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Cheniere Energy Partners LP

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 22, 2024

CQP$58.70+2.3%Stored close · as of Nov 9, 2026

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Contents

Overview of Significant Events

Our significant events since January 1, 2023 and through the filing date of this Form 10-K include the following:

Strategic

In November 2023, Cheniere announced that SPL Stage V entered into an IPM agreement with ARC Resources U.S. Corp., a subsidiary of ARC Resources Ltd., to purchase 140,000 MMBtu per day of natural gas at a price based on the Dutch Title Transfer Facility (“TTF”) less a fixed regasification fee, fixed LNG shipping costs and a fixed liquefaction fee, for a term of approximately 15 years commencing with commercial operations of the first train of the SPL Expansion Project. This agreement is subject to Cheniere making a positive FID on the first train of the SPL Expansion Project or us unilaterally waiving that requirement.

In May 2023, certain of our subsidiaries entered the pre-filing review process with the FERC under the NEPA for the SPL Expansion Project, and in April 2023, one of our subsidiaries executed a contract with Bechtel Energy Inc. to provide the front end engineering and design work on the project.

On January 2, 2023, Corey Grindal, formerly Executive Vice President, Worldwide Trading, was promoted to Executive Vice President and Chief Operating Officer of Cheniere Partners GP.

Operational

As of February 16, 2024, approximately 2,410 cumulative LNG cargoes totaling approximately 165 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.

Financial

We closed the following debt transactions:

In September and November 2023, SPL redeemed an aggregate of $100 million of its 5.750% Senior Secured Notes due 2024 (the“2024 SPL Senior Notes”).

In June 2023, we issued $1.4 billion aggregate principal amount of 5.950% Senior Notes due 2033 (the“2033 CQP Senior Notes”). Using contributed proceeds from the 2033 CQP Senior Notes together with cash on hand, SPL redeemed $1.4 billion of its 2024 SPL Senior Notes in July 2023.

In June 2023, we entered into a $1.0 billion Senior Unsecured Revolving Credit and Guaranty Agreement (the“CQP Revolving Credit Facility”), and SPL entered into a $1.0 billion Senior Secured Revolving Credit and Guaranty Agreement (the“SPL Revolving Credit Facility”). The CQP Revolving Credit Facility and SPL Revolving Credit Facility each refinanced and replaced the respective existing credit facilities to, among other things, (1) extend the maturity date thereunder, (2) reduce the rate of interest and commitment fees applicable thereunder and (3) make certain other changes to the terms and conditions of the prior credit facilities.

In August 2023, Fitch Ratings (“Fitch”) upgraded SPL’s senior secured debt and issuer credit ratings from BBB to BBB+ with a stable outlook.

In February 2023, S&P Global Ratings (“S&P”) upgraded its issuer credit rating of SPL from BBB to BBB+ with a stable outlook.

We declared aggregate distributions of $4.12 per common unit for the year ended December 31, 2023. On January 26, 2024, with respect to the fourth quarter of 2023, we declared a cash distribution of $1.035 per common unit to unitholders of record as of February 7, 2024 and the related general partner distribution that was paid on February 14, 2024. These distributions consist of a base amount of $0.775 per unit and a variable amount of $0.260 per unit.

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