Latest analysis
Updated Oct 29, 2026
Cheniere raises FY2026 EBITDA guidance midpoint by $2B to $8.75B-$9.25B, signs 5 mtpa in new long-term SPAs including QatarEnergy, and targets FID on Sabine Pass expansion within months.
Cheniere's Q3 2026 results reflect the convergence of record operational throughput, structurally elevated LNG margins, and accelerating commercial momentum: consolidated adjusted EBITDA of approximately $1.9 billion for the quarter, driven by a 17% volume increase year-over-year and TTF/JKM spot prices averaging over $21-22/MMBtu. The company executed approximately 5 million tons of new long-term SPAs in the quarter — including a landmark agreement with QatarEnergy for up to 4 million tons through 2054 — providing commercial underpinning for both the Sabine Pass Phase 1 and Corpus Christi Phase 1 expansion projects. With a $3.25 billion term loan commitment secured for the Sabine Pass expansion, FERC's final EIS issued, and FID expected within months, Cheniere is converting sustained market tightness into contracted cash flows extending into the second half of this century.
Tone: bullishRevenue
$10.8B
LNG 10-K · FY 2025
Revenue FY2024
$8.7B
Headquarters
Houston, TX
Profile
LNG 10-K Item 1 · Feb 26, 2026Cheniere Energy Partners, L.P. is a Delaware limited partnership formed by Cheniere Energy to own and operate the Sabine Pass LNG terminal in Cameron Parish, Louisiana. The partnership produces, liquefies, and exports LNG to integrated energy companies, utilities, and energy trading companies globally. Its business is anchored by long-term sale and purchase agreements that generate stable, contracted cash flows.
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We are a limited partnership formed by Cheniere to provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We own the natural gas liquefaction and export facility in Cameron Parish, Louisiana at Sabine Pass. Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows. We believe that continued global demand for natural gas and LNG, as further described in Market Factors and Competition in Items 1. and 2. Business and Properties, as well as the current geopolitical environment that has intensified the demand for supply security, should enable us to enter into long-term agreements and provide a foundation for additional growth in our business in the future. In June 2025, certain of our subsidiaries updated the SPL Expansion Project's FERC application, originally filed in February 2024, 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 mtpa of LNG, inclusive of estimated debottlenecking opportunities. As of February 20, 2026, over 3,270 cumulative LNG cargoes totaling over 225 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.
Primary products
- LNG
- Regasification services
End markets
Geographies
Named customers
five customers individually with revenues greater than 10% of total revenues from contracts with external customers accounted for an aggregate of 76% of total revenues from contracts with external customers for the year ended December 31, 2025
Revenue commentary · FY 2025
Total revenues increased by $2.054 billion in 2025 versus 2024, driven primarily by higher LNG revenues from both third-party customers and affiliates.
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