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Cheniere Energy Partners (CQP) investor relations material
Cheniere Energy Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved substantial completion of Corpus Christi Stage 3 Train 3 ahead of schedule, with Train 4 also ahead of plan and Trains 5-7 expected to complete in 2026, supporting record LNG production forecasts for 2026.
Operates major LNG liquefaction and export facilities in Louisiana and Texas with over 30 mtpa capacity, a 94-mile pipeline, and over 3,120 LNG cargoes totaling 215 million tonnes exported as of October 2025.
Approximately 90% of anticipated production is contracted under long-term agreements, providing stable cash flows with a weighted average remaining contract life of 14 years.
Maintained operational excellence and reliability despite external challenges, including feed gas variability and supply chain disruptions.
Continued disciplined capital allocation, including significant share repurchases, dividends, and debt reduction.
Financial highlights
Q3 2025 consolidated adjusted EBITDA: ~$1.6 billion; distributable cash flow: ~$1.6 billion; net income: ~$1 billion.
Q3 2025 revenues rose to $2.4 billion (up 17% year-over-year); nine-month revenues reached $7.85 billion; Q3 net income was $506 million (down 20% year-over-year); nine-month net income was $1.7 billion.
Produced and exported 163 LNG cargoes in Q3, including the 3,000th cargo from Sabine Pass.
Year-to-date (nine months) adjusted EBITDA: ~$4.9B; DCF: ~$3.8B.
Basic and diluted net income per common unit was $0.80 for Q3 2025 and $2.79 for the nine months.
Outlook and guidance
2025 guidance reconfirmed for EBITDA and raised for DCF; 2026 production forecast at 51–53 million tons, up ~5 million tons year-over-year.
SPL Expansion Project targeting up to 20 mtpa is in regulatory and commercialization phases, with FID targeted for 2026/2027.
Expect 2026 to be a record year for LNG production, with over 90% of volumes contracted.
2026 spot market exposure forecast at 3–5 million tons, with 1.5–3.5 million tons currently unsold.
Long-term contracts and disciplined growth strategy expected to support stable cash flows and future expansion.
Progress on SPL Expansion FID conditions
Outlook for derivative fair value impact
Debt reduction impact on capital allocation
Feed gas quality: long-term solutions?
Share repurchase pace and strategy going forward
Future growth: Cheniere's FID discipline?
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Next Cheniere Energy Partners earnings date
Q4 202520 Feb, 2026
Next Cheniere Energy Partners earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Cheniere Energy Partners, L.P. (CQP) is a publicly traded Delaware limited partnership formed by Cheniere Energy, Inc., specializing in providing liquefied natural gas (LNG) to a global clientele that includes integrated energy companies, utilities, and energy trading companies. The company's primary operations involve the ownership and operation of the Sabine Pass LNG terminal in Cameron Parish, Louisiana. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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