacionais de energia

A Cheniere Energy Partners mantém Mais de 20 contratos de longo prazo para levar com clientes internacionais. Esses contratos abrangem uma duração média de 20 anos, com volumes contratados totais de aproximadamente 173,5 milhões de toneladas por ano (MTPA) de GNL.

Região do cliente	Número de contratos	Volume anual (MTPA)
Ásia	8	65.2
Europa	7	52.3
América latina	5	56.0

Suporte ao cliente dedicado para compras de GNL

Cheniere fornece suporte especializado ao cliente por meio de:

• Equipe de suporte técnico 24/7
• Gerentes de conta dedicados para cada cliente principal
• Sistemas de rastreamento de carga em tempo real
• Canais de comunicação multilíngues

Mecanismos de preços e entrega transparentes

A estrutura de preços inclui:

• Mecanismo de preços ligado ao Henry Hub
• Taxa de liquefação fixa de US $ 3,50 por MMBTU
• Processos mensais de reconciliação
• Protocolos de entrega padronizados

Soluções de suprimentos de GNL personalizadas

Segmento de mercado	Abordagem de personalização	Volume anual
Geração de energia	Cronogramas de entrega flexíveis	45.6 MTPA
Usuários industriais	Estruturas de contrato personalizadas	38.2 MTPA
Empresas comerciais	Opções de mercado spot	89.7 MTPA

Cheniere Energy Partners, L.P. (CQP) - Modelo de negócios: canais

Vendas diretas através de contratos de exportação de longo prazo

Os parceiros da Cheniere Energy utilizam Contratos de venda e compra de gás natural liquefeito (GNL) com os principais clientes internacionais.

Região do cliente	Duração do contrato	Volume anual (MTPA)
Ásia	20 anos	4.5
Europa	15 anos	3.2
América latina	10 anos	2.1

Plataformas de negociação de energia e redes de marketing global

A Cheniere aproveita várias plataformas internacionais de comércio de energia para vendas e distribuição de GNL.

• Volumes de negociação globais de GNL: 5,2 milhões de toneladas por ano
• Plataformas de negociação ativa: S&P Global Platts, Ice, Grupo CME
• Rede de marketing abrangendo 15 países

Conferências do setor e desenvolvimento estratégico de negócios

Engajamento estratégico por meio de eventos e conferências direcionados da indústria.

Tipo de conferência	Participação anual	Leads potenciais gerados
Conferências internacionais de GNL	7-8 por ano	45-50 contatos comerciais em potencial
Cúpulas de investimento energético	4-5 por ano	25-30 discussões estratégicas

Comunicação digital e sistemas de gerenciamento de relacionamento com clientes

Plataformas digitais avançadas para envolvimento do cliente e gerenciamento de contratos.

• Plataforma CRM: Salesforce Enterprise Edition
• Canais de comunicação digital: portal da web, sistemas de email seguros
• Points de contato de interação do cliente: 3.500+ por mês

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

Empresas internacionais de serviços públicos

A Cheniere Energy Partners serve empresas internacionais de serviços públicos com características específicas de compra de GNL:

País	Volume anual de importação de GNL	Duração do contrato
Japão	3,5 milhões de toneladas métricas	Mandato de 20 anos
Coréia do Sul	2,8 milhões de toneladas métricas	Mandato de 15 anos
China	2,3 milhões de toneladas métricas	Mandato de 10 anos

Importadores de energia asiática e europeia

Principais segmentos de clientes com requisitos específicos de importação:

• Capacidade anual de exportação anual de GNL: 45 milhões de toneladas métricas
• Participação de mercado asiático: 65%
• Participação de mercado européia: 25%
• Contratos predominantes de longo prazo: base FOB

Grandes consumidores de energia industrial

Setor da indústria	Consumo anual de GNL	Tipo de contrato
Petroquímico	1,2 milhão de toneladas métricas	Mercado Spot
Fabricação	0,8 milhão de toneladas	A longo prazo
Geração de energia	2,5 milhões de toneladas métricas	Preço indexado

Empresas de energia de propriedade do governo

Relacionamento estratégico do cliente com entidades estatais:

• Contratos totais vinculados ao governo: 12
• Valor agregado do contrato: US $ 25,6 bilhões
• Duração média do contrato: 18 anos
• Distribuição geográfica: Oriente Médio, Ásia, Europa

Cheniere Energy Partners, L.P. (CQP) - Modelo de negócios: estrutura de custos

Desenvolvimento de infraestrutura intensiva em capital

Sabine Pass LNG Terminal Total Capital Investment: US $ 13,5 bilhões A partir de 2023. Os custos de desenvolvimento de infraestrutura incluem:

Componente de infraestrutura	Custo estimado
Construção de trem de GNL	US $ 2,5 bilhões por trem
Expansão total da capacidade terminal	US $ 6,8 bilhões
Infraestrutura de pipeline	US $ 1,2 bilhão

Custos de aquisição de gás natural

Despesas anuais de aquisição de gás natural:

• 2023 Custo de aquisição de gás natural: US $ 4,2 bilhões
• Preço médio de compra de gás natural: US $ 3,50 por MMBTU
• Volume anual de gás: 1,8 bilhão de pés cúbicos por dia

Liquefação e despesas de processamento

Custos de liquefação operacional:

Categoria de custo	Despesa anual
Processamento de liquefação	US $ 680 milhões
Manutenção do equipamento	US $ 220 milhões
Consumo de energia	US $ 180 milhões

Logística de remessa e transporte

Despesas de transporte e logística:

• Custos de envio anuais: US $ 520 milhões
• Despesas de fretamento de embarcações de longo prazo: US $ 350 milhões
• Taxas de transporte de oleodutos: US $ 170 milhões

Conformidade regulatória e gestão ambiental

Conformidade e custos ambientais:

Categoria de conformidade	Despesa anual
Monitoramento ambiental	US $ 45 milhões
Relatórios regulatórios	US $ 22 milhões
Gerenciamento de emissões	US $ 33 milhões

Cheniere Energy Partners, L.P. (CQP) - Modelo de negócios: fluxos de receita

Receita de contrato de exportação de LNG de longo prazo

A partir de 2023, a Cheniere Energy Partners possui contratos de exportação de GNL de longo prazo, totalizando aproximadamente 85,9 milhões de toneladas por ano (MTPA). Os principais detalhes do contrato incluem:

Cliente	Volume do contrato (MTPA)	Duração do contrato
Gás total & Poder	2.0	20 anos
Iberdrola	1.75	15 anos
Woodside	2.5	20 anos

Mecanismos de preços baseados em volume

Os mecanismos de preços de receita de Cheniere incluem:

• Preços vinculados a Henry Hub
• Taxa de liquefação fixa de US $ 3,50 por MMBTU
• Taxa variável com base nos volumes de produção de GNL

Taxas de reserva de capacidade

2023 Receitas de reserva de capacidade: US $ 3,2 bilhões

Instalação	Capacidade (MTPA)	Taxa de taxa de reserva
Sabine Pass	30	US $ 2,25/MMBTU
Corpus Christi	22.5	US $ 2,15/MMBTU

Vendas de GNL do mercado spot

2023 Vendas de vendas no mercado spot: 5,2 milhões de toneladas

• Preço médio à vista: US $ 12,50 por mMBTU
• Receita total do mercado à vista: US $ 1,8 bilhão

Taxas de serviço de infraestrutura e processamento

2023 Receitas de Serviço de Infraestrutura: US $ 750 milhões

Tipo de serviço	Receita	Porcentagem da receita total
Serviços de Liquefação	US $ 500 milhões	66.7%
Transporte de pipeline	US $ 250 milhões	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..