UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 333-192373

Sabine Pass Liquefaction, LLC

(Exact name of registrant as specified in its charter)


Delaware			27-3235920
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

845 Texas Avenue, Suite 1250

Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

(713) 375-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
None	None	None

Securities registered pursuant to Section 12(g) of the Act: None

The registrant meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☒ No ☐

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Note: The registrant is a voluntary filer not subject to the filing requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934. However, the registrant has filed all reports required pursuant to Sections 13 or 15(d) during the preceding 12 months as if the registrant was subject to such filing requirements.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates: Not applicable

Indicate the number of shares outstanding of the issuer’s classes of common stock, as of the latest practicable date: Not applicable

Documents incorporated by reference: None

SABINE PASS LIQUEFACTION, LLC

TABLE OF CONTENTS

			PART I
			Items 1. and 2. Business and Properties			34
			Item 1A. Risk Factors			1012
			Item 1B. Unresolved Staff Comments			1821
			Item 1C. Cybersecurity			1822
			Item 3. Legal Proceedings			1923
			Item 4. Mine Safety Disclosure			1923
			PART II
			Item 5. Market for Registrant’s Common Equity, Related Member Matters and Issuer Purchases of Equity Securities			2024
			Item 6. [Reserved]			2024
			Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations			2024
			Item 7A. Quantitative and Qualitative Disclosures about Market Risk			3034
			Item 8. Financial Statements and Supplementary Data			3135
			Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			5660
			Item 9A. Controls and Procedures			5660
			Item 9B. Other Information			5660
			Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections			5660
			PART III
			Item 10. Managers, Executive Officers and Company Governance			5761
			Item 11. Executive Compensation			5761
			Item 12. Security Ownership of Certain Beneficial Owners and Management, and Related Member Matters			5761
			Item 13. Certain Relationships and Related Transactions, and Manager Independence			5761
			Item 14. Principal Accountant Fees and Services			5761
			PART IV
			Item 15. Exhibits and Financial Statement Schedules			5862
			Item 16. Form 10-K Summary			6266
			Signatures			6367

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DEFINITIONS

As used in this annual report, the terms listed below have the following meanings:

Common Industry and Other Terms

ASU						Accounting Standards Update
Bcf						billion cubic feet
Bcf/d						billion cubic feet per day
Bcf/yr						billion cubic feet per year
DOE						U.S. Department of Energy
EPC						engineering, procurement and construction
ESG						environmental, social and governance
FASB						Financial Accounting Standards Board
FERC						Federal Energy Regulatory Commission
FID						final investment decision
FOB						free-on-board, which requires the buyer to take delivery at seller's export terminal
FTA countries						countries with which the ~~United~~U.S. ~~States~~ has a free trade agreement providing for national treatment for trade in natural gas
GAAP						generally accepted accounting principles in the ~~United States~~U.S.
Henry Hub						the final settlement price (in U.S. dollars per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin
International Climate Change-Related Policies						value-chain accountability and sectoral decarbonization standards, including EU Methane Emissions Regulation, FuelEU Maritime Regulation, International Maritime Organization's Net Zero Framework and Corporate Sustainability Due Diligence Directive
IPM agreement						integrated production marketing agreement in which the gas producer sells to us gas on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs
LNG						liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state
MMBtu						million British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
mtpa						million tonnes per annum
non-FTA countries						countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
NGA						Natural Gas Act of 1938, as amended
non-FTA countries						countries with which the U.S. does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
SEC						U.S. Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
SPA						LNG sale and purchase agreement
TBtu						trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
Tcf						trillion cubic feet
Train						an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUA						terminal use agreement

Affiliate Entity Abbreviations

Cheniere Cheniere Energy, Inc. Cheniere Investments Cheniere Energy Investments, LLC Cheniere Marketing Cheniere Marketing, LLC and its subsidiaries CQP Cheniere Energy Partners, L.P. Cheniere Terminals Cheniere LNG Terminals, LLC CTPL Cheniere Creole Trail Pipeline, L.P. SPLNG Sabine Pass LNG, L.P.

Unless the context requires otherwise, references to “SPL,” the “Company,” “we,” “us” and “our” refer to Sabine Pass Liquefaction, LLC.

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Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of December 31, 2025 and the references to entities used in this annual report:

SPL Org Chart and Cap Structure - Feb 2026.jpg

Unless the context requires otherwise, references to “SPL,” the “Company,” “we,” “us” and “our” refer to Sabine Pass Liquefaction, LLC.

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CAUTIONARY STATEMENT

REGARDING FORWARD-LOOKING STATEMENTS

This annual report contains certain statements that are, or may be deemed to be, “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein or incorporated herein by reference are “forward-looking statements.” Included among “forward-looking statements” are, among other things:

•statements that we expect to commence or complete construction of our natural gas liquefaction project, or any expansions or portions thereof, by certain dates, or at all;

•statements regarding future levels of domestic and international natural gas production, supply or consumption or future levels of LNG imports into or exports from North America and other countries worldwide or purchases of natural gas, regardless of the source of such information, or the transportation or other infrastructure or demand for and prices related to natural gas, LNG or other hydrocarbon products;

•statements regarding any financing transactions or arrangements, or our ability to enter into such transactions;

•statements regarding our future sources of liquidity and cash requirements;

•statements relating to the construction of our Trains, including statements concerning the engagement of any EPC contractor or other contractor and the anticipated terms and provisions of any agreement with any EPC or other contractor, and anticipated costs related thereto;

•statements regarding any SPA or other agreement to be entered into or performed substantially in the future, including any revenues anticipated to be received and the anticipated timing thereof, and statements regarding the amounts of total natural gas liquefaction or storage capacities that are, or may become, subject to contracts;

•statements regarding counterparties to our commercial contracts, construction contracts and other contracts;

•statements regarding our planned development and construction of additional Trains, including the financing of such Trains;

•statements that our Trains, when completed, will have certain characteristics, including amounts of liquefaction capacities;

•statements regarding our business strategy, our strengths, our business and operation plans or any other plans, forecasts, projections, or objectives, including anticipated revenues, capital expenditures, maintenance and operating costs and cash flows, any or all of which are subject to change;

•statements relating to our goals, commitments and strategies in relation to environmental matters;

•statements regarding legislative, governmental, regulatory, administrative or other public body actions, approvals, requirements, permits, applications, filings, investigations, proceedings or decisions;

•any other statements that relate to non-historical or future information; and

•other factors described in Item 1A. Risk Factors in this Annual Report on Form 10-K.

All of these types of statements, other than statements of historical or present facts or conditions, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “achieve,” “anticipate,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “intend,” “plan,” “potential,” “predict,” “project,” “pursue,” “target,” the negative of such terms or other comparable terminology. The forward-looking statements contained in this annual report are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe that such estimates are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond our control. In addition, assumptions may prove to be inaccurate. We caution that the forward-looking statements contained in this annual report are not guarantees of future performance and that such statements may not be realized or the forward-looking statements or events may not occur. Actual results may differ materially from those anticipated or implied in forward-looking statements as a result of a variety of factors described in this annual report and in the other reports and other information that we file with the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these risk factors. These forward-looking statements speak only as of the date made, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.

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PART I

ITEMS 1. AND 2. BUSINESS AND PROPERTIES

General

We are a Delaware limited liability company formed by CQP, a publicly traded limited partnership (NYSE MKT: CQP), and based in Houston. We provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We aspire to conduct our business in a safe and responsible manner, delivering a reliable, competitive and integrated source of LNG to our customers.

LNG is natural gas (primarily methane) in liquid form and is a cleaner dispatchable fuel for power generation. The LNG we produce is shipped all over the world, converted back into natural gas (called “regasification”) and then transported via pipeline to homes and businesses and used as an energy source that is essential for heating, cooking, and other industrial uses ~~and back up for intermittent energy sources~~. ~~Natural~~ gas is a cleaner-burning, abundant and affordable source of energy. When LNG is converted back to natural gas, it can be used instead of coal, which reduces the amount of pollution traditionally produced from burning fossil fuels, like sulfur dioxide and particulate matter that enters the air we breathe. Additionally, compared to coal, it produces significantly fewer carbon emissions. By liquefying natural gas, we are able to reduce its volume by 600 times so that we can load it onto special LNG carriers designed to keep the LNG cold and in liquid form for efficient transport overseas.

We own ~~six~~natural ~~operational~~gas ~~Trains,~~liquefaction ~~for~~facilities awith total production capacity of ~~approximately~~over 30 mtpa of LNG as of December 31, 2025 (the “Liquefaction Project”), at a natural gas liquefaction and export facility located in Cameron Parish, Louisiana at Sabine Pass (the “Sabine Pass LNG Terminal”), one of the largest LNG production facilities in the world. The Sabine Pass LNG Terminal also has ~~operational~~assets ~~regasification~~owned ~~facilities~~by our affiliates that ~~include~~are used in our operations through agreements with them, including five LNG storage tanks and three marine berths owned and operated by SPLNG, ~~a subsidiary of CQP,~~ and a 94-mile natural gas supply pipeline owned and operated by CTPL~~, a subsidiary of CQP~~.

Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows, and include SPAs, in which our customers are generally required to pay a fixed fee with respect to the contracted volumes irrespective of their election to cancel or suspend deliveries of LNG cargoes, and an IPM agreement, in which a gas producer sells natural gas to us on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs. The SPAs also have a variable fee component, which is primarily indexed to Henry Hub and generally structured to cover the cost of natural gas purchases, transportation and liquefaction fuel consumed to produce LNG. Since we procure most of our feedstock for LNG production from the U.S., the structure of these contracts helps limit our exposure to fluctuations in U.S. natural gas prices. Through our SPAs and IPM agreement currently in effect, with approximately 13 years of weighted average remaining life as of December 31, ~~2024~~2025, we have contracted with third parties approximately 80% of the total anticipated production from the Liquefaction Project through the mid-2030s. Additionally, ~~excluding~~there ~~volumes~~are SPAs that ~~are~~Cheniere ~~contractually~~Marketing ~~subject~~currently holds that may be novated to ~~additional~~us ~~liquefaction~~in ~~capacity~~the ~~beyond~~future. ~~what~~LNG produced by the Liquefaction Project that is ~~currently~~not incontracted ~~construction~~under orlong-term ~~operation~~contracts is available for Cheniere Marketing, Cheniere’s integrated marketing function, pursuant to an SPA it has with us.

We remain focused on safety, operational excellence and customer satisfaction. Increasing demand for LNG has allowed us to expand our liquefaction infrastructure in a financially disciplined manner. We have increased available liquefaction capacity at our Liquefaction Project as a result of debottlenecking and other optimization projects. We believe these factors provide a foundation for additional growth in our portfolio of customer contracts in the future. We hold a significant land position at the Sabine Pass LNG Terminal, which provides opportunity for further liquefaction capacity expansion. A subsidiary of CQP is developing ana two-phased expansion adjacent to the Liquefaction Project, inclusive of three liquefaction trains and supporting infrastructure, with aan expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities (the “Expansion Project”). In ~~February~~This ~~2024,~~expansion weis ~~and~~being ~~other subsidiaries of CQP submitted an application to the FERC under the Natural Gas Act of 1938~~developed, asand ~~amended~~may ~~(the~~be ~~“NGA”)~~constructed, ~~for~~by ~~authorization~~an toaffiliate ~~site,~~of ~~construct~~ours ~~and~~outside ~~operate~~of the ~~Expansion~~Liquefaction Project, asand ~~well~~is ascommercializing ~~an application~~ to ~~the~~support ~~DOE requesting authorization to export LNG to FTA countries and non-FTA countries, both of which applications exclude debottlenecking. In October 2024,~~ the ~~authorization~~additional ~~from~~liquefaction ~~the~~capacity ~~DOE~~associated towith ~~export LNG to FTA countries was received. This expansion may be developed and constructed by an affiliate of ours outside of~~ the ~~Liquefaction Project~~project. The ~~development of the~~ Expansion Project or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, regulatory approvals and acceptable commercial and financing arrangements before a positive FID is made.

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Our Business Strategy

Our primary business strategy is to develop, construct and operate assets to meet our long-term customers’ energy demands. We plan to implement our strategy by:

•safely, efficiently and reliably operating and maintaining our assets, including our Trains;

•procuring natural gas and pipeline transport capacity to our facility;

~~•commencing commercial delivery for our long-term SPA customers, of which we have initiated for ten of eleven third party long-term SPA customers as of December 31, 2024;~~4

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•commencing commercial delivery for, and continuing to fulfill all commercial commitments to, our long-term SPA customers;

•maximizing the production of LNG to serve our customers and generating steady and stable revenues and operating cash flows;

•optimizing the Liquefaction Project by leveraging existing infrastructure;

•maintaining a prudent and cost-effective capital structure; and

•strategically identifying actionable and economic environmental solutions.

Our Business

We shipped our first LNG cargo in February 2016 and as of February 1420, ~~2025~~2026, ~~approximately~~over 23,~~840~~270 cumulative LNG cargoes totaling over ~~195~~225 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.

Below is a discussion of our operations. For further discussion of our contractual obligations and cash requirements related to these operations, refer to Liquidity and Capital Resources in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Liquefaction Project and Expansion Project

The Liquefaction Project, as described above under the caption General, is one of the largest LNG production facilities in the world with ~~six~~over ~~Trains. In~~30 ~~February~~mtpa ~~2024, we and other subsidiaries~~ of ~~CQP~~total ~~submitted~~production ~~an application to the FERC under the NGA for authorization to site~~capacity, ~~construct~~five ~~and~~storage ~~operate~~tanks ~~the Expansion Project, as well as an application to the DOE requesting authorization to export LNG to FTA countries~~ and ~~non-FTA~~three ~~countries,~~marine ~~both of which applications exclude debottlenecking~~berths. In ~~October 2024, the authorization from the DOE to export LNG to FTA countries was received for the Expansion Project.~~

The following summarizes the volumes of natural gas for which we have received approvals from the FERC to site, construct and operate the Trains at the Liquefaction Project and the orders we have received from the DOE authorizing the export of domestically produced LNG by vessel from the Sabine Pass LNG Terminal through December 31, 2050:


	FERC Approved Volume		DOE Approved Volume
	(in Bcf/yr)	(in mtpa)	(in Bcf/yr)	(in mtpa)
FTA countries (1)	1,661.94	33	1,661.94	33
Non-FTA countries	1,661.94	33	1,661.94	33

(1)Excludes ~~899~~950 Bcf/yr to FTA countries authorized in ~~October~~November ~~2024~~2025 for the Expansion Project that is ~~not~~ effective ~~until~~for 25 years from the date of first commercial export from the Expansion Project.

In addition, CQP is developing the Expansion Project, as also described above under the caption General. In June 2025, we and other subsidiaries of CQP updated the Expansion Project’s FERC application, originally filed in February 2024, to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities.

Natural Gas Supply, Transportation and Storage

We have secured a portion of our expected natural gas feedstock for the Liquefaction Project through long-term natural gas supply agreements, including an IPM agreement. Additionally, to ensure that we are able to transport and manage the natural gas feedstock to the Liquefaction Project, we have transportation precedent and other agreements to secure firm pipeline transportation and storage capacity from third parties and CTPL.

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Terminal Use Agreements

We have a TUA with SPLNG to provide berthing for LNG vessels and for the unloading, loading, storage and regasification of LNG. Additionally, we have a partial TUA assignment agreement with TotalEnergies Gas & Power North America, Inc. (“TotalEnergies”), another TUA customer, to provide us with additional berthing and storage capacity at the Sabine Pass LNG Terminal. Refer to Liquidity and Capital Resources in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional discussion of our TUAs.

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Major Customers

Customers accounting for 10% or more of total revenues from contracts with external customers were as follows:

		Percentage of Total Revenues from External Customers
		Percentage of Total Revenues from Contracts with External Customers
	Year Ended December 31,
		2024	2023	2022
		2025	2024	2023
BG Gulf Coast LNG, LLC and affiliates		23%	2423%	24%
Korea Gas Corporation		16%	1716%	17%
GAIL (India) Limited		15%	1615%	1716%
Naturgy LNG GOM, Limited		14%	1514%	1615%

All of the above customers contribute to our LNG revenues through SPA contracts.

Additional information regarding our customer contracts can be found in Liquidity and Capital Resources in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 13—Segment Information and Customer Concentration of our Notes to Financial Statements.

Business Seasonality

Our results are affected by production levels, timing of our maintenance activities and the resulting availability of volumes. Therefore, operating profit may not be generated evenly throughout the year. Weather variations, including temperature, have an impact on LNG output at our Liquefaction Project. Our Liquefaction Project is capable of relatively higher production volumes during the cooler months as compared to the summer months. We typically perform our scheduled major maintenance activities at our site during shoulder months in the second and third quarters in order to mitigate the impact to our annual operating results.

Governmental Regulation

The Liquefaction Project is subject to extensive regulation under federal, state and local statutes, rules, regulations and laws. These laws require that we engage in consultations with appropriate federal and state agencies and that we obtain and maintain applicable permits and other authorizations. ~~These~~ As further described in Risks Relating to Regulations within Item 1A. Risk Factors, these rigorous regulatory requirements ~~increase~~are built into the cost of construction and operation, and failure to comply with such laws could result in substantial penalties and/or loss of necessary authorizations.

Federal Energy Regulatory Commission

The design, construction, operation, maintenance and expansion of the Liquefaction Project ~~and the export of LNG~~ are highly regulated activities subject to the jurisdiction of the FERC pursuant to the NGA. Under the NGA, the FERC’s jurisdiction generally extends to the sale for resale of natural gas in interstate commerce and to the construction, operation, maintenance and expansion of liquefaction facilities.

On February 18, 2022, the FERC updated its 1999 Policy Statement on certification of new interstate natural gas facilities and the framework for the FERC’s decision-making process, modifying the standards that the FERC uses to evaluate applications to include, among other things, reasonably foreseeable greenhouse gas (“GHG”) emissions that may be attributable to the project and the project’s impact on environmental justice communities. On March 24, 2022, the FERC rescinded the Policy Statement, and re-issued it as a draft. ~~and~~On itSeptember ~~remains~~12, ~~pending. At~~2025, ~~this~~the ~~time,~~FERC weissued doan ~~not~~order ~~expect~~terminating itthe proceeding to ~~have~~consider aupdates ~~material~~to ~~adverse~~the ~~effect~~1999 onPolicy ~~our operations~~Statement.

In ~~February~~June ~~2024~~2025, we and other subsidiaries of CQP ~~submitted~~updated anthe ~~application~~Expansion toProject’s ~~the~~ FERC ~~under~~application, ~~the~~originally ~~NGA~~filed ~~for~~in ~~authorization~~February 2024, to ~~site~~reflect a two-phased project, ~~construct~~inclusive of three liquefaction trains and ~~operate~~supporting ~~the~~infrastructure, ~~Expansion~~maintaining ~~Project~~an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities.

All of our FERC construction, operation, reporting, accounting and other regulated activities are subject to audit by the FERC, which may conduct routine or special inspections and issue data requests designed to ensure compliance with FERC rules, regulations, policies and procedures. The FERC’s jurisdiction under the NGA allows itthe toimposition ~~impose~~of civil and criminal penalties for any violations of the NGA and any rules, regulations or orders of the FERC up to approximately $1.5 million per day per violation, including any conduct that violates the NGA’s prohibition against market manipulation.

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penalties for any violations of the NGA and any rules, regulations or orders of the FERC thereunder up to approximately $1.6 million per day per violation, including any conduct that violates the NGA’s prohibition against market manipulation.

Several other governmental and regulatory approvals and permits are required throughout the life of the Liquefaction Project. In addition, our FERC orders require us to comply with certain ongoing conditions and reporting obligations and maintain other regulatory agency approvals throughout the life of the Liquefaction Project. For example, throughout the life of our liquefaction facility, we are subject to regular reporting requirements to the FERC, the Department of Transportation’s (“DOT”) Pipeline and Hazardous Materials Safety Administration (“PHMSA”) and applicable federal and state regulatory agencies regarding the operation and maintenance of our facility. To date, we have been able to obtain and maintain required approvals as needed, and the need for these approvals and reporting obligations has not materially affected our construction or operations.

DOE Export Licenses

The DOE has authorized the export of domestically produced LNG by vessel from the Sabine Pass LNG Terminal, as discussed in Liquefaction Project and Expansion Project. Although it is not expected to occur, the loss of an export authorization could be a force majeure event under our SPAs.

Under Section 3 of the NGA, applications for exports of natural gas (including LNG) to FTA countries, which allow for national treatment for trade in natural gas, are “deemed to be consistent with the public interest” and shall be granted by the DOE without “modification or delay.” FTA countries currently recognized by the DOE for exports of LNG include Australia, Bahrain, Canada, Chile, Colombia, Dominican Republic, El Salvador, Guatemala, Honduras, Jordan, Mexico, Morocco, Nicaragua, Oman, Panama, Peru, Republic of Korea and Singapore. FTAs with Israel and Costa Rica do not require national treatment for trade in natural gas. ~~Applications~~ As part of its review of applications for export of LNG to non-FTA countries, ~~are considered by~~ the DOE inpublishes a ~~notice~~Notice ~~and~~of ~~comment~~Application ~~proceeding~~in the Federal Register whereby the public and other interveners are provided the opportunity to comment and may assert that such authorization would not be consistent with the public interest. In ~~January~~The ~~2024,~~Expansion ~~the~~Project ~~Biden~~is ~~Administration~~currently ~~announced a temporary pause on~~ pending ~~decisions on exports of LNG to~~ non-FTA ~~countries~~export ~~until~~approval ~~the~~with ~~DOE can update~~ the ~~underlying analyses for authorizations~~DOE, ~~which~~although ~~did~~such ~~not~~approval ~~have~~is afirst ~~material~~subject ~~adverse~~to ~~effect on our business, contracts, financial condition, operating results, cash flow, or liquidity for~~ the ~~year~~receipt ~~ended~~of ~~December~~regulatory ~~31,~~permit ~~2024. The~~approval ~~DOE~~from ~~publicly released~~ the ~~updated analyses on December 17~~FERC, ~~2024,~~responsive ~~and~~to ~~has~~our ~~solicited~~formal ~~public comments on the analyses~~application. On ~~January~~In ~~20,~~June 2025, ~~President~~we ~~Trump~~and ~~signed~~other ansubsidiaries ~~Executive~~of ~~Order~~CQP ~~revoking~~updated the ~~Biden~~Expansion ~~Administration~~Project’s ~~pause~~application ~~and~~to ~~extending~~ the ~~time~~DOE for ~~public~~authorization ~~comment. We~~to doexport ~~not~~LNG ~~expect the publication of the analyses~~ to ~~have~~FTA acountries ~~material~~and ~~effect on future DOE~~ non-FTA ~~export authorizations~~countries. ~~The~~ ~~Expansion~~In ~~Project~~November is2025, ~~currently pending non-FTA export approval with~~ the ~~DOE,~~updated ~~although~~authorization ~~such approval is subject~~ to ~~the~~export ~~receipt~~LNG ~~of regulatory permit approval from the FERC, responsive~~ to ~~our~~FTA ~~formal~~countries ~~application~~was received. See Liquefaction Project and Expansion Project section above for FERC and DOE approved volumes on our existing Liquefaction Project.

Other Governmental Permits, Approvals and Authorizations

Construction and operation of the Liquefaction Project requires additional permits, orders, approvals and consultations to be issued by various federal and state agencies, including the DOT, U.S. Army Corps of Engineers (“USACE”), U.S. Department of Commerce, National Marine Fisheries Service, U.S. Department of the Interior, U.S. Fish and Wildlife Service, the U.S. Environmental Protection Agency (the “EPA”), U.S. Department of Homeland Security and the Louisiana Department of Environmental Quality (the “LDEQ”).

The USACE issues its permits under the authority of the Clean Water Act (“CWA”) (Section 404) and the Rivers and Harbors Act (Section 10). The EPA administers the Clean Air Act (“CAA”), and has delegated authority to the LDEQ to issue the Title V Operating Permit and the Prevention of Significant Deterioration Permit. These two permits are issued by the LDEQ for the Liquefaction Project.

Commodity Futures Trading Commission (“CFTC”)

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) amended the Commodity Exchange Act to provide for federal regulation of the over-the-counter derivatives market and entities, such as us, that participate in those markets. The CFTC has enacted a number of regulations pursuant to the Dodd-Frank Act.

As required by the Dodd-Frank Act, the CFTC and federal banking regulators also adopted rules requiring swap dealers (as defined in the Dodd-Frank Act), including those that are regulated financial institutions, to collect initial and/or variation margin with respect to uncleared swaps from their counterparties that are financial end users, registered swap dealers or major swap participants. These rules do not require collection of margin from non-financial-entity end users who qualify for the end user exception from the mandatory clearing requirement or from non-financial end users or certain other counterparties in

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~~user exception from the mandatory clearing requirement or from non-financial end users or~~ certain ~~other counterparties in certain~~ instances. We qualify as a non-financial-entity end user with respect to the swaps that we enter into to hedge our commercial risks.

Pursuant to the Dodd-Frank Act, the CFTC adopted additional anti-manipulation and anti-disruptive trading practices regulations that prohibit, among other things, manipulative, deceptive or fraudulent schemes or material misrepresentation in the futures, options, swaps and cash markets. In addition, separate from the Dodd-Frank Act, our use of futures and options on commodities is subject to the Commodity Exchange Act and CFTC regulations, as well as the rules of futures exchanges on which any of these instruments are executed. Should we violate any of these laws and regulations, we could be subject to a CFTC or an exchange enforcement action and material penalties, possibly resulting in changes in the rates we can charge.

