Cheniere Energy Partners (CQP) Q2 2026 earnings summary

Executive summary

• The EPC contract for Sabine Pass LNG Stage 5 was executed between Sabine Pass Liquefaction Stage V, LLC and Bechtel Energy Inc. on May 22, 2026, for a lump sum of $4.686 billion, covering engineering, procurement, construction, commissioning, and start-up of Train 7 and a boil-off gas re-liquefaction unit (BOGR).

• Reported Q2 2026 revenues of $2.6 billion and net income of $1.2 billion; six-month revenues reached $6.2 billion with net income of $1.3 billion.

• Adjusted EBITDA was $1.0 billion for Q2 and $2.2 billion for the first half of 2026.

• Signed EPC contract with Bechtel for the first phase of the SPL Expansion Project, with early engineering and procurement underway.

• The project scope includes all design, procurement, construction, pre-commissioning, commissioning, start-up, testing, and turnover activities, with detailed requirements for documentation, quality, safety, and environmental compliance.

Contract price and payments

• The contract price is separated into Train 7 and BOGR subprojects, each with distinct equipment and labor components, and includes provisional sums for specific items.

• Payment is structured through mobilization, milestone, and monthly payments, with detailed invoicing and lien waiver requirements.

• Adjustments to the contract price are allowed only via formal change orders, including for commodity price fluctuations, high value order true-ups, and provisional sums.

Schedule and completion

• Substantial completion for Train 7 and BOGR is guaranteed within a specified number of days after LNTP No. 1, with final completion required within a set period after the last subproject achieves substantial completion.

• The contract includes provisions for limited notices to proceed (LNTPs) and a full notice to proceed (NTP), with detailed conditions for issuance and schedule adjustments for delays.