Company Overview

Cheniere Energy Partners, L.P. (NYSE: CQP) is a publicly traded Delaware limited partnership formed by Cheniere Energy, Inc. The company stands as a leading player in the United States liquefied natural gas (LNG) infrastructure sector, specializing in the production and export of LNG to global markets.

Cheniere Partners provides liquefied natural gas (LNG) to integrated energy companies, utilities, and energy trading companies in the United States and internationally, positioning itself as a crucial link in the global energy supply chain. Cheniere Energy Partners, L.P. was founded in 2003 and is headquartered in Houston, Texas.

Key Infrastructure Assets

Sabine Pass LNG Terminal

The cornerstone of Cheniere Partners' operations is the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities consisting of six liquefaction Trains, with a total production capacity of approximately 30 mtpa of LNG. This facility represents one of the largest LNG export terminals in the United States.

The terminal features comprehensive infrastructure including operational regasification facilities that include five LNG storage tanks, vaporizers, and three marine berths. This integrated setup allows the company to handle both liquefaction for export and regasification operations efficiently.

Pipeline Infrastructure

Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines. This pipeline infrastructure ensures reliable natural gas supply to the liquefaction facilities and provides operational flexibility.

Financial Performance

Full Year 2024 Results

During the twelve months ended December 31, 2024, Cheniere Partners generated revenues of $8.7 billion, net income of $2.5 billion, and Adjusted EBITDA of $3.6 billion. These results demonstrate the company's strong operational performance and cash generation capabilities.

Quarterly Performance Trends

- Q4 2024: Revenues of $2.5 billion, net income of $623 million, and Adjusted EBITDA of $890 million

- Q3 2024: Revenues of $2.1 billion, net income of $635 million, and Adjusted EBITDA of $852 million

- Q1 2024: Revenues of $2.3 billion, net income of $682 million, and Adjusted EBITDA of $1.0 billion

Distribution Policy

Cheniere Partners maintains an attractive distribution policy for unitholders. For full year 2024, Cheniere Partners paid total cash distributions of $3.25 per common unit, comprised of a base amount equal to $3.10 and a variable amount equal to $0.15.

The company's distribution structure includes both base and variable components. With respect to the fourth quarter of 2024, Cheniere Partners declared a cash distribution of $0.820 per common unit, comprised of a base amount equal to $0.775 and a variable amount equal to $0.045. The Cheniere Energy Partners dividend yield is 5.77%.

Market Position and Valuation

As of September 19, 2025, Cheniere Energy Partners market cap is $25.74 billion. The company has a PE Ratio (TTM) of 13.25 and EPS (TTM) of 4.15. The stock trades with a Beta (5Y Monthly) of 0.40, indicating relatively low volatility compared to the broader market.

Expansion Projects

Sabine Pass Expansion

Through Cheniere Partners, the company is developing an expansion adjacent to the SPL Project with an expected total production capacity of up to approximately 20 mtpa of LNG (the "SPL Expansion Project"), inclusive of estimated debottlenecking opportunities.

In February 2024, certain subsidiaries of Cheniere Partners submitted an application to the Federal Energy Regulatory Commission ("FERC") for authorization to site, construct and operate the SPL Expansion Project. In October 2024, the company received authorization from the DOE to export LNG to FTA countries.

Ownership Structure

Cheniere Energy, Inc.'s ownership interest in Cheniere Energy Partners, L.P. as of December 31, 2024 consisted of 100% ownership of the general partner and a 48.6% limited partner interest. This structure allows public investors to participate in the cash flows generated by the Sabine Pass operations while Cheniere Energy maintains operational control.

Investment Highlights

- Leading LNG Infrastructure: Operates one of the largest LNG export terminals in the U.S. with 30 mtpa capacity

- Stable Cash Generation: Consistent revenue and cash flow generation from long-term contracts

- Attractive Distribution Yield: Offers competitive distribution yield with both base and variable components

- Growth Potential: Expansion projects provide opportunity for capacity growth and increased cash flows

- Strategic Location: Sabine Pass terminal's location provides access to abundant U.S. natural gas resources and global shipping routes

Cheniere Energy Partners represents a compelling investment opportunity in the growing global LNG market, combining stable cash flows from existing operations with growth potential from expansion projects.