Environmental Regulation

The Liquefaction Project is subject to various federal, state and local laws and regulations relating to the protection of the environment and natural resources. These environmental laws and regulations can affect the cost and output of operations and may impose substantial penalties for non-compliance and substantial liabilities for pollution, as further described in the risk factor Existing and future safety, environmental and similar laws and governmental regulations could result in increased compliance costs or additional operating costs or construction costs and restrictions in Risks Relating to Regulations within Item 1A. Risk Factors. Many of these laws and regulations, such as those noted below, restrict or prohibit impacts to the environment or the types, quantities and concentration of substances that can be released into the environment and can lead to substantial administrative, civil and criminal fines and penalties for non-compliance.

Clean Air Act

The Liquefaction Project is subject to the federal CAA and comparable state and local laws. We may be required to incur certain capital expenditures over the next several years for air pollution control equipment in connection with maintaining or obtaining permits and approvals addressing air emission-related issues. However, we do not believe any such requirements will have a material adverse effect on our operations.

On February 28, 2022, the EPA removed a stay of formaldehyde standards in the National Emission Standards for Hazardous Air Pollutants (“NESHAP”) Subpart YYYY for stationary combustion turbines located at major sources of hazardous air pollutant (“HAP”) emissions. Owners and operators of lean remix gas-fired turbines and diffusion flame gas-fired turbines at major sources of HAP that were installed after January 14, 2003 were required to comply with NESHAP Subpart YYYY by March 9, 2022 and demonstrate initial compliance with those requirements by September 5, 2022. We do not believe that the construction and operations of our Liquefaction Project will be materially and adversely affected by such regulatory actions.

We are supportive of reasonable regulations reducing ~~GHG~~methane emissions over time. Since 2009, the EPA has promulgated and finalized multiple greenhouse gas (“GHG”) emissions regulations related to reporting and reductions of GHG emissions from our facilities. On December 2, 2023, the EPA issued final rules to reduce methane and volatile organic compounds (“VOC”) emissions from new, existing and modified emission sources in the oil and gas sector. These regulations require monitoring of methane and VOC emissions at our compressor stations. We do not believe such regulations will have a material adverse effect on our operations, financial condition or results of operations.

From time to time, Congress has considered proposed legislation directed at reducing GHG emissions. On August 16, 2022, President Biden signed H.R. 5376 (P.L. 117-169), the Inflation Reduction Act of 2022 (“IRA”) which includes a waste emissions charge on methane emissions above a certain methane intensity threshold for facilities that report their GHG emissions under the EPA’s Greenhouse Gas Emissions Reporting Program Part 98 regulations. The ~~charge~~One ~~started~~Big atBeautiful ~~$900~~Bill ~~per~~Act ~~metric~~(“OBBBA”), ~~ton~~signed ofby ~~methane~~President inTrump ~~2024,~~on ~~increased~~July ~~to $1~~4,~~200~~ ~~per metric ton in~~ 2025, ~~and~~delays ~~is increasing to $1,500 per metric ton in 2026 and beyond. On November 12, 2024,~~ the ~~EPA~~imposition ~~finalized~~of ~~a rule to impose and collect~~ the methane emissions charge ~~authorized~~until ~~under~~calendar ~~the~~year ~~IRA~~2034. We do not believe the methane charge will have a material adverse effect on our operations, financial condition or results of operations.

The timing, extent and impact of these rules and other Biden Administration initiatives remain uncertain as the Trump Administration has undertaken steps to delay their implementation, and to review, repeal and potentially replace them.

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Coastal Zone Management Act (“CZMA”)

The siting and construction of the Liquefaction Project within the coastal zone is subject to the requirements of the CZMA. The CZMA is administered by the states (in Louisiana, by the Louisiana Department of ~~Natural~~Conservation ~~Resources~~and Energy). This program is implemented to ensure that impacts to coastal areas are consistent with the intent of the CZMA to manage the coastal areas.

Clean Water Act

The Liquefaction Project is subject to the federal CWA and analogous state and local laws. The CWA imposes strict controls on the discharge of pollutants into the navigable waters of the ~~United States~~U.S., including discharges of wastewater and storm water runoff and fill/discharges into waters of the ~~United States~~U. S. Permits must be obtained prior to discharging pollutants into state and federal waters. The CWA is administered by the EPA, the USACE and by the states (in Louisiana, by the LDEQ). The CWA regulatory programs, including the Section 404 dredge and fill permitting program and Section 401 water quality certification program carried out by the states, are frequently the subject of shifting agency interpretations and legal challenges, which at times can result in permitting delays.

Resource Conservation and Recovery Act (“RCRA”)

The federal RCRA and comparable state statutes govern the generation, handling and disposal of solid and hazardous wastes and require corrective action for releases into the environment. When such wastes are generated in connection with the operations of our facilities, we are subject to regulatory requirements affecting the handling, transportation, treatment, storage and disposal of such wastes.

Protection of Species, Habitats and Wetlands

Various federal and state statutes, such as the Endangered Species Act, the Migratory Bird Treaty Act, the CWA and the Oil Pollution Act, prohibit certain activities that may adversely affect endangered or threatened animal, fish and plant species and/or their designated habitats, wetlands, or other natural resources. If the Liquefaction Project may adversely affect a protected species or its habitat, we may be required to develop and follow a plan to remediate those impacts. In that case, siting, construction or operation may be delayed or restricted and cause us to incur increased costs.

It is not possible at this time to predict how future regulations or legislation may address protection of species, habitats and wetlands and impact our business. However, we do not believe such regulatory actions will have a material adverse effect on our operations.

Market Factors and Competition

Market Factors

Our ability to enter into additional long-term SPAs to underpin the development of additional Trains or develop new projects is subject to market factors. These factors include changes in worldwide supply and demand for natural gas, LNG and substitute products, the relative prices for natural gas, crude oil and substitute products in North America and international markets, the extent of energy security needs in the European Union and elsewhere, the rate of fuel switching from coal, nuclear or oil to natural gas and other overarching factors such as global economic growth and the pace of any transition from fossil-based systems of energy production and consumption to alternative energy sources. In addition, our ability to obtain additional funding to execute our business strategy is subject to the investment community’s appetite for investment in LNG and natural gas infrastructure and our ability to access capital markets.

We expect that global demand for natural gas and LNG will continue to increase as nations seek more abundant, reliable and environmentally cleaner fuel alternatives to oil and coal. Market participants around the globe have shown commitments to environmental goals consistent with many policy initiatives that we believe are constructive for LNG demand and infrastructure growth. ~~Currently,~~ ~~significant~~Significant amounts of money ~~are~~have ~~being~~been invested ~~across~~recently ~~Europe~~ and ~~Asia~~continue into ~~natural~~be ~~gas~~invested ~~projects~~across ~~under~~Europe ~~construction,~~ and ~~more~~Asia ~~continues~~in tonatural begas ~~earmarked to planned~~ projects ~~globally~~. In Europe alone, ~~there~~over ~~are~~50 ~~various~~mtpa ~~plans~~of toregasification ~~install~~capacity ~~more~~has ~~than~~been 75added ~~mtpa~~since of2022 ~~import~~with ~~capacity~~more planned over the ~~near-term~~next few years to secure access to LNG and displace Russian natural gas imports. In India, ~~there~~over ~~are more than 5~~8,~~600~~000 kilometers of ~~gas~~ pipelines ~~under~~have ~~construction~~started tocommissioning ~~expand~~in the ~~gas~~past ~~distribution~~several ~~network~~years and ~~increase~~there ~~access~~are tomore ~~natural~~than ~~gas. And in China~~9,000 ~~billions~~kilometers of ~~U.S.~~natural ~~dollars~~gas ~~have~~pipelines ~~already been invested and hundreds of billions of U.S. dollars~~

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under construction to expand the natural gas distribution network and increase access to natural gas. And in China, hundreds of billions of U.S. dollars have been and are expected to be further invested all along the natural gas value chain to enable growth and decrease harmful emissions. Furthermore, some of the existing integrated liquefaction facilities outside of the U.S. have been experiencing issues related to reduced feed gas as a result of depleting upstream resources. Global supply contributions from these plants have been decreasing and LNG supply growth is expected to help support these shortages.

As a result of these dynamics, we expect natural gas and LNG to continue to play an important role in satisfying energy demand going forward. In its forecast published in the third quarter of ~~2024~~2025, Wood Mackenzie Limited (“WoodMac”) forecasted that global demand for LNG would increase by approximately 6164%, from approximately ~~418~~410 mtpa, or 2019.17 Tcf, in ~~2023~~2024, to ~~675~~671 mtpa, or 32.42 Tcf, in 2040 and by approximately 6567% to ~~691~~685 mtpa or 3332.19 Tcf in 2050. WoodMac also forecasted LNG production from existing operational facilities and new facilities already under construction would be able to supply the market with approximately ~~532~~568 mtpa in 2040, declining to ~~463~~about 472 mtpa in 2050. This could result in a market need for construction of an additional approximately ~~142~~104 mtpa of LNG production by 2040 and about ~~227~~212 mtpa by 2050. As a cleaner ~~burning~~dispatchable fuel ~~with~~for ~~lower emissions than coal or liquid fuels in~~ power generation, we expect natural gas and LNG to play a central role in balancing grids, ~~serving as back up for intermittent energy sources~~ and contributing to a low carbon energy system globally. We believe the capital and operating costs of the uncommitted capacity of the Liquefaction Project, as well as the proposed expansion at Sabine Pass is competitive with new proposed projects globally and we are well-positioned to capture a portion of this incremental market need.

As described above under the caption General, we have limited exposure to oil price movements and other competing fuels as we have contracted a significant portion of our LNG production capacity under long-term SPAs and the IPM agreement currently in effect, which are structured to generate fixed fees in addition to variable fees indexed to Henry Hub or international LNG pricing. Refer to General for further discussion of our long-term agreements.

Competition

Despite the long term nature of our SPAs, when we need to replace or amend any existing SPA or enter into new SPAs, we will compete with other natural gas liquefaction projects throughout the world primarily on the basis of price per contracted volume of LNG at that time, as well as attributes such as commercial innovation, reliable production and customer-focused operations to provide flexible and tailored solutions to LNG buyers. ~~Our~~ ~~competition~~We ~~includes~~will ~~our~~compete ~~affiliate~~with ~~Corpus~~other ~~Christi~~natural ~~Liquefaction,~~gas ~~LLC~~liquefaction ~~(“CCL”),~~projects ~~which~~throughout ~~operates~~the ~~three Trains~~world, ~~and~~including isour ~~constructing~~affiliate, ~~an additional seven midscale Trains as part of the~~ Corpus Christi ~~Stage~~Liquefaction, 3LLC ~~Project~~(“CCL”), atprimarily aon ~~natural~~the ~~gas~~basis ~~liquefaction~~of ~~facility near Corpus Christi, Texas~~price. Revenues associated with any incremental volumes of the Liquefaction Project, including those made available to Cheniere Marketing, will also be subject to market-based price competition. Refer to Item 1A. Risk Factors for further discussion of risks relating to market competition.

Corporate Responsibility

As described in Market Factors and Competition, we expect that global demand for natural gas and LNG will continue to increase as nations seek more abundant, reliable and environmentally cleaner fuel alternatives to oil and coal. Our vision is to provide clean, secure and affordable energy to the world. This vision underpins our focus on responding to the world’s shared energy challenges — expanding the global supply of clean, secure and affordable energy, improving air quality, reducing emissions and supporting the transition to a lower-carbon future. Our approach to corporate responsibility is guided by our Climate and Sustainability Principles: Transparency, Science, Supply Chain and Operational Excellence. In August ~~2024~~2025, Cheniere published ~~Energy Secured~~Together, ~~Benefits~~We ~~Delivered~~Deliver, its ~~fifth~~sixth Corporate Responsibility (“CR”) report, which details Cheniere’s approach and progress on environmental, social and governance (“ESG”) matters. Cheniere’s CR report is available at www.cheniere.com/our-responsibility/reporting-center. Information on Cheniere’s website, including the CR report, is not incorporated by reference into this Annual Report on Form 10-K.

Cheniere’s climate strategy is to measure and mitigate emissions so that it may better position its LNG supplies to remain competitive in a lower carbon future and provide energy, economic and environmental security to its customers across the world. To maximize the environmental benefits of our LNG, we believe it is important to develop our climate goals and strategies based on an accurate and holistic assessment of the emissions profile of our LNG, accounting for all steps in the supply chain. In 2024, Cheniere announced a voluntary, measurement-informed Scope 1 annual methane emissions intensity target across its liquefaction facilities. The Scope 1 methane target builds upon Cheniere’s robust climate strategy and leverages data from its multi-scale quantification, monitoring, reporting and verification (“QMRV”) emissions measurement program. Cheniere achieved a methane emissions intensity for 2024, which received third party limited assurance, of less than its methane target of 0.03% across its liquefaction sites, as reported in its latest CR report.

Consequently, Cheniere has collaborated with natural gas midstream companies, technology providers and leading academic institutions on life-cycle assessment (“LCA”) models, quantification, monitoring, reporting and verification (“QMRV”) of GHG emissions and other research and development projects. Cheniere also co-founded and sponsored the 10

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As a key aspect of its strategy, Cheniere collaborates with natural gas midstream companies, technology providers and leading academic institutions on life-cycle assessment (“LCA”) models, QMRV of GHG emissions and other research and development projects. Cheniere also co-founded and sponsored the Energy Emissions Modeling and Data Lab (“EEMDL”), a multidisciplinary research and education initiative led by the University of Texas at Austin in collaboration with Colorado State University and the Colorado School of Mines. In addition, Cheniere commenced providing Cargo Emissions Tags (“CE Tags”) to its long-term customers in June 2022, and in October 2022 joined the Oil and Gas Methane Partnership (“OGMP”) 2.0, the United Nations Environment Programme’s (“UNEP”) flagship oil and gas methane emissions reporting and mitigation initiative. As a result of Cheniere’s efforts described above, in 2025, Cheniere achieved OGMP 2.0 Gold Standard reporting by the UNEP for its comprehensive methane emissions measurement and reporting under the OGMP 2.0 program and recognition by the Coalition for LNG Emissions Abatement toward Net-zero led by the Japan Organization for Metals and Energy Security. To ensure transparency and rigor, Cheniere works with academics and scientists to publish methodologies and results in multiple peer-reviewed journals.

Our total incremental expenditures related to climate initiatives, including capital expenditures, were not material to our Financial Statements during the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023. However, as governments consider and implement actions to reduce GHG emissions and the transition to a lower-carbon economy continues to evolve, as described in Market Factors and Competition, we expect the scope and extent of our future climate and sustainability initiatives to evolve accordingly. While we have not incurred material direct expenditures related to climate change, we are proactive in our management of climate risks and opportunities, including compliance with existing and future government regulations. We face certain business and operational risks associated with physical impacts from climate change, such as exposure to severe weather events or changes in weather patterns, in addition to transition risks. Please see Item 1A. Risk Factors for additional discussion.

Employees

We have no employees. We have contracts with ~~CQP and other~~ subsidiaries of CQP and Cheniere for operations, maintenance and management services. See Note 11—Related Party Transactions of our Notes to Financial Statements for a discussion of such services agreements with our affiliate entities. As of December 31, ~~2024~~2025, Cheniere and its subsidiaries had 1,~~714~~717 full-time employees, including ~~501~~508 employees who directly supported the Sabine Pass LNG Terminal operations.

Available Information

Our principal executive offices are located at 845 Texas Avenue, Suite 1250, Houston, Texas 77002, and our telephone number is (713) 375-5000. Our internet address is www.cheniere.com. We provide public access to our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports as soon as reasonably practicable after we electronically file those materials with, or furnish those materials to, the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These reports may be accessed free of charge through our internet website. We make our website content available for informational purposes only. The website should not be relied upon for investment purposes and is not incorporated by reference into this Form 10-K. The SEC maintains an internet site (www.sec.gov) that contains reports and other information regarding issuers.

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ITEM 1A. RISK FACTORS

The following are some of the important risk factors that could adversely affect our business, financial condition, results of operations or cash flows or have other adverse impacts and could cause actual results to differ materially from estimates or expectations contained in our forward-looking statements. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, may also adversely affect our business, contracts, financial condition, operating results, cash flows, liquidity and prospects.

The risk factors in this report are grouped into the following categories:

•Risks Relating to Our Financial Matters;

•Risks Relating to Our Operations and Industry; ~~and~~

•Risks Relating to Our Relationship w ith Cheniere; and

•Risks Relat ing to Regulations.

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Risks Relating to Our Financial Matters

An inability to source capital to supplement our available cash resources and existing revolving credit facility could cause us to have inadequate liquidity and could materially and adversely affect us.

As of December 31, ~~2024~~2025, we had $~~109~~19 million of restricted cash and cash equivalents, $~~776~~824 million of available commitments under our $1.0 billion senior secured revolving credit facility (the “Revolving Credit Facility”) and $86.48 billion of total debt outstanding (before unamortized, discount and debt issuance costs). We incur, and will incur, significant interest expense relating to financing the assets at the Liquefaction Project. Our ability to refinance our indebtedness may depend on our ability to access the debt capital markets. A variety of factors beyond our control could impact the availability or cost of capital, including domestic or international economic conditions, increases in key benchmark interest rates and/or credit spreads, the adoption of new or amended banking or capital market laws or regulations, lending institutions’ evolving policies on financing businesses linked to fossil fuels and the repricing of market risks and volatility in capital and financial markets. Our financing costs could increase or future borrowings may be unavailable to us or unsuccessful, which could cause us to be unable to pay or refinance our indebtedness or to fund our other liquidity needs. If any of the lenders in the syndicates backing these facilities was unable to perform on its commitments, we may need to seek replacement lenders or seek alternative financing, which may not be available as needed, or may be available in more limited amounts or on more expensive or otherwise unfavorable terms.

Our ability to generate cash is substantially dependent upon the performance by customers under long-term contracts that we have entered into, and we could be materially and adversely affected if any significant customer fails to perform its contractual obligations for any reason.

Our future results and liquidity are substantially dependent upon performance by our customers to make payments under long-term contracts. As of December 31, ~~2024~~2025, we had SPAs with approximately ten different third party customers, with customers under common control being considered a single customer, whereby four customers individually with revenues greater than 10% of total revenues from contracts with external customers accounted for an aggregate of 1168% ~~different~~of ~~third~~total ~~party~~revenues from contracts with external customers for the year ended December 31, 2025.

While substantially all of our long-term third party customer arrangements are executed with a creditworthy ~~parent~~ company or secured by a parent company guarantee or other form of collateral, we are nonetheless exposed to credit risk in the event of a customer default that requires us to seek recourse.

Additionally, our long-term SPAs entitle the customer to terminate their contractual obligations upon the occurrence of certain events which include, but are not limited to: (1) if we fail to make available specified scheduled cargo quantities; (2) delays in the commencement of commercial operations; and (3) under the majority of our SPAs, upon the occurrence of certain events of force majeure.

Although we have not had a history of material customer default or termination events, the occurrence of such events are largely outside of our control and may expose us to unrecoverable losses. We may not be able to replace these customer arrangements on desirable terms, or at all, if they are terminated. As a result, our business, contracts, financial condition, operating results, cash flow, liquidity and prospects could be materially and adversely affected.

~~Our use of derivative instruments, including our IPM agreement, to manage risks could adversely affect our earnings reported under GAAP and our liquidity.~~12

We use derivative instruments to manage our commodity-related price risk. The extent of our derivative position at any given time depends on our assessment of risks and related exposures for these commodities. We currently account for our derivatives at fair value, with immediate recognition of changes in the fair value in earnings, as described in Note 2—Summary of Significant Accounting Policies of our Notes to Financial Statements. Such valuations are primarily valued based on estimated forward commodity prices and are more susceptible to variability particularly when markets are volatile, which could have a significant adverse effect on our earnings reported under GAAP. For example, as described in Results of Operations in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, our net income for the years ended December 31, 2024 and 2023 included $0.4 billion and $2.1 billion of gains, respectively, resulting from changes in the fair values of our derivatives, substantially all of which were related to commodity derivative instruments indexed to international LNG prices, mainly our IPM agreement.

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~~value~~arrangements ofon ~~these~~desirable ~~financial~~terms, ~~instruments~~or ~~involves~~at ~~management’s~~all, ~~judgment~~if orthey ~~use~~are ~~of estimates~~terminated. ~~Changes~~ inAs ~~the~~a ~~underlying~~result, ~~assumptions~~our orbusiness, ~~use~~contracts, offinancial ~~alternative~~condition, ~~valuation~~operating ~~methods~~results, ~~could~~cash ~~affect~~flow, ~~the~~liquidity ~~reported~~and ~~fair~~prospects ~~value~~could ofbe ~~these~~materially ~~contracts~~and adversely affected.

InOur ~~addition,~~use ~~our liquidity may be adversely impacted by the cash margin requirements~~ of ~~the~~derivative ~~respective~~instruments, ~~commodity~~including ~~exchanges~~our orIPM ~~over-the-counter arrangements~~agreement, ~~or the failure of a counterparty~~ to ~~perform~~manage inrisks ~~accordance~~could ~~with~~have a ~~contract. As~~significant ofadverse ~~December~~or ~~31,~~otherwise ~~2024~~volatile ~~and~~effect ~~2023,~~on weour ~~had~~earnings ~~collateral~~reported ~~posted~~under ~~with~~GAAP ~~counterparties by us of $13 million~~ and ~~zero, respectively, which are included in other current assets, net in~~ our ~~Balance Sheets~~liquidity.

We use derivative instruments to manage certain risks, including commodity-related price risk. The extent of our derivative position at any given time depends on our assessment of risks and related exposures for these commodities. We currently account for our derivatives at fair value, with immediate recognition of changes in the fair value in earnings, unless they satisfy criteria for, and we elect, the normal purchases and normal sales exception which applies the accrual method of accounting, as described in Note 2—Summary of Significant Accounting Policies of our Notes to Financial Statements. Such valuations are primarily valued based on estimated forward commodity prices and are more susceptible to variability particularly when markets are volatile, which could have a significant adverse or otherwise volatile effect on our earnings reported under GAAP. For example, as described in Results of Operations in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, our net income for the years ended December 31, 2025 and 2024 included $201 million and $388 million of gains, respectively, resulting from changes in the fair values of our derivatives, substantially all of which were related to commodity derivative instruments indexed to international LNG prices, mainly our IPM agreement.

These transactions and other derivative transactions have and may continue to result in substantial volatility in results of operations reported under GAAP, particularly in periods of significant commodity, currency or financial market variability. For certain of these instruments, in the absence of actively quoted market prices and pricing information from external sources, the value of these financial instruments involves management’s judgment or use of estimates. Changes in the underlying assumptions or use of alternative valuation methods could affect the reported fair value of these contracts.

In addition, our liquidity may be adversely impacted by the cash margin requirements of the respective commodity exchanges or over-the-counter arrangements. As of December 31, 2025 and 2024, we had collateral posted with counterparties by us of $11 million and $13 million, respectively, which are included in other current assets, net in our Balance Sheets.

Risks Relating to Our Operations and Industry

Catastrophic weather events or other disasters could result in an interruption of our operations, a delay in the construction of our Liquefaction Project, damage to our Liquefaction Project and increased insurance costs, all of which could adversely affect us.

Weather events such as major hurricanes and winter storms have caused interruptions or temporary suspension in construction or operations at our facilities or caused minor damage to our facilities. In August 2020, we entered into an arrangement with ~~our~~an affiliate to provide the ability, in limited circumstances, to potentially fulfill commitments to LNG buyers from ~~the~~another ~~other~~affiliate’s facility in the event operational conditions impact operations at the Sabine Pass LNG Terminal or at our affiliate’s terminal. During the year ended December 31, 2021, eight TBtu was loaded at the other affiliate’s facilities pursuant to this agreement. Our risk of loss related to weather events or other disasters is limited by contractual provisions in our SPAs, which can provide under certain circumstances relief from operational events, and partially mitigated by insurance we maintain. Aggregate direct and indirect losses associated with the aforementioned weather events, net of insurance reimbursements, have not historically been material to our Financial Statements, and we believe our insurance coverages maintained, existence of certain protective clauses within our SPAs and other risk management strategies mitigate our exposure to material losses. However, future adverse weather events and collateral effects, or other disasters such as explosions, fires, floods or severe droughts, could cause damage to, or interruption of operations at ~~our~~the ~~terminal~~Sabine Pass LNG Terminal or related infrastructure, or interruptions to our power supply, which could impact our operating results, increase insurance premiums or deductibles paid and delay or increase costs associated with the construction and development of the Liquefaction Project or our other facilities. Our LNG terminal infrastructure and LNG facility ~~located in or near Sabine Pass, Louisiana~~ are designed in accordance with the requirements of 49 Code of Federal Regulations Part 193, Liquefied Natural Gas Facilities: Federal Safety Standards, and all applicable industry codes and standards.

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Disruptions to the third party supply of natural gas to our facilities could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

We depend upon third party pipelines and other facilities that provide gas delivery options to our Liquefaction Project. If any pipeline connection were to become unavailable for current or future volumes of natural gas due to repairs, damage to the facility, lack of capacity, failure to replace contracted firm pipeline transportation capacity on economic terms, or any other reason, our ability to receive natural gas volumes to produce LNG or for transporters to continue shipping natural gas to us from producing regions or to end markets could be adversely impacted. Such disruptions to our third party supply of natural gas may also be caused by weather events or other disasters described in the ~~risk~~immediately ~~factor~~preceding ~~Catastrophic~~risk weather events or other disasters could result in an interruption of our operations, a delay in the construction of our Liquefaction Project, damage to our Liquefaction Project and increased insurance costs, all of which could adversely affect usfactor. While certain contractual provisions in our SPAs can limit the potential impact of disruptions, and historical indirect losses incurred by us as a result of disruptions to our third party supply of natural gas have not been material, any significant disruption to our natural gas supply where we may not be protected could result in a substantial reduction in our revenues under our long-term SPAs or other customer arrangements, which could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

We may not be able to purchase or receive physical delivery of sufficient natural gas to satisfy our delivery obligations under the SPAs, which could have a material adverse effect on us.

Under the SPAs with our customers, we are required to make available to them a specified amount of LNG at specified times. The supply of natural gas to our Liquefaction Project to meet our LNG production requirements timely and at sufficient quantities is critical to our operations and the fulfillment of our customer contracts. However, we may not be able to purchase or receive physical delivery of natural gas as a result of various factors, including non-delivery or untimely delivery by our suppliers, depletion of natural gas reserves within regional basins and disruptions to pipeline operations as described in the immediately preceding risk factor. Additionally, composition changes in the quality of feed gas received from third parties may impact operational efficiency and performance, ~~non-delivery~~which orcould ~~untimely~~have ~~delivery~~an byeffect on our ~~suppliers,~~operating ~~depletion~~results. Our risk is in part mitigated by the diversification of our natural gas ~~reserves~~supply ~~within~~and ~~regional~~transportation across suppliers and pipelines, and regionally across basins, and additionally, we have provisions within our supplier contracts that provide certain protections against non-performance. Further, provisions within our SPAs provide certain protection against force majeure events. While historically we have not incurred significant or prolonged disruptions to ~~pipeline~~our ~~operations~~natural asgas ~~described~~supply that have resulted in ~~the~~a ~~risk~~material ~~factor~~adverse ~~Disruptions~~impact to our operations, due to the ~~third~~criticality ~~party~~of natural gas supply to our production of LNG, our failure to purchase or receive physical delivery of sufficient quantities of natural gas under circumstances where we may not be protected could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

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natural gas to our facilities could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects. Our risk is in part mitigated by the diversification of our natural gas supply and transportation across suppliers and pipelines, and regionally across basins, and additionally, we have provisions within our supplier contracts that provide certain protections against non-performance. Further, provisions within our SPAs provide certain protection against force majeure events. While historically we have not incurred significant or prolonged disruptions to our natural gas supply that have resulted in a material adverse impact to our operations, due to the criticality of natural gas supply to our production of LNG, our failure to purchase or receive physical delivery of sufficient quantities of natural gas under circumstances where we may not be protected could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

We are subject to significant operating hazards and uninsured risks, one or more of which may create significant liabilities and losses for us.

The operation of the Liquefaction Project is, and will be, subject to the inherent risks associated with this type of operation as discussed throughout our risk factors, including explosions, breakdowns or failures of equipment, operational errors by vessel or tug operators, pollution, release of toxic substances, fires, hurricanes and adverse weather conditions and other hazards, each of which could result in significant delays in commencement or interruptions of operations and/or in damage to or destruction of our facilities or damage to persons and property. In addition, our operations and the facilities and vessels of third parties on which our operations are dependent face possible risks associated with acts of aggression or terrorism.

We do not, nor do we intend to, maintain insurance against all of these risks and losses. We may not be able to maintain desired or required insurance in the future at rates that we consider reasonable. Although losses incurred as a result of self- insured risk have not been material historically, the occurrence of a significant event not fully insured or indemnified against could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

We are dependent on our EPC partners and other contractors for the successful completion of any potential expansion projects, including the Expansion Project.

Timely and cost-effective completion of any potential expansion projects, including the Expansion Project, in compliance with agreed specifications is central to our business strategy and is highly dependent on the performance of our

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EPC partners and any other contractors under their agreements. The ability of our EPC partners and any other contractors to perform successfully under their agreements is dependent on a number of factors, including their ability to:

•design and engineer each Train to operate in accordance with specifications;

•engage and retain third party subcontractors and procure equipment and supplies;

•respond to difficulties such as equipment failure, delivery delays, schedule changes and failure to perform by subcontractors, some of which are beyond their control;

•attract, develop and retain skilled personnel, including engineers;

•post required construction bonds and comply with the terms thereof;

•manage the construction process generally, including coordinating with other contractors and regulatory agencies; and

•maintain their own financial condition, including adequate working capital.

Although some agreements may provide for liquidated damages if the contractor fails to perform in the manner required with respect to certain of its obligations, the events that trigger a requirement to pay liquidated damages may delay or impair the operation of any potential expansion projects, including the Expansion Project, and any liquidated damages that we receive may not be sufficient to cover the damages that we suffer as a result of any such delay or impairment. The obligations of EPC partners and our other contractors to pay liquidated damages under their agreements are frequently subject to caps on liability, as set forth therein.

Furthermore, we may have disagreements with our contractors about different elements of the construction process, which could lead to the assertion of rights and remedies under their contracts and increase the cost of any potential expansion projects, including the Expansion Project, or result in a contractor’s unwillingness to perform further work. If any contractor is unable or unwilling to perform according to the negotiated terms and timetable of its respective agreement for any reason or terminates its agreement, we would be required to engage a substitute contractor. This would likely result in significant project delays and increased costs, which could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

Cost overruns and delays in the construction of expansion projects, including the Expansion Project, as well as difficulties in obtaining sufficient financing to pay for such costs and delays, could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

Our investment decision on any potential future expansion of LNG facilities, including the Expansion Project, relies on cost estimates developed initially through front end engineering and design studies. However, due to the size and duration of construction of an LNG facility, the actual construction costs may be significantly higher than our current estimates as a result of many factors, including but not limited to changes in scope and the ability of our EPC partners and other contractors to execute successfully under their agreements. Although our major EPC contracts have historically been fixed price, as construction progresses, we may decide or be forced to submit change orders to our contractor, including change orders to comply with existing or future environmental or other regulations. Any change orders could result in longer construction periods, higher construction costs, including increased commodity prices (particularly nickel and steel) and escalating labor costs, or both. Additionally, certain of our SPAs provide that the customer may terminate that SPA if the relevant Train does not timely commence commercial operations. As a result, any significant construction delay, whatever the cause, could have a material adverse impact on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

Significant increases in the cost of a liquefaction project or significant construction delays could impact the commercial viability of the project as well as require us to obtain additional sources of financing to fund our operations until the applicable liquefaction project is fully constructed (which could cause further delays), thereby negatively impacting our business and limiting our growth prospects. While historically we have not experienced cost overruns or construction delays that have had a significant adverse impact on our operations, factors giving rise to such events in the future may be outside of our control and could have a material adverse effect on our current or future business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

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Our ability to complete development and/or construction of additional Trains, including the Expansion Project, will be contingent on our ability to obtain additional funding. If we are unable to obtain sufficient funding, we may be unable to fully execute our growth strategy.

We continuously pursue liquefaction expansion opportunities and other projects along the LNG value chain. As described further in Items 1. and 2. Business and Properties, another subsidiary of CQP is currently developing the Expansion Project. The commercial development of an LNG facility takes a number of years and requires a substantial capital investment that is dependent on sufficient funding and commercial interest, among other factors.

We will require significant additional funding to be able to commence construction of the Expansion Project and any additional expansion projects, which we may not be able to obtain at a cost that results in positive economics, or at all. The inability to achieve acceptable funding may cause a delay in the development or construction of the Expansion Project or any additional expansion projects, which could have a material adverse effect on our growth strategy, financial condition, operating results, cash flow and liquidity.

Changes to U.S. trade policy could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

The U.S. has recently enacted and proposed to enact significant new tariffs and trade restrictions. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. For example, as part of its Section 301 investigation of the maritime, logistics and shipbuilding sector in China (the “Section 301 Investigation”), the Office of the U.S. Trade Representative (the “USTR”) in April 2025 mandated, among other things, restrictions on maritime transport services for U.S. LNG exports. These measures require that, beginning in April 2029, 1% of U.S. LNG exports must be exported on U.S.-built vessels, with such percentage gradually increasing to 15% in April 2047, with certain exceptions. In its original April 2025 notice, USTR had included the potential suspension of LNG export licenses as a remedy for non-compliance with the U.S. vessel restrictions; however, USTR subsequently removed the suspension language. In November 2025, the White House announced that, as part of the broader economic and trade relations deal with China, it had agreed to defer certain pending tariff and trade measures against China, including suspending for one year the implementation of fees on China-linked vessels pursuant to the Section 301 Investigation. However, the timeline for the U.S.-built vessel requirements for U.S. LNG exports thus far has not been modified. Given the ongoing evolution of the Section 301 Investigation measures, the potential impact of the restrictions on us and the LNG industry remains uncertain.

There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to trade policies, trade agreements, trade restrictions and tariffs. Any resulting unwillingness or inability of LNG purchasers in such countries to import LNG from the U.S. or increases in pricing as a result of retaliatory tariffs on exported U.S. LNG, could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

Cyclical or other changes in the demand for and price of LNG and natural gas may adversely affect our LNG business and the performance of our customers and could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

Our LNG business and the development of domestic LNG facilities and projects generally is based on assumptions about the future availability and price of natural gas and LNG and the prospects for international natural gas and LNG markets. Natural gas and LNG prices have been, and are likely to continue to be, volatile and subject to wide fluctuations in response to one or more of the following factors:

•increasingly competitive ~~liquefaction~~North ~~capacity~~American inLNG ~~North America~~landscape;

•insufficient or oversupply of natural gas liquefaction or receiving capacity worldwide;

•insufficient LNG tanker capacity;

•weather conditions, including temperature volatility resulting from climate change, and extreme weather events may lead to unexpected distortion in the balance of international LNG supply and demand;

•reduced demand and lower prices for natural gas worldwide;

~~•increased natural gas production deliverable by pipelines, which could suppress demand for LNG;~~16

~~•decreased~~Table ~~oil and natural gas exploration activities which may decrease the production~~ of ~~natural gas, including as a result of any potential ban on production of natural gas through hydraulic fracturing;~~Contents

•increased demand for natural gas in North America;

•increased natural gas production worldwide, either domestically or deliverable by pipelines, which could suppress demand for LNG;

•decreased oil and natural gas exploration activities which may decrease the production of natural gas in North America;

•cost improvements that allow competitors to provide natural gas liquefaction capabilities at reduced prices;

•changes in supplies of, and prices for, alternative energy sources which may reduce the demand for natural gas;

•changes in regulatory, tax or other governmental policies regarding exported North American LNG, natural gas or alternative energy sources, which may reduce the demand for exported North American LNG and/or natural gas;

•political conditions in customer regions;

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•sudden decreases in demand for LNG as a result of natural disasters or public health crises, including the occurrence of a pandemic, and other catastrophic events;

•adverse relative demand for North American LNG compared to other ~~markets~~sources, which may decrease LNG exports from North America; and

•cyclical trends in general business and economic conditions that cause changes in the demand for natural gas.

Adverse trends or developments affecting any of these factors could result in decreases in the price of LNG and/or natural gas, which could materially and adversely affect our LNG business and the performance of our customers, and could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

Failure of exported LNG to be a long term competitive source of energy for international markets could adversely affect our customers and could materially and adversely affect our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

Operations of the Liquefaction Project are dependent upon the ability of our SPA customers to deliver LNG supplies from ~~the~~North ~~United States~~America, which is primarily dependent upon LNG being a competitive source of energy internationally. The success of our business plan is dependent, in part, on the extent to which LNG can, for significant periods and in significant volumes, be supplied from ~~the~~North ~~United~~America ~~States~~ and delivered to international markets at a lower cost than the cost of alternative energy sources. Through the use of improved exploration technologies, additional sources of natural gas may be discovered outside ~~the~~North ~~United States~~America, which could increase the available supply of natural gas outside ~~the~~North ~~United~~America ~~States~~ and could result in natural gas in those markets being available at a lower cost than LNG exported to those markets.

Political instability in foreign countries that import or export natural gas, or strained relations between such countries and the ~~United States~~U.S., may also impede the willingness or ability of LNG purchasers or suppliers and merchants in such countries to import LNG from the ~~United States~~U. S. Furthermore, some foreign purchasers or suppliers of LNG may have economic or other reasons to obtain their LNG from non-U.S. markets or from our competitors’ liquefaction facilities in the ~~United States~~U. S.

As described in Market Factors and Competition in Items 1. and 2. Business and Properties, it is expected that global demand for natural gas and LNG will continue to increase as nations seek more abundant, reliable and environmentally cleaner fuel alternatives to ~~alternative~~ fossil fuel energy sources such as oil and coal. However, as a result of transitions globally from fossil-based systems of energy production and consumption to renewable energy sources, LNG may face increased competition from alternative, cleaner sources of energy as such alternative sources emerge. Additionally, LNG from the Liquefaction Project also competes with other sources of LNG, including LNG that is priced to indices other than Henry Hub. Some of these sources of energy may be available at a lower cost than LNG from the Liquefaction Project in certain markets. The cost of LNG supplies from ~~the~~North ~~United States~~America, including the Liquefaction Project, may also be impacted by an increase in natural gas prices in ~~the~~North ~~United States~~America.

As described in General in Items 1. and 2. Business and Properties, as of December 31, 2025, we have contracted with third parties through our SPAs and IPM agreement currently in effect approximately 80% of the total anticipated production from the Liquefaction Project ~~with~~through ~~approximately~~the 13mid-2030s. ~~years of weighted average remaining life as of December 31~~Additionally, ~~2024,~~there ~~excluding~~are ~~volumes~~SPAs that ~~are~~Cheniere ~~contractually~~Marketing ~~subject to additional liquefaction capacity beyond what is~~ currently inholds ~~construction~~that or operation. However, as a result of the factors described above and other factors, the LNG we produce may not remain a long term competitive source of energy internationally, particularly when our existing long term contracts begin to expire. Any significant impediment to the ability to continue to secure long term commercial contracts or deliver LNG from the United States could have a material adverse effect on our customers and on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

~~We face competition based upon the international market price for LNG.~~ 17

Our Liquefaction Project is subject to the risk of LNG price competition at times when we need to replace any existing SPA, whether due to natural expiration, default or otherwise, or enter into new SPAs. Factors relating to competition may prevent us from entering into a new or replacement SPA on economically comparable terms as existing SPAs, or at all. Such an event could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity

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~~and~~may ~~prospects~~be novated to us in the future. ~~Factors~~ ~~which~~LNG ~~may~~produced ~~negatively~~by ~~affect~~the ~~potential~~Liquefaction ~~demand~~Project that is not contracted under long-term contracts is available for Cheniere Marketing, Cheniere’s integrated marketing function, to sell in the global market under spot sales or other short-term agreements. However, as a result of the factors described above and other factors, the LNG ~~from~~we produce may not remain a long term competitive source of energy internationally, particularly when our ~~Liquefaction~~existing ~~Project~~long ~~are~~term ~~diverse~~contracts begin to expire. Any significant impediment to the ability to continue to secure long term commercial contracts or deliver LNG from the U.S. could have a material adverse effect on our customers and ~~include~~on our business, ~~among~~contracts, ~~others:~~financial condition, operating results, cash flow, liquidity and prospects.

We face competition based upon the international market price for LNG.

•increases in worldwide LNG production capacity and availability of LNG for market supply;

•decreases in demand for LNG or increases in demand for LNG but at levels below those required to maintain current price equilibrium with respect to supply;

•increases in the cost to supply natural gas feedstock to our Liquefaction Project;

•increases in the cost to supply power to our Liquefaction Project;

•decreases in the cost of competing sources of natural gas or alternate fuels such as coal, heavy fuel oil and diesel;

•decreases in the price of non-U.S. LNG, including decreases in price as a result of contracts indexed to lower oil prices;

•increases in capacity and utilization of nuclear power and related facilities; and

•displacement of LNG by pipeline natural gas or alternate fuels in locations where access to these energy sources is not currently available.

A ~~cyber~~cyberattack ~~attack~~ involving our business, operational control systems or related infrastructure, or that of third parties with whom we do business, including pipelines which supply our Liquefaction Project, or an attack on our critical suppliers, could negatively impact our business or operations, result in data security breaches, impede the processing of transactions, delay financial or compliance reporting and potentially harm our reputation.

The LNG industry is increasingly dependent on business and operational control technologies to conduct daily operations. We rely on control systems, technologies and networks to run our business and to control and manage our liquefaction operations. ~~Cyber~~ ~~attacks~~Cyberattacks on businesses have escalated in recent years, including as a result of geopolitical tensions, and use of the internet, cloud services, mobile communication systems and other public networks exposes our business and that of other third parties with whom we do business to potential ~~cyber attacks~~cyberattacks, including third party pipelines which supply natural gas to our Liquefaction Project. For example, in 2021 Colonial Pipeline suffered a ransomware attack that led to the complete shutdown of its pipeline system for six days. Should multiple of the third party pipelines which supply our Liquefaction Project suffer similar concurrent attacks, our Liquefaction Project may not be able to obtain sufficient natural gas to operate at full capacity, or at all. A ~~cyber~~cyberattack ~~attack~~ involving our business or operational control systems or related infrastructure, or that of third parties pipelines with whom we do business, or an attack on our critical suppliers, could negatively impact our business or operations, result in data security breaches, impede the processing of transactions, delay financial or compliance reporting and potentially harm our reputation.

Outbreaks of infectious diseases, such as COVID-19, at our facilities could adversely affect our operations or business.

Our facilities at the Liquefaction Project are critical infrastructure and continued to operate during the COVID-19 pandemic through our implementation of workplace controls and pandemic risk reduction measures. While the COVID-19 pandemic, including subsequent variants, had no adverse impact on our on-going operations, the risk of future variants and ~~other infectious diseases is unknown and the outbreak of a more potent variant or another infectious disease in the future at one or more of our facilities could adversely affect our operations.~~

We are entirely dependent on Cheniere and CQP for key personnel, and the unavailability of skilled workers or Cheniere or CQP’s failure to attract and retain qualified personnel could adversely affect us. In addition, changes in our key personnel could affect our business results.18

As of December 31, 2024, Cheniere and its subsidiaries had 1,714 full-time employees, including 501 employees who directly supported our operations. We have contracted with subsidiaries of Cheniere and CQP to provide the personnel necessary for the operation, maintenance and management of the Liquefaction Project. We depend on Cheniere’s subsidiaries hiring and retaining personnel to provide sufficient support for the aforementioned services. Cheniere competes with other liquefaction projects in the United States and globally, other energy companies and other employers to attract and retain qualified personnel with the technical skills and experience required to support us and to provide our customers with the highest quality service. We also compete with any other project Cheniere is operating or developing, including, as further described in Market Factors and Competition in Items 1. and 2. Business Properties, the operation and construction of its liquefaction project near Corpus Christi, Texas, for the time and expertise of Cheniere’s personnel. Further, Cheniere faces competition for these

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~~highly~~other ~~skilled~~infectious ~~employees~~diseases inis unknown and the ~~vicinity~~outbreak of ~~our~~a ~~operations~~more ~~and~~potent ~~more~~variant ~~generally~~or ~~from~~another infectious disease in the ~~Gulf~~future ~~Coast~~at ~~hydrocarbon~~one ~~processing~~or ~~and~~more ~~construction~~of ~~industries~~our facilities could adversely affect our operations or business.

~~Our~~Risks ~~executive~~Relating ~~officers~~to ~~are~~Our ~~officers~~Relationship ~~and employees of Cheniere and its affiliates. We do not maintain key person life insurance policies on any personnel, and we do not have any employment contracts or other agreements~~ with key personnel binding them to provide services for any particular term. The loss of the services of any of these individuals could have a material adverse effect on our business. In addition, our future success will depend in part on our ability to engage, and Cheniere’s ~~ability to attract and retain, additional qualified personnel.~~

AWe ~~shortage~~are inentirely ~~the~~dependent ~~labor~~on ~~pool~~Cheniere ofand ~~skilled~~CQP ~~workers,~~for ~~remoteness~~key ~~of our site locations~~personnel, ~~general~~and ~~inflationary~~the ~~pressures,~~unavailability ~~changes~~of inskilled ~~applicable~~workers ~~laws~~or ~~and~~Cheniere ~~regulations~~ or ~~labor~~CQP’s ~~disputes~~failure ~~could make it more difficult~~ to attract and retain qualified personnel ~~and~~ could ~~require~~adversely anaffect ~~increase in the wage and benefits packages that are offered~~us. In addition, wechanges ~~are also subject to increased competition for skilled workers from new entrants to the LNG market. Any increase~~ in our ~~operating~~key ~~costs~~personnel could ~~materially and adversely~~ affect our business results.

As of December 31, 2025, Cheniere and its subsidiaries had 1,717 full-time employees, including 508 employees who directly supported the Sabine Pass LNG Terminal operations. We have contracted with subsidiaries of Cheniere and CQP to provide the personnel necessary for the operation, maintenance and management of the Liquefaction Project. We depend on Cheniere’s subsidiaries hiring and retaining personnel to provide sufficient support for the aforementioned services. Cheniere competes with other liquefaction projects in the U.S. and globally, other energy companies and other employers to attract and retain qualified personnel with the technical skills and experience required to support us and to provide our customers with the highest quality service. We also compete with any other project Cheniere is operating or developing, including, as further described in Market Factors and Competition in Items 1. and 2. Business Properties, the operation and construction of its liquefaction project near Corpus Christi, Texas, for the time and expertise of Cheniere’s personnel. Further, Cheniere faces competition for these highly skilled employees in the vicinity of our operations and more generally from the Gulf Coast hydrocarbon processing and construction industries.

Our executive officers are officers and employees of Cheniere and its affiliates. We do not maintain key person life insurance policies on any personnel, and we do not have any employment contracts or other agreements with key personnel binding them to provide services to us for any particular term. The loss of the services of any of these individuals could have a material adverse effect on our business. In addition, our future success will depend in part on our ability to engage, and Cheniere’s ability to attract and retain, additional qualified personnel.

A shortage in the labor pool of skilled workers, remoteness of our site locations, general inflationary pressures, changes in applicable laws and regulations or labor disputes could make it more difficult for Cheniere to attract and retain qualified personnel and could require an increase in the wage and benefits packages that Cheniere offers. In addition, Cheniere is also subject to increased competition for skilled workers from new entrants to the LNG market. Currently, our payments to Cheniere for labor consist of reimbursement of cost plus a fixed monthly fee (indexed for inflation) per Train, therefore any increases in Cheniere’s costs will increase our operating costs, which could materially and adversely affect our business results.

We have numerous contractual and commercial relationships, and conflicts of interest, with Cheniere and its affiliates, including Cheniere Marketing.

We have agreements to compensate and to reimburse expenses of Cheniere’s affiliates. All of these agreements involve conflicts of interest between us, on the one hand, and Cheniere and its other affiliates, on the other hand. In addition, as described in Market Factors and Competition, Cheniere, through CCL, is currently operating, ~~three Trains~~ and further constructing orand developing expansion projects at, a natural gas liquefaction facility near Corpus Christi, Texas ~~through its subsidiaries,~~ and CCL has entered into ~~fixed price~~ SPAs with third-parties and affiliates of Cheniere for the sale of LNG from this natural gas liquefaction facility, and may continue to enter into commercial arrangements with respect to this liquefaction facility that might otherwise have been entered into with respect to any of our future Trains.

We have orand ~~will~~expect to continue to have numerous contracts and commercial arrangements with Cheniere and its affiliates, including future SPAs, transportation, interconnection, marketing and gas balancing arrangements, as well as servicing and other agreements and arrangements that cannot now be anticipated. In those circumstances where additional contracts with Cheniere and its affiliates may be necessary or desirable, additional conflicts of interest may be involved.

We are dependent on Cheniere and its affiliates to provide services to us. If Cheniere or its affiliates are unable or unwilling to perform according to the negotiated terms and timetable of their respective agreement for any reason or terminate their agreement, we would be required to engage a substitute service provider. This could result in a significant interference with operations and increased costs.

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Risks Relating to Regulations

Failure to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of the Liquefaction Project and the export of LNG could impede operations and construction and could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

The design, construction and operation of Trains, including those at the Liquefaction Project and the Expansion Project, as well as the export of LNG are highly regulated activities. Approvals of the FERC and DOE under Section 3 of the NGA, as well as several other material governmental and regulatory approvals and permits, including several under the CAA and the CWA, are required in order to construct and operate an LNG facility and export LNG.

To date, the FERC has issued orders under Section 3 of the NGA authorizing the siting, construction and operation of ~~the~~all ~~six~~of our Trains and related facilities of the Liquefaction Project. In February 2024, we and other subsidiaries of CQP submitted an application to the FERC under the NGA for authorization to site, construct and operate the Expansion Project and in June 2025, we and other subsidiaries of CQP submitted an updated application to the FERC reflecting a two-phased approach to the Expansion Project. To date, the DOE has also issued orders under Section 43 of the NGA authorizing us to export domestically produced LNG, as further detailed in DOE Export Licenses in Our Business. We currently have the Expansion Project pending non-FTA export approval with the DOE, although approval is first subject to the receipt of regulatory permit approval from the FERC, responsive to our formal application.

Authorizations obtained from the FERC, DOE and other federal and state regulatory agencies contain ongoing conditions that we must comply with. Failure to comply with or our inability to obtain and maintain existing or newly imposed approvals, permits and filings that may arise due to factors outside of our control such as a U.S. government disruption or shutdown, political opposition or local community resistance to our operations could impede the operation and construction of our infrastructure. In addition, certain of these governmental permits, approvals and authorizations are or may be subject to rehearing requests, appeals and other challenges. There is no assurance that we will obtain and maintain these governmental permits, approvals and authorizations, or that we will be able to obtain them on a timely basis. Any impediment could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

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permits and filings that may arise due to factors outside of our control such as a U.S. government disruption or shutdown, political opposition or local community resistance to our operations could impede the operation and construction of our infrastructure. In addition, certain of these governmental permits, approvals and authorizations are or may be subject to rehearing requests, appeals and other challenges. There is no assurance that we will obtain and maintain these governmental permits, approvals and authorizations, or that we will be able to obtain them on a timely basis. Any impediment could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

Existing and future safety, environmental and similar laws and governmental regulations could result in increased compliance costs or additional operating costs or construction costs and restrictions.

