Cheniere Energy Partners, L.P.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
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Overview of Significant Events
Our significant events since January 1, 2025 and through the filing date of this Form 10-Q include the following:
Strategic
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.
Operational
As of October 24, 2025, over 3,120 cumulative LNG cargoes totaling approximately 215 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.
Financial
We declared distributions of $0.820 and $2.460 per common unit for the three and nine months ended September 30, 2025, respectively. On October 28, 2025, with respect to the third quarter of 2025, we declared a cash distribution of $0.830 per common unit to unitholders of record as of November 7, 2025, and the related general partner distribution, to be paid on November 14, 2025. These distributions consist of a base amount of $0.775 per unit and a variable amount of $0.055 per unit.
In July 2025, we issued and sold $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035, and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of the aggregate principal amount of SPL’s 5.875% Senior Secured Notes due 2026.
In March 2025, SPL repaid the remaining $300 million aggregate principal amount outstanding of its 5.625% Senior Secured Notes due 2025 at maturity.
In February 2025, Fitch Ratings upgraded the issuer credit rating of CQP to BBB from BBB- with a stable outlook. In June 2025, S&P Global Ratings concurrently assigned a BBB rating to the 2035 CQP Senior Notes and upgraded the remaining unsecured CQP notes to BBB from BBB-.
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