Financial Data and Key Metrics Changes - In Q3 2025, the company generated consolidated adjusted EBITDA of approximately $1.6 billion, distributable cash flow of approximately $1.6 billion, and net income of approximately $1 billion [6][32][41] - The full-year 2025 guidance for consolidated adjusted EBITDA remains at $6.6 to $7 billion, while the distributable cash flow guidance has been raised from $4.4 to $4.8 billion to $4.8 to $5.2 billion [6][41] Business Line Data and Key Metrics Changes - During Q3, the company produced and exported 163 cargoes of LNG, achieving a milestone of the 3,000th LNG cargo produced at Sabine Pass [7][32] - The company reported higher total volumes of LNG produced due to the substantial completion of mid-scale Trains 1 and 2 at Corpus Christi Stage 3 [32] Market Data and Key Metrics Changes - Global LNG demand in Q3 2025 was supported by European imports, while Asian demand remained subdued, with LNG imports into Asia declining 4% year on year [18][24] - European gas storage injections reduced a deficit from 20 bcm to 13 bcm, indicating tighter balances compared to previous years [21] Company Strategy and Development Direction - The company is focused on expanding its Corpus Christi Stage 3 and Sabine Pass projects while maintaining operational excellence and a disciplined capital allocation program [4][5] - The company aims to achieve over 50 million tons of LNG production in 2026, supported by the startup of remaining trains at Corpus Christi Stage 3 [9][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025 due to geopolitical unrest, rising costs, and supply chain issues but emphasized a disciplined approach to navigate these challenges [4][5] - The company expects a record year for LNG production in 2026, with a preliminary forecast of 51 to 53 million tons of LNG [43][44] Other Important Information - The company repurchased approximately 4.4 million shares for just over $1 billion during the third quarter, marking the second highest quarterly buyback amount to date [10][35] - A dividend of $0.555 per common share was declared, representing a 10% increase from the prior quarter [38] Q&A Session Summary Question: Thoughts on the pace of buybacks - Management indicated that the buyback program is expected to continue at a similar pace, with plans to seek an increase in the buyback authorization next year [52][56] Question: Impact of lower prices on LNG demand - Management expressed optimism about medium to long-term demand growth in Asia, driven by power generation and industrial demand [60][62] Question: Upside to marketing activities with EU's ban on Russian gas - Management highlighted strong relationships with EU counterparties and anticipated opportunities for increased marketing activities in Europe [68][70] Question: Incremental capacity expansion plans - Management confirmed a disciplined approach to growth, focusing on brownfield LNG development and ensuring all investments meet financial hurdles [74][78] Question: Variability in feed gas composition - Management discussed ongoing efforts to address feed gas variability through process adjustments and small capital investments [81][83]

Financial Performance - Consolidated Adjusted EBITDA increased to $1.608 billion in 3Q 2025 from $1.483 billion in 3Q 2024[12], and is projected to be between $6.6 billion and $7.0 billion for the full year 2025[13, 48] - Distributable Cash Flow rose to approximately $1.610 billion in 3Q 2025 from approximately $820 million in 3Q 2024[12], with a full year 2025 guidance of $4.8 billion to $5.2 billion[13, 48] - Net Income attributable to Cheniere increased to $1.049 billion in 3Q 2025 from $893 million in 3Q 2024[12] - Approximately $1.8 billion was deployed in capital allocation during 3Q 2025[19, 46] Operational Highlights - 586 TBtu of LNG was loaded and 163 cargoes were exported in 3Q 2025[18, 46] - CCL Stage 3 Project is approximately 91% complete as of September 30, 2025[18, 23] - CCL Midscale Trains 8 & 9 Project is approximately 21% complete as of September 30, 2025[18, 23] Market Dynamics - European LNG imports increased by 26% year-over-year in 2025[30] - The LNG market is nearing an inflection point, with a projected annual CAGR of 7.4% in liquefaction capacity from 2025 to 2030[41, 42] Capital Allocation - Approximately 4.4 million shares were repurchased for approximately $1.0 billion in 3Q 2025[19, 46] - A dividend of $0.555 per share was declared for 3Q 2025, representing an increase of over 10% compared to the previous quarter[19, 46]

