Cheniere Partners Reports Third Quarter 2026 Results and Tightens Full Year 2026 Distribution Guidance
HOUSTON--( BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) today announced its financial results for third quarter 2026.
HIGHLIGHTS
2026 FULL YEAR DISTRIBUTION GUIDANCE
2026 Previous
2026 Revised
Distribution per Unit
$
3.10
-
$
3.40
$
3.30
-
$
3.40
SUMMARY AND REVIEW OF FINANCIAL RESULTS
(in millions, except LNG data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
% Change
2026
2025
% Change
Revenues
$
2,574
$
2,404
7
%
$
8,757
$
7,848
12
%
Net income
$
639
$
506
26
%
$
1,986
$
1,700
17
%
Adjusted EBITDA 1
$
954
$
885
8
%
$
3,112
$
2,649
17
%
LNG exported:
Number of cargoes
104
104
—
%
324
314
3
%
Volumes (TBtu)
377
374
1
%
1,185
1,132
5
%
LNG volumes loaded and recognized (TBtu)
378
374
1
%
1,187
1,130
5
%
Net income increased approximately $133 million and $286 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding 2025 periods. The increases were primarily driven by higher total margins on LNG delivered, primarily driven by higher volumes recognized in income as well as higher margins per MMBtu of LNG delivered during the periods. The increase for the nine months ended September 30, 2026 was partially offset by approximately $208 million of unfavorable variances related to changes in the fair value of our derivative instruments, including those impacts related to our long-term Integrated Production Marketing (IPM) agreements.
Adjusted EBITDA 1 increased by approximately $69 million and $463 million during the three and nine months ended September 30, 2026, respectively, due to higher total margins on LNG delivered, primarily driven by higher volumes recognized in income as well as higher margins per MMBtu of LNG delivered during the periods.
During the three and nine months ended September 30, 2026, we recognized in income 378 and 1,187 TBtu, respectively, of LNG loaded from the SPL Project (defined below).
Capital Resources
The table below provides a summary of our available liquidity (in millions) as of September 30, 2026:
September 30, 2026
Cash and cash equivalents
$
569
Restricted cash and cash equivalents
35
Available commitments under our credit facilities (1):
SPL Revolving Credit Facility
873
Cheniere Partners Revolving Credit Facility
1,000
Total available commitments under our credit facilities
1,873
Total available liquidity
$
2,477
(1)
Available commitments represent total commitments less loans outstanding and letters of credit issued under each of our credit facilities as of September 30, 2026.
Recent Key Financial Transactions and Updates
In September 2026, SPL repaid approximately $54 million aggregate principal amount outstanding of its Senior Secured Notes due 2037 with weighted average rate of 4.748% as of June 30, 2026 (the “2037 SPL Senior Notes”) based on the fixed amortization schedules.
In September 2026, Cheniere Partners and its subsidiaries obtained commitments for a term loan to finance the construction costs of the first phase of the SPL Expansion Project that are not expected to be funded with available cash. Closing and funding are subject to customary conditions, including the issuance of a positive FID with respect to the first phase of the SPL Expansion Project. Additionally, we have secured commitments to amend and extend the maturities of the SPL Revolving Credit Facility and the Cheniere Partners Revolving Credit Facility, including the reallocation of $250 million in commitments from the SPL Revolving Credit Facility to the Cheniere Partners Revolving Credit Facility.
SABINE PASS OVERVIEW
We own natural gas liquefaction facilities with total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”), inclusive of six liquefaction trains.
As of October 23, 2026, approximately 3,560 cumulative LNG cargoes totaling over 245 million tonnes of LNG have been produced, loaded, and exported from the SPL Project.
SPL Expansion Project
We are developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately 20 mtpa of LNG (the “SPL Expansion Project”), inclusive of estimated debottlenecking opportunities. We expect to execute the SPL Expansion Project in a phased approach, maximizing brownfield economics, and a positive FID is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.
The first phase includes a single train, Train 7, and a boil-off gas re-liquefaction unit, along with supporting infrastructure and tie-ins to the existing Sabine Pass LNG terminal, and has an expected total production capacity of over 6 mtpa of LNG, inclusive of estimated debottlenecking opportunities. In May 2026, the lump sum, turnkey engineering, procurement and construction (EPC) contract with Bechtel Energy, Inc. (“Bechtel”) for the first phase of the SPL Expansion Project was signed, and Bechtel was released to commence early engineering and procurement under a limited notice to proceed (LNTP).
The FERC application for authorization to site, construct and operate the SPL Expansion Project, as well as the Department of Energy (DOE) application authorizing the export of LNG to non-free trade agreement countries, remain pending. In September 2026, the FERC issued the final EIS relating to the SPL Expansion Project.
DISTRIBUTIONS TO UNITHOLDERS
In October 2026, we declared a cash distribution of $0.890 per common unit to unitholders of record as of November 3, 2026, comprised of a base amount equal to $0.775 ($3.10 annualized) and a variable amount equal to $0.115, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of the business. The common unit distribution and the related general partner distribution will be paid on November 13, 2026.
INVESTOR CONFERENCE CALL AND WEBCAST
Cheniere Energy, Inc. (NYSE: LNG) will host a conference call to discuss its financial and operating results for the third quarter on Thursday, October 29, 2026, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation will include financial and operating results or other information regarding Cheniere Partners.
