Cheniere Energy Partners, L.P.

Roughly 90% of Sabine Pass capacity is covered by take-or-pay agreements with investment-grade counterparties through the mid-2030s, locking in the fixed liquefaction fee component. Adjusted EBITDA held at $3.6-3.7 billion in both FY2024 and FY2025 despite large swings in reported revenues driven by Henry Hub commodity price passthrough.

CQP is effectively a single-product, single-asset company: all revenues flow from liquefied natural gas operations at the Sabine Pass terminal in Cameron Parish, Louisiana. There are no secondary business lines or product segments to buffer against disruptions to LNG volumes or to the terminal itself.

All of CQP's operating infrastructure is concentrated at a single site in Cameron Parish, Louisiana, with no other terminal, pipeline, or processing asset outside that footprint. LNG cargoes are delivered to customers globally, but revenue, asset risk, and regulatory exposure are entirely US-domiciled.

Sabine Pass benefits from operating leverage within its six existing trains, as incremental LNG volumes carry minimal marginal cost once infrastructure is in place. Each new train requires several billion dollars of capital investment, and the SPL Expansion Project (up to 20 mtpa additional capacity) underscores how capex-intensive any volume growth remains.

Sabine Pass SPAs are long-term take-or-pay contracts under which counterparties pay whether or not cargoes are lifted, making the fixed liquefaction fee non-discretionary and genuinely mission-critical. Customers include major integrated energy companies and national oil companies, providing investment-grade credit quality that reinforces the durability of the contracted income.