Cheniere Energy Partners, L.P.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 7. Results of Operations
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions, except per unit data) | 2025 | 2024 | Variance |
| Revenues | |||
| LNG revenues | $8,200 | $6,550 | $1,650 |
| LNG revenues—affiliate | 2,358 | 1,954 | 404 |
| Regasification revenues | 136 | 135 | 1 |
| Other revenues | 64 | 65 | (1) |
| Total revenues | 10,758 | 8,704 | 2,054 |
| Operating costs and expenses | |||
| Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below) | 5,145 | 3,570 | 1,575 |
| Cost of sales—affiliate | — | 4 | (4) |
| Operating and maintenance expense | 904 | 824 | 80 |
| Operating and maintenance expense—affiliate | 177 | 172 | 5 |
| Operating and maintenance expense—related party | 28 | 58 | (30) |
| General and administrative expense | 12 | 10 | 2 |
| General and administrative expense—affiliate | 93 | 90 | 3 |
| Depreciation and amortization expense | 688 | 680 | 8 |
| Other operating costs and expenses | 4 | 14 | (10) |
| Other operating costs and expenses—affiliate | 1 | 2 | (1) |
| Total operating costs and expenses | 7,052 | 5,424 | 1,628 |
| Income from operations | 3,706 | 3,280 | 426 |
| Other income (expense) | |||
| Interest expense, net of capitalized interest | (753) | (800) | 47 |
| Loss on modification or extinguishment of debt | (8) | (3) | (5) |
| Interest and dividend income | 18 | 33 | (15) |
| Other income—affiliate | 24 | — | 24 |
| Total other expense | (719) | (770) | 51 |
| Net income | $2,987 | $2,510 | $477 |
| Basic and diluted net income per common unit | $5.17 | $4.25 | $0.92 |
Volumes loaded and recognized from the Liquefaction Project
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | Variance | |
| Volumes loaded and recognized as revenues (in TBtu) | 1,546 | 1,567 | (21) |
2025 vs. 2024
Net income increased by $477 million during the year ended December 31, 2025 as compared to the same period of 2024 primarily due to $344 million of favorable changes in the fair value of agreements accounted for as derivative instruments and a $199 million increase in revenues, net of cost of natural gas feedstock, from increased Henry Hub pricing. These increases were partially offset by a $63 million decrease in revenues, net of natural gas feedstock, from decreased volume of LNG loaded and recognized between the years. The following is an expanded discussion of the significant drivers of the variance in net income by line item.
Total revenues
The $2.1 billion increase in total revenues during the year ended December 31, 2025 as compared to the same period of 2024 was primarily due to:
$2.1 billion increase from higher pricing per MMBtu as a result of increased Henry Hub pricing; partially offset by
$140 million decrease from lower production volume primarily due to the planned large-scale maintenance activities on two trains at the Liquefaction Project.
Total operating costs and expenses
The $1.6 billion increase in total operating costs and expenses during the year ended December 31, 2025 as compared to the same period of 2024 was primarily attributable to:
$1.9 billion increase in the cost of natural gas feedstock largely due to the increase in U.S. natural gas prices; and
$55 million increase in operating and maintenance expense (including affiliate and related party), mainly as a result of the planned large-scale maintenance activities on two trains at the Liquefaction Project; partially offset by
$344 million of gains from changes in fair value of agreements accounted for as derivative instruments included in cost of sales, largely due to favorable changes on our IPM agreements from the narrowing of global and U.S. domestic natural gas spreads and the effect of relative change in volatilities of applicable global and U.S. domestic natural gas prices, partially offset by changes in market-based locational forward price differentials for North American natural gas deliveries.
Total other expense
The $51 million favorable variance in total other expense during the year ended December 31, 2025 as compared to the same period of 2024 was primarily attributable to:
$47 million decrease in interest expense, net of capitalized interest, substantially all due to a decrease in gross interest cost because of a decrease in total indebtedness as debt continued to be paid down as part of Cheniere’s long-term capital allocation plan — see Note 10—Debt for our outstanding debt balances as of December 31, 2025 and 2024.
Significant factors affecting our results of operations
Below are significant factors that affect our results of operations.
Gains and losses on derivative instruments
Derivative instruments, which we use to manage certain risks, are reported at fair value in our Consolidated Financial Statements, unless they satisfy criteria for, and we elect, the normal purchases and normal sales exception which applies the accrual method of accounting, as described in Note 3—Summary of Significant Accounting Policies of our Notes to Consolidated Financial Statements. For commodity derivative instruments, including those related to our IPM agreements, the underlying LNG sales being economically hedged are accounted for under the accrual method of accounting, whereby revenues expected to be derived from the future LNG sales are recognized only upon delivery or realization of the underlying transaction. Notwithstanding the operational intent to mitigate risk exposure over time, the recognition of derivative instruments at fair value has the effect of recognizing gains or losses relating to future period exposure, and given the significant volumes, long-term duration and volatility in price basis for certain of our derivative contracts, the use of derivative instruments may result in continued volatility of our results of operations based on changes in market pricing, counterparty credit risk and other relevant factors that may be outside of our control. For example, as described in Note 7—Derivative Instruments of our Notes to Consolidated Financial Statements, the fair value of the Liquefaction Supply Derivatives incorporates, as applicable, market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, which may require future development of infrastructure, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.
Additionally, see Items 1. and 2. Business and Properties for discussion of our business seasonality.
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