Cheniere Energy Partners, L.P. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Related Party Transactions (Tables)

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Below is a summary of our related party transactions, all in the ordinary course of business, as reported on our Consolidated Statements of Operations (in millions):


	Year Ended December 31,
			2025			2024			2023
LNG revenues—affiliate
SPAs and Letter Agreements (1)			$	2,358		$	1,954		$	2,472
Contracts for Sale and Purchase of Natural Gas (2)			—			—			3
Total LNG revenues—affiliate			2,358			1,954			2,475










Cost of sales—affiliate
SPAs and Letter Agreements (1)			—			4			—
Contracts for Sale and Purchase of Natural Gas and LNG (1) (2)			—			—			22
Total cost of sales—affiliate			—			4			22






Operating and maintenance expense—affiliate

Services Agreements (3)			177			172			166



Operating and maintenance expense—related party
Natural Gas Transportation and Storage Agreements (4)			28			58			62

General and administrative expense—affiliate
Services Agreements (3)			93			90			89

Other operating costs and expenses—affiliate
Services Agreements (3)			1			2			1

Other income—affiliate
Services Agreements (5)		24			—			—

(1)SPL primarily sells LNG to Cheniere Marketing under SPAs and letter agreements at a price equal to 115% of Henry Hub plus a fixed fee, except for an SPA associated with an IPM agreement for which pricing is linked to international natural gas prices. SPL also has a master SPA agreement with Cheniere Marketing that allows SPL to sell and purchase LNG with Cheniere Marketing by executing and delivering confirmations under this agreement. In addition, SPL has an arrangement with Cheniere Marketing to provide the ability, in limited circumstances, to potentially fulfill commitments to LNG buyers in the event operational conditions impact operations at either the Sabine Pass or Corpus Christi liquefaction facilities. The purchase price for such cargoes would be the greater of: (a) 115% of the applicable natural gas feedstock purchase price or (b) an FOB U.S. Gulf Coast LNG market price.

(2)SPL has an agreement with CCL that allows them to sell and purchase natural gas from each other at prices and quantities as agreed between the parties per transaction. Natural gas purchased under these agreements is initially recorded as inventory and then to cost of sales—affiliate upon its sale, except for purchases related to commissioning

activities which are capitalized as LNG terminal construction-in-process. Additionally, SPLNG is able to sell and purchase natural gas and LNG under agreements with Cheniere Marketing.

(3)We do not have employees and thus our subsidiaries have various services agreements with affiliates of Cheniere in the ordinary course of business, including services required to construct, operate and maintain the Liquefaction Project, and administrative services. Our payment structures under the services agreements primarily consist of cost reimbursement plus a compensating fee based on a fixed amount (indexed for inflation) per Train in service. Prior to the substantial completion of a Train, a compensating fee is charged based on a percentage of the capital expenditures of the Train under construction. The non-reimbursement amounts incurred under these agreements are recorded in general and administrative expense—affiliate.

(4)These arrangements were with a party who was partially owned by the investment management company that indirectly owns a portion of our limited partner interests, and, due to the sale of such interests by that entity effective May 13, 2025, this party is no longer considered a related party as of that date. Prior to the sale, SPL was party to various natural gas transportation and storage agreements and CTPL was party to an operational balancing agreement with this party in the ordinary course of business for the operation of the Liquefaction Project.

(5)Represents the amount of cumulative income allocated to certain of our subsidiaries by an affiliate, to whom our subsidiaries advance payments so that the affiliate may pay operating expenses on their behalf pursuant to their operating and maintenance agreements. The affiliate in turn temporarily invests such funds into interest and dividend earning deposit accounts, from which they allocated the historically earned income to our subsidiaries effective June 30, 2025. The affiliate currently allocates such income to our subsidiaries in the same period the affiliate earns such interest and dividend income.