The distribution guidance tightening to the upper half of the prior range signals management confidence in cash flow generation, while the QatarEnergy SPA and FERC EIS progress de-risk the SPL Expansion Project. Monitor for positive FID on Train 7, which would trigger the term loan and EPC contract, and for DOE export authorization.
Price Chart
Executive Summary
Cheniere Energy Partners reported Q3 2026 revenue of $2.574B (up 7% YoY) and GAAP net income of $0.639B (up 26% YoY), with Adjusted EBITDA of $0.954B (up 8% YoY). The company tightened full-year 2026 distribution guidance to $3.30-$3.40 per unit from $3.10-$3.40, declared a Q3 distribution of $0.890/unit (base $0.775 + variable $0.115), and announced a long-term LNG SPA with QatarEnergy and progress on the SPL Expansion Project (FERC final EIS issued, term loan commitments obtained).
Key Financial Metrics
Key Facts
- Q3 2026 total revenue $2.574B, up 7% YoY from $2.404B
- Q3 2026 net income $639M, up 26% YoY from $506M
- Q3 2026 Adjusted EBITDA $954M, up 8% YoY from $885M
- Q3 2026 GAAP diluted EPS $1.01 vs $0.80 YoY
- Full-year 2026 distribution guidance tightened to $3.30-$3.40/unit from $3.10-$3.40, base unchanged at $3.10
- Q3 2026 distribution declared at $0.890/unit ($0.775 base + $0.115 variable), payable Nov 13, 2026
- SPL entered into long-term LNG SPA with QatarEnergy for up to 2 mtpa (1 mtpa subject to FID), beginning early 2030s through 2054
- FERC issued final EIS for SPL Expansion Project in September 2026
- Term loan commitments obtained to finance ~50% of first phase construction costs, subject to FID
- Total available liquidity $2.477B as of Sep 30, 2026
- LNG volumes loaded and recognized: 378 TBtu in Q3 2026 (up 1% YoY), 1,187 TBtu YTD (up 5% YoY)
Financial Impact
Q3 revenue $2.574B, net income $639M, Adjusted EBITDA $954M; distribution guidance tightened to $3.30-$3.40/unit; $31.8B market cap
Risk Factors
- SPL Expansion Project FID subject to regulatory approvals (FERC, DOE) and commercial/financing conditions
- LNG volumes growth modest at 1% YoY in Q3; derivative fair value losses could impact reported net income
- Long-term debt of $14.283B remains elevated; interest expense $182M in Q3
- General partner interest deficit of $3.042B reduces total partners equity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001383650-26-000040 |
| Document: cqp-20261029.htm | 0001383650-26-000040 |
| Document: 0001383650-26-000040-index-headers.html | 0001383650-26-000040 |
| Document: 0001383650-26-000040-index.html | 0001383650-26-000040 |
| Document: 0001383650-26-000040.txt | 0001383650-26-000040 |
| 8-K Data (Synthetic) | 0001383650-26-000040 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $66.83 | awaiting T+60 | awaiting T+60 | $66.61 (−0.33%) |
Oct 23, 2026 9d ago | 8-K | $66.15 | awaiting T+60 | awaiting T+60 | $66.61 (+0.70%) |
Aug 6, 2026 12w ago | 8-K | $66.04 $66.61 | ▲ +0.86% | ▲ +2.53% | $66.61 (+0.86%) |
Jul 16, 2026 15w ago | 3 | $62.38 $63.64 | ▲ +2.02% | ▼ −2.66% | $66.61 (+6.78%) |
Jun 9, 2026 20w ago | 8-K | $66.14 $68.41 | ▲ +3.43% | ▼ −3.15% | $66.61 (+0.71%) |
May 28, 2026 22w ago | 8-K | $60.87 $68.38 | ▲ +12.34% | ▲ +10.60% | $66.61 (+9.43%) |
May 27, 2026 22w ago | 8-K | $60.62 $68.67 | ▲ +13.28% | ▲ +11.40% | $66.61 (+9.88%) |
May 7, 2026 25w ago | 8-K | $62.40 $67.00 | ▲ +7.37% | ▲ +3.54% | $66.61 (+6.75%) |
Apr 6, 2026 29w ago | 8-K | $64.29 $60.66 | ▼ −5.64% | ▼ −19.11% | $66.61 (+3.61%) |
Feb 26, 2026 35w ago | 8-K | $59.99 $64.71 | ▲ +7.87% | ▲ +0.12% | $66.61 (+11.03%) |
US Market Status
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