Our business is and will be subject to extensive federal, state and local laws, rules and regulations applicable to our construction and operation activities relating to, among other things, air quality, water quality, waste management, natural resources, and health and safety. Many of these laws and regulations, such as the CAA, the Oil Pollution Act, the CWA and the RCRA, and analogous state laws and regulations, restrict or prohibit the types, quantities and concentration of substances that can be released into the environment in connection with the construction and operation of our facilities, and require us to maintain permits and provide governmental authorities with access to our facilities for inspection and reports related to our compliance. In addition, certain laws and regulations authorize regulators having jurisdiction over the construction and operation of ~~our~~the ~~terminal~~Sabine Pass LNG Terminal, including FERC, PHMSA, EPA and the ~~United~~U.S. ~~States~~ Coast Guard, to issue regulatory enforcement actions, which may restrict or limit operations or increase compliance or operating costs. Violation of these laws and regulations could lead to substantial liabilities, compliance orders, fines and penalties, difficulty obtaining and maintaining permits from regulatory agencies or increased capital expenditures that could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects. Federal and state laws impose liability, without regard to fault or the lawfulness of the original conduct, for the release of certain types or quantities of hazardous substances into the environment. As the owner and operator of our facilities, we could be liable for the costs of cleaning up hazardous substances released into the environment at or from our facilities and for resulting damage to natural resources.

The EPA has finalized or proposed multiple GHG regulations that impact our assets and supply chain. On December 2, 2023, the EPA issued final rules to reduce methane and VOC emissions from new, existing and modified emission sources in the oil and gas sector. These regulations require monitoring of methane and VOC emissions at our compressor stations. Further, the IRA includes a charge on methane emissions above certain emissions thresholds employing empirical emissions data that would have applied to our facilities beginning in calendar year 2024. On ~~November~~The 12OBBBA, ~~2024,~~signed ~~the~~by ~~EPA~~President ~~finalized~~Trump aon ~~rule~~July to4, ~~impose~~2025, ~~and~~delays ~~collect~~the imposition of the methane emissions ~~charges~~charge ~~authorized~~until ~~under~~calendar ~~the~~year ~~IRA~~2034. In addition, other international, federal and state initiatives may be considered in the future to address GHG emissions through treaty commitments, direct regulation, market-based regulations such as a GHG emissions tax or cap-and-trade programs or clean energy or performance-based standards. Such initiatives could affect the demand for or cost of natural gas, which we consume at our Liquefaction Project, or could increase compliance costs for our operations.

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market-based regulations such as a GHG emissions tax or cap-and-trade programs or clean energy or performance-based standards. Such initiatives could affect the demand for or cost of natural gas, which we consume at our Liquefaction Project, or could increase compliance costs for our operations.

Revised, reinterpreted or additional guidance, laws and regulations at local, state, federal or international levels that result in increased compliance costs or additional operating or construction costs and restrictions could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects. It is not possible at this time to predict how future regulations or legislation may address GHG emissions and impact our business.

In 2022, the EPA removed a stay of formaldehyde standards in the NESHAP Subpart YYYY for stationary combustion turbines located at major sources of HAP emissions. Owners and operators of lean remix gas-fired turbines and diffusion flame gas-fired turbines at major sources of HAP that were installed after January 14, 2003 were required to comply with NESHAP Subpart YYYY beginning in 2022.

Other future legislation and regulations, such as those relating to the transportation and security of LNG exported from the Sabine Pass LNG Terminal or climate policies of destination countries in relation to their obligations under the Paris Agreement or other national or ~~international~~International ~~climate~~Climate ~~change~~Change-~~related~~Related ~~policies~~Policies, could cause additional expenditures, restrictions and delays in our business and to our proposed construction activities, the extent of which cannot be predicted and which may require us to limit substantially, delay or cease operations in some circumstances.

Total expenditures related to environmental and similar laws and governmental regulations, including capital expenditures, were immaterial to our Financial Statements for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023. Revised, reinterpreted or additional laws and regulations that result in increased compliance, operating or construction costs or restrictions could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

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restrictions could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

Additions or changes in tax laws and regulations could potentially affect our financial results or liquidity.

WeTax ~~are~~laws ~~subject~~and toregulations ~~various~~are ~~types~~complex ofand ~~tax~~rapidly ~~arising~~evolving. ~~from~~We ~~normal~~are ~~business~~subject ~~operations~~to various taxes in the jurisdictions inwhere ~~which~~ we operate ~~and transact~~. ~~Any~~ ~~changes~~Changes to local, ~~domestic~~state or ~~international~~domestic tax laws ~~and regulations~~, or their interpretation, enforcement practices, and ~~application~~rates, including ~~those~~changes related to tariffs and duties, ~~could~~are ~~affect~~beyond our ~~obligations,~~control ~~profitability~~ and ~~cash~~could ~~flows~~affect inour ~~the~~tax ~~future. In addition~~obligations, ~~tax~~compliance ~~rates~~costs, infinancial ~~the~~results ~~various~~and ~~jurisdictions~~cash ~~in which we operate may change significantly due to political or economic factors beyond our control~~flows. We continuously monitor and assess proposed tax legislation that could negatively impact our business.

Additionally, we have ad valorem legacy property tax incentives secured for the Sabine Pass LNG Terminal that begin to expire starting in 2027, with continuing incentive roll-off thereafter over the longer term. The magnitude of property tax changes once our incentives expire is uncertain, but will be influenced, both in the near and longer term, by various factors including future local tax rates, local tax rate compression dynamics, and variation in our assessed property values over time.

Further, we have a state tax sharing agreement with Cheniere, effective for tax returns due on or after August 2012, under which Cheniere has agreed to prepare and file all state and local tax returns which we and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, we would be required to pay to Cheniere an amount equal to the state and local tax that we would be required to pay if our state and local tax liability were calculated on a separate company basis. While to date there have been no state or local tax payments demanded by Cheniere under the tax sharing agreement, any payment demanded by Cheniere could adversely affect our financial results and cash flows.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

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ITEM 1C. CYBERSECURITY

Cyberattacks represent a potentially significant risk to the Company and our industry. We rely on subsidiaries of Cheniere, through our service agreements with them, as further discussed in Note 11—Related Party Transactions of our Notes to Financial Statements, and the board of directors of CQP’s general partner (the “Board”), which has oversight of our operations, to implement policies and procedures that are intended to manage and reduce this risk.

Risk Management and Strategy

As part of its broader approach to risk management, Cheniere’s cybersecurity program is designed to follow ana “govern, identify, protect, detect, respond and recover” approach to cybersecurity that is based ~~off~~on of the National Institute of Standards and Technology Cybersecurity Framework (“CSF”). Cheniere’s strategy also includes segmentation of corporate and operations networks, defense in depth and the ~~least~~principle ~~privileged~~of ~~access~~least ~~principle~~privilege. Operational networks have fundamentally distinct safety and reliability standards and pose unique threats in comparison to information technology networks. Realizing these differences, Cheniere routinely evaluates opportunities to refine its cybersecurity program in order to mitigate operational network risks. Cheniere includes business continuity planning as a component of its strategy to help ensure critical systems are available to support the Company in the instance of a disruptive event. Cheniere also participates in various industry organizations to stay abreast of recent trends and developments.

On an ongoing basis, Cheniere assesses its people, processes and technology and, when necessary, adjusts the overall program in an effort to adapt to the ever-evolving cyber and geopolitical landscapes. Cheniere conducts regular assessments and audits, cross-functional risk mitigation exercises and risk strategy sessions to identify cybersecurity risks, applicable regulatory requirements and industry standards. These engagements are also designed to exercise, assess the maturity of and enhance Cheniere’s ~~Cyber~~Cybersecurity Incident Response Plan. To support these efforts, Cheniere has contracted with third parties to perform facility and system penetration tests, compromise assessments of ITinformation technology systems and security maturity assessments of its corporate and operational networks. Cheniere maintains a training program to help its personnel identify and assist in mitigating cybersecurity and data security risks. Cheniere’s employees and the members of the Board participate in ~~annual~~periodic training, user awareness campaigns and additional issue-specific training as needed. Cheniere also provides ~~annual~~periodic training for certain contractors who have access to its information technology networks.

With respect to third party service providers, Cheniere’s information security program includes conducting risk-based due diligence of certain service providers’ information security programs prior to onboarding. Cheniere ~~strives~~seeks to contractually require third party service providers with access to its information technology systems, sensitive business data or personal information to maintain reasonable security controls and restrict their ability to use Cheniere’s data, including personal information, for purposes other than to provide services to them, except as required by applicable law. Cheniere also seeks to negotiate contractual requirements which compel its service providers to notify them of information security incidents occurring on their systems which may affect Cheniere’s systems or data, including personal information.

During the year ended December 31, ~~2024~~2025, cybersecurity incidents and threats did not materially affect our business, results of operations or financial condition.

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Governance

We rely on Cheniere’s cybersecurity leadership team, which consists of its Director and Chief Information Security Officer, Vice President and Chief Information Officer and Senior Vice President of Shared Services. These individuals collectively provide the strategic oversight of Cheniere’s cybersecurity governance, cyber risk management and security operations and are responsible for maintaining Cheniere’s technology defense posture and program. As part of their governance and risk management responsibilities, these individuals oversee the efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents, including the systems deployed in our technology infrastructure to monitor for threats, perform security control testing and assessments, and incorporate threat intelligence into our day-to-day cybersecurity operations and strategic initiatives. They have decades of experience managing strategic technology operations, including the identification of cybersecurity risk and the defense of information technology assets from global threats.

Risks that could affect us are an integral part of Board and Audit Committee deliberations throughout the year. ~~The~~ ~~Board~~Cybersecurity ~~has oversight responsibility for assessing the primary~~ risks ~~facing~~are usintegrated ~~(including~~into ~~cybersecurity risks), the relative magnitude of these risks and management~~Cheniere’s ~~plan~~enterprise ~~for~~risk ~~mitigating~~assessment ~~these risks~~process, ~~while~~which ~~the~~is ~~Audit~~reviewed ~~Committee~~by ~~of the Board has been delegated the authority to oversee and periodically review the security of CQP~~Cheniere’s ~~information~~Board ~~technology~~at ~~systems~~least ~~and controls, including programs and defenses against cybersecurity threats~~annually. The ~~Audit~~Board ~~Committee~~has ~~discusses~~oversight ~~with~~responsibility ~~the~~for ~~management~~assessing ~~of CQP’s general partner its cybersecurity risk exposures and~~ the ~~steps~~primary ~~management~~risks ~~has~~facing ~~taken~~us ~~to mitigate such exposures,~~ (including ~~risk assessment and risk management policies. On a quarterly basis, Cheniere’s~~ cybersecurity ~~leadership team updates the Audit Committee on the overall status of its cybersecurity program~~risks), ~~key operational metrics, current assessments, cybersecurity issues or events and pertinent events related to cybersecurity.~~

For additional information about cybersecurity risks, see the risk A cyber attack involving our business, operational control systems or related infrastructure, or that of third parties with whom we do business, including pipelines which supply our Liquefaction Project, or an attack on our critical suppliers, could negatively impact our business or operations, result in data security breaches, impede the processing of transactions, delay financial or compliance reporting and potentially harm our reputation under Risks Relating to Our Operations and Industry in Item 1A.Risk Factors.22

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the relative magnitude of these risks and management’s plan for mitigating these risks, while the Audit Committee of the Board has been delegated the authority to oversee and periodically review the security of CQP’s information technology systems and controls, including programs and defenses against cybersecurity threats. The Audit Committee discusses with the management of CQP’s general partner its cybersecurity risk exposures and the steps management has taken to mitigate such exposures, including risk assessment and risk management policies. On a quarterly basis, Cheniere’s cybersecurity leadership team updates the Audit Committee on the overall status of its cybersecurity program, key operational metrics, current assessments, cybersecurity issues or events and pertinent events related to cybersecurity.

For additional information about cybersecurity risks, see the risk A cyberattack involving our business, operational control systems or related infrastructure, or that of third parties with whom we do business, including pipelines which supply our Liquefaction Project, or an attack on our critical suppliers, could negatively impact our business or operations, result in data security breaches, impede the processing of transactions, delay financial or compliance reporting and potentially harm our reputation under Risks Relating to Our Operations and Industry in Item 1A.Risk Factors.

ITEM 3. LEGAL PROCEEDINGS

LDEQ Matter

We and ~~another~~SPLNG ~~subsidiary of CQP~~ are in discussions with the LDEQ to resolve alleged non-compliance with national emission standards for formaldehyde from combustion turbines at the Sabine Pass LNG Terminal. The allegations are identified in a Consolidated Compliance Order and Notice of Potential Penalty, Tracking No. AE-CN-22-00833 (the “2023 Compliance Order”) issued by the LDEQ on April 12, 2023. In August 2004, the EPA stayed the application of the emission standard to combustion turbines such as those at the Sabine Pass LNG Terminal. In March 2022, the EPA lifted the stay, and in June 2022, we and the other subsidiary of CQP petitioned the EPA and LDEQ for approval of additional operating parameters to demonstrate compliance with the emission limitation. The EPA approved the petition ~~remains~~on ~~pending~~July 31, 2025 and in October 2025 the LDEQ confirmed that all remaining milestones under the 2023 Compliance Order have been met. We and the other subsidiary of CQP continue to work with the LDEQ to resolve the ~~matters identified in the~~ 2023 Compliance Order~~, including the petition pending with the EPA~~. As of December ~~2024~~2025, we and the other subsidiary of CQP ~~have~~had filed test results with the LDEQ indicating that for the ~~2024~~2025 testing period all 44 turbines ~~meet~~met the relevant compliance standard. We do not expect that any ultimate penalty will have a material adverse impact on our financial results.

ITEM 4. MINE SAFETY DISCLOSURE

Not applicable.

1923

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED MEMBER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Not applicable.

ITEM 6. [Reserved]

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

The following discussion and analysis presents management’s view of our business, financial condition and overall performance and should be read in conjunction with our Financial Statements and the accompanying notes. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future. Discussion of items for the year ended December 31, ~~2022~~2023 and variance drivers between the year ended December 31, ~~2023~~2024 as compared to December 31, ~~2022~~2023 are not included herein and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended December 31, ~~2023~~2024.

Our discussion and analysis includes the following subjects:

•Overview

•Overview of Significant Events

•Market Environment

•Results of Operations

•Liquidity and Capital Resources

•Summary of Critical Accounting Estimates

•Recent Accounting Standards

Overview

We are a limited liability company formed by CQP to provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We own the natural gas liquefaction and export facility located in Cameron Parish, Louisiana at Sabine Pass. Our long-term counterparty arrangements form the foundation of our business and provide us with significant, ~~Louisiana~~stable, long-term cash flows. For further discussion of our business, see Items 1. and 2. Business and Properties. We believe that continued global demand for natural gas and LNG, as further described in Market Factors and Competition in Items 1. and 2. Business and Properties, as well as the current geopolitical environment that has intensified the demand for supply security, should enable us to enter into long-term agreements and provide a foundation for additional growth in our business in the future.

Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows. Through our SPAs and IPM agreement, with approximately 13 years of weighted average remaining life as of December 31, 2024, we have contracted approximately 80% of the total anticipated production from the Liquefaction Project. The majority of our contracts are fixed-priced, long-term SPAs consisting of a fixed fee per MMBtu of LNG plus a variable fee per MMBtu of LNG, with the variable fees generally structured to cover the cost of natural gas purchases, transportation and liquefaction fuel consumed to produce LNG. Since we procure most of our feedstock for LNG production from the U.S., the structure of these contracts helps limit our exposure to fluctuations in U.S. natural gas prices. We believe that continued global demand for natural gas and LNG, as further described in Market Factors and Competition in Items 1. and 2. Business and Properties, will provide a foundation for additional growth in our business in the future.

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Overview of Significant Events

Our significant events since January 1, ~~2024~~2025 and through the filing date of this Form 10-K include the following:

Strategic

•In ~~February~~June ~~2024~~2025, we and other subsidiaries of CQP ~~submitted~~updated ~~an application to~~ the ~~FERC under the NGA for authorization to site, construct and operate the~~ Expansion Project,’s asFERC ~~well as an~~ application, tooriginally ~~the~~filed ~~DOE~~in ~~requesting~~February ~~authorization~~2024, to ~~export~~reflect ~~LNG~~a ~~to FTA countries and non~~two-~~FTA~~phased ~~countries~~project, ~~both~~inclusive of ~~which~~three ~~applications~~liquefaction ~~exclude~~trains ~~debottlenecking. In~~and ~~October~~supporting ~~2024~~infrastructure, ~~the authorization from the DOE to export LNG to FTA countries was received for the Expansion Project.~~

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maintaining an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities.

Operational

•As of February 1420, ~~2025~~2026, ~~approximately~~over 23,~~840~~270 cumulative LNG cargoes totaling over ~~195~~225 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.

•During the second quarter of 2025, we completed planned large-scale maintenance activities on two Trains at the Liquefaction Project.

Financial

•In ~~May~~December ~~2024~~2025, ~~CQP~~we ~~issued~~redeemed $~~1.2~~300 ~~billion~~million aggregate principal amount of our 5.~~750~~875% Senior Secured Notes due ~~2034~~2026 (the “~~2034~~2026 ~~CQP~~ Senior Notes”)~~. The~~ ~~net~~and ~~proceeds~~subsequently ~~from~~in ~~the~~February ~~2034 CQP Senior Notes~~2026, ~~together~~we ~~with~~redeemed ~~cash~~the onremaining ~~hand, were used in June 2024 to redeem~~ $~~1.2~~200 ~~billion~~million ~~of the outstanding~~ aggregate principal amount of our ~~5.625%~~2026 Senior ~~Secured~~ Notes ~~due 2025 (the “2025 SPL Senior Notes”)~~.

•In ~~May~~November ~~2024~~2025, ~~Moody’s~~S&P ~~Ratings~~revised ~~(“Moody’s”)~~its ~~upgraded~~outlook ~~our~~on SPL’s issuer credit rating to ~~Baa1~~positive from ~~Baa2 and revised our outlook to~~ stable ~~from~~in ~~positive.~~December 2025.

•~~Excluding~~In ~~amounts~~July ~~refinanced~~2025, we redeemed $~~800~~1.0 billion ~~million of outstanding~~ aggregate principal amount outstanding of our ~~senior~~2026 ~~secured~~Senior ~~notes~~Notes ~~during~~using ~~the~~contributions ~~year~~received ~~ended~~from ~~December~~CQP ~~31,~~and ~~2024~~cash on hand.

•In March 2025, we repaid the remaining $300 million aggregate principal amount outstanding of our 5.625% Senior Secured Notes due 2025 (the “2025 Senior Notes”) at maturity.

Market Environment

~~The~~Our ~~LNG~~results ~~market in 2024 remained relatively tight as a result~~ of ~~low~~operations ~~supply~~are ~~capacity~~affected ~~growth, strong demand outside Europe and continued geopolitical tensions. Global LNG imports registered a very modest growth in 2024, increasing~~ by ~~less~~the ~~than~~market 4environment ~~mtpa year on year due to constrained supply from delays to projects under construction, Russian sanctions and a fallow period for new projects coming on-line. Consequently, a recovery~~ in ~~Asia’s~~which ~~LNG~~we ~~consumption had to be satisfied at the expense of other regions. Asian demand increased significantly from 2023~~operate, ~~adding~~including ~~over~~known 20trends mtpa of import year-over-year. The largest single country contribution to this growth came from China, which increased 6.8 mtpa year-over-year after a slowdown during the previous two years. Growth outside of Asia tightened the balances further this year by increasing the call on supply away from Europe. Egypt and ~~Brazil propelled imports from the Middle East~~uncertainties, ~~North~~macroeconomic ~~Africa~~factors and ~~Latin~~other ~~America~~external ~~regions~~environmental ~~by 6~~factors.2 mtpa to a total of 25.5 mtpa in 2024. In contrast, Europe’s imports declined 19% year-over-year, down approximately 22.7 mtpa, due to weak gas-fired power generation demand and sluggish growth in the industrial sector.

~~These~~With ~~market~~just ~~conditions~~under ~~contributed~~20 tomtpa aof ~~strong~~year ~~spot~~on ~~price~~year ~~environment~~(“YoY”) ~~albeit~~increase ~~annual~~in ~~spot~~LNG ~~prices~~supplies globally in ~~2024~~2025, ~~were~~the ~~overall~~LNG ~~lower~~market ~~than~~is intransitioning ~~the~~from ~~previous~~a multi-year~~. The~~ ~~TTF~~state ~~monthly~~of ~~settlement~~tight ~~prices~~market ~~averaged~~conditions ~~$10.91/MMBtu~~into ina ~~2024,~~period 20of rapid growth.5% ~~lower~~The ~~than~~continued ~~the~~ramp ~~2023~~up ~~average~~in ofnew ~~$13~~LNG supplies from the U.~~73/MMBtu~~S. ~~Similarly,~~ and Canada mark the ~~average~~start ~~settlement~~of ~~price~~a ~~for~~more ~~the~~ample ~~Japan~~supply ~~Korea~~landscape ~~Marker~~which ~~(“JKM”)~~is ~~was~~expected ~~$11.83/MMBtu~~to loosen global balances over the next few years and result in ~~2024,~~a ~~26.6%~~more ~~lower~~moderate ~~than~~and ~~the~~stable ~~2023~~price ~~average~~environment offor ~~$16~~LNG.~~13/MMBtu. The~~ ~~Henry~~Sustained ~~Hub~~downward ~~benchmark~~pressure ~~also~~on ~~dropped~~global ~~from~~prices ancould ~~average~~potentially ~~settlement~~unlock ~~price~~latent ofdemand ~~$2.74/MMBtu~~that inhas ~~2023~~otherwise tobeen ~~$2.27/MMBtu~~priced inout ~~2024,~~since ~~down~~the ~~17.1%~~disruption ~~year-over-year~~of Russian natural gas supply to Europe.

~~However,~~The increase in supply corresponded to a ~~drop~~5% inYoY ~~temperatures~~uptick in trade, which was primarily supported by Europe ~~toward~~and the ~~end~~Middle ofEast ~~2024~~ and ~~into~~North ~~the~~Africa ~~beginning~~(“MENA”) ofregion ~~2025~~amid ~~has~~weaker ~~resulted~~demand in ~~faster~~Asia. ~~drawdowns~~Europe’s ~~from~~demand ~~underground~~for ~~storage~~LNG ~~and~~increased aapproximately ~~rebound~~27% YoY in ~~spot~~2025 ~~prices~~reaching ~~relative~~a torecord ~~the~~level ~~third~~of ~~quarter~~approximately 125 mtpa. ~~This,~~ ~~along~~The ~~with~~main driver for this growth continues to be the ~~expiry~~replacement of ~~the~~Russian natural gas ~~transit~~and ~~agreement~~the ~~between~~replenishment ~~Russia~~of ~~and~~underground ~~Ukraine~~storage oninventories. ~~December~~We ~~31,~~expect ~~2024,~~this isdriver ~~likely~~to continue to ~~increase~~play ~~the~~an ~~call~~important onrole in keeping LNG ~~imports~~demand in ~~the~~Europe ~~coming~~resilient, ~~months~~especially in ~~order~~light toof ~~replenish~~the European Parliament’s vote to ban all residual Russian natural gas, ~~storage~~including ~~facilities~~Russian LNG by 2027. The MENA region also contributed to 90demand growth in 2025 with imports increasing 7 mtpa or 62% ~~capacity~~versus by2024. ~~November~~Egypt 1,was the main driver of this increase as ~~required~~it byresorted ~~the~~to EUadditional ~~each~~LNG ~~year~~imports to satisfy its growing domestic energy needs and supplement its own natural gas production.

21Asia’s LNG consumption however was down about 4% in 2025, dropping by 12 mtpa to 270 mtpa. While many of the major markets in Asia saw YoY declines, China’s was the largest, representing nearly the entire YoY change in the region. China’s LNG imports declined 16% or 12 mtpa YoY, due to broader, likely transient macro-economic challenges. Natural gas demand growth in China slowed in 2025 and higher piped natural gas flows from Russia and robust domestic natural gas production decreased the call on LNG.

Despite weaker demand in Asia and an easing in geopolitical conflicts during the second half of 2025, average prices remained elevated versus 2024. The Japan Korea Marker (“JKM”) monthly settlement prices in 2025 averaged $12.71 per MMBtu, 7.5% higher YoY while those for Title Transfer Facilities (“TTF”) averaged $12.04 per MMBtu, 10.3% higher YoY. Strong storage injections, an increase in LNG supply and expectations of mild weather resulted in downward pressure in the second half of the year with monthly settlements averaging at least $1.76 per MMBtu lower for JKM and $2.34 per MMBtu lower for TTF versus the first half of the year. Henry Hub monthly settlements averaged $3.43 per MMBtu during 2025.

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As referenced above, expectations of significant LNG capacity expansions in the next few years, and the recent momentum in FIDs if continued, are likely to keep the price trajectory trending lower in Asia and Europe. We expect the price elastic markets, particularly in Asia, to respond to the increased availability and affordability of supply by growing imports to satisfy latent demand as well as organic longer-term growth.

