Companies /Energy

Cheniere Energy Partners LP

NYSE MKT: CQP Oil & Gas Midstream
$71.22
▲ $0.90 (+1.28%) today
Markets closed · 2:33am ET

Q1 2026 Earnings

Reported May 7, 2026, 7:34am ET · SEC source
$0.19
Miss −84.41%
EPS · est. $1.22
$3.6B
Beat +21.06%
Revenue · est. $3.0B
+2.6%
Beating market
CQP vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%May 6May 14report 7:34am ETearnings+1.8%−0.1%
−3%0+3%May 6May 14earnings+1.8%−0.1%
CQP −0.1%S&P 500 +1.8%
−3%0+3%May 6May 14report 7:34am ETearnings+3.4%−0.1%
−3%0+3%May 6May 14earnings+3.4%−0.1%
CQP −0.1%NASDAQ +3.4%
−1.27%
Day of report
−1.30%
Next session
+0.79%
One week
+3.32%
30 days

S&P 500 over the same 30 days: +0.75%.

Did CQP Beat Earnings? Q1 2026 Results

Cheniere Energy Partners delivered a tale of two metrics in Q1 2026, posting revenue of $3.60 billion, up 20.4% year-over-year and clearing the $2.97 billion consensus estimate by 21.06%, while GAAP earnings per unit of $0.19 fell dramatically short of the $1.22 consensus, missing by 84.41%. The stark disconnect between those two figures traces directly to roughly $677 million in non-cash, unfavorable fair value changes on commodity derivatives tied to long-term Integrated Production Marketing agreements, a marking-to-market of gas supply contracts that carry no corresponding mark on the LNG sales side, which compressed GAAP net income to $186 million from $641 million in Q1 2025. Strip out those derivative swings and the picture brightens considerably; adjusted EBITDA climbed 13% to $1.18 billion, reflecting steady operational output of 412 TBtu across 112 cargoes at Sabine Pass. The partnership declared a $0.79 per-unit quarterly distribution payable May 15, and management reaffirmed full-year 2026 distribution guidance of $3.10 to $3.40 per common unit.

Key Takeaways
  • Higher total margins per MMBtu of LNG delivered drove Adjusted EBITDA growth
  • Unfavorable changes in fair value of commodity derivatives reduced GAAP net income by approximately $599 million vs. prior year
  • $677 million of non-cash unfavorable fair value changes on IPM-related positions due to increased international gas price volatility and higher forward commodity curves
  • LNG volumes loaded and recognized increased to 413 TBtu from 405 TBtu year-over-year

Forward Guidance & Outlook

Cheniere Partners 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. The SPL Expansion Project, targeting up to approximately 20 mtpa of additional LNG capacity, remains under development with FERC and DOE applications pending. A positive Final Investment Decision is subject to receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.

CQP YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$1.0B$2.0B$3.0B$3.0B$3.6BRevenue$826.1M$361.0MOperating Income$640.9M$186.0MNet Income
$0$1.0B$2.0B$3.0BRevenueOperating IncomeNet Income

CQP Revenue by Segment

LNG revenues$2.7B+19.2%
LNG revenues—affiliate$846.0M+26.1%
Regasification revenues$34.0M+0.0%

Figures from SEC filings and company reports. Not investment advice.