CQP

Cheniere Energy Partners owns the Sabine Pass LNG export facility and runs a genuinely high-quality cash machine: FY2025 revenue grew 23.6% to $10.8B, net income rose 19.0% to $2.99B, and margins are excellent for the sector at 34.4% operating and 27.8% net. The business is built on long-term counterparty arrangements that, in management's words, 'provide us with significant, stable, long-term cash flows' — and the credit market agrees, with Fitch upgrading CQP to BBB and S&P stepping it up twice to BBB+ in 2025 with a positive outlook on SPL. Operating cash flow of $2.77B comfortably funds the $3.29/unit of declared distributions, and at $58.05 that payout implies roughly a 5.7% yield, the core of the investment case.

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