About Cheniere Partners
Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities with a total production capacity of over 30 mtpa of LNG, inclusive of debottlenecking opportunities. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and three marine berths. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission.
Use of Non-GAAP Financial Measures
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.
Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding Cheniere Partners’ anticipated quarterly distributions and ability to make quarterly distributions at the base amount or any amount, (iii) statements regarding regulatory authorization and approval expectations, (iv) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (v) statements regarding the business operations and prospects of third-parties, (vi) statements regarding potential financing arrangements, (vii) statements regarding future discussions and entry into contracts, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
Cheniere Energy Partners, L.P.
Consolidated Statements of Operations
(in millions, except per unit data) (1)
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Revenues
LNG revenues
$
1,956
$
1,837
$
6,561
$
5,961
LNG revenues—affiliate
567
518
2,044
1,738
Regasification revenues
34
34
102
102
Other revenues
17
15
50
47
Total revenues
2,574
2,404
8,757
7,848
Operating costs and expenses
Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below) (2)
1,276
1,278
4,757
4,177
Cost of sales—affiliate
—
—
46
—
Operating and maintenance expense
236
191
692
683
Operating and maintenance expense—affiliate
43
40
136
126
Operating and maintenance expense—related party
—
—
—
28
General and administrative expense
3
3
9
9
General and administrative expense—affiliate
25
23
72
70
Depreciation and amortization expense
174
173
522
515
Other operating costs and expenses
2
—
6
2
Other operating costs and expenses—affiliate
—
—
1
1
Total operating costs and expenses
1,759
1,708
6,241
5,611
Income from operations
815
696
2,516
2,237
Other income (expense)
Interest expense, net of capitalized interest
(182
)
(189
)
(546
)
(567
)
Other income (expense), net
6
(2
)
13
7
Other income—affiliate
—
1
3
23
Total other expense
(176
)
(190
)
(530
)
(537
)
Net income
$
639
$
506
$
1,986
$
1,700
Basic and diluted net income per common unit (1)
$
1.01
$
0.80
$
3.34
$
2.79
Weighted average basic and diluted number of common units outstanding
484
484
484
484
(1)
(2)
Cheniere Energy Partners, L.P.
Consolidated Balance Sheets
(in millions, except unit data) (1)
(unaudited)
September 30,
December 31,
2026
2025
ASSETS
Current assets
Cash and cash equivalents
$
569
$
182
Restricted cash and cash equivalents
35
19
Trade and other receivables, net of current expected credit losses
327
511
Trade and other receivables—affiliate
290
238
Advances to affiliates
152
145
Inventory
165
180
Prepaid expenses
50
42
Other current assets, net
16
21
Total current assets
1,604
1,338
Property, plant and equipment, net of accumulated depreciation
15,087
15,259
Operating lease assets
73
76
Deferred NPNS assets
669
—
Derivative assets
1
541
Other non-current assets, net
405
223
Total assets
$
17,839
$
17,437
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable
$
97
$
53
Accrued liabilities
738
990
Current debt, net of unamortized discount and debt issuance costs
112
306
Due to affiliates
50
57
Deferred revenue
144
119
Current portion of deferred NPNS liabilities
103
—
Current derivative liabilities
84
164
Other current liabilities
14
15
Other current liabilities—affiliate
6
4
Total current liabilities
1,348
1,708
Long-term debt, net of unamortized discount and debt issuance costs
14,283
14,161
Deferred NPNS liabilities
1,055
—
Derivative liabilities
41
900
Other non-current liabilities
216
231
Other non-current liabilities—affiliate
17
23
Total liabilities
16,960
17,023
Partners’ equity
Common unitholders’ interest (484 million units issued and outstanding at both September 30, 2026 and December 31, 2025)
3,921
3,156
General partner’s interest (2% interest with 10 million units issued and outstanding at both September 30, 2026 and December 31, 2025)
(3,042
)
(2,742
)
Total partners’ equity
879
414
Total liabilities and partners’ equity
$
17,839
$
17,437
(1)
Reconciliation of Non-GAAP Measures
Regulation G Reconciliations
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and nine months ended September 30, 2026 and 2025 (in millions):
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Net income
$
639
$
506
$
1,986
$
1,700
Interest expense, net of capitalized interest
182
189
546
567
Other expense (income), net
(6
)
2
(13
)
(7
)
Other income—affiliate
—
(1
)
(3
)
(23
)
Income from operations
$
815
$
696
$
2,516
$
2,237
Adjustments to reconcile income from operations to Adjusted EBITDA:
Depreciation and amortization expense
174
173
522
515
Loss (gain) from changes in fair value of commodity derivatives, net
(9
)
16
105
(103
)
Amortization of deferred NPNS assets and liabilities
(26
)
—
(31
)
—
Adjusted EBITDA
$
954
$
885
$
3,112
$
2,649
Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance.
Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, gain or loss on disposal of assets, changes in the fair value of our commodity derivatives prior to contractual delivery or termination, and amortization of deferred NPNS assets and liabilities. Changes in the fair value of commodity derivatives and amortization of deferred NPNS assets and liabilities are considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses associated with these adjustments differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance.