Cheniere Energy Partners is a publicly traded limited partnership that owns and operates the Sabine Pass LNG terminal in Cameron Parish, Louisiana, one of the largest LNG facilities in the world with over 30 mtpa of liquefaction capacity across six trains. The core business is liquefying natural gas and exporting it to customers globally — natural gas is chilled to liquid form at the terminal, loaded onto tankers, and shipped to customers who regasify it for power generation, heating, and industrial use. Cheniere Energy Partners also owns the Creole Trail Pipeline, a 94-mile natural gas supply pipeline connecting the terminal to major interstate pipelines to ensure reliable feedstock. Customers are large energy companies — majors, utilities, and trading firms — with the top five accounting for roughly 76% of revenue, including Shell affiliate BG Gulf Coast LNG, Korea Gas, GAIL India, Naturgy, and TotalEnergies. Cheniere Energy Partners sells to these customers under long-term Sale and Purchase Agreements (SPAs), where customers pay a fixed fee per contracted volume regardless of whether they lift cargo, plus a variable fee indexed to Henry Hub that passes commodity price risk to the customer. About 85% of anticipated production is contracted through the mid-2030s, with a weighted average remaining contract life of roughly 13 years, providing stable and predictable cash flows. Cheniere Energy Partners is also pursuing an expansion of Sabine Pass — three additional trains with up to ~20 mtpa of peak capacity — targeting a final investment decision in 2026 or 2027, contingent on regulatory approvals and contracting roughly 90% of new capacity under long-term agreements.