Cheniere Energy Partners, L.P. — Second Quarter 2026 Earnings Summary

Financial Performance

• Generated revenues of $2.6 billion for the three months ended June 30, 2026, a 5% increase year-over-year from $2.455 billion; revenues were $6.2 billion for the six months ended June 30, 2026, a 14% increase from $5.444 billion.
• Reported net income of $1.2 billion for the three months ended June 30, 2026, a 110% increase from $553 million; net income was $1.3 billion for the six months ended June 30, 2026, a 13% increase from $1.194 billion.
• Adjusted EBITDA was $1.0 billion for the three months ended June 30, 2026, a 35% increase from $726 million; Adjusted EBITDA was $2.2 billion for the six months ended June 30, 2026, a 22% increase from $1.764 billion.
• Net income increases were primarily driven by higher total margins per MMBtu of LNG delivered and higher volumes recognized in income.
• The three-month net income increase included approximately $367 million of favorable variances related to changes in the fair value of derivative instruments; the six-month net income reflected $233 million of unfavorable variances related to these changes.
• LNG exported volumes increased 10% to 108 cargoes (396 TBtu) in the second quarter 2026 compared to 98 cargoes (352 TBtu) in 2025; volumes increased 5% to 220 cargoes (808 TBtu) for the six months 2026 compared to 210 cargoes (758 TBtu) in 2025.
• As of June 30, 2026, total assets were $17.679 billion and total liabilities were $16.925 billion.
• Cash and cash equivalents were $443 million as of June 30, 2026, up from $182 million as of December 31, 2025.
• Total available liquidity was $2.337 billion as of June 30, 2026, comprising $443 million in cash, $23 million in restricted cash, and $1.871 billion in available commitments under credit facilities.
• Current debt was $109 million as of June 30, 2026, down from $306 million as of December 31, 2025; long-term debt was $14.335 billion as of June 30, 2026.
• Deferred revenue was $102 million as of June 30, 2026, down from $119 million as of December 31, 2025.

Guidance and Future Outlook

• Reconfirmed full year 2026 distribution guidance of $3.10 to $3.40 per common unit, maintaining a base distribution of $3.10 per common unit.

Business Segments and Product Lines

• The SPL Expansion Project is being developed with an expected total peak production capacity of up to approximately 20 mtpa of LNG.
• In May 2026, Sabine Pass Liquefaction Stage V, LLC entered into a lump sum, turnkey EPC contract with Bechtel Energy, Inc. for the first phase of the SPL Expansion Project.
• Bechtel was released to commence early engineering and procurement under a limited notice to proceed (LNTP) for the first phase, which includes Train 7, a boil-off gas re-liquefaction unit, and supporting infrastructure with an expected capacity of over 6 mtpa.
• The FERC application for authorization to site, construct, and operate the SPL Expansion Project and the DOE application for export authorization to non-free trade agreement countries remain pending.
• As of July 31, 2026, over 3,460 cumulative LNG cargoes totaling approximately 240 million tonnes have been produced, loaded, and exported from the SPL Project.
• Cheniere Partners owns natural gas liquefaction facilities with a total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal.

Market and Competitive Landscape

• No specific market share, competitor names, or broader market trend data was provided in the press release.

Risks and Challenges

• The SPL Expansion Project is subject to receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.
• Forward-looking statements regarding financial guidance, distributions, regulatory approvals, and business strategy involve assumptions, risks, and uncertainties that could cause actual results to differ materially.

Management Commentary and Tone

• Management reconfirmed full year 2026 distribution guidance, indicating confidence in the ability to maintain the base distribution of $3.10 per common unit.
• The declaration of the $0.820 per common unit distribution for the quarter took into consideration amounts reserved for annual debt repayment, capital allocation goals, anticipated capital expenditures, and cash reserves.

Analyst Questions and Answers

• No analyst questions and answers section or transcript content was included in the press release.

Other Key Points

• Declared a cash distribution of $0.820 per common unit for the second quarter 2026, comprised of a base amount of $0.775 and a variable amount of $0.045, payable on August 14, 2026.
• In June 2026, issued $1.0 billion of 5.350% Senior Notes due 2036 and $750 million of 6.050% Senior Notes due 2056.
• Proceeds from the June 2026 note issuance were used to fully redeem $1.5 billion of SPL's 5.00% Senior Secured Notes due 2027 and for general corporate purposes, including funding the LNTP for the SPL Expansion Project.
• Cheniere Energy, Inc. will host a conference call on August 6, 2026, to discuss financial and operating results.