Cheniere Energy Partners, L.P.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 29 October 2026: press release. Guidance figures: 1 raised, 1 kept. The quarter’s numbers.

Key takeaways

Revenue and net income rose: Third quarter revenues were $2,574 million, up 7% from $2,404 million, and net income was $639 million, up 26% from $506 million. Nine-month revenues rose 12% to $8,757 million. Source
Adjusted EBITDA rose 8% in quarter: Adjusted EBITDA was $954 million in the quarter against $885 million, up 8%. For nine months it was $3,112 million against $2,649 million, up 17%. Adjusted EBITDA is a non-GAAP measure. Source
Higher margins on delivered LNG: Net income rose about $133 million in the quarter, mainly from higher total margins on LNG delivered, driven by higher volumes recognized in income and higher margins per MMBtu. Source
Q3 distribution of $0.890 declared: The company declared a $0.890 per common unit distribution for the third quarter, made up of a $0.775 base amount and a $0.115 variable amount, for holders of record on November 3, 2026. Source
FERC final EIS issued in September: The FERC issued the final environmental impact statement for the SPL Expansion Project in September 2026. The FERC siting application and DOE export application remain pending. Source
Term loan covers half of phase one: Commitments were obtained for a term loan for first phase construction costs not expected to be funded with cash. The loan is sized to about 50% of estimated first phase project costs. Source
QatarEnergy SPA for up to 2 mtpa: SPL agreed in October 2026 to supply up to 2 mtpa of LNG to QatarEnergy on a free-on-board basis, starting in the early 2030s. Source

“Tightening full year 2026 distribution guidance to $3.30 - $3.40 per common unit from $3.10 - $3.40 per common unit”
Cheniere Energy Partners, L.P., press release

Guidance

Area	Period	Figure	Against last quarter
Distribution per common unit Source	full year 2026	$3.30 - $3.40	Raised from $3.10 - $3.40
Base distribution per common unit Source	full year 2026	$3.10	Kept

What changed from last quarter

Guidance raised: Full year 2026 distribution guidance was tightened, with the low end raised from $3.10 to $3.30 and the high end kept at $3.40. Source
Guidance kept: The base distribution of $3.10 per common unit is maintained. Source
New: SPL entered a long-term LNG sale and purchase agreement with QatarEnergy for up to 2 mtpa, starting in the early 2030s and running through 2054. Source
New: The company obtained commitments in September 2026 for a term loan to finance first phase construction costs not expected to be funded with cash. Source
New: The FERC issued the final environmental impact statement for the SPL Expansion Project in September 2026. Source
New: Commitments were secured to amend and extend both revolving credit facilities, including a $250 million reallocation to the Cheniere Partners facility. Source

Results and growth drivers

Revenue and net income rose: Third quarter revenues were $2,574 million, up 7% from $2,404 million, and net income was $639 million, up 26% from $506 million. Nine-month revenues rose 12% to $8,757 million. Source
Adjusted EBITDA rose 8% in quarter: Adjusted EBITDA was $954 million in the quarter against $885 million, up 8%. For nine months it was $3,112 million against $2,649 million, up 17%. Adjusted EBITDA is a non-GAAP measure. Source
Higher margins on delivered LNG: Net income rose about $133 million in the quarter, mainly from higher total margins on LNG delivered, driven by higher volumes recognized in income and higher margins per MMBtu. Source
Derivative fair value variances offset gains: Nine-month net income growth was partly offset by about $208 million of unfavorable derivative fair value variances, including impacts tied to long-term IPM agreements. Source

Cargo and volume performance

Cargoes flat, volumes up: Third quarter exports were 104 cargoes, unchanged from 2025, and 377 TBtu, up 1%. Nine-month cargoes were 324, up 3%, and volumes were 1,185 TBtu, up 5%. Source
Recognized volumes slightly above exports: LNG loaded and recognized in income was 378 TBtu in the quarter, against 374 TBtu a year earlier, and 1,187 TBtu for nine months, against 1,130 TBtu. Source
Cumulative cargoes since startup: As of October 23, 2026, about 3,560 cumulative cargoes, totaling over 245 million tonnes, had been produced, loaded and exported from the SPL Project. Source

“The increases were primarily driven by higher total margins on LNG delivered, primarily driven by higher volumes recognized in income as well as higher margins per MMBtu of LNG delivered during the periods.”
Cheniere Energy Partners, L.P., press release

Costs and operating income

Cost of sales near prior year: Quarterly cost of sales was $1,276 million, against $1,278 million a year earlier. Nine-month cost of sales was $4,757 million, up from $4,177 million. Source
Operating and maintenance expense rose: Operating and maintenance expense was $236 million in the quarter, against $191 million. Nine-month operating and maintenance expense was $692 million, against $683 million. Source
Operating income rose: Income from operations was $815 million in the quarter, against $696 million, and $2,516 million for nine months, against $2,237 million. Source
Interest expense eased: Interest expense, net of capitalized interest, was $182 million in the quarter, against $189 million, and $546 million for nine months, against $567 million. Source

Liquidity, debt and equity

Cash and liquidity at quarter end: Cash and cash equivalents were $569 million at September 30, 2026, against $182 million at December 31, 2025. Total available liquidity was $2,477 million. Source
Revolver commitments amended and extended: Commitments were secured to amend and extend both revolving credit facilities, including reallocating $250 million from the SPL facility to the Cheniere Partners facility. Source
Partial repayment of SPL notes: In September 2026, SPL repaid about $54 million of its 2037 Senior Secured Notes, which had a weighted average rate of 4.748% as of June 30, 2026, under fixed amortization schedules. Source
Partners' equity and total assets: Total partners' equity was $879 million at September 30, 2026, up from $754 million at June 30, 2026 and $414 million at December 31, 2025. Total assets were $17,839 million. Source

“Closing and funding are subject to customary conditions, including the issuance of a positive FID with respect to the first phase of the SPL Expansion Project.”
Cheniere Energy Partners, L.P., press release

Distributions to unitholders

Q3 distribution of $0.890 declared: The company declared a $0.890 per common unit distribution for the third quarter, made up of a $0.775 base amount and a $0.115 variable amount, for holders of record on November 3, 2026. Source
Variable amount higher than second quarter: The variable amount was $0.115, against $0.045 declared for the second quarter. The base amount stayed at $0.775.
Variable amount reflects reserves and capex: The variable amount takes into account reserves for annual debt repayment and capital allocation goals, anticipated cash-funded capital expenditures, and cash reserves. Source
484 million common units outstanding: Common units outstanding were 484 million at September 30, 2026, unchanged from December 31, 2025. The general partner holds a 2% interest with 10 million units. Source

SPL Expansion Project and financing

Expansion sized up to 20 mtpa: The SPL Expansion Project is expected to reach up to about 20 mtpa of peak production capacity. The first phase, Train 7, is expected to exceed 6 mtpa. Source
Bechtel EPC contract and early work: The lump sum turnkey EPC contract with Bechtel for the first phase was signed in May 2026. Bechtel was released to begin early engineering and procurement under a limited notice to proceed. Source
FERC final EIS issued in September: The FERC issued the final environmental impact statement for the SPL Expansion Project in September 2026. The FERC siting application and DOE export application remain pending. Source
Positive FID still conditional: A positive final investment decision is subject to regulatory approvals and acceptable commercial and financing arrangements. Source
Term loan covers half of phase one: Commitments were obtained for a term loan for first phase construction costs not expected to be funded with cash. The loan is sized to about 50% of estimated first phase project costs. Source

QatarEnergy supply agreement

QatarEnergy SPA for up to 2 mtpa: SPL agreed in October 2026 to supply up to 2 mtpa of LNG to QatarEnergy on a free-on-board basis, starting in the early 2030s. Source
Qatar volumes run to 2054: The agreement runs through 2054. One mtpa of the volume is subject to, among other things, a positive FID on the first expansion phase. Source

Coming up, as management said on 29 October 2026

Q3 distribution paid November 13: The common unit distribution and the related general partner distribution are scheduled for payment on November 13, 2026. Source
Term loan closing follows FID: Closing and funding of the first phase term loan depend on customary conditions, including a positive FID on the first phase. Source
Revolver amendments secured: Commitments to amend and extend both revolving credit facilities have been secured. No closing date is given in the documents. Source

Risks management discussed

Regulatory: The FERC siting application and the DOE non-free trade agreement export application for the SPL Expansion Project remain pending. Source
Financial: Derivative fair value changes, including those tied to long-term IPM agreements, reduced nine-month net income growth by about $208 million. Source
Financial: Term loan closing and funding depend on customary conditions, including a positive FID on the first phase of the expansion. Source

Earlier plans management reported on

Not stated: Second quarter guidance of $3.10 - $3.40 was reconfirmed; third quarter guidance tightens the range to $3.30 - $3.40.
Not stated: Bechtel was released in May 2026 to begin early engineering and procurement under a limited notice to proceed. The documents give no later status. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

SPEXHIBIT 99.1

CHENIERE ENERGY PARTNERS, L.P. NEWS RELEASE

Cheniere Partners Reports Third Quarter 2026 Results and Tightens Full Year 2026 Distribution Guidance

HOUSTON--(BUSINESS WIRE)-- Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) today announced its financial results for third quarter 2026.