Financial Performance - Cheniere Partners reported Q3 2025 revenues of $2.404 billion, a 17% increase from $2.055 billion in Q3 2024[4] - Net income for Q3 2025 was $506 million, down 20% from $635 million in Q3 2024, primarily due to unfavorable variances in derivative instruments[4] - Adjusted EBITDA for Q3 2025 was $885 million, a 4% increase from $852 million in Q3 2024[4] - The company experienced a decrease in net income of approximately $129 million and $187 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024[4] - Adjusted EBITDA for the three months ended September 30, 2025, was $885 million, an increase of 3.9% compared to $852 million for the same period in 2024[24] - Net income for the three months ended September 30, 2025, was $506 million, down 20.3% from $635 million in the same period of 2024[24] - Adjusted EBITDA for the nine months ended September 30, 2025, was $2,649 million, slightly down from $2,684 million for the same period in 2024, indicating a decrease of 1.3%[24] Liquidity and Debt Management - As of September 30, 2025, total available liquidity was $1.979 billion, including $121 million in cash and cash equivalents[7] - In July 2025, the company issued $1.0 billion of 5.550% Senior Notes due 2035, using proceeds to redeem $1.0 billion of 5.875% Senior Secured Notes due 2026[9] - Current liabilities decreased slightly from $1,712 million as of December 31, 2024, to $1,697 million as of September 30, 2025, a reduction of about 0.9%[22] - Long-term debt decreased from $14,761 million as of December 31, 2024, to $14,156 million as of September 30, 2025, a decrease of approximately 4.1%[22] - Interest expense for the three months ended September 30, 2025, was $189 million, compared to $199 million for the same period in 2024, reflecting a decrease of 5.0%[24] - The company reported a loss on modification or extinguishment of debt of $7 million for the three months ended September 30, 2025, compared to no loss in the same period of 2024[24] Operational Highlights - The company exported 104 LNG cargoes in Q3 2025, maintaining the same number as in Q3 2024, with total volumes of 374 TBtu, a 1% decrease[4] - The Sabine Pass LNG terminal has a total production capacity of over 30 mtpa, with over 3,120 cumulative LNG cargoes exported since operations began[10] - Cheniere Partners is developing the SPL Expansion Project, expected to add approximately 20 mtpa of LNG production capacity, pending regulatory approvals[11] Asset Management - Total assets decreased from $17,453 million as of December 31, 2024, to $16,834 million as of September 30, 2025, representing a decline of approximately 3.5%[22] - Total partners' deficit improved from $(509) million as of December 31, 2024, to $(348) million as of September 30, 2025[22] - Inventory remained relatively stable, decreasing slightly from $151 million as of December 31, 2024, to $147 million as of September 30, 2025[22] Cash Distribution - Cheniere Partners declared a cash distribution of $0.830 per common unit for Q3 2025, reaffirming full year 2025 distribution guidance of $3.25 - $3.35 per common unit[5]

Production Capacity and Projects - The company has a total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG Terminal as of September 30, 2025[110]. - The company has contracted approximately 90% of the total anticipated production from the Liquefaction Project through mid-2030s, with a weighted average remaining life of about 14 years[111]. - The SPL Expansion Project is expected to have a total peak production capacity of up to approximately 20 mtpa of LNG, with regulatory approvals and financing arrangements pending[115][116]. - As of October 24, 2025, the company has produced, loaded, and exported over 215 million tonnes of LNG from the Liquefaction Project[119]. Financial Performance - Total revenues increased by $349 million (17%) and $1.6 billion (26%) for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily driven by higher pricing per MMBtu due to increased Henry Hub pricing[127]. - Net income decreased by $129 million (20%) and $187 million (10%) for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, largely due to unfavorable changes in the fair value of derivative instruments[124]. - Operating costs and expenses rose by $480 million (39%) and $1.8 billion (48%) for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily due to increased costs of natural gas feedstock[128]. - LNG revenues increased by $367 million (25%) and $1.8 billion (39%) for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024[127]. - The company reported a net income of $(42) million for the nine months ended September 30, 2025, compared to a positive income in the previous year[147]. Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025, totaled $121 million, with total available liquidity amounting to $1.979 billion[137]. - Net cash provided by operating activities decreased from $2,092 million in 2024 to $1,881 million in 2025, a decline of approximately 10.1%[149]. - The company anticipates meeting its long-term cash requirements through operating cash flows and potential debt or equity offerings[135]. - Cash used in financing activities was $(1,916) million for the nine months ended September 30, 2025, compared to $(2,200) million in 2024, showing a decrease of approximately 12.9%[149]. Debt and Financing - In July 2025, the company issued $1.0 billion of 5.550% Senior Notes due 2035, using proceeds to redeem $1.0 billion of 5.875% Senior Secured Notes due 2026[122]. - The average debt balance decreased from $15.9 billion to $15.1 billion between the nine months ended September 30, 2024, and 2025, contributing to a $10 million and $36 million decrease in interest expense, net of capitalized interest[128]. - Long-term debt increased from $6,731 million on December 31, 2024, to $7,721 million on September 30, 2025, reflecting an increase of approximately 14.7%[146]. Distributions and Ratings - The company declared distributions of $0.820 and $2.460 per common unit for the three and nine months ended September 30, 2025, respectively[122]. - Cash distributions to unitholders totaled $397 million for the period ending September 30, 2025, with a distribution per common unit of $0.820[156]. - The company declared a cash distribution of $0.830 per common unit for the third quarter of 2025, to be paid on November 14, 2025[157]. - Fitch Ratings upgraded the issuer credit rating of the company to BBB from BBB- with a stable outlook in February 2025[122]. Operational Challenges - The company experienced a $60 million increase in operating and maintenance expenses for the nine months ended September 30, 2025, primarily due to large-scale maintenance activities at the Liquefaction Project[126]. - The company reported a decline in volumes loaded and recognized as revenues, with a decrease of 3 TBtu for the three months and 36 TBtu for the nine months ended September 30, 2025, compared to the same periods in 2024[127]. - The fair value of derivative instruments significantly impacts the company's results of operations, with notable volatility due to market pricing changes[133]. - The fair value of Liquefaction Supply Derivatives was $(1,178) million as of September 30, 2025, indicating a change in fair value of $292 million from the previous period[160]. Asset Management - Total assets decreased from $3,502 million on December 31, 2024, to $3,369 million on September 30, 2025, representing a decline of approximately 3.8%[146]. - The company experienced a $211 million decrease in operating cash flows primarily due to working capital changes and timing of cash collections from LNG cargo sales[150].

Core Points - Cheniere Energy Partners, L.P. declared a cash distribution of $0.830 per common unit, consisting of a base amount of $0.775 and a variable amount of $0.055, payable on November 14, 2025, to unitholders of record as of November 7, 2025 [1] Distribution Details - The distribution to foreign investors is subject to U.S. withholding tax, as 100% of Cheniere Partners' distributions to foreign investors are attributable to income effectively connected with a U.S. trade or business [2][3] - Nominees are responsible for withholding distributions received on behalf of foreign investors [3] Company Overview - Cheniere Partners owns the Sabine Pass LNG terminal in Louisiana, which has a liquefaction capacity exceeding 30 million tonnes per annum of LNG and includes operational regasification facilities [4] - The company also owns the Creole Trail Pipeline, connecting the Sabine Pass LNG terminal with various interstate and intrastate pipelines [4]

Core Insights - Cheniere Energy Partners, L.P. (NYSE:CQP) is recognized as one of the most profitable oil stocks currently available for investment [1] - The company offers a strong dividend yield of 6.05% and has secured long-term contracts, enhancing its position in the industry [2] - Management aims to generate over $25 billion in available cash by 2030 and achieve an annual run-rate of more than $25 per share in distributable cash flow [3] Company Overview - Cheniere Energy Partners, L.P. is a Texas-based provider of liquefied natural gas (LNG) to integrated energy companies, utilities, and energy trading companies, founded in 2003 [4]

Group 1: Market Sentiment and Analyst Ratings - The article highlights a significant disparity in analyst ratings, with 81% of S&P 500 companies rated as Buy, which is unusually high given current market conditions influenced by AI disruptions [2][3] - Analysts are more inclined to issue Sell ratings, as they allow for potential upgrades, making contrarian strategies appealing for investors [3] Group 2: Company Profiles and Performance - Prospect Capital (PSEC) is a business development company (BDC) with a yield of 18.7%, but it has faced challenges, including three dividend cuts in the past decade, leading to a consensus Sell rating from analysts [4][6] - BlackRock TCP Capital Corp. (TCPC) has a yield of 15.7% and is considered a consensus Sell, but most analysts rate it as Hold, indicating a less negative outlook compared to PSEC [6][8] - Cheniere Energy Partners LP (CQP) has a yield of 6.1% and is investing heavily in expansions, which may lead to increased distributable cash flow in the future despite a recent reduction in variable distributions [9][11] - Innovative Industrial Properties (IIPR), a REIT focused on the cannabis industry, has a yield of 14.4% but faces a challenging regulatory environment, leading to a bearish consensus among analysts [12][15]

Core Insights - Cheniere Energy Partners, L.P. (CQP) reported second-quarter 2025 earnings per unit of 91 cents, missing the Zacks Consensus Estimate of 96 cents and declining from 95 cents in the same quarter last year [1][9] - Total revenues for the quarter reached $2.5 billion, an increase from $1.9 billion year-over-year, and surpassed the Zacks Consensus Estimate of $2.4 billion [1][9] Financial Performance - The decline in quarterly earnings was attributed to lower LNG volumes loaded and increased total operating costs and expenses [2] - CQP sent 98 cargos in the second quarter, a 5% decrease from 103 cargos in the previous year, and the total LNG volume was 351 trillion British thermal units (TBtu), down from 372 TBtu year-over-year [3] - Adjusted EBITDA for the quarter was $726 million, a 13% decrease from $832 million in the prior year, primarily due to planned maintenance activities leading to higher operating expenses and lower recognized volumes [4] - The cost of sales for the quarter was $1.2 billion, up from $661 million in the same period last year, while total operating costs and expenses rose to $1.74 billion from $1.13 billion year-over-year [5] Balance Sheet - As of June 30, 2025, CQP had $108 million in cash and cash equivalents and a net long-term debt of $14.2 billion [6] Outlook - The company maintained its 2025 full-year distribution guidance, expecting to distribute between $3.25 and $3.35 per common unit, with a base distribution of $3.10 [7] Market Position - CQP currently holds a Zacks Rank 3 (Hold), while other energy sector stocks like Antero Midstream Corporation, Delek Logistics Partners, LP, and Enbridge Inc. have better rankings [8]

Financial Performance - Cheniere's Net Income increased to $1626 million in 2Q 2025, compared to $880 million in 2Q 2024[12] - Consolidated Adjusted EBITDA increased to $1416 million in 2Q 2025, compared to $1322 million in 2Q 2024[12] - Distributable Cash Flow increased to approximately $920 million in 2Q 2025, compared to approximately $700 million in 2Q 2024[12] - Approximately $13 billion was deployed in 2Q 2025, including ~$306 million for repurchasing ~14 million shares[16] Guidance and Outlook - The company is raising and tightening its full-year 2025 Consolidated Adjusted EBITDA guidance to $66 billion - $70 billion, from a prior range of $65 billion - $70 billion[13] - The company is raising and tightening its full-year 2025 Distributable Cash Flow guidance to $44 billion - $48 billion, from a prior range of $41 billion - $46 billion[13] - Cheniere expects to have >$25 billion of available cash through 2030, aiming to reach >$25/share of run-rate Distributable Cash Flow[16] Operational Highlights - Cheniere loaded 550 TBtu of LNG and exported 154 cargoes in 2Q 2025[16] - CCL Stage 3 Train 2 achieved Substantial Completion in August[16] - CCL Stage 3 total project completion was 867% as of June 30, 2025[21] Commercial Progress - Cheniere signed a commercial agreement for ~10 MTPA FOB from 2029 through 2050[14] - Cheniere signed a commercial agreement for ~085 MTPA IPM for 15 years beginning in ~2030[15]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Cheniere Partners' Q2 2025 financial performance, distribution guidance, and key operational developments [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Cheniere Partners reported Q2 2025 revenues of $2.5 billion, net income of $553 million, and Adjusted EBITDA of $0.7 billion, with decreases primarily due to planned maintenance activities | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | % Change | | :----- | :----------------- | :----------------- | :------- | | Revenues | $2,455 | $1,894 | 30% | | Net income | $553 | $570 | (3)% | | Adjusted EBITDA | $726 | $832 | (13)% | | LNG Exported (Cargoes) | 98 | 103 | (5)% | | LNG Exported (TBtu) | 352 | 373 | (6)% | - Decreases in **net income** and **Adjusted EBITDA** were primarily attributable to planned maintenance activities during **Q2 2025**, resulting in **higher operating expenses** and **lower volumes** recognized in income, partially offset by **higher gross margins per MMBtu** of LNG delivered[6](index=6&type=chunk) [2025 Distribution Guidance and Declaration](index=1&type=section&id=2025%20Distribution%20Guidance%20and%20Declaration) The company reconfirmed its full-year 2025 distribution guidance of $3.25 - $3.35 per common unit and declared a Q2 2025 cash distribution of $0.820 per common unit | Metric | Value | | :----- | :---- | | Full Year 2025 Distribution Guidance per Unit | $3.25 - $3.35 | | Base Distribution per Common Unit (Annualized) | $3.10 | | Q2 2025 Cash Distribution per Common Unit | $0.820 | | Q2 2025 Base Amount per Common Unit | $0.775 | | Q2 2025 Variable Amount per Common Unit | $0.045 | [Key Operational and Strategic Developments](index=1&type=section&id=Key%20Operational%20and%20Strategic%20Developments) Cheniere Partners updated its SPL Expansion Project application to reflect a two-phased project and achieved a significant milestone by loading its 3,000th LNG cargo - Updated the SPL Expansion Project's FERC application in **June 2025** to reflect a **two-phased project**, inclusive of **three liquefaction trains** and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately **20 million tonnes per annum (mtpa)** of LNG[5](index=5&type=chunk)[10](index=10&type=chunk) - Produced and loaded its **3,000th LNG cargo** in **July 2025** since commencing export operations at the Sabine Pass LNG terminal in **February 2016**[5](index=5&type=chunk)[9](index=9&type=chunk) [Financial Performance Review](index=1&type=section&id=Financial%20Performance%20Review) This section details Cheniere Partners' financial results, including statements of operations, balance sheets, and reconciliation of non-GAAP measures [Summary of Financial Results](index=1&type=section&id=Summary%20of%20Financial%20Results) For the three and six months ended June 30, 2025, Cheniere Partners experienced significant revenue growth but a slight decline in net income and Adjusted EBITDA compared to the prior year, primarily due to maintenance activities | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change | | :----- | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Revenues | $2,455 million | $1,894 million | 30% | $5,444 million | $4,189 million | 30% | | Net income | $553 million | $570 million | (3)% | $1,194 million | $1,252 million | (5)% | | Adjusted EBITDA | $726 million | $832 million | (13)% | $1,764 million | $1,832 million | (4)% | | LNG Exported (Cargoes) | 98 | 103 | (5)% | 210 | 217 | (3)% | | LNG Exported (TBtu) | 352 | 373 | (6)% | 758 | 791 | (4)% | - The decrease in **net income** and **Adjusted EBITDA** was primarily due to planned maintenance activities in **Q2 2025**, leading to **higher operating expenses** and **lower recognized volumes**, partially offset by **improved gross margins per MMBtu**[6](index=6&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations show a substantial increase in total revenues for both the three and six months ended June 30, 2025, driven by LNG revenues, while net income saw a slight decrease due to higher operating costs, particularly cost of sales and operating and maintenance expense | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total Revenues | $2,455 | $1,894 | $5,444 | $4,189 | | Cost of sales | $1,196 | $661 | $2,899 | $1,625 | | Operating & maintenance expense | $289 | $210 | $492 | $410 | | Total operating costs and expenses | $1,740 | $1,128 | $3,903 | $2,548 | | Income from operations | $715 | $766 | $1,541 | $1,641 | | Net income | $553 | $570 | $1,194 | $1,252 | | Basic and diluted net income per common unit | $0.91 | $0.95 | $1.99 | $2.13 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Cheniere Partners reported total assets of $16.93 billion and total liabilities of $17.27 billion, with a total partners' deficit of $(340) million, with current assets and liabilities both decreasing compared to December 31, 2024 | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :------------------- | :------------ | :---------------- | | Total current assets | $1,017 | $1,325 | | Property, plant and equipment, net | $15,540 | $15,760 | | Total assets | $16,930 | $17,453 | | Total current liabilities | $1,655 | $1,712 | | Long-term debt, net | $14,213 | $14,761 | | Total liabilities | $17,270 | $17,962 | | Total partners' deficit | $(340) | $(509) | [Reconciliation of Non-GAAP Measures (Adjusted EBITDA)](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Adjusted EBITDA, a non-GAAP measure, was $726 million for Q2 2025, down from $832 million in Q2 2024, with reconciliation showing adjustments from net income, primarily for interest expense, depreciation and amortization, and changes in fair value of commodity derivatives | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income | $553 | $570 | $1,194 | $1,252 | | Interest expense, net | $188 | $202 | $378 | $404 | | Depreciation and amortization expense | $171 | $170 | $342 | $338 | | Gain from changes in fair value of commodity derivatives, net | $(160) | $(104) | $(119) | $(147) | | **Adjusted EBITDA** | **$726** | **$832** | **$1,764** | **$1,832** | - **Adjusted EBITDA** is commonly used to assess financial performance without regard to financing methods, capital structures, or historical cost basis, and is adjusted for certain non-cash items and non-operating income or expense items[25](index=25&type=chunk)[26](index=26&type=chunk) [Capital Resources and Debt Management](index=2&type=section&id=Capital%20Resources%20and%20Debt%20Management) This section outlines Cheniere Partners' liquidity position and recent debt optimization activities [Capital Resources and Debt Management Summary](index=2&type=section&id=Capital%20Resources%20and%20Debt%20Management%20Summary) As of June 30, 2025, Cheniere Partners had total available liquidity of $1.929 billion, including cash and available credit facilities, and completed key financial transactions in July 2025 to optimize its debt structure | Metric (in millions) | June 30, 2025 | | :------------------- | :------------ | | Cash and cash equivalents | $108 | | Restricted cash and cash equivalents | $36 | | Available commitments under credit facilities | $1,785 | | **Total available liquidity** | **$1,929** | - In **July 2025**, Cheniere Partners issued **$1.0 billion** of **5.550% Senior Notes due 2035**, using the net proceeds and cash on hand to redeem **$1.0 billion** of SPL's **5.875% Senior Secured Notes due 2026**[8](index=8&type=chunk) - During the **six months ended June 30, 2025**, SPL repaid the remaining **$300 million** in principal amount of its **5.625% Senior Secured Notes due 2025** with cash on hand[8](index=8&type=chunk) [Operational Overview and Expansion](index=2&type=section&id=Operational%20Overview%20and%20Expansion) This section details the Sabine Pass LNG terminal's operational capacity and the progress of the SPL Expansion Project [Sabine Pass LNG Terminal Operations](index=2&type=section&id=Sabine%20Pass%20LNG%20Terminal%20Operations) The Sabine Pass LNG terminal has a total production capacity of over 30 mtpa of LNG and has cumulatively produced, loaded, and exported approximately 3,030 LNG cargoes as of August 1, 2025 - Cheniere Partners owns natural gas liquefaction facilities at the Sabine Pass LNG terminal with a total production capacity of over **30 mtpa** of LNG[9](index=9&type=chunk)[14](index=14&type=chunk) - As of **August 1, 2025**, approximately **3,030 cumulative LNG cargoes**, totaling approximately **210 million tonnes of LNG**, have been produced, loaded, and exported from the SPL Project[9](index=9&type=chunk) [SPL Expansion Project Update](index=2&type=section&id=SPL%20Expansion%20Project%20Update) Cheniere Partners is developing the SPL Expansion Project, aiming for an additional peak production capacity of up to approximately 20 mtpa of LNG, with its FERC application updated in June 2025 to reflect a two-phased project - Developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately **20 mtpa** of LNG, inclusive of estimated debottlenecking opportunities[10](index=10&type=chunk) - In **June 2025**, the SPL Expansion Project's FERC application was updated to reflect a **two-phased project**, inclusive of **three liquefaction trains** and supporting infrastructure[5](index=5&type=chunk)[10](index=10&type=chunk) - Received authorization from the Department of Energy (DOE) in **October 2024** to export LNG to **Free-Trade Agreement (FTA)** countries[10](index=10&type=chunk) [Distributions to Unitholders](index=1&type=section&id=Distributions%20to%20Unitholders) This section provides details on Cheniere Partners' Q2 2025 cash distribution and full-year 2025 distribution guidance [Distributions to Unitholders Details](index=1&type=section&id=Distributions%20to%20Unitholders%20Details) Cheniere Partners declared a Q2 2025 cash distribution of $0.820 per common unit and reconfirmed its full-year 2025 distribution guidance of $3.25 - $3.35 per common unit | Metric | Value | | :----- | :---- | | Q2 2025 Cash Distribution per Common Unit | $0.820 | | Q2 2025 Base Amount per Common Unit | $0.775 | | Q2 2025 Variable Amount per Common Unit | $0.045 | | Full Year 2025 Distribution Guidance per Unit | $3.25 - $3.35 | | Full Year 2025 Base Distribution per Common Unit | $3.10 | - The variable amount of the distribution takes into consideration amounts reserved for annual debt repayment, capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves[11](index=11&type=chunk) [Additional Information](index=4&type=section&id=Additional%20Information) This section includes details on the investor conference call, company overview, non-GAAP financial measures, forward-looking statements, and contacts [Investor Conference Call](index=4&type=section&id=INVESTOR%20CONFERENCE%20CALL%20AND%20WEBCAST) Cheniere Energy, Inc. will host a conference call on August 7, 2025, to discuss Q2 2025 financial and operating results, with a listen-only webcast and accompanying slide presentation available on their website - Cheniere Energy, Inc. (NYSE: LNG) will host a conference call to discuss its financial and operating results for the **second quarter 2025** on **Thursday, August 7, 2025**, at **11 a.m. Eastern time / 10 a.m. Central time**[13](index=13&type=chunk) - A listen-only webcast of the call and an accompanying slide presentation may be accessed through **www.cheniere.com**, with an archived recording made available on the website following the call[13](index=13&type=chunk) [About Cheniere Partners](index=4&type=section&id=About%20Cheniere%20Partners) Cheniere Partners owns the Sabine Pass LNG terminal in Louisiana, which includes liquefaction facilities with over 30 mtpa capacity, operational regasification facilities, and the Creole Trail Pipeline - 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[14](index=14&type=chunk) - The Sabine Pass LNG terminal also has operational regasification facilities, including **five LNG storage tanks**, vaporizers, and **three marine berths**, and Cheniere Partners also owns the **Creole Trail Pipeline**[14](index=14&type=chunk) [Use of Non-GAAP Financial Measures (Explanation)](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The report uses Adjusted EBITDA as a non-GAAP financial measure to facilitate comparisons of operating performance. It is presented as a supplement to, not a substitute for, U.S. GAAP measures and is reconciled to net income - **Adjusted EBITDA** is a non-GAAP financial measure used to facilitate comparisons of operating performance across periods, serving as a supplement to and not a substitute for U.S. GAAP measures of performance[16](index=16&type=chunk)[25](index=25&type=chunk) - It is calculated by taking net income before interest expense, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and changes in the fair value of commodity derivatives[26](index=26&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements regarding financial guidance, business strategy, regulatory approvals, and future operations. These statements involve assumptions, risks, and uncertainties, and actual results may differ materially - This press release contains certain statements that may include '**forward-looking statements**' regarding Cheniere Partners' financial and operational guidance, business strategy, plans and objectives, and regulatory expectations[17](index=17&type=chunk) - These **forward-looking statements** involve assumptions, risks, and uncertainties, and actual results could differ materially from those anticipated due to various factors, including those discussed in Cheniere Partners' periodic reports filed with the SEC[17](index=17&type=chunk) [Contacts](index=7&type=section&id=Contacts) Contact information for investor relations and media relations is provided for inquiries regarding Cheniere Partners | Category | Name | Phone | | :------- | :--- | :---- | | Investors | Randy Bhatia | 713-375-5479 | | | Frances Smith | 713-375-5753 | | Media Relations | Randy Bhatia | 713-375-5479 | | | Bernardo Fallas | 713-375-5593 |