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Cheniere Energy Partners LP CQP

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Cheniere Pursues All-of-the-Above Capital Allocation Plan and Introduces Dividend

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Cheniere has introduced a revised long-term capital allocation plan, which includes its first dividend, share buybacks, and debt reduction. Broadly, the plan matches our expectations; the debt reduction plans had been shared previously, and we had expected both share buybacks and a dividend announcement as the firm shifted to generating substantial amounts of free cash flow. We think the plan reflects Cheniere’s disciplined and transparent capital allocation approach. Given the lack of earnings impact from the announcement, we don’t plan to change our fair value estimates or wide moat ratings for the Cheniere entities.

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Company Profile

Business Description

Cheniere Energy Partners is the direct owner of the Sabine Pass LNG terminals as well as regasification facilities. It also owns the Creole Trail Pipeline, which connects the terminal to third-party gas suppliers. Cheniere Partners shares in the marketing fees generated by Cheniere Marketing from Sabine Pass marketed gas volumes.

700 Milam Street, Suite 1900
Houston, TX, 77002
T +1 713 375-5000
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 1,519