Latest analysis
Updated Aug 6, 2026
Cheniere raises FY2026 EBITDA guidance to $7.9B-$8.4B as Hormuz disruption tightens global LNG supply and Stage 3 outperforms
Cheniere delivered Q2 2026 consolidated adjusted EBITDA of approximately $1.8 billion and raised full-year guidance for the second consecutive quarter, with the new low end of $7.9 billion exceeding the prior high end — driven by Stage 3 production outperformance, accelerated train completions, and sustained elevated marketing margins amplified by the Iran conflict-driven Strait of Hormuz closure. The geopolitical disruption removed approximately 18 million tonnes of Qatar and UAE LNG supply from the market during the quarter, reinforcing long-term contracted supply as the dominant buyer priority and accelerating commercial discussions for Sabine Pass Phase 1, where Cheniere signed a $4.7 billion lump sum turnkey EPC contract with Bechtel and expects FID by early 2027. Production guidance was tightened upward to 53-54 million tonnes, with more than two-thirds of the improvement attributed to reliability and debottlenecking gains rather than new train ramp-up.
Tone: bullishRevenue
$10.8B
LNG 10-K · FY 2025
Revenue FY2024
$8.7B
Headquarters
Houston, TX
Profile
LNG 10-K Item 1 · Feb 26, 2026Cheniere Energy Partners, L.P. is a Delaware limited partnership formed by Cheniere Energy to own and operate the Sabine Pass LNG terminal in Cameron Parish, Louisiana. The partnership produces, liquefies, and exports LNG to integrated energy companies, utilities, and energy trading companies globally. Its business is anchored by long-term sale and purchase agreements that generate stable, contracted cash flows.
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We are a limited partnership formed by Cheniere to provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We own the natural gas liquefaction and export facility in Cameron Parish, Louisiana at Sabine Pass. Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows. We believe that continued global demand for natural gas and LNG, as further described in Market Factors and Competition in Items 1. and 2. Business and Properties, as well as the current geopolitical environment that has intensified the demand for supply security, should enable us to enter into long-term agreements and provide a foundation for additional growth in our business in the future. In June 2025, certain of our subsidiaries updated the SPL Expansion Project's FERC application, originally filed in February 2024, to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities. As of February 20, 2026, over 3,270 cumulative LNG cargoes totaling over 225 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.
Primary products
- LNG
- Regasification services
End markets
Geographies
Named competitors
Revenue commentary · FY 2025
Total revenues increased by $2.054 billion in 2025 versus 2024, driven primarily by higher LNG revenues from both third-party customers and affiliates.
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