Results of Operations

	~~Year Ended December 31,~~	Year Ended December 31,
(in millions)			~~2024~~2025		~~2023~~2024		Variance
Revenues
LNG revenues			$	68,~~550~~200	$	6,~~991~~550	$	~~(441)~~1,650
LNG revenues—affiliate			12,~~954~~358		21,~~475~~954		~~(521)~~404
Total revenues			810,~~504~~558		98,~~466~~504		~~(962)~~2,054
Operating costs and expenses
Cost of sales (excluding items shown separately below)			3,569		2,721		848
Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below)			5,677		3,569		2,108
Cost of sales—affiliate			5551		7655		(214)
Operating and maintenance expense			~~701~~779		~~759~~701		~~(58)~~78
Operating and maintenance expense—affiliate			~~493~~497		~~488~~493		54
Operating and maintenance expense—related party			5828		6258		(430)
General and administrative expense			56		45		1
General and administrative expense—affiliate			6264		6162		12
Depreciation and amortization expense			~~559~~565		~~554~~559		56
Other operating costs and expenses			2—		32		(12)
Total operating costs and expenses			57,~~504~~667		45,~~728~~504		~~776~~2,163
Income from operations			32,~~000~~891		43,~~738~~000		(~~1,738~~109)
Other income (expense)
Interest expense, net of capitalized interest			(~~489~~386)		(~~595~~489)		~~106~~103
Loss on modification or extinguishment of debt			(38)		(63)		3(5)
Other income, net			129		1412		(23)
Total other expense			(480)		(587)		107
Other income—affiliate			21		—		21
Net income			$	2,520	$	4,151	$	(1,631)
Total other expense			(364)		(480)		116
Net income			$	2,527	$	2,520	$	7

Volumes loaded and recognized from the Liquefaction Project

	~~Year Ended December 31,~~	Year Ended December 31,
			2024	2023	Variance
			2025	2024	Variance
Volumes loaded and recognized as revenues (in TBtu)			1,~~567~~546	1,~~536~~567	31(21)

~~Net~~2025 ~~income~~vs. 2024

Net income ~~declined~~increased by $~~1.6~~7 million ~~billion~~ during the year ended December 31, ~~2024~~2025 as compared to the same period of ~~2023~~2024 ~~and was~~ primarily ~~attributable~~due to a $~~1.7~~199 million ~~billion~~increase ~~of decreases~~ in ~~gains~~revenues, ~~from~~net ~~changes in fair value~~ of ~~derivatives. The decrease was primarily related to our IPM agreement with Tourmaline Oil Marketing Corp, where the associated gains that are primarily included in~~ cost of ~~sales~~natural ~~decreased~~gas feedstock, from ~~$1.8~~increased ~~billion~~Henry ~~during~~Hub ~~the~~pricing ~~year~~that ~~ended~~was ~~December~~largely ~~31,~~offset ~~2023~~by to $~~251~~ 187 million ~~during the year ended December 31, 2024, mainly due to the impact on fair value~~ of ~~the~~unfavorable ~~decline and sustained moderation of global LNG and gas price volatility and more subdued~~ changes in ~~the~~fair ~~current~~value ~~period relative to the same period~~ of ~~2023~~agreements asaccounted ~~global~~for ~~gas prices and spreads narrowed~~ as aderivative ~~result of market rebalancing~~instruments. The ~~remaining~~following ~~$189 million~~is ofan ~~decreases~~expanded indiscussion ~~gains~~of ~~from~~the ~~changes~~significant indrivers ~~fair value~~ of ~~derivatives during~~ the ~~comparable~~variance ~~years was primarily due to an unfavorable shift~~ in ~~long-term~~net Uincome.S. ~~natural gas basis spreads.~~

22Total revenues

The $2.1 billion increase in total revenues during the year ended December 31, 2025 as compared to the same period of

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~~The~~2024 ~~following~~was isprimarily anattributable ~~additional discussion of the significant drivers of the variance in net income by line item~~to:

~~Revenues~~•$2.1 billion increase from higher pricing per MMBtu as a result of increased Henry Hub pricing; partially offset by

~~The~~ •$~~962~~140 million decrease ~~in revenues during the year ended December 31, 2024 as compared to the same period of 2023 was primarily attributable to a $1.1 billion decrease~~ from lower ~~pricing per MMBtu as a result of declining Henry Hub pricing, partially offset by a $188 million increase from higher~~ production volume ~~largely~~primarily due to ~~reduced~~the ~~operating~~planned ~~and~~large-scale maintenance activities ~~compared to the same period of 2023 and cooler weather~~.

~~Operating~~Total operating costs and expenses

The $~~776~~2.2 ~~million~~billion increase in total operating costs and expenses during the year ended December 31, ~~2024~~2025 as compared to the same period of ~~2023~~2024 was primarily attributable to $1.7 billion of decreases in gains from changes in fair value of derivatives included in cost of sales, as discussed above under Net income. The unfavorable variance between the comparative years was partially offset by a $740 million decrease in cost of natural gas feedstock, largely due to the decline and sustained moderation of global LNG and gas prices as well as lower U.S. natural gas prices during the year ended December 31, 2024 as compared to the same period of 2023.:

~~Other~~•$1.9 billion ~~income~~increase ~~(expense)~~in the cost of natural gas feedstock, largely due to the increase in U.S. natural gas prices;

~~Substantially all of the~~ •$~~107~~ 187 million ~~favorable~~unfavorable ~~variance~~change ~~during~~in ~~the~~fair ~~year~~value ~~ended~~of ~~December~~agreements ~~31,~~accounted ~~2024~~for as ~~compared~~derivative toinstruments ~~the~~included ~~same~~in ~~period~~cost of ~~2023~~sales, ~~was~~largely ~~attributable~~due to achanges ~~decrease~~ in ~~interest~~market-based ~~expense,~~locational ~~net~~forward ofprice ~~capitalized~~differentials ~~interest~~for North American natural gas deliveries, ~~primarily~~that ~~due~~was topartially aoffset ~~decrease~~by ina ~~total~~gain ~~indebtedness. Total~~on ~~debt~~our ~~decreased~~IPM agreement from ~~$12.1 billion~~the asnarrowing of ~~December~~global ~~31,~~and ~~2022~~U.S. todomestic ~~$8.4 billion~~natural asgas ofspreads ~~December~~and ~~31,~~the ~~2024~~effect asof ~~debt~~relative ~~continued~~change toin bevolatilities ~~paid~~of ~~down~~applicable asglobal ~~part~~and ofU.S. ~~Cheniere’s~~domestic ~~long-term~~natural ~~capital~~gas ~~allocation~~prices; ~~plan.~~and

~~Significant~~•$52 million ~~factor~~increase ~~affecting~~in ~~our~~operating ~~results~~and maintenance expense (including affiliate and related party), mainly as a result of ~~operations~~the planned large-scale maintenance activities on two trains at the Liquefaction Project.

~~Below~~Total isother ~~a significant factor that affects our results of operations.~~expense

The $116 million favorable variance in total other expense during the year ended December 31, 2025 as compared to the same period of 2024 was primarily attributable to:

•$103 million decrease in interest expense, net of capitalized interest, substantially all due to a decrease in gross interest cost because of a decrease in total indebtedness as debt continued to be paid down as part of Cheniere’s long-term capital allocation plan — see Note 9—Debt for our outstanding balances as of December 31, 2025 and 2024; and

•$21 million increase in other income—affiliate related to service agreements with an affiliated subsidiary of Cheniere, as further described in Note 11—Related Party Transactions.

Significant factors affecting our results of operations

Below are significant factors that affect our results of operations.

Gains and losses on derivative instruments

Derivative instruments, which we use to manage certain risks, are reported at fair value in our Financial Statements, unless they satisfy criteria for, and we elect, the normal purchases and normal sales exception which applies the accrual method of accounting, as described in Note 2—Summary of Significant Accounting Policies of our Notes to Financial Statements. For commodity derivative instruments, including those related to our IPM agreement, the underlying LNG sales being economically hedged are accounted for under the accrual method of accounting, whereby revenues expected to be derived from the future LNG sales are recognized only upon delivery or realization of the underlying transaction. Notwithstanding the operational intent to mitigate risk exposure over time, the recognition of derivative instruments at fair value has the effect of recognizing gains or losses relating to future period exposure, and given the significant volumes, long-term duration and volatility in price basis for certain of our derivative contracts, the use of derivative instruments may result in continued volatility of our results of operations based on changes in market pricing, counterparty credit risk and other relevant factors that may be outside of our control. For example, as described in Note 6—Derivative Instruments of our Notes to Financial Statements, the fair value of the Liquefaction Supply Derivatives incorporates, as applicable, market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, which may require future development of infrastructure, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.

23Additionally, see Items 1. and 2. Business and Properties for discussion of our business seasonality.

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Liquidity and Capital Resources

The following information describes our ability to generate and obtain adequate amounts of cash to meet our requirements in the short term and the long term. In the short term, we expect to meet our cash requirements using operating cash flows and available liquidity, consisting of restricted cash and cash equivalents and available commitments under our credit facility. Additionally, we expect to meet our long term cash requirements by using operating cash flows and other future potential sources of liquidity, which may include debt offerings~~. The~~ ~~table~~or ~~below~~contributions ~~provides~~from ~~a summary of our available liquidity (in millions)~~CQP. ~~Future~~ ~~material sources of liquidity are discussed below.~~

	December 31, 2024
Restricted cash and cash equivalents designated for the Liquefaction Project	$	109
Revolving Credit Facility (1)	776
Total available liquidity	$	885

The table below provides a summary of our available liquidity (in millions). Future material sources of liquidity are discussed below.

(1)Available commitments represent total commitments less loans outstanding and letters of credit issued under the Revolving Credit Facility as of December 31, 2024. See Note 9—Debt of our Notes to Financial Statements for additional information on the Revolving Credit Facility and other debt instruments.


	December 31, 2025



Restricted cash and cash equivalents designated for the Liquefaction Project	$	19


Revolving Credit Facility (1)	824

Total available liquidity	$	843

~~Our~~(1)Available ~~liquidity~~commitments ~~position~~represent ~~subsequent~~total tocommitments ~~December~~less ~~31,~~loans ~~2024~~outstanding ~~will~~and beletters ~~driven~~of bycredit ~~future~~issued ~~sources~~under ofthe ~~liquidity~~Revolving ~~and~~Credit ~~future~~Facility ~~cash~~as ~~requirements~~of December 31, as2025. ~~further~~See ~~discussed~~Note ~~under~~9—Debt of our Notes to Financial Statements for additional information on the ~~caption~~Revolving ~~Future~~Credit ~~Sources~~Facility and ~~Uses~~other ofdebt ~~Liquidity~~instruments.

Our liquidity position subsequent to December 31, 2025 will be driven by future sources of liquidity and future cash requirements, as further discussed under the caption Future Sources and Uses of Liquidity.

Future Sources and Uses of Liquidity

The following discussion of our future sources and uses of liquidity includes estimates that reflect management’s assumptions and currently known market conditions and other factors as of December 31, ~~2024~~2025. Estimates are not guarantees of future performance and actual results may differ materially as a result of a variety of factors described in this annual report on Form 10-K.

Future Sources of Liquidity under Executed Contracts

We ~~are~~expect ~~contractually~~future ~~entitled~~material tosources ~~significant~~of ~~future~~liquidity ~~consideration~~to ~~contracted~~be ~~under~~derived from our long-term ~~SPAs~~customer ~~that~~arrangements ~~has~~and ~~not~~structured ~~yet~~cash ~~been~~flows ~~recognized as revenue. The timing of revenue recognition~~ under ~~GAAP may not align with cash receipts, although we do not consider the timing difference to be significant to~~ our ~~future liquidity~~SPAs. In ~~addition,~~As adescribed ~~significant~~in ~~portion~~Items of1. ~~this~~and ~~future consideration is subject to variability as discussed more specifically below~~2. We ~~have~~Business ~~estimated~~and ~~revenues~~Properties, ~~under~~these ~~agreements~~contracts with ~~terms~~creditworthy ~~dependent~~counterparties onform ~~project milestone dates based on~~ the ~~estimated~~foundation ~~dates as~~ of ~~December 31, 2024. The following table summarizes~~ our ~~estimate~~business ofand ~~revenues~~provide tous bewith ~~received~~significant, ~~from~~stable, ~~executed~~ long-term ~~SPAs~~cash ~~as of December 31, 2024 (in billions):~~flows.

	Estimated Revenues Under Executed SPAs by Period (1) (2)
	2025		2026 - 2029		Thereafter		Total
LNG revenues (fixed fees)	$	3.8	$	13.8	$	27.5	$	45.1
LNG revenues (variable fees) (3)	6.0		22.1		49.0		77.1
Total	$	9.8	$	35.9	$	76.5	$	122.2

We are contractually entitled to significant future consideration contracted under our long-term SPAs that has not yet been recognized as revenue. The timing of revenue recognition under GAAP may not align with cash receipts, although we do not consider the timing difference to be significant to our future liquidity. In addition, a significant portion of this future consideration is subject to variability as discussed more specifically below. We have estimated revenues under agreements with terms dependent on project milestone dates based on the estimated dates as of December 31, 2025. The following table summarizes our estimate of revenues to be received from executed long-term SPAs as of December 31, 2025 (in billions):


	Estimated Revenues Under Executed SPAs by Period (1) (2)

	2026		2027 - 2030		Thereafter		Total
LNG revenues (fixed fees)	$	3.7	$	13.7	$	24.1	$	41.5

LNG revenues (variable fees) (3)	6.2		21.6		43.4		71.2



Total	$	9.9	$	35.3	$	67.5	$	112.7

(1)LNG revenues exclude revenues from contracts with original expected durations of one year or less.

(2)LNG revenues (including $0.75 billion and $1.40 billion of fixed fees and variable fees, respectively, from affiliates) exclude ~~the~~an SPA with Cheniere Marketing associated with our IPM agreement, for which pricing is linked to international natural gas prices.

(3)LNG revenues (variable fees) reflect the assumption of delivery of all contractual volumes, irrespective of any contractual right of non-delivery. LNG revenues (variable fees) are based on estimated forward prices and basis spreads as of December 31, 2024. 28

Under our long-term SPAs, we have contracted approximately 80% of the total anticipated production though the mid-2030s from our liquefaction capacity that is currently in construction or operation. Under our SPAs, customers purchase LNG on an FOB basis (delivered to the customer at the Sabine Pass LNG Terminal) generally for a price consisting of a fixed fee per MMBtu of LNG (a portion of which is subject to annual adjustment for inflation) plus a variable fee per MMBtu of LNG generally equal to 115% of Henry Hub. The variable fees under our SPAs were generally sized with the intention to

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~~cover~~(3)LNG ~~the~~revenues ~~supply~~(variable ~~and~~fees) ~~transportation~~reflect ~~of natural gas and~~ the ~~liquefaction~~assumption ~~fuel~~of ~~consumed~~delivery toof ~~produce~~all ~~the~~contractual ~~LNG to be sold under each such SPA~~volumes, ~~thus~~irrespective ~~limiting~~of ~~our~~any ~~exposure~~contractual toright ~~future~~of Unon-delivery.S. ~~natural gas price increases. Certain customers may elect to cancel or suspend deliveries of~~ LNG ~~cargoes,~~revenues ~~with~~(variable ~~advance~~fees) ~~notice~~are asbased ~~governed~~on byestimated ~~each~~forward ~~respective~~prices ~~SPA,~~and inbasis ~~which~~spreads ~~case the customers would still be required to pay the fixed fee with respect to the contracted volumes that are not delivered~~ as ~~a result~~ of ~~such~~December ~~cancellation~~31, ~~or suspension~~2025.

~~The~~Under ~~table~~our ~~above~~SPAs ~~excludes~~and anIPM ~~SPA~~agreement currently in effect, we have contracted with ~~Cheniere~~third ~~Marketing~~parties ~~under~~approximately ~~which~~80% weof ~~sell~~the ~~LNG~~total ~~produced~~anticipated ~~from~~production ~~natural~~through ~~gas~~the ~~procured~~mid-2030s ~~under~~from our ~~IPM~~liquefaction ~~agreement~~capacity that is currently in ~~effect~~construction ator ~~pricing~~operation. ~~linked~~Additionally, there are SPAs that Cheniere Marketing currently holds that may be novated to ~~global~~us ~~gas~~in ~~market~~the ~~prices~~future. ~~The~~ ~~IPM~~As ~~agreement~~described in ~~effect~~General, under ~~which~~our weSPAs, ~~pay~~customers ~~for~~purchase ~~natural~~LNG ~~gas~~on ~~feedstock~~an ~~based~~FOB onbasis ~~global~~generally ~~gas~~for ~~prices~~a ~~less~~price ~~liquefaction~~consisting ~~fees~~of ~~and~~a ~~certain~~fixed ~~costs~~fee ~~incurred~~per byMMBtu ~~us,~~of ~~generates~~LNG (a ~~take-or-pay~~portion ~~style~~of ~~fixed~~which ~~liquefaction~~is subject to annual adjustment for inflation) plus a variable fee ~~when~~per ~~viewed~~MMBtu inof ~~conjunction~~LNG generally equal to 115% of Henry Hub. The variable fees under our SPAs were generally sized with the ~~associated~~intention ~~SPA. Over~~to acover ~~remaining~~the ~~fixed~~supply ~~term~~and transportation of 13natural ~~years~~gas and the liquefaction fuel consumed to produce the LNG to be sold under each such SPA, wethus ~~expect~~limiting our exposure to ~~generate~~future ~~liquidity~~U.S. ~~from~~natural ~~the~~gas ~~approximately~~price ~~575~~increases. ~~TBtu~~Certain customers may elect to cancel or suspend deliveries of LNG ~~yet~~cargoes, towith beadvance ~~delivered~~notice ~~under~~as ~~this~~governed by each respective SPA, in which case the customers would still be required to pay the fixed fee with respect to the contracted volumes that are not delivered as a result of ~~December~~such ~~31,~~cancellation ~~2024~~or suspension.

The table above excludes an SPA with Cheniere Marketing under which we sell LNG at pricing linked to the same global gas market prices as our IPM agreement. The IPM agreement under which we pay for natural gas feedstock based on global gas prices less liquefaction fees and certain costs incurred by us, generates a take-or-pay style fixed liquefaction fee when viewed in conjunction with the associated SPA. Over a remaining fixed term of 12 years, we expect to generate liquidity from the approximately 531 TBtu of LNG yet to be delivered under this SPA as of December 31, 2025.

Additional Future Sources of Liquidity

Available Commitments under our Credit ~~Facilities~~Facility

As of December 31, ~~2024~~2025, we had $~~776~~824 million in available commitments under the Revolving Credit Facility, ~~as detailed earlier in the table summarizing our available liquidity,~~ subject to compliance with the applicable covenants, to potentially meet liquidity needs. The Revolving Credit Facility matures in 2028.

Disciplined Accretive Growth

Our significant land position at the Sabine Pass LNG Terminal provides potential development and investment opportunities for further liquefaction capacity expansion at a strategically advantaged location with proximity to pipeline infrastructure and resources. In ~~February~~June ~~2024~~2025, we and other subsidiaries of CQP ~~submitted~~updated anthe ~~application~~Expansion toProject’s ~~the~~ FERC ~~under the NGA for authorization to site~~application, ~~construct~~originally ~~and~~filed ~~operate~~in ~~the~~February ~~Expansion Project~~2024, ~~as well as an application~~ to ~~the~~reflect ~~DOE~~a ~~requesting~~two-phased ~~authorization~~project, toinclusive ~~export~~of ~~LNG~~three toliquefaction ~~FTA~~trains ~~countries~~ and ~~non-FTA~~supporting ~~countries~~infrastructure, ~~both~~maintaining ofan ~~which~~expected ~~applications~~total ~~exclude~~peak ~~debottlenecking. In~~production ~~October~~capacity ~~2024,~~of ~~the~~up ~~authorization~~to ~~from~~approximately ~~the~~20 ~~DOE~~mtpa toof ~~export~~ LNG, toinclusive ~~FTA~~of ~~countries~~estimated ~~was~~debottlenecking ~~received~~opportunities. The development of this site or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before ~~we make~~ a positive FID is made.

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Future Cash Requirements for Operations and Capital Expenditures under Executed Contracts

We are committed to make future cash payments for operations and capital expenditures pursuant to certain of our contracts. The following table summarizes our estimate of material cash requirements for operations related to our core operations under executed contracts as of December 31, ~~2024~~2025 (in billions):

	Estimated Payments Due Under Executed Contracts by Period (1)
	2025		2026 - 2029		Thereafter		Total
	2026		2027 - 2030		Thereafter		Total
Purchase obligations (2):
Natural gas supply agreements excluding our IPM agreement (3) (4)	$	4.24	$	87.5	$	10.5	$	1412.24
Natural gas transportation and storage service agreements (5)	0.4		1.34		2.53		4.21
TUAs (6)	0.4		1.54		1.85		3.73
Other purchase obligations (7)	0.1		0.3		0.98		1.32
Total	$	5.13	$	1110.6	$	65.71	$	2321.40

(1)Agreements in force as of December 31, ~~2024~~2025 that have terms dependent on project milestone dates are based on the estimated dates as of December 31, ~~2024~~2025.

(2)Purchase obligations consist of agreements to purchase goods or services that are enforceable and legally binding that specify fixed or minimum quantities to be purchased. We include contracts for which we have an early termination option if the option is not currently expected to be exercised. We include contracts with unsatisfied contractual conditions if the conditions are currently expected to be met.

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(3)Natural gas supply agreements exclude the IPM agreement, which, as described in Future Sources of Liquidity under Executed Contracts, is structured to generate a fixed margin when viewed in conjunction with the associated SPA with Cheniere Marketing.

(4)Pricing of natural gas supply agreements is based on estimated forward prices and basis spreads as of December 31, ~~2024~~2025.

(5)Natural gas transportation and storage services agreements include $1.0.9 billion in obligations to affiliates ~~and $0~~.~~2 billion in obligations to related parties.~~

(6)TUAs include $32.19 billion of purchase obligations to affiliates under the TUA and $0.64 billion of payments under our partial TUA assignment agreement with TotalEnergies Gas & Power North America, Inc. (“TotalEnergies”).

(7)Other purchase obligations include $1.10 billion of purchase obligations to affiliates under ~~services~~service agreements.

Natural Gas Supply, Transportation and Storage Service Agreements

Excluding our IPM agreement, we have secured approximately 3,~~900~~406 TBtu of natural gas feedstock for the Liquefaction Project through long-term natural gas supply agreements with remaining fixed terms of up to 76 years. As of December 31, ~~2024~~2025, we have secured approximately 73% of the natural gas supply required to support the total forecasted production capacity of the Liquefaction Project during ~~2025~~2026, excluding the 3% of which has been secured under our IPM agreement. Natural gas supply secured decreases as a percentage of forecasted production capacity beyond ~~2025~~2026. As further described in ~~the~~ Future Sources of Liquidity under Executed Contracts ~~section~~, the pricing structure of our SPAs often incorporates a variable fee per MMBtu of LNG generally equal to 115% of Henry Hub, ~~which is paid upon delivery,~~ thus limiting our net exposure to future increases in natural gas prices.

To ensure that we are able to transport natural gas feedstock to the Sabine Pass LNG Terminal, we have transportation precedent and other agreements to secure firm pipeline transportation capacity from CTPL and third party interstate and intrastate pipeline companies. We have also entered into firm storage services agreements with third parties to assist in managing variability in natural gas needs for the Liquefaction Project.

Capital Expenditures

Although we do not currently have any material capital expenditures under executed contracts, we expect to incur ongoing capital expenditures to maintain our facilities and other assets, as well as to optimize our existing assets and purchase new assets that are intended to grow our productive capacity. See Disciplined Accretive Growth section for further discussion.

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Terminal Use Agreements

We have a TUA with SPLNG tounder which they provide berthing for LNG vessels and for unloading, loading, storage and regasification of LNG.

Additionally, we have a partial TUA assignment agreement with TotalEnergies, another TUA customer, under which we gained access to substantially all of TotalEnergies’ capacity and other services provided under TotalEnergies’ TUA with SPLNG. This agreement provides us with additional berthing and storage capacity at the Sabine Pass LNG Terminal that may be used to provide increased flexibility in managing LNG cargo loading and unloading activity and permit us to more flexibly manage our LNG storage capacity.

Additional Future Cash Requirements for Operations and Capital Expenditures

Operational Services

We do not have any employees, and thus have contracts with subsidiaries of Cheniere and CQP for operations, maintenance and management services. As ofdescribed ~~December~~in ~~31,~~Note ~~2024~~11—Related Party Transactions, ~~Cheniere~~our ~~and~~payment ~~its~~structures ~~subsidiaries~~under ~~had~~the 1services agreements primarily consist of cost reimbursement,~~714~~ ~~full-time~~plus ~~employees~~a compensating fee based on a fixed amount (indexed for inflation) per Train in service. Prior to the substantial completion of a Train, ~~including~~a ~~501~~compensating ~~employees~~fee ~~who~~is ~~directly~~charged ~~supported~~based on a percentage of the ~~Liquefaction~~capital ~~Project~~expenditures of the Train under construction.

26As of December 31, 2025, Cheniere and its subsidiaries had 1,717 full-time employees, including 508 employees who directly supported the Sabine Pass LNG Terminal operations.

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Disciplined Accretive Growth

The FID of any expansion projects, ~~will~~including the Expansion Project, may result in additional cash requirements to fund the construction and operations of such projects in excess of our current contractual obligations under executed contracts discussed above, although expansion may be designed to leverage shared infrastructure to reduce the incremental costs of any potential expansion.

Future Cash Requirements for Financing under Executed Contracts

We are committed to make future cash payments for financing pursuant to certain of our contracts. The following table summarizes our estimate of material cash requirements for financing under executed contracts as of December 31, ~~2024~~2025 (in billions):

	Estimated Payments Due Under Executed Contracts by Period (1)
	2025		2026 - 2029		Thereafter		Total
	2026		2027 - 2030		Thereafter		Total
Debt	$	0.43	$	45.74	$	31.31	$	86.48
Interest payments	0.43		1.0.7		0.32		1.72
Total	$	0.86	$	56.71	$	31.63	$	108.10

(1)Debt and interest payments are based on the total debt balance, scheduled contractual maturities and fixed or estimated forward interest rates in effect at December 31, ~~2024~~2025. Debt and interest payments do not contemplate repurchases, repayments and retirements that we may make prior to contractual maturity.

Debt

As of December 31, ~~2024~~2025, our debt complex was comprised of senior notes with an aggregate outstanding principal balance of $86.48 billion and the Revolving Credit Facility with no outstanding loan balances. As of December 31, ~~2024~~2025, we were in compliance with all covenants related to our debt agreements. Further discussion of our debt obligations, including the restrictions imposed by these arrangements, can be found in Note 9—Debt of our Notes to Financial Statements.

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Interest

As of December 31, ~~2024~~2025, our senior notes had a weighted average contractual interest rate of 4.8865%. ~~Borrowings~~ Interest on borrowings under the Revolving Credit Facility ~~are~~will ~~indexed~~bear tointerest ~~SOFR. Undrawn~~at ~~commitments~~a ~~under~~variable ~~the~~rate ~~Revolving~~per ~~Credit~~annum ~~Facility~~equal ~~are subject~~ to ~~commitment~~Term ~~fees~~SOFR ~~ranging~~or ~~from~~the ~~0.075%~~base torate ~~0.30%~~specified therein, and we are subject to ~~change~~interest ~~based~~rates on ~~our~~outstanding ~~credit~~balances, ~~rating. Issued~~commitment ~~letters~~fees ofon ~~credit~~undrawn ~~under~~balances ~~the~~and ~~Revolving Credit Facility are subject to~~ letter of credit fees ~~ranging~~on ~~from~~issued ~~1.0%~~letters toof ~~1.75%, subject to change based on our~~ credit ~~rating~~. We had $~~224~~ 176 million aggregate amount of issued letters of credit under the Revolving Credit Facility as of December 31, ~~2024~~2025. Further discussion of our credit facilities can be found in Note 9—Debt of our Notes to Financial Statements.

Additional Future Cash Requirements for Financing

Capital Allocation Plan

In June 2024, the board of directors of Cheniere approved an updated comprehensive long-term capital allocation plan, which may involve the repayment, redemption or repurchase, on the open market or otherwise, of debt, including our senior notes.

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Sources and Uses of Cash

The following table summarizes the sources and uses of our restricted cash and cash equivalents (in millions). The table presents capital expenditures on a cash basis; therefore, these amounts differ from the amounts of capital expenditures, including accruals, which are referred to elsewhere in this report. Additional discussion of these items follows the table.

	Year Ended December 31,
	2024		2023
	2025		2024
Net cash provided by operating activities	$	2,~~840~~711	$	2,~~826~~840
Net cash used in investing activities	(97134)		(~~152~~97)
Net cash used in financing activities	(2,~~690~~667)		(2,~~710~~690)
Net increase (decrease) in restricted cash and cash equivalents	$	53(90)	$	~~(36)~~53

Operating Cash Flows

The $14129 million ~~increase~~decrease between the ~~years~~periods ~~ended~~was ~~December~~primarily ~~31,~~related ~~2024~~to ~~and~~decreased ~~2023~~cash ~~was~~flows ~~due~~attributed to ~~the~~working ~~net~~capital, ~~effect~~mainly ofdue ~~price~~to ~~changes~~differences onin ~~our~~timing ~~LNG~~of ~~sales~~cash ~~and~~collections ~~natural~~from ~~gas~~the ~~feedstock~~sale ~~purchases~~of ~~between~~LNG ~~the~~cargoes, ~~respective~~which ~~periods,~~was partially offset by ~~lower~~higher net cash ~~flows~~inflows ~~attributed~~from toLNG ~~working~~sales, ~~capital~~as ~~from~~explained ~~differences~~above in ~~timing~~Results of ~~payments to suppliers and cash collections from the sale of LNG cargoes~~Operations.

Investing Cash Flows

Cash outflows for property, plant and equipment during both the years ended December 31, ~~2024~~2025 and ~~2023~~2024 were primarily related to optimization and other site improvement projects.

Financing Cash Flows

The following table summarizes our financing activities (in millions):

	Year Ended December 31,
	2024		2023
	2025		2024
Proceeds from issuances of debt	$	30	$	—
Proceeds from borrowings	$	265	$	30
Redemptions, repayments and repurchases of debt	(2,030)		(1,700)
Redemptions and repayments of debt	(1,917)		(2,030)
Contributions	~~1,130~~830		1,~~190~~130
Distributions	(1,~~820~~839)		(21,~~194~~820)
Other	—(6)		~~(6)~~—
Net cash used in financing activities	$	(2,~~690~~667)	$	(2,~~710~~690)

~~Debt Activity~~32

~~During~~Table ~~the year ended December 31, 2024, we redeemed $1.7 billion~~ of the outstanding aggregate principal amount of the 2025 SPL Senior Notes, of which a portion was paid with contributions received from CQP during the current year, as well as repaid the outstanding aggregate principal amount of $300 million of the 5.750% Senior Secured Notes due 2024 (the “2024 SPL Senior Notes”). We also borrowed and repaid $30 million under the Revolving Credit Facility during the year ended December 31, 2024. During the year ended December 31, 2023, we redeemed $1.5 billion of the 2024 Senior Notes with contributions received from CQP and repurchased $200 million of the 2024 Senior Notes in the open market.Contents

Proceeds from Borrowings

We borrowed $265 million and $30 million, respectively, under the Revolving Credit Facility during the years ended December 31, 2025 and 2024, respectively, which were repaid within the respective quarter in which the borrowings occurred, as shown in the table below.

Debt Redemptions and Repayments

The following table shows the redemptions and repayments of debt, including intra-year activity (in millions):


	Year Ended December 31,
	2025		2024
Redemptions and repayments of debt



5.750% Senior Notes due 2024	$	—	$	(300)
2025 Senior Notes	(300)		(1,700)
2026 Senior Notes	(1,300)		—
4.746% weighted average rate Senior Notes due 2037	(52)		—
Revolving Credit Facility	(265)		(30)
Total redemptions and repayments of debt	$	(1,917)	$	(2,030)

Summary of Critical Accounting Estimates

The preparation of our Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions regularly, including those related to the valuation of derivative instruments. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Management considers the following to be its most critical accounting estimates that involve significant judgment.

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Fair Value of Level 3 Liquefaction Supply Derivatives

~~All~~Our ~~of our~~ derivative instruments are recorded at fair value unless they satisfy criteria for, and we elect, the normal purchases and normal sales exception, as described in Note 2—Summary of Significant Accounting Policies of our Notes to Financial Statements. We record changes in the fair value of our derivative positions through earnings based on the value for which the derivative instrument could be exchanged between willing parties. Valuation of our liquefaction supply derivative contracts is often developed through the use of internal models which includes significant unobservable inputs representing Level 3 fair value measurements as further described in Note 2—Summary of Significant Accounting Policies of our Notes to Financial Statements. In instances where observable data is unavailable, consideration is given to the assumptions that market participants may use in valuing the asset or liability. To the extent valued using an option pricing model, we consider the future prices of energy units for unobservable periods to be a significant unobservable input to estimated net fair value. In estimating the future prices of energy units, we make judgments about market risk related to liquidity of commodity indices and volatility utilizing available market data. Changes in facts and circumstances or additional information may result in revised estimates and judgments, and actual results may differ from these estimates and judgments. We derive our volatility assumptions based on observed historical settled global LNG market pricing or accepted proxies for global LNG market pricing as well as settled domestic natural gas pricing. Such volatility assumptions also contemplate, as of the balance sheet date, observable forward curve data of such indices, as well as evolving available industry data and independent studies. In developing our volatility assumptions, we acknowledge that the global LNG industry is inherently influenced by events such as unplanned supply constraints, geopolitical incidents, unusual climate events including drought and uncommonly mild, by historical standards, winters and summers, and real or threatened disruptive operational impacts to global energy infrastructure. Our current estimate of volatility does not exclude the impact of otherwise rare events unless we believe market participants would exclude such events on account of their assertion that those events were specific to our company and deemed within our control.

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Our fair value estimates incorporate market participant-based assumptions pertaining to applicable contractual uncertainties, including those related to the availability of market information for delivery points, as well as the timing of both satisfaction of contractual events or states of affairs and delivery commencement. We may recognize changes in fair value through earnings that could be significant to our results of operations if and when such uncertainties are resolved.

Additionally, the valuation of certain liquefaction supply derivatives requires significant judgment in estimating underlying forward commodity curves due to periods of unobservability or limited liquidity. Such valuations are more susceptible to variability particularly when markets are volatile. Provided below are the changes in fair value from valuation of ~~instruments~~liquefaction supply derivatives valued through the use of internal models which incorporate significant unobservable inputs for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 (in millions)~~, which entirely consisted of liquefaction supply derivatives~~. The changes in fair value shown are limited to instruments still held at the end of each respective period.

	Year Ended December 31,
		2024		2023
		2025		2024
Favorable changes in fair value relating to instruments still held at the end of the period		$	184	$	1,318
Favorable changes in fair value of liquefaction supply derivatives still held at the end of the period		$	88	$	184

The changes in fair value on instruments held at the end of both years are primarily attributed to a significant variance in the estimated and observable forward international LNG commodity prices on our ~~Tourmaline~~ IPM ~~Agreement~~agreement in effect during the years ended December 31, ~~2024~~2025 and ~~2023~~2024.

The estimated fair value of level 3 liquefaction supply derivatives recognized in our Balance Sheets as of December 31, ~~2024~~2025 and ~~2023~~2024 amounted to a liability of $1.30 billion and $1.73 billion, respectively.

The ultimate fair value of our derivative instruments is uncertain, and we believe that it is reasonably possible that a material change in the estimated fair value could occur in the near future, particularly as it relates to commodity prices impacting the valuation of our liquefaction supply derivatives, given the level of volatility to which such prices are subjected. See Item 7A. Quantitative and Qualitative Disclosures About Market Risk for further analysis of the sensitivity of the fair value of our derivatives to hypothetical changes in underlying prices.

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Recent Accounting Standards

For a summary of recently issued accounting standards, see Note 2—Summary of Significant Accounting Policies of our Notes to Financial Statements.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Marketing and Trading Commodity Price Risk

We have commodity derivatives consisting of natural gas supply contracts for the operation of the Liquefaction Project, as well as the associated economic hedges (collectively, the “Liquefaction Supply Derivatives”). In order to test the sensitivity of the fair value of the Liquefaction Supply Derivatives to changes in underlying commodity prices, management modeled a 10% change in the commodity price for natural gas for each delivery location as follows (in millions):

December 31, 2024

December 31, 2023

December 31, 2025

December 31, 2024

Fair Value

Change in Fair Value

Fair Value

Change in Fair Value

Liquefaction Supply Derivatives

(1,~~281~~055)

~~342~~281

(1,~~657~~281)

~~362~~342

See Note 6—Derivative Instruments of our Notes to Financial Statements for additional details about our commodity derivative instruments.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO FINANCIAL STATEMENTS

SABINE PASS LIQUEFACTION, LLC

Management’s Report to the Member of Sabine Pass Liquefaction, LLC			3236
Report of Independent Registered Public Accounting Firm			3337
Statements of Operations			3539
Balance Sheets			3640
Statements of Member’s Equity (Deficit)			3741
Statements of Cash Flows			3842
Notes to Financial Statements			3943
Note 1—Organization and Nature of Operations			3943
Note 2—Summary of Significant Accounting Policies			3943
Note 3—Trade and Other Receivables, Net of Current Expected Credit Losses			4347
Note 4—Inventory			4448
Note 5—Property, Plant and Equipment, Net of Accumulated Depreciation			4448
Note 6—Derivative Instruments			4548
Note 7—Other Non-current Assets, Net			4851
Note 8—Accrued Liabilities			4851
Note 9—Debt			4852
Note 10—Revenues			5054
Note 11—Related Party Transactions			5256
Note 12—Commitments and Contingencies			5458
Note 13—Segment Information and Customer Concentration			5458
Note 14—Supplemental Cash Flow Information			5559

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MANAGEMENT’S REPORT TO THE MEMBER OF SABINE PASS LIQUEFACTION, LLC

Management’s Report on Internal Control Over Financial Reporting

As management, we are responsible for establishing and maintaining adequate internal control over financial reporting for Sabine Pass Liquefaction. In order to evaluate the effectiveness of internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act of 2002, we have conducted an assessment, including testing using the criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Sabine Pass Liquefaction’s system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with ~~accounting principles generally accepted in the United States of America~~GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements and, even when determined to be effective, can only provide reasonable assurance with respect to financial statement preparation and presentation.

Based on our assessment, we have concluded that Sabine Pass Liquefaction maintained effective internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria in Internal Control—Integrated Framework (2013) issued by the COSO.

This annual report does not include an attestation report of Sabine Pass Liquefaction’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by Sabine Pass Liquefaction’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the company to provide only management’s report in this annual report.

Management’s Certifications

The certifications of Sabine Pass Liquefaction’s Principal Executive Officer and Chief Financial Officer required by the Sarbanes-Oxley Act of 2002 have been included as Exhibits 31 and 32 in Sabine Pass Liquefaction’s Form 10-K.

By:

/s/ Jack A. Fusco

By:

/s/ Zach Davis

Jack A. Fusco

Zach Davis

Chief Executive Officer
(Principal Executive Officer)

Manager and Chief Financial Officer
(Principal Financial Officer)

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Report of Independent Registered Public Accounting Firm

To the Member of Sabine Pass Liquefaction, LLC and

Board of Directors of Cheniere Energy Partners GP, LLC

Sabine Pass Liquefaction, LLC:

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Sabine Pass Liquefaction, LLC (the Company) as of December 31, ~~2024~~2025 and ~~2023~~2024, the related statements of operations, member’s equity (deficit), and cash flows for each of the years in the three-year period ended December 31, ~~2024~~2025, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, ~~2024~~2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Fair value of the level 3 liquefaction supply derivatives

As discussed in Notes 2 and 6 to the financial statements, the Company recorded fair value of level 3 liquefaction supply derivatives of $(1,~~307~~032) million as of December 31, ~~2024~~2025, which included the fair value of the IPM agreement. The IPM agreement is a natural gas supply contract for the operation of the liquefied natural gas facilities. The fair value of the IPM agreement is developed using internal models, including option pricing models. The models incorporate significant unobservable inputs, including future prices of energy units in unobservable periods and volatility.

We identified the evaluation of the fair value of the level 3 liquefaction supply derivatives for the IPM agreement as a critical audit matter. Specifically, complex auditor judgment and specialized skills and knowledge were required to evaluate the appropriateness and application of the option pricing model as well as the assumptions for future prices of energy units in unobservable periods and volatility.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the valuation of liquefaction supply derivatives, including those under the IPM agreement. This included controls related to the appropriateness and application of the

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option pricing model and the evaluation of assumptions for future prices of energy units in unobservable periods and volatility. We involved valuation professionals with specialized skills and knowledge who assisted in testing management’s process for developing the fair value of the IPM agreement by:

•evaluating the design and testing the operating effectiveness of certain internal controls related to the appropriateness and application of the option pricing model

•evaluating the appropriateness and application of the option pricing model by inspecting the contractual agreements and model documentation to determine whether the model is suitable for its intended use

•evaluating the reasonableness of management’s assumptions for future prices of energy units in unobservable periods and volatility by comparing to market data.


/s/ KPMG LLP
KPMG LLP

We have served as the Company’s auditor since 2014.

Houston, Texas

February 1925, ~~2025~~2026

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SABINE PASS LIQUEFACTION, LLC

STATEMENTS OF OPERATIONS

(in millions)

	Year Ended December 31,
		2024		2023		2022
		2025		2024		2023
Revenues
LNG revenues		$	68,~~550~~200	$	6,~~991~~550	$	116,~~507~~991
LNG revenues—affiliate		12,~~954~~358		21,~~475~~954		42,~~568~~475
Total revenues		810,~~504~~558		98,~~466~~504		169,~~075~~466
Operating costs and expenses
Cost of sales (excluding items shown separately below)		3,569		2,721		11,885
Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below)		5,677		3,569		2,721
Cost of sales—affiliate		5551		7655		~~262~~76
Operating and maintenance expense		~~701~~779		~~759~~701		~~652~~759
Operating and maintenance expense—affiliate		~~493~~497		~~488~~493		~~482~~488
Operating and maintenance expense—related party		5828		6258		7262
General and administrative expense		56		45		—4
General and administrative expense—affiliate		6264		6162		6661
Depreciation and amortization expense		~~559~~565		~~554~~559		~~539~~554
Other operating costs and expenses		2—		32		—3
Total operating costs and expenses		57,~~504~~667		45,~~728~~504		134,~~958~~728
Income from operations		32,~~000~~891		43,~~738~~000		24,~~117~~738
Other income (expense)
Interest expense, net of capitalized interest		(~~489~~386)		(~~595~~489)		(~~667~~595)
Loss on modification or extinguishment of debt		(38)		(63)		(26)
Other income, net		129		1412		714
Total other expense		(480)		(587)		(662)
Other income—affiliate		21		—		—
Net income		$	2,520	$	4,151	$	1,455
Total other expense		(364)		(480)		(587)
Net income		$	2,527	$	2,520	$	4,151

The accompanying notes are an integral part of these financial statements.

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SABINE PASS LIQUEFACTION, LLC

BALANCE SHEETS

(in millions)

	December 31,
	2024		2023
	2025		2024
ASSETS
Current assets
Restricted cash and cash equivalents	$	~~109~~19	$	56109
Trade and other receivables, net of current expected credit losses	~~373~~503		~~368~~373
Trade receivables—affiliate	~~161~~239		~~277~~161
Trade receivables, net of current expected credit losses—related party	1—		—1
Advances to affiliates	98127		7598
Inventory	~~131~~159		~~122~~131
Current derivative assets	84—		3084
Other current assets, net	51		27
Prepaid expenses	28		28
Other current assets, net	20		23
Other current assets—affiliate	22		22
Total current assets	1,~~030~~117		~~977~~1,030
Property, plant and equipment, net of accumulated depreciation	12,~~865~~431		1312,~~322~~865
Derivative assets	989		4098
Other non-current assets, net	~~170~~202		~~175~~170
Total assets	$	1413,~~163~~759	$	14,~~514~~163
LIABILITIES AND MEMBER’S EQUITY
Current liabilities
Accounts payable	$	4946	$	6349
Accrued liabilities	~~725~~864		~~686~~725
Accrued liabilities—related party	5—		5
Current debt, net of unamortized discount and debt issuance costs	~~351~~306		~~300~~351
Due to affiliates	6263		6462
Deferred revenue	~~108~~107		~~101~~108
Current derivative liabilities	250		196
Deferred revenue—affiliate	1		—
Other current liabilities	10		5
Current derivative liabilities	164		250
Total current liabilities	1,560		1,420
Other current liabilities	4		10
Long-term debt, net of unamortized discount and debt issuance costs	8,030		10,063
Total current liabilities	1,555		1,560
Derivative liabilities	1,213		1,531
Long-term debt, net of unamortized discount and debt issuance costs	6,437		8,030
Other non-current liabilities	115		82
Derivative liabilities	900		1,213
Other non-current liabilities	104		115
Other non-current liabilities—affiliate	21		21
Total liabilities	109,~~939~~017		1310,~~117~~939
Commitments and contingencies (see Note 12)
Member’s equity	34,~~224~~742		13,~~397~~224
Total liabilities and member’s equity	$	1413,~~163~~759	$	14,~~514~~163

The accompanying notes are an integral part of these financial statements.

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SABINE PASS LIQUEFACTION, LLC

STATEMENTS OF MEMBER’S EQUITY (DEFICIT)

(in millions)

	Sabine Pass LNG-LP, LLC		Total Member’s Equity (Deficit)
Balance at December 31, 2021	$	1,621	$	1,621
Balance at December 31, 2022	$	(1,748)	$	(1,748)
Contributions	225		225
Distributions (excluding items shown separately below)	(1,761)		(1,761)
Non-cash novation of IPM agreement from affiliate (see Note 14)	(2,712)		(2,712)
Non-cash distributions to affiliates for conveyance of property, plant and equipment (see Note 11)	(576)		(576)
Net income	1,455		1,455
Balance at December 31, 2022	(1,748)		(1,748)
Contributions (excluding items shown separately below)	1,190		1,190
Non-cash contributions related to extinguishment of debt	2		2
Distributions (excluding items shown separately below)	(2,194)		(2,194)
Non-cash distributions to affiliates for conveyance of property, plant and equipment (see Note 11)	(4)		(4)
Net income	4,151		4,151
Balance at December 31, 2023	1,397		1,397
Contributions	1,130		1,130
Distributions (excluding the item shown separately below)	(1,820)		(1,820)
Non-cash distributions for conveyance of property, plant and equipment (see Note 11)	(3)		(3)
Net income	2,520		2,520
Balance at December 31, 2024	$3,224	~~3,224~~	$3,224	~~3,224~~
Contributions	830		830
Distributions	(1,839)		(1,839)
Net income	2,527		2,527
Balance at December 31, 2025	$	4,742	$	4,742

The accompanying notes are an integral part of these financial statements.

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SABINE PASS LIQUEFACTION, LLC

STATEMENTS OF CASH FLOWS

(in millions)

	Year Ended December 31,
	2024		2023		2022
	2025		2024		2023
Cash flows from operating activities
Net income	$	2,~~520~~527	$	42,~~151~~520	$	14,~~455~~151
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	~~559~~565		~~554~~559		~~539~~554
Amortization of discount and debt issuance costs	1713		2117		2421
Loss on modification or extinguishment of debt	3		6		2
Total gains on derivative instruments, net	(209)		(402)		(2,082)
Total losses (gains) on derivative instruments, net	(402)		(2,082)		1,158
Net cash provided by (used for) settlement of derivative instruments	(17)		26		(2)
Net cash provided by (used for) settlement of derivative instruments	26		(2)		(102)
Other, net	10		6		10
Other	3		4		7
Changes in operating assets and liabilities:
Trade and other receivables	(5130)		~~254~~(5)		~~(116)~~254
Trade receivables—affiliate	~~116~~(77)		~~276~~116		~~(337)~~276
Trade receivables—related party	(1)		—(1)		—
Inventory	(928)		20(9)		1520
Accounts payable and accrued liabilities	8147		~~(513)~~8		~~348~~(513)
Accrued liabilities—related party	—(5)		~~(2)~~—		3(2)
Total deferred revenue	39(12)		4539		—45
Other, net	(1641)		40(16)		~~(26)~~40
Other, net—affiliate	(1833)		54(18)		354
Net cash provided by operating activities	2,~~840~~711		2,~~826~~840		2,~~973~~826
Cash flows from investing activities
Property, plant and equipment, net	(97)		(146)		(434)
Property, plant and equipment	(134)		(97)		(146)
Other	—		~~(6)~~—		—(6)
Net cash used in investing activities	(97134)		(~~152~~97)		(~~434~~152)
Cash flows from financing activities
Proceeds from issuances of debt	30		—		560
Proceeds from borrowings	265		30		—
Redemptions, repayments and repurchases of debt	(2,030)		(1,700)		(1,560)
Redemptions and repayments of debt	(1,917)		(2,030)		(1,700)
Contributions	~~1,130~~830		1,~~190~~130		~~225~~1,190
Distributions	(1,~~820~~839)		(21,~~194~~820)		(12,~~761~~194)
Other	—(6)		~~(6)~~—		(96)
Net cash used in financing activities	(2,~~690~~667)		(2,~~710~~690)		(2,~~545~~710)
Net increase (decrease) in restricted cash and cash equivalents	53(90)		~~(36)~~53		(636)
Restricted cash and cash equivalents—beginning of period	56109		9256		9892
Restricted cash and cash equivalents—end of period	$	~~109~~19	$	56109	$	9256

The accompanying notes are an integral part of these financial statements.

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SABINE PASS LIQUEFACTION, LLC

NOTES TO FINANCIAL STATEMENTS

NOTE 1—ORGANIZATION AND NATURE OF OPERATIONS

We are a Delaware limited liability company formed by CQP, a publicly traded limited partnership (NYSE MKT: CQP), and based in Houston. ~~with~~We ~~one~~own ~~member,~~natural ~~Sabine~~gas ~~Pass~~liquefaction ~~LNG-LP,~~facilities ~~LLC,~~with antotal ~~indirect~~production ~~wholly~~capacity ~~owned~~of ~~subsidiary~~over 30 mtpa of ~~CQP. We~~LNG ~~and~~as ~~SPLNG~~of ~~are~~December ~~each~~31, ~~indirect~~2025 ~~wholly~~(the ~~owned~~“Liquefaction ~~subsidiaries~~Project”) ofat ~~Cheniere~~a ~~Investments,~~natural ~~which~~gas isliquefaction aand ~~wholly~~export ~~owned~~facility ~~subsidiary~~located ofin ~~CQP~~Cameron Parish, aLouisiana ~~publicly~~at ~~traded~~Sabine ~~limited~~Pass ~~partnership~~ (~~NYSE~~the ~~MKT:~~“Sabine ~~CQP~~Pass LNG Terminal”). ~~CQP~~ isThe aSabine ~~48.6%~~Pass ~~owned~~LNG ~~subsidiary~~Terminal ofalso ~~Cheniere,~~has aassets ~~Houston-based~~owned ~~energy~~by ~~company~~our ~~primarily~~affiliates ~~engaged~~that are used in our operations through agreements with them, including five LNG~~-related~~ ~~businesses. Cheniere~~storage ~~also~~tanks, ~~owns~~vaporizers ~~100%~~and ofthree ~~the~~marine ~~general~~berths ~~partner~~owned ~~interest~~and inoperated ~~CQP~~by ~~through~~SPLNG ~~ownership~~and ina ~~Cheniere~~94-mile ~~Energy~~natural ~~Partners~~gas ~~GP,~~supply ~~LLC~~pipeline owned and operated by CTPL.

