CQP · Cheniere Energy Partners, L.P.

Cheniere Energy Partners reported first quarter 2026 results with revenues of $3.6 billion, a 20% increase from $2.989 billion in the prior year quarter, driven by higher LNG revenues of $2.703 billion and affiliate LNG revenues of $846 million. Despite the revenue growth, net income declined 71% to $186 million from $641 million, primarily due to $599 million in unfavorable variances from changes in the fair value of derivative instruments, including $677 million non-cash losses on long-term Integrated Production Marketing (IPM) agreements amid international gas price volatility and rising forward curves. Adjusted EBITDA improved 13% to $1.175 billion, reflecting stronger total margins per MMBtu of LNG delivered, underscoring the stability of the core LNG business. LNG export volumes remained steady at 112 cargoes and approximately 413 TBtu loaded and recognized. The Partnership declared a Q1 distribution of $0.790 per common unit—comprising a $0.775 base ($3.10 annualized) and $0.015 variable—payable May 15, 2026, balancing debt repayment, capex, and reserves. Full year 2026 distribution guidance was reconfirmed at $3.10-$3.40 per unit. Liquidity stood at $2.132 billion as of March 31, 2026, supported by $1.831 billion in credit facility commitments. Recent debt actions included repaying $53 million of 2037 SPL Senior Notes in March and redeeming $200 million of 2026 notes in February, reducing long-term debt to $12.612 billion from $14.161 billion at year-end. The SPL Project continues producing over 30 mtpa LNG capacity, with 3,360 cumulative cargoes exported by May 1, 2026, while the SPL Expansion Project awaits regulatory approvals and FID.