HIGHLIGHTS

During the three and nine months ended September 30, 2026, Cheniere Partners generated revenues of approximately $2.6 billion and $8.8 billion, net income of approximately $0.6 billion and $2.0 billion, and Adjusted EBITDA of approximately $1.0 billion and $3.1 billion, respectively.
With respect to the third quarter of 2026, Cheniere Partners declared a cash distribution of $0.890 per common unit to unitholders of record as of November 3, 2026, comprised of a base amount equal to $0.775 and a variable amount equal to $0.115. The common unit distribution and the related general partner distribution will be paid on November 13, 2026.
Tightening full year 2026 distribution guidance to $3.30 - $3.40 per common unit from $3.10 - $3.40 per common unit, maintaining a base distribution of $3.10 per common unit.
In October 2026, Sabine Pass Liquefaction, LLC (“SPL”) entered into a long-term liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with QatarEnergy to supply up to 2 million tonnes per annum (“mtpa”) of LNG on a free-on-board (“FOB”) basis beginning in the early 2030s through 2054, with 1 mtpa subject to, among other things, a positive Final Investment Decision (“FID”) with respect to the first phase of the SPL Expansion Project (defined below).
In September 2026, the Federal Energy Regulatory Commission (“FERC”) issued the final environmental impact statement (“EIS”) relating to the SPL Expansion Project.
In September 2026, Cheniere Partners and its subsidiaries obtained commitments for a term loan to finance the construction costs of the first phase of the SPL Expansion Project that are not expected to be funded with available cash. The term loan is being sized to finance approximately 50% of the total estimated project costs of the first phase. Closing and funding are subject to customary conditions, including the issuance of a positive FID with respect to the first phase of the SPL Expansion Project.

2026 FULL YEAR DISTRIBUTION GUIDANCE

	2026 Previous		2026 Revised
Distribution per Unit	$3.10	-	$3.40	$3.30	-	$3.40

Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.

SUMMARY AND REVIEW OF FINANCIAL RESULTS

(in millions, except LNG data)	Three Months Ended September 30,					Nine Months Ended September 30,
		2026		2025	% Change		2026		2025	% Change
Revenues	$2,574		$2,404		7%	$8,757		$7,848		12%
Net income	$639		$506		26%	$1,986		$1,700		17%
Adjusted EBITDA	$954		$885		8%	$3,112		$2,649		17%
LNG exported:
Number of cargoes	104		104		- %	324		314		3%
Volumes (TBtu)	377		374		1%	1,185		1,132		5%
LNG volumes loaded and recognized (TBtu)	378		374		1%	1,187		1,130		5%

Net income increased approximately $133 million and $286 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding 2025 periods. The increases were primarily driven by higher total margins on LNG delivered, primarily driven by higher volumes recognized in income as well as higher margins per MMBtu of LNG delivered during the periods. The increase for the nine months ended September 30, 2026 was partially offset by approximately $208 million of unfavorable variances related to changes in the fair value of our derivative instruments, including those impacts related to our long-term Integrated Production Marketing (IPM) agreements.

Adjusted EBITDA increased by approximately $69 million and $463 million during the three and nine months ended September 30, 2026, respectively, due to higher total margins on LNG delivered, primarily driven by higher volumes recognized in income as well as higher margins per MMBtu of LNG delivered during the periods.

During the three and nine months ended September 30, 2026, we recognized in income 378 and 1,187 TBtu, respectively, of LNG loaded from the SPL Project (defined below).

Capital Resources

The table below provides a summary of our available liquidity (in millions) as of September 30, 2026:

	September 30, 2026
Cash and cash equivalents	$569
Restricted cash and cash equivalents	35
Available commitments under our credit facilities:
SPL Revolving Credit Facility	873
Cheniere Partners Revolving Credit Facility	1,000
Total available commitments under our credit facilities	1,873
Total available liquidity	$2,477

Available commitments represent total commitments less loans outstanding and letters of credit issued under each of our credit facilities as of September 30, 2026.

Recent Key Financial Transactions and Updates

In September 2026, SPL repaid approximately $54 million aggregate principal amount outstanding of its Senior Secured Notes due 2037 with weighted average rate of 4.748% as of June 30, 2026 (the “2037 SPL Senior Notes”) based on the fixed amortization schedules.

In September 2026, Cheniere Partners and its subsidiaries obtained commitments for a term loan to finance the construction costs of the first phase of the SPL Expansion Project that are not expected to be funded with available cash. Closing and funding are subject to customary conditions, including the issuance of a positive FID with respect to the first phase of the SPL Expansion Project. Additionally, we have secured commitments to amend and extend the maturities of the SPL Revolving Credit Facility and the Cheniere Partners Revolving Credit Facility, including the reallocation of $250 million in commitments from the SPL Revolving Credit Facility to the Cheniere Partners Revolving Credit Facility.

SABINE PASS OVERVIEW

We own natural gas liquefaction facilities with total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”), inclusive of six liquefaction trains.

As of October 23, 2026, approximately 3,560 cumulative LNG cargoes totaling over 245 million tonnes of LNG have been produced, loaded, and exported from the SPL Project.

SPL Expansion Project

We are developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately 20 mtpa of LNG (the “SPL Expansion Project”), inclusive of estimated debottlenecking opportunities. We expect to execute the SPL Expansion Project in a phased approach, maximizing brownfield economics, and a positive FID is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.

The first phase includes a single train, Train 7, and a boil-off gas re-liquefaction unit, along with supporting infrastructure and tie-ins to the existing Sabine Pass LNG terminal, and has an expected total production capacity of over 6 mtpa of LNG, inclusive of estimated debottlenecking opportunities. In May 2026, the lump sum, turnkey engineering, procurement and construction (EPC) contract with Bechtel Energy, Inc. (“Bechtel”) for the first phase of the SPL Expansion Project was signed, and Bechtel was released to commence early engineering and procurement under a limited notice to proceed (LNTP).

The FERC application for authorization to site, construct and operate the SPL Expansion Project, as well as the Department of Energy (DOE) application authorizing the export of LNG to non-free trade agreement countries, remain pending. In September 2026, the FERC issued the final EIS relating to the SPL Expansion Project.

DISTRIBUTIONS TO UNITHOLDERS

In October 2026, we declared a cash distribution of $0.890 per common unit to unitholders of record as of November 3, 2026, comprised of a base amount equal to $0.775 ($3.10 annualized) and a variable amount equal to $0.115, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of the business. The common unit distribution and the related general partner distribution will be paid on November 13, 2026.

INVESTOR CONFERENCE CALL AND WEBCAST

Cheniere Energy, Inc. (NYSE: LNG) will host a conference call to discuss its financial and operating results for the third quarter on Thursday, October 29, 2026, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation will include financial and operating results or other information regarding Cheniere Partners.

About Cheniere Partners

Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities with a total production capacity of over 30 mtpa of LNG, inclusive of debottlenecking opportunities. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and three marine berths. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines.

For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.

Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis.

Forward-Looking Statements

Forward-looking statements notice

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding Cheniere Partners’ anticipated quarterly distributions and ability to make quarterly distributions at the base amount or any amount, (iii) statements regarding regulatory authorization and approval expectations, (iv) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (v) statements regarding the business operations and prospects of third-parties, (vi) statements regarding potential financing arrangements, (vii) statements regarding future discussions and entry into contracts, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

(Financial Tables Follow)

Cheniere Energy Partners, L.P.

Consolidated Statements of Operations

(in millions, except per unit data)

(unaudited)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
Revenues
LNG revenues	$1,956	$1,837	$6,561	$5,961
LNG revenues - affiliate	567	518	2,044	1,738
Regasification revenues	34	34	102	102
Other revenues	17	15	50	47
Total revenues	2,574	2,404	8,757	7,848
Operating costs and expenses
Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below)	1,276	1,278	4,757	4,177
Cost of sales - affiliate	-	-	46	-
Operating and maintenance expense	236	191	692	683
Operating and maintenance expense - affiliate	43	40	136	126
Operating and maintenance expense - related party	-	-	-	28
General and administrative expense	3	3	9	9
General and administrative expense - affiliate	25	23	72	70
Depreciation and amortization expense	174	173	522	515
Other operating costs and expenses	2	-	6	2
Other operating costs and expenses - affiliate	-	-	1	1
Total operating costs and expenses	1,759	1,708	6,241	5,611
Income from operations	815	696	2,516	2,237
Other income (expense)
Interest expense, net of capitalized interest	(182)	(189)	(546)	(567)
Other income (expense), net	6	(2)	13	7
Other income - affiliate	-	1	3	23
Total other expense	(176)	(190)	(530)	(537)
Net income	$639	$506	$1,986	$1,700
Basic and diluted net income per common unit	$1.01	$0.80	$3.34	$2.79
Weighted average basic and diluted number of common units outstanding	484	484	484	484

Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission.

Cost of sales includes approximately $10 million of gains and $105 million of losses from changes in the fair value of commodity derivatives prior to contractual delivery or termination, primarily related to non-cash changes in the fair value of our long-term IPM agreements during the three and nine months ended September 30, 2026 prior to the normal purchases and normal sales (“NPNS”) designation, respectively, as compared to $16 million of losses and $103 million of gains in the corresponding 2025 periods, respectively.

Cheniere Energy Partners, L.P.

Consolidated Balance Sheets

(in millions, except unit data)

(unaudited)

	September 30,	December 31,
	2026	2025
ASSETS
Current assets
Cash and cash equivalents	$569	$182
Restricted cash and cash equivalents	35	19
Trade and other receivables, net of current expected credit losses	327	511
Trade and other receivables - affiliate	290	238
Advances to affiliates	152	145
Inventory	165	180
Prepaid expenses	50	42
Other current assets, net	16	21
Total current assets	1,604	1,338
Property, plant and equipment, net of accumulated depreciation	15,087	15,259
Operating lease assets	73	76
Deferred NPNS assets	669	-
Derivative assets	1	541
Other non-current assets, net	405	223
Total assets	$17,839	$17,437
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$97	$53
Accrued liabilities	738	990
Current debt, net of unamortized discount and debt issuance costs	112	306
Due to affiliates	50	57
Deferred revenue	144	119
Current portion of deferred NPNS liabilities	103	-
Current derivative liabilities	84	164
Other current liabilities	14	15
Other current liabilities - affiliate	6	4
Total current liabilities	1,348	1,708
Long-term debt, net of unamortized discount and debt issuance costs	14,283	14,161
Deferred NPNS liabilities	1,055	-
Derivative liabilities	41	900
Other non-current liabilities	216	231
Other non-current liabilities - affiliate	17	23
Total liabilities	16,960	17,023
Partners’ equity
Common unitholders’ interest (484 million units issued and outstanding at both September 30, 2026 and December 31, 2025)	3,921	3,156
General partner’s interest (2% interest with 10 million units issued and outstanding at both September 30, 2026 and December 31, 2025)	(3,042)	(2,742)
Total partners’ equity	879	414
Total liabilities and partners’ equity	$17,839	$17,437

Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission.

Reconciliation of Non-GAAP Measures

Regulation G Reconciliations

Adjusted EBITDA

The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and nine months ended September 30, 2026 and 2025 (in millions):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Net income	$639	$506	$1,986	$1,700
Interest expense, net of capitalized interest	182	189	546	567
Other expense (income), net	(6)	2	(13)	(7)
Other income - affiliate	-	(1)	(3)	(23)
Income from operations	$815	$696	$2,516	$2,237
Adjustments to reconcile income from operations to Adjusted EBITDA:
Depreciation and amortization expense	174	173	522	515
Loss (gain) from changes in fair value of commodity derivatives, net	(9)	16	105	(103)
Amortization of deferred NPNS assets and liabilities	(26)	-	(31)	-
Adjusted EBITDA	$954	$885	$3,112	$2,649

Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.

We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance.

Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, gain or loss on disposal of assets, changes in the fair value of our commodity derivatives prior to contractual delivery or termination, and amortization of deferred NPNS assets and liabilities. Changes in the fair value of commodity derivatives and amortization of deferred NPNS assets and liabilities are considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses associated with these adjustments differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance.

Contacts
Cheniere Partners
Investors · Randy Bhatia · Frances Smith · Media Relations · Randy Bhatia · Bernardo Fallas
713-375-5479 · 713-375-5753 · 713-375-5479 · 713-375-5593