WeAnother ~~own~~subsidiary ~~six~~of ~~operational~~CQP ~~Trains,~~is ~~for~~developing aan ~~total~~expansion ~~production~~project ~~capacity~~to ofprovide ~~approximately~~additional 30liquefaction ~~mtpa~~capacity ofadjacent ~~LNG~~to (the “Liquefaction Project~~”),~~ atand ais ~~natural~~commercializing ~~gas~~to support the additional liquefaction ~~and~~capacity ~~export~~associated ~~facility~~with ~~located~~this inpotential ~~Cameron~~expansion ~~Parish~~project. This project or other projects, ~~Louisiana~~including atinfrastructure ~~Sabine~~projects ~~Pass~~in ~~(the~~support ~~“Sabine~~of ~~Pass~~natural gas supply and LNG ~~Terminal”). The~~demand, ~~Sabine~~will ~~Pass~~require, ~~LNG~~among ~~Terminal~~other ~~also~~things, ~~has~~regulatory ~~operational~~approvals ~~regasification~~and ~~facilities~~acceptable ~~owned~~commercial and ~~operated~~financing byarrangements ~~SPLNG~~before a positive FID is made.

~~Another~~We ~~subsidiary~~do ofnot ~~CQP~~have isemployees ~~pursuing~~and anthus ~~expansion~~we ~~project~~have tovarious ~~provide~~services ~~additional~~agreements ~~liquefaction~~with ~~capacity~~affiliates atof Cheniere in the ~~Sabine~~ordinary ~~Pass~~course ~~LNG~~of ~~Terminal~~business, ~~and~~including itservices ~~has~~required ~~commenced~~to ~~commercialization~~construct, tooperate ~~support~~and maintain the Liquefaction Project, and administrative services. See Note 11—Related Party Transactions for additional ~~liquefaction~~details ~~capacity~~of ~~associated~~the ~~with~~activity ~~this~~under ~~potential~~these ~~expansion~~services ~~project~~agreements during the years ended December 31, 2025, 2024 and 2023.

We doare ~~not~~a ~~have~~disregarded ~~employees~~entity for federal, state and ~~thus~~local weincome ~~have~~tax ~~various~~purposes. ~~services~~Our ~~agreements~~taxable ~~with~~income ~~affiliates~~or ofloss ~~Cheniere~~is inpassed ~~the~~on ~~ordinary~~to ~~course~~the partners of ~~business,~~CQP ~~including~~based ~~services~~on ~~required~~their toallocable ~~construct~~share of CQP’s taxable income, ~~operate~~as ~~and~~CQP ~~maintain~~is ~~the~~a ~~Liquefaction~~disregarded ~~Project,~~entity and ~~administrative~~not ~~services~~subject to income taxes. ~~See~~ ~~Note~~Accordingly, ~~11—Related~~no ~~Party~~provision ~~Transactions~~or liability for ~~additional~~income ~~details~~taxes ofis included in the ~~activity~~accompanying ~~under~~Financial ~~these~~Statements. ~~services~~However, ~~agreements~~certain ~~during~~other ~~the~~state ~~years~~or ~~ended~~local ~~December~~taxes ~~31,~~owed ~~2024~~by us are subject to a state tax sharing arrangement we have with Cheniere, ~~2023~~as ~~and~~described ~~2022~~in Note 11—Related Party Transactions.

We are a disregarded entity for federal and state income tax purposes. Our taxable income or loss is included in the federal income tax return of CQP. CQP is not subject to federal or state income taxes, as its partners are taxed individually on their allocable share of CQP’s taxable income. Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Financial Statements. At December 31, ~~2024~~2025, the tax basis of our assets and liabilities was $8.13 billion less than the reported amounts of our assets and liabilities. ~~See Note 11—Related Party Transactions for details about income taxes under our tax sharing agreement.~~

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Our Financial Statements have been prepared in accordance with GAAP.

Estimates

The preparation of our Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions regularly, including those related to fair value measurements of derivatives and other instruments, useful lives of property, plant and equipment and ~~certain valuations including~~ asset retirement obligations (“AROs”), each as further discussed under the respective sections within this note. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates.

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation approaches used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs that are directly or indirectly observable for the asset or liability, other than quoted prices included within Level 1. Hierarchy Level 3 inputs are inputs that are not observable in the market.

In determining fair value, we use observable market data ~~when available~~, or models that incorporate observable market data, when such data is available. In addition to market information, we incorporate transaction-specific details that, in management’s judgment, ~~market~~

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market participants would take into account in measuring fair value. We attempt to maximize our use of observable inputs and minimize our use of unobservable inputs in arriving at fair value estimates.

Recurring fair-value measurements are performed for derivative instruments, as disclosed in Note 6—Derivative Instruments.

The carrying amount of restricted cash and cash equivalents, trade and other receivables, net of current expected credit losses, accounts payable and accrued liabilities reported on the Balance Sheets approximates fair value. The fair value of debt is the estimated amount we would have to pay to repurchase our debt in the open market, including any premium or discount attributable to the difference between the stated interest rate and market interest rate at each balance sheet date. Refer to Note 9—Debt for our debt fair value estimates, including our estimation methods.

Revenue Recognition

Revenues from the sale of LNG are recognized at a point in time when the LNG is delivered to the customer, at the Sabine Pass LNG Terminal, which is the point legal title, physical possession and the risks and rewards of ownership transfer to the customer. Each individual molecule of LNG is viewed as a separate performance obligation. We allocate the contract price (including both fixed and variable fees) in each LNG sales arrangement based on the stand-alone selling price of each performance obligation as of the time the contract was negotiated. We have concluded that the variable fees meet the exception for allocating variable consideration to specific parts of the contract. As such, the variable consideration for these contracts is allocated to each distinct molecule of LNG and recognized when that distinct molecule of LNG is delivered to the customer. ~~Because of the use of the exception, variable consideration related to the sale of LNG is not included in the transaction price.~~

Sales generated during the commissioning phase of a Train, ~~which includes test activities such as production and removal of LNG from storage,~~ are offset against the cost of construction for the respective Train, as ~~commissioning~~further isdescribed ~~necessary~~under tothe ~~test~~caption ~~the~~Property, ~~facility~~Plant and ~~bring~~Equipment ~~the asset to the condition necessary for its intended use~~below. After substantial completion of a Train is achieved, fees received for LNG volumes produced are recognized as LNG revenues.

For transactions where we receive consideration from the customer, we assess whether we are the principal or the agent in the arrangement. Arrangements where we have concluded that we act as a principal are presented within our Statements of Operations on a gross basis, and arrangements where we have concluded that we act as an agent are presented within our Statements of Operations on a net basis. For the years ended December 31, 2025, 2024 and 2023, we did not have any material revenue arrangements that were presented within our Statements of Operations on a net basis.

See Note 10—Revenues for additional information regarding our LNG revenues.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents consist of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Balance Sheets. We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Our restricted cash and cash equivalents were primarily restricted for the payment of liabilities related to the Liquefaction Project as required under certain debt arrangements. Pursuant to the accounts agreement entered into with the collateral trustee for the benefit of our debt holders, we are required to deposit all cash received into reserve accounts controlled by the collateral trustee.

Inventory

LNG, natural gas and other commodity inventory are recorded at the lower of weighted average cost and net realizable value. Materials and other inventory are recorded at the lower of cost and net realizable value. Inventory is charged to expense when sold, or, for certain qualifying costs, capitalized to property, plant and equipment when issued, primarily using the weighted average method.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Expenditures for construction, or acquisition of assets, commissioning activities and costs that significantly extend the useful life or increase the functionality and/or capacity of an asset are ~~capitalized.~~

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capitalized. Expenditures for maintenance and repairs (including those for planned major maintenance projects) to maintain property, plant and equipment in operating condition are generally expensed as incurred.

Generally, we begin capitalizing the costs of aLNG ~~Train~~terminal construction once itthe individual project meets the following criteria: (1) regulatory approval has been received, (2) financing for the ~~Train~~project is available and (3) management has committed to commence construction.

Generally, costs that benefit us more broadly than for a specific project are capitalized prior to a project meeting the criteria otherwise necessary for capitalization and typically include preliminary material and equipment procurement and engineering design work.

WeSales ~~realize~~proceeds ~~offsets~~earned tofrom ~~LNG~~volumes ~~terminal~~produced ~~costs~~and ~~for~~sold ~~sales~~during ofthe commissioning ~~cargoes~~phase ~~that~~of ~~were~~a ~~earned~~respective orTrain, ~~loaded~~which ~~prior~~includes totest ~~the~~activities ~~start~~such as production and removal of ~~commercial~~LNG ~~operations~~from storage, are offset against the cost of construction for the respective Train, ~~during~~net of associated costs, as such activities are necessary to test the ~~testing~~facility ~~phase~~and bring the asset to the condition necessary for its ~~construction~~intended use.

We depreciate our property, plant and equipment using the straight-line depreciation method over assigned useful lives. Refer to Note 5—Property, Plant and Equipment, Net of Accumulated Depreciation for additional discussion of our useful lives by asset category. Upon retirement or other disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the ~~account~~Balance Sheets, and ~~the~~any resulting gains or losses on disposal are recorded in other operating costs and expenses.

Management tests property, plant and equipment for impairment whenever events or changes in circumstances have indicated that the carrying amount of property, plant and equipment might not be recoverable. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets for purposes of assessing recoverability. Recoverability generally is determined by comparing the carrying value of the asset to the expected undiscounted future cash flows of the asset. If the carrying value of the asset is not recoverable, the amount of impairment loss is measured as the excess, if any, of the carrying value of the asset over its estimated fair value.

We did not record any material impairments related to property, plant and equipment during the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023.

Interest Capitalization

We capitalize interest costs as part of the historical cost of qualifying assets, mainly during the construction period of ~~our~~the qualifying assets, which primarily consists of LNG terminal and related assets. Upon placing the underlying asset in service, these costs are depreciated or amortized over the estimated useful life of the corresponding assets for which interest costs were incurred~~, except for capitalized interest associated with land, which is not depreciated~~.

Derivative Instruments

We use derivative instruments to hedge our exposure to cash flow variability from commodity price risk. Derivative instruments are recorded at fair value and included in our Balance Sheets as current or non-current assets or liabilities depending on the derivative position and the expected timing of settlement, unless a derivative instrument satisfies criteria for, and we elect, the normal purchases and normal sales exception and account for the instrument under the accrual method of accounting, whereby the designated instrument’s revenues or expenses, as applicable, are recognized only upon delivery, receipt or realization of the underlying transaction.

We did not have any derivative instruments designated as cash flow, fair value or net investment hedges during the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023; therefore, the changes in the fair value of our derivative instruments are recorded in earnings.

As described in Concentration of Credit Risk below, the use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments, in instances when our derivative instruments are in an asset position. Additionally, counterparties are at risk that we will be unable to meet our commitments in instances where our derivative instruments are in a liability position. We incorporate both our own nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements depending on the position of the derivative. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees. Variation margins or other daily margining posted for exchange-traded transactions that are contractually characterized as settlement of the respective derivative position are netted against the respective derivative asset or liability positions.

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derivative instruments are in a liability position. We incorporate both our own nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements depending on the position of the derivative. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees. Variation margins or other daily margining posted for exchange-traded transactions that are contractually characterized as settlement of the respective derivative position are netted against the respective derivative asset or liability positions.

We have elected to report derivative assets and liabilities under master netting arrangements with the same counterparty on a net basis. Additionally, the fair value amounts recognized as cash collateral pledged or received, such as initial margins and other collateral that are not contractually characterized as settlement of the respective derivative positions, are offset against the fair value of derivatives executed with the same counterparty under a master netting arrangement. Collateral balances not offset against a derivative position are presented on our Balance Sheets within other current assets, net. Derivative assets and liabilities not subject to master netting arrangements are presented net when we have a legally enforceable right and the intent to offset amounts with the same counterparty.

See Note 6—Derivative Instruments for additional details about our derivative instruments.

Concentration of Credit Risk

Financial instruments that potentially subject us to a concentration of counterparty credit risk, ~~consist~~or ~~principally~~the ofrisk ~~(1)~~that ~~derivative~~a ~~instruments~~counterparty ~~and~~will ~~(2)~~be unable to meet its commitments, consist principally of accounts receivable and contract assets related to our long-term SPAs, ~~each~~as ~~discussed~~our ~~further~~contracted ~~above~~LNG sales are primarily under SPAs with terms exceeding 10 years. ~~Additionally~~ As of December 31, 2025, we ~~maintain~~had ~~cash~~SPAs ~~balances~~with atinitial ~~financial~~terms ~~institutions~~of 10 or more years with approximately 10 different third party customers, ~~which~~with ~~may~~customers atunder ~~times~~common becontrol inbeing ~~excess~~considered ofa ~~federally~~single ~~insured~~customer, ~~levels~~and had agreements with Cheniere Marketing. We ~~have~~are ~~not~~dependent ~~incurred~~on ~~credit~~the ~~losses~~respective ~~related~~customers’ creditworthiness and their ability to ~~these~~perform ~~cash~~under ~~balances~~their respective agreements. While substantially all of our long-term third party customer arrangements are executed with a creditworthy company or secured by a parent company guarantee or other form of collateral, we are nonetheless exposed to ~~date~~credit risk in the event of a customer default that requires us to seek recourse.

~~The use of derivative instruments exposes us to counterparty credit risk~~Additionally, orwe ~~the~~maintain ~~risk~~cash ~~that~~balances aat counterparty will be unable to meet its commitments. Our commodity derivatives executed over-the-counter or through an exchange are subject to nominal credit risk as these transactions often require collateral that is returned to us (or to the counterparty) on or near the settlement date or are settled on a daily margin basis with investment grade financial institutions, ~~and~~which ~~are~~may ~~primarily~~at ~~facilitated~~times bybe ~~independent~~in ~~system~~excess ~~operators and by clearing brokers. Payments on margin deposits, either by us or by the counterparty depending on the position, are required for non-exchange traded transactions when the value~~ of afederally ~~derivative~~insured ~~exceeds the pre-established credit limit with the counterparty~~levels. We ~~monitor~~have ~~counterparty creditworthiness on an ongoing basis; however, we cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are~~ not ~~sudden,~~incurred wecredit ~~may~~losses berelated ~~limited in our ability~~ to ~~mitigate an increase in counterparty credit risk. Should one of~~ these ~~counterparties~~cash ~~not~~balances ~~perform,~~to ~~we may not realize the benefit of some of our derivative instruments~~date.

~~Our~~While ~~contracted~~we ~~LNG~~use ~~sales~~derivative ~~are~~instruments ~~primarily~~that ~~under~~expose ~~SPAs~~us ~~with~~to ~~terms~~counterparty ~~exceeding~~credit 10risk, ~~years. As~~our ofunderlying ~~December~~arrangements ~~31,~~typically ~~2024,~~include weprovisions ~~had~~that ~~SPAs~~protect ~~with~~us ~~initial~~and ~~terms~~our ofcounterparties 10against orsuch ~~more~~risk. ~~years~~For ~~with~~example, aour ~~total~~commodity ofderivatives 11executed ~~different~~over-the-counter ~~third~~or ~~party~~through ~~customers~~an ~~and~~exchange ~~had~~often ~~agreements~~require ~~with~~collateral ~~Cheniere~~that ~~Marketing. We~~is ~~are~~returned ~~dependent~~to onus (or to the ~~respective~~counterparty) ~~customers’~~on ~~creditworthiness~~or ~~and~~near ~~their~~the ~~ability~~settlement todate ~~perform~~or ~~under~~are ~~their~~settled ~~respective~~on ~~SPAs. While~~a ~~substantially~~daily ~~all~~margin ofbasis ~~our~~with ~~long-term~~investment ~~third~~grade ~~party~~financial ~~customer~~institutions, ~~arrangements~~and are ~~executed~~primarily ~~with~~facilitated aby ~~creditworthy~~independent ~~parent~~system ~~company~~operators orand ~~secured~~ by aclearing ~~parent~~brokers. ~~company~~For ~~guarantee~~non-exchange ortraded ~~other~~transactions, ~~form~~payments ofon ~~collateral~~margin deposits, weeither ~~are~~by ~~nonetheless~~us ~~exposed~~or toby ~~credit~~the ~~risk~~counterparty independing on the ~~event~~position, are required when the value of a ~~customer~~derivative ~~default~~exceeds ~~that~~the ~~requires~~pre-established uscredit tolimit ~~seek~~with ~~recourse~~the counterparty.

We monitor counterparty creditworthiness on an ongoing basis; however, we cannot predict sudden changes in counterparties’ creditworthiness. Even if such changes are not sudden, we may be limited in our ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, we may not realize the benefit of some of our assets.

Debt

Our debt consists of current and long-term secured and unsecured debt securities and a credit facility with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by institutional and retail investors.

~~Debt~~Term debt is recorded on our Balance Sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs ~~related to term notes~~. Debt issuance costs consist primarily of arrangement fees, professional fees, legal fees, ~~printing costs~~ and commitment fees. Costs associated with entering into a line of credit or on undrawn funds are presented as an asset and classified as current or non-current, consistent with the respective credit facility. As of December 31, ~~2024~~2025 and ~~2023~~2024, all of such costs were classified as other non-current assets, net, on our Balance Sheets. Discounts, premiums and debt issuance costs directly related to the issuance of debt are amortized over the life of the debt and are recorded in interest expense, net of capitalized interest using the effective interest method except in the case of our credit facility, in which any discount, premium and/or debt issuance costs are amortized on a straight-line basis over the contractual term.

~~We classify debt on our Balance Sheets based on contractual maturity, with the following exceptions:~~46

•We classify term debt that is contractually due within one year as long-term debt if management has the intent and ability to refinance the current portion of such debt with future cash proceeds from an executed long-term debt agreement.

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directly related to the issuance of debt are amortized over the life of the debt except in the case of our credit facilities, in which such items are amortized on a straight-line basis over the contractual term of the facility. Amortization is recorded in interest expense, net of capitalized interest using the effective interest method.

We classify debt on our Balance Sheets based on contractual maturity, with the following exceptions:

•We evaluate the classification of long-term debt extinguished after the balance sheet date but before the financial statements are issued based on facts and circumstances existing as of the balance sheet date.

Asset Retirement Obligations

We recognize AROs for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset and for conditional AROs in which the timing or method of settlement are conditional on a future event that may or may not be within our control. The fair value of a liability for an ARO is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset.

Our real property lease agreements at the Sabine Pass LNG Terminal require us to surrender the LNG terminal in good ~~working~~ order and repair, with normal wear and tear and casualty excepted, at the expiration of the term of the leases, with renewal options extending such terms ~~being~~ up to 90 years ~~including renewal options~~. We have determined that the cost to surrender the liquefaction facilities at the Sabine Pass LNG Terminal in good order and repair, with normal wear and tear and casualty excepted, is immaterial, thus we have not recorded an ARO associated with the liquefaction facilities at the Sabine Pass LNG Terminal.

Recent Accounting Standards

ASU 2023-07

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which we adopted on December 31, 2024. This guidance requires a public entity, including entities with a single reportable segment, to disclose significant segment expenses and other segment information on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Refer to Note 13—Segment Information and Customer Concentration for the required disclosures.

ASU 2024-03

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as clarified by ASU No. 2025-01 in January 2025. This guidance requires disaggregated disclosures about certain income statement expense line items on an annual and interim basis. We continue to evaluate the impact of the provisions of this guidance on our disclosures, but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2027.

NOTE 3—TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES

Trade and other receivables, net of current expected credit losses, consisted of the following (in millions):

	December 31,
	2024		2023
	2025		2024
Trade receivables	$	~~367~~467	$	~~361~~367
Other receivables	636		76
Total trade and other receivables, net of current expected credit losses	$	~~373~~503	$	~~368~~373

43Upon collection of our trade receivables, cash will be immediately restricted for the payment of liabilities related to the Liquefaction Project. See Note 2—Summary of Significant Accounting Policies for further discussion of our Restricted Cash and Cash Equivalents.

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NOTE 4—INVENTORY

Inventory consisted of the following (in millions):

	December 31,
	2024		2023
	2025		2024
Materials	$	95103	$	8995
Natural gas	22		22
LNG	30		13
LNG	13		11
Natural gas	24		22
Other	12		—1
Total inventory	$	~~131~~159	$	~~122~~131

NOTE 5—PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION

Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):

		December 31,
	Useful life			December 31,
		2024				2023
	(years)			2025				2024
LNG terminal
Terminal	6 - 50	$	~~16,387~~	$	16,555	$	~~16,309~~	$	16,387
Construction-in-process		~~125~~		82		~~110~~		125
Accumulated depreciation		~~(3,652)~~		(4,211)		~~(3,100)~~		(3,652)
Total LNG terminal, net of accumulated depreciation		~~12,860~~		12,426		~~13,319~~		12,860
Fixed assets
Fixed assets	3 - 10	20		19		19		20
Accumulated depreciation		~~(15)~~		(14)		~~(16)~~		(15)
Total fixed assets, net of accumulated depreciation		5		5		3		5
Property, plant and equipment, net of accumulated depreciation		$	~~12,865~~	$	12,431	$	~~13,322~~	$	12,865

~~The~~Depreciation ~~following~~expense ~~table~~was ~~shows~~$561 ~~depreciation~~million, ~~expense~~$554 million and ~~offsets~~$549 million toduring ~~LNG~~the ~~terminal~~years ~~costs~~ended ~~(in~~December ~~millions):~~31, 2025, 2024 and 2023, respectively.

	Year Ended December 31,
		2024		2023		2022
Depreciation expense		$	554	$	549	$	534
Offsets to LNG terminal costs (1)		—		—		148

(1)We recognize offsets to LNG terminal costs related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Project during the testing phase for its construction.

LNG Terminal Costs

LNG terminal costs related to the Liquefaction Project are depreciated using the straight-line depreciation method applied to groups of LNG terminal assets with varying useful lives. The identifiable components of the Liquefaction Project have depreciable lives between 6 and 50 years, as follows:

Components						Useful life (years)
Water pipelines						30
Liquefaction processing equipment						6-50
Other						10-30

Fixed Assets

Our fixed assets are recorded at cost and are depreciated on a straight-line method based on estimated lives of the individual assets or groups of assets.

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NOTE 6—DERIVATIVE INSTRUMENTS

We have commodity derivatives consisting of natural gas supply contracts, including ~~those under~~ our IPM agreement, for the operation of the Liquefaction Project and expansion project, as well as the associated economic hedges (collectively, the “Liquefaction Supply Derivatives”).

The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions):

	Fair Value Measurements as of
	December 31, 2024								December 31, 2023
	December 31, 2025								December 31, 2024
	Quoted Prices in Active Markets(Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets(Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Liquefaction Supply Derivatives asset (liability)	$	—	$	26(23)	$	(1,~~307~~032)	$	(1,~~281~~055)	$	18—	$	126	$	(1,~~676~~307)	$	(1,~~657~~281)

We value the Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, which incorporates observable commodity price curves, when available, and other relevant data.

We include a significant portion of the Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models, which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants may use in valuing the asset or liability. To the extent valued using an option pricing model, we consider the future prices of energy units for unobservable periods to be a significant unobservable input to estimated net fair value. In estimating the future prices of energy units, we make judgments about market risk related to liquidity of commodity indices and volatility utilizing available market data. Changes in facts and circumstances or additional information may result in revised estimates and judgments, and actual results may differ from these estimates and judgments. We derive our volatility assumptions based on observed historical settled global LNG market pricing or accepted proxies for global LNG market pricing as well as settled domestic natural gas pricing. Such volatility assumptions also contemplate, as of the balance sheet date, observable forward curve data of such indices, as well as evolving available industry data and independent studies.

In developing our volatility assumptions, we acknowledge that the global LNG industry is inherently influenced by events such as unplanned supply constraints, geopolitical incidents, unusual climate events including drought and uncommonly mild, by historical standards, winters and summers, and real or threatened disruptive operational impacts to global energy infrastructure. Our current estimate of volatility includes the impact of otherwise rare events unless we believe market participants would exclude such events on account of their assertion that those events were specific to our company and deemed within our control. Our fair value estimates incorporate market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.48

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~~The~~unobservable ~~Level~~periods 3to be a significant unobservable input to estimated net fair value. ~~measurements~~In estimating the future prices of ~~our~~energy ~~natural~~units, ~~gas~~we ~~positions~~make ~~within~~judgments ~~the~~about ~~Liquefaction~~market ~~Supply~~risk ~~Derivatives~~related ~~could~~to beliquidity ~~materially~~of ~~impacted~~commodity byindices aand ~~significant~~volatility ~~change~~utilizing available market data. Changes in ~~certain~~facts ~~natural~~and ~~gas~~circumstances or additional information may result in revised estimates and ~~international~~judgments, ~~LNG~~and ~~prices~~actual results may differ from these estimates and judgments. ~~The~~ ~~following~~We ~~table~~derive ~~includes~~our ~~quantitative~~volatility ~~information~~assumptions ~~for~~based ~~the~~on ~~unobservable~~observed ~~inputs~~historical settled global LNG market pricing or accepted proxies for ~~the~~global ~~Level~~LNG 3market ~~Liquefaction~~pricing ~~Supply~~as ~~Derivatives~~well as settled domestic natural gas pricing. Such volatility assumptions also contemplate, as of ~~December~~the 31balance sheet date, ~~2024:~~observable forward curve data of such indices, as well as evolving available industry data and independent studies.

Net Fair Value Liability(in millions)

Valuation Approach

Significant Unobservable Input

Range of Significant Unobservable Inputs / Weighted Average (1)

Liquefaction Supply Derivatives

$(1,307)

Market approach incorporating present value techniques

Henry Hub basis spread

$(0.495) - $1.144 / $0.056

Option pricing model

International LNG pricing spread, relative to Henry Hub (2)

127% - 410% / 242%

The Level 3 fair value measurements of our natural gas positions within the Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas and international LNG prices. The following table includes quantitative information for the unobservable inputs for the Level 3 Liquefaction Supply Derivatives as of December 31, 2025:

Net Fair Value Liability

(in millions)

Valuation Approach

Significant Unobservable Input

Range of Significant Unobservable Inputs / Weighted Average (1)

Liquefaction Supply Derivatives

$(1,032)

Market approach incorporating present value techniques

Henry Hub basis spread

$(1.481) - $0.195 / $(0.036)

Option pricing model

International LNG pricing spread, relative to Henry Hub (2)

104% - 407% / 212%

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)Spread contemplates U.S. dollar-denominated pricing.

Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of the Liquefaction Supply Derivatives.

The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions):

	Year Ended December 31,
		2024		2023		2022
		2025		2024		2023
Balance, beginning of period		$	(1,~~676~~307)	$	(31,~~719~~676)	$	38(3,719)
Realized and change in fair value gains (losses) included in net income (1):
Realized and change in fair value gains included in net income (1):
Included in cost of sales, existing deals (2)		~~165~~117		~~1,302~~165		~~(228)~~1,302
Included in cost of sales, new deals (3)		19(29)		1619		~~(804)~~16
Purchases and settlements:
Purchases (4)		—		—		~~(2,712)~~—
Settlements (5)		~~185~~192		~~724~~185		~~(13)~~724
Transfers out of level 3 (6)		—(5)		1—		—1
Balance, end of period		$	(1,~~307~~032)	$	(1,~~676~~307)	$	(31,~~719~~676)
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period		$	184	$	1,318	$	(1,032)
Favorable changes in fair value relating to instruments still held at the end of the period		$	88	$	184	$	1,318

(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table.

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(2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.

(3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.

(4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period, which continue to exist at the end of the period, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing to exist at the end of the period. ~~For further discussion of the IPM agreement that was novated to us in 2022, see Note 14—Supplemental Cash Flow Information.~~

(5)Roll-off in the current period of amounts recognized in our Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.

(6)Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.

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Liquefaction Supply Derivatives

We hold Liquefaction Supply Derivatives, which are ~~primarily~~ indexed to ~~the~~Henry ~~natural~~Hub, ~~gas~~global ~~market~~LNG ~~and~~or ~~international~~other ~~LNG~~natural gas price indices. As of December 31, ~~2024~~2025, the remaining fixed terms of the Liquefaction Supply Derivatives ranged up to approximately 1312 years, some of which commence or accelerate upon the satisfaction of certain events or development of infrastructure to support natural gas gathering and transport.

The forward notional amount for the Liquefaction Supply Derivatives was approximately 4,~~733~~261 TBtu and 54,~~478~~733 TBtu as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively, inclusive of amounts under contracts with unsatisfied contractual conditions, and exclusive of extension options that were uncertain to be taken as of both December 31, ~~2024~~2025 and ~~2023~~2024.

The following table shows the effect and location of the Liquefaction Supply Derivatives recorded on our Statements of Operations (in millions):

		Gain (Loss) Recognized in Statements of Operations
		Gain Recognized in Statements of Operations
Statements of Operations Location (1)	Year Ended December 31,
		2024		2023		2022
		2025		2024		2023
LNG revenues		$	—	$	—	$	1
Cost of sales		$	209	$	402	$	2,082
Cost of sales		402		2,082		(1,159)

(1)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery. Fair value fluctuations associated with ~~commodity~~our derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

The following table shows the fair value and location of the Liquefaction Supply Derivatives on our Balance Sheets (in millions):

Fair Value Measurements as of

Balance Sheets Location

December 31, ~~2024~~2025

December 31, ~~2023~~2024

Current derivative assets

84—

3084

Derivative assets

989

4098

Total derivative assets

~~182~~9

70182

Current derivative liabilities

(~~250~~164)

(~~196~~250)

Derivative liabilities

(~~1,213~~900)

(1,~~531~~213)

Total derivative liabilities

(1,~~463~~064)

(1,~~727~~463)

Derivative liability, net

(1,~~281~~055)

(1,~~657~~281)

~~Balance Sheets Presentation~~50

The following table reconciles the fair value of our derivative assets and liabilities on a gross basis, by contract, to net amounts as presented on our Balance Sheets after offsetting for any balances with the same counterparty under master netting arrangements or other relevant netting criteria under GAAP that are met (in millions):

	Liquefaction Supply Derivatives
	December 31, 2024		December 31, 2023
Gross assets	$	228	$	88
Offsetting amounts	(46)		(18)
Net assets	$	182	$	70
Gross liabilities	$	(1,464)	$	(1,746)
Offsetting amounts	1		19
Net liabilities	$	(1,463)	$	(1,727)

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~~We had a collateral balance of $13 million that was recorded within other current assets, net, and not netted on our~~ Balance Sheets, ~~as of December 31, 2024. We did not have a collateral balance as of December 31, 2023.~~Presentation


	Liquefaction Supply Derivatives
	December 31, 2025		December 31, 2024
Gross assets	$	20	$	228
Offsetting amounts	(11)		(46)
Net assets	$	9	$	182

Gross liabilities	$	(1,084)	$	(1,464)
Offsetting amounts	20		1
Net liabilities	$	(1,064)	$	(1,463)

The table below shows the collateral balances that are recorded within other current assets, net and other current liabilities that are not netted on our Balance Sheets (in millions):


	Balance Sheets Location	December 31,
		2025		2024
Liquefaction Supply Derivatives	Other current assets, net	$	11	$	13
Liquefaction Supply Derivatives	Other current liabilities	3		—

NOTE 7—OTHER NON-CURRENT ASSETS, NET

Other non-current assets, net consisted of the following (in millions):

	December 31,
	2024		2023
	2025		2024
Advances to service providers	$	~~113~~108	$	~~119~~113
Operating lease assets	2223		22
Other	3571		3435
Total other non-current assets, net	$	~~170~~202	$	~~175~~170

NOTE 8—ACCRUED LIABILITIES

Accrued liabilities consisted of the following (in millions):

	December 31,
	2024		2023
	2025		2024
Natural gas purchases	$	~~558~~714	$	~~464~~558
Interest costs and related debt fees	81		159
LNG Terminal costs	67		79
Liquefaction Project costs	79		58
Interest costs and related debt fees	75		81
Other accrued liabilities	78		57
Total accrued liabilities	$	~~725~~864	$	~~686~~725

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NOTE 9—DEBT

Debt consisted of the following (in millions):

	December 31,
	2024		2023
	2025		2024
Senior Secured Notes:
5.750% due 2024	$	—	$	300
5.625% due 2025	$	—	$	300
5.625% due 2025	300		2,000
5.875% due 2026 (the “2026 Senior Notes”) (1)	200		1,500
5.875% due 2026	1,500		1,500
5.00% due 2027	1,500		1,500
4.200% due 2028	1,350		1,350
4.500% due 2030	2,000		2,000
4.746% weighted average rate due 2037 (1)	1,782		1,782
due 2037 with weighted average rate of 4.747% and 4.746% at December 31, 2025 and 2024, respectively (2)	1,730		1,782
Total Senior Secured Notes	86,~~432~~780		108,432
Revolving credit and guaranty agreement (the “Revolving Credit Facility”)	—		—
Total debt	86,~~432~~780		108,432
Current debt, net of unamortized discount and debt issuance costs (1)	(351)		(300)
Current debt, net of unamortized discount and debt issuance costs (2)	(306)		(351)
Unamortized discount and debt issuance costs	(5137)		(6951)
Total long-term debt, net of unamortized discount and debt issuance costs	$	86,~~030~~437	$	108,~~063~~030

(1)~~Includes~~Subsequently ~~notes~~in ~~that~~February ~~amortize~~2026, ~~based~~we onredeemed athe ~~fixed~~remaining ~~amortization~~$200 million ~~schedule~~aggregate asprincipal ~~set~~amount ~~forth~~of inour ~~their~~2026 ~~respective~~Senior ~~indentures~~Notes.

(2)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures.

Senior Secured Notes

The Senior Secured Notes are our senior secured obligations, ranking equally in right of payment with our other existing and future senior debt that is secured by the same collateral and senior in right of payment to any of its future subordinated debt. Subject to permitted liens, the Senior Secured Notes are secured on a pari passu first-priority basis by a security interest in all of the membership interests in us and substantially all of our assets. We may, at any time, redeem all or part of the Senior Secured Notes at specified prices set forth in the respective indentures governing the Senior Secured Notes, plus accrued and unpaid interest, if any, prior to the date of redemption. The series of Senior Secured Notes due in 2037 are fully amortizing according to a fixed sculpted amortization schedule, as set forth in the respective indentures.

48Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2025 (in millions):


Years Ending December 31,	Principal Payments
2026	$	307
2027	1,612
2028	1,468
2029	124
2030	2,130
Thereafter	1,139
Total	$	6,780

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of the membership interests in us and substantially all of our assets. We may, at any time, redeem all or part of the Senior Secured Notes at specified prices set forth in the respective indentures governing the Senior Secured Notes, plus accrued and unpaid interest, if any, to the date of redemption. The series of Senior Secured Notes due in 2037 are fully amortizing according to a fixed sculpted amortization schedule, as set forth in the respective indentures.

Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2024 (in millions):

Years Ending December 31,	Principal Payments
2025	$	352
2026	1,607
2027	1,612
2028	1,468
2029	124
Thereafter	3,269
Total	$	8,432

Revolving Credit Facility

Below is a summary of our Revolving Credit Facility as of December 31, ~~2024~~2025 (in millions):

Revolving Credit Facility (1)

Total facility size

1,000

Less:

Outstanding balance

—

Letters of credit issued

~~224~~176

Available commitment

~~776~~824

Priority ranking

Senior secured

Interest rate on available balance (2)

SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.75% or base rate plus 0.0% - 0.75%

Commitment fees on undrawn balance (2)

0.075% - 0.30%

Letter of credit fees (2)

1.0% - 1.75%

Maturity date

June 23, 2028

(1)The obligations of SPL under the SPL Revolving Credit Facility are secured by substantially all of the assets of SPL as well as a pledge of all of the membership interests in SPL and certain future subsidiaries of SPL on a pari passu basis by a first priority lien with the SPL Senior Secured Notes. The SPL Revolving Credit Facility contains customary contractual conditions for extensions of credit.

(2)The ~~margin~~margins on the interest rate, the commitment fees and the letter of credit fees are subject to change based on our credit rating.

Restrictive Debt Covenants

The agreements governing our indebtedness contain customary terms and events of default and certain covenants that, among other things, may limit our ability to make certain investments or pay ~~dividends or~~ distributions. We For example, we are restricted from making distributions under agreements governing our indebtedness generally until, among other requirements, appropriate reserves have been established for debt service using cash or letters of credit and a historical and projected debt service coverage ratio of at least 1.25:1.00 is satisfied. Additionally, as described in Note 2—Summary of Significant Accounting Policies, our restricted cash and cash equivalents were primarily restricted for the payment of liabilities related to the Liquefaction Project as required under certain debt arrangements.

As of December 31, ~~2024~~2025, we were in compliance with all covenants related to our debt agreements.

49Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in millions):


	Year Ended December 31,
		2025		2024		2023
Total interest cost		$	389	$	493	$	600
Capitalized interest		(3)		(4)		(5)
Total interest expense, net of capitalized interest		$	386	$	489	$	595

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Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in millions):

	Year Ended December 31,
		2024		2023		2022
Total interest cost		$	493	$	600	$	706
Capitalized interest		(4)		(5)		(39)
Total interest expense, net of capitalized interest		$	489	$	595	$	667

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our senior notes (in millions):

December 31, 2024

December 31, 2023

December 31, 2025

December 31, 2024

CarryingAmount

EstimatedFair Value (1)

CarryingAmount

EstimatedFair Value (1)

CarryingAmount (1)

EstimatedFair Value (2)

CarryingAmount (1)

EstimatedFair Value (2)

Senior Secured Notes

86,~~432~~780

86,~~282~~795

108,432

108,~~375~~282

(1)AsCarrying ofamounts ~~both~~exclude ~~December~~unamortized ~~31,~~discount ~~2024~~ and ~~2023,~~debt ~~$1.3 billion~~issuance of the fair value of our senior notes were classified as Level 3 since these senior notes were valued by applying an unobservable illiquidity adjustment to the price derived from trades or indicative bids of instruments with similar terms, maturities and credit standingcosts. ~~The remainder of the fair value of our senior notes was classified as Level 2, based on prices derived from trades or indicative bids of the instruments.~~

~~The~~(2)As ~~estimated~~of both December 31, 2025 and 2024, $1.3 billion of the fair value of our ~~Revolving~~senior ~~Credit~~notes ~~Facility~~were classified as ofLevel ~~December~~3 ~~31,~~since ~~2024~~these ~~approximated~~senior ~~the~~notes ~~principal~~were ~~amount~~valued ~~outstanding~~by ~~because~~applying an unobservable illiquidity adjustment to the ~~interest~~price ~~rates~~derived ~~are~~from ~~variable~~trades ~~and~~or ~~reflective~~indicative bids of ~~market~~instruments ~~rates~~with similar terms, maturities and credit standing. The remainder of the ~~debt~~fair ~~may~~value beof ~~repaid,~~our insenior ~~full~~notes orwas inclassified ~~part~~as Level 2, atbased ~~any~~on ~~time~~prices ~~without~~derived ~~penalty~~from trades or indicative bids of the instruments.

The estimated fair value of any outstanding borrowings under our Revolving Credit Facility approximates the principal amount outstanding because the interest rates are indexed to market rates and the debt may be repaid, in full or in part, at any time without penalty.

NOTE 10—REVENUES

The following table represents a disaggregation of revenue earned (in millions):

	Year Ended December 31,
		2024		2023		2022
		2025		2024		2023
Revenues from contracts with customers
LNG revenues (excluding net derivative gain below)		$	6,550	$	6,991	$	11,506
LNG revenues		$	8,200	$	6,550	$	6,991
LNG revenues—affiliate		12,~~954~~358		21,~~475~~954		42,~~568~~475
Total revenues from contracts with customers		$	810,~~504~~558	$	98,~~466~~504	$	169,~~074~~466
Net derivative gain (See Note 6)		—		—		1
Total revenues		$	8,504	$	9,466	$	16,075

LNG Revenues

We have numerous SPAs with third party customers for the sale of LNG on an FOB basis ~~(delivered to the customer at the Sabine Pass LNG Terminal)~~. Our customers generally purchase LNG for a price consisting of a fixed fee per MMBtu of LNG (a portion of which is subject to annual adjustment for inflation) plus a variable fee per MMBtu of LNG generally equal to 115% of Henry Hub. The fixed fee component is the amount payable to us regardless of a cancellation or suspension of LNG cargo deliveries by the customers. The variable fee component is the amount generally payable to us only upon delivery of LNG plus all future adjustments to the fixed fee for inflation. The SPAs and contracted volumes to be made available under the SPAs are not tied to a specific Train~~; however, the term of each SPA generally commences upon the date of first commercial delivery of a specified Train~~. Additionally, we have agreements with Cheniere Marketing for which the related revenues are recorded as LNG revenues—affiliate. See Note 11—Related Party Transactions for additional information regarding these agreements.

50Contract Liabilities

The following table reflects the changes in our contract liabilities, which are included in deferred revenue and other non-current liabilities on our Balance Sheets (in millions):



	Year Ended December 31, 2025
Deferred revenue, beginning of period	$	216
Cash received but not yet recognized in revenue	96
Revenue recognized from prior period deferral	(108)
Deferred revenue, end of period	$	204

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~~Contract~~The ~~Liabilities~~following table reflects the changes in our contract liabilities to affiliate, which are included in deferred revenue—affiliate and other non-current liabilities—affiliate on our Balance Sheets (in millions):

The following table reflects the changes in our contract liabilities, which we classify as deferred revenue and other non-current liabilities on our Balance Sheets (in millions):



	Year Ended December 31, 2025
Deferred revenue—affiliate, beginning of period	$	6
Cash received but not yet recognized in revenue	1
Revenue recognized from prior period deferral	—
Deferred revenue—affiliate, end of period	$	7

	Year Ended December 31, 2024
Deferred revenue, beginning of period	$	178
Cash received but not yet recognized in revenue	139
Revenue recognized from prior period deferral	(101)
Deferred revenue, end of period	$	216

We record deferred revenue when we receive consideration, or such consideration is unconditionally due from a customer, prior to transferring goods or services to the customer under the terms of a sales contract. The change in deferred revenue as of December 31, 2025 and 2024 is primarily attributable to differences between the timing of revenue recognition and the receipt of advance payments related to delivery of LNG under certain SPAs.

The following table reflects the changes in our contract liabilities to affiliate, which we classify as other non-current liabilities—affiliate on our Balance Sheets (in millions):

	Year Ended December 31, 2024
Deferred revenue—affiliate, beginning of period	$	5
Cash received but not yet recognized in revenue	1
Revenue recognized from prior period deferral	—
Deferred revenue—affiliate, end of period	$	6

We record deferred revenue when we receive consideration, or such consideration is unconditionally due from a customer, prior to transferring goods or services to the customer under the terms of a sales contract. Changes in deferred revenue during the years ended December 31, 2024 and 2023 are primarily attributable to differences between the timing of revenue recognition and the receipt of advance payments related to delivery of LNG under certain SPAs.

Transaction Price Allocated to Future Performance Obligations

Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration, which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied:

	December 31, 2024			December 31, 2023
	December 31, 2025			December 31, 2024
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues (2)	$	44.4	7	$	47.6	8
LNG revenues	$	41.0	7	$	44.4	7
LNG revenues—affiliate	0.75		1	10.47		21
Total revenues	$	4541.15		$	4945.01

(1)The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.

The following potential future sources of revenue are omitted from the table above under exemptions we have elected: (21)We ~~may~~all ~~enter~~performance ~~into~~obligations ~~contracts~~that toare ~~sell~~part ~~LNG~~of a contract that ~~are~~has ~~conditioned~~an ~~upon~~original expected duration of one year or ~~both~~less ofand ~~the~~(2) ~~parties~~substantially ~~achieving~~all ~~certain~~variable ~~milestones~~consideration ~~such~~under asour ~~reaching~~SPAs ~~FID~~that onis allocated entirely to a ~~certain~~wholly ~~liquefaction~~unsatisfied ~~Train,~~performance ~~obtaining~~obligation ~~financing~~or to a wholly unsatisfied promise to transfer a distinct good or ~~achieving~~service ~~substantial~~that ~~completion~~forms part of a ~~Train~~single ~~and~~performance ~~any~~obligation ~~related~~when ~~facilities~~that performance obligation qualifies as a series. ~~These~~ ~~contracts~~The ~~are~~amount of revenue from variable fees that is not included in the transaction price, ~~above~~and ~~when~~allocable to wholly unsatisfied future performance obligations or otherwise constrained, will vary based on (1) the ~~conditions~~future ~~have~~prices ~~been~~of ~~met~~the ~~and~~underlying ~~consideration~~variable isindex, ~~not~~primarily ~~otherwise~~Henry ~~constrained~~Hub, ~~from~~throughout ~~ultimate~~the ~~pricing~~contract terms, to the extent customers elect to take delivery of their LNG, (2) adjustments to the consumer price index and ~~receipt~~(3) the outcome of certain contingent events, including the achievement of milestones upon which delivery of LNG under certain contracts is conditioned.

The following ~~potential~~table ~~future~~summarizes ~~sources of revenue are omitted from~~ the ~~table~~percentage ~~above under exemptions we have elected: (1) all performance obligations that are part~~ of ~~a contract that has an original expected duration of one year or less and (2) substantially all~~ variable consideration earned under ~~our~~contracts ~~SPAs~~with that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price will vary based on the future prices of the underlying variable index, primarily Henry Hub, throughout the contract terms, to the extent customers elect to take delivery of their LNG, and adjustments to the consumer price index. Certain of our contracts contain additional variable consideration based on the outcome of contingent events and the movement of various indexes. We have not included ~~such variable consideration~~ in the ~~transaction~~table ~~price to the extent the consideration is considered constrained due to the uncertainty of ultimate pricing and receipt.~~above:


	Year Ended December 31,
		2025		2024
LNG revenues		60	%	51	%
LNG revenues—affiliate		72	%	64	%

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The following table summarizes the percentage of variable consideration earned under contracts with customers included in the table above:

	Year Ended December 31,
		2024		2023
LNG revenues		51	%	56	%
LNG revenues—affiliate		64	%	69	%

NOTE 11—RELATED PARTY TRANSACTIONS

Below is a summary of our ~~transactions with our affiliates and other~~ related ~~parties~~party transactions, all in the ordinary course of business, as reported on our Statements of Operations (in millions):

	Year Ended December 31,	~~Year Ended December 31,~~
					2024				2023				2022
			2025				2024				2023
LNG revenues—affiliate
SPAs and Letter Agreements with Cheniere Marketing (1)					$	1,954			$	2,472			$	4,565
SPAs and Letter Agreements (1)			$	2,358			$	1,954			$	2,472
Contracts for Sale and Purchase of Natural Gas and LNG with other affiliates (2)					—				3				3
Contracts for Sale and Purchase of Natural Gas (2)			—				—				3
Total LNG revenues—affiliate			2,358		~~1,954~~		1,954		~~2,475~~		2,475		~~4,568~~
Cost of sales—affiliate
Cheniere Marketing Agreements (1)					4				—				—
SPAs and Letter Agreements (1)			—				4				—
Cargo loading fees under TUA (3)			51		51		51		51		51		51
Contracts for Sale and Purchase of Natural Gas and LNG (2)					—				25				211
Contracts for Sale and Purchase of Natural Gas and LNG (1) (2)			—				—				25
Total cost of sales—affiliate			51		55		55		76		76		~~262~~
Operating and maintenance expense—affiliate
TUA (3)			276		~~275~~		275		~~275~~		275		~~269~~
Natural Gas Transportation Agreement (4)			82		82		82		82		82		81
Services Agreements (see Note 1) (5)					135				130				131
Services Agreements (5)			138				135				130
LNG Site Sublease Agreement (6)			1		1		1		1		1		1
Total operating and maintenance expense—affiliate			497		~~493~~		493		~~488~~		488		~~482~~
Operating and maintenance expense—related party
Natural Gas Transportation and Storage Agreements (7)			28		58		58		62		62		72
General and administrative expense—affiliate
Services Agreements (see Note 1) (5)					62				61				66
Services Agreements (5)			64				62				61
Other income—affiliate
Services Agreements (8)			21				—				—

(1)We primarily sell 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. We also have a master SPA agreement with Cheniere Marketing that allows us to sell and purchase LNG with ~~Cheniere~~them ~~Marketing~~ by executing and delivering confirmations under this agreement. As ~~of December 31, 2024 and 2023, we had $161 million and $272 million of trade receivables—affiliate, respectively, under these agreements with Cheniere Marketing.~~ In addition, we have 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)We have agreements with SPLNG, CTPL and Corpus Christi Liquefaction, LLC (“CCL”) that allow us to sell and purchase natural gas ~~and LNG~~ with each party 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. ~~As of December 31, 2024 and 2023, the amount of trade receivables—affiliate associated with these agreements was immaterial.~~

52(3)We have a TUA with SPLNG under which they provide berthing for LNG vessels and for the unloading, loading, storage and regasification of LNG. We have reserved approximately 2 Bcf/d of regasification capacity, and we are obligated to make monthly capacity payments to SPLNG aggregating approximately $250 million per year (a portion of which is indexed for inflation), continuing until at least May 2036. Additionally, we are required to reimburse SPLNG for our proportionate share of ad valorem taxes incurred based on our contracted share of SPLNG’s regasification capacity. CQP has guaranteed our obligations under our TUA.

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NOTES TO FINANCIAL STATEMENTS—CONTINUED

(34)WeTo ~~have~~ensure awe ~~TUA~~are ~~with~~able ~~SPLNG~~ to ~~provide~~transport ~~berthing~~adequate ~~for~~natural ~~LNG~~gas ~~vessels~~feedstock ~~and~~to ~~for~~ the ~~unloading,~~Sabine ~~loading,~~Pass ~~storage and regasification of~~ LNG~~. We~~ ~~have reserved approximately 2 Bcf/d of regasification capacity~~Terminal, ~~and~~ we ~~are~~have ~~obligated~~transportation toagreements ~~make monthly capacity payments~~ to ~~SPLNG~~secure ~~aggregating~~firm ~~approximately~~pipeline ~~$250 million~~transportation per year (a portion of which is indexed for inflation), continuing until at least May 2036. Additionally, we are required to reimburse SPLNG for our proportionate share of ad valorem taxes incurred based on our contracted share of SPLNG’s regasification capacity~~. CQP~~ ~~has~~with ~~guaranteed~~CTPL ~~our obligations under our TUA. As of both December 31, 2024~~ and ~~2023,~~third weparty ~~had~~pipeline ~~$22 million of other current assets—affiliate under this agreement~~companies.

(45)ToWe ~~ensure~~do not have employees and thus we ~~are~~have ~~able~~various services agreements with affiliates of Cheniere in the ordinary course of business, including services required to ~~transport~~construct, ~~adequate~~operate ~~natural~~and ~~gas~~maintain ~~feedstock~~the Liquefaction Project, and administrative services. Prior to the ~~Sabine~~substantial ~~Pass~~completion ~~LNG~~of ~~Terminal~~each Train of the Liquefaction Project, weour ~~have~~payments ~~transportation~~under the services agreements towere ~~secure~~primarily ~~firm~~based ~~pipeline~~on ~~transportation~~a ~~capacity~~cost ~~with~~reimbursement ~~CTPL~~structure, aand ~~wholly~~following ~~owned~~the ~~subsidiary~~completion of ~~CQP~~each Train, ~~and~~our ~~third~~payments ~~party~~include ~~pipeline~~a ~~companies~~fixed monthly fee (indexed for inflation) per mtpa in addition to the reimbursement of costs. The non-reimbursement amounts incurred under these agreements are recorded in general and administrative expense—affiliate.

(56)We ~~do not~~ have ~~employees and thus we have various services~~ agreements with ~~affiliates~~SPLNG ofto ~~Cheniere~~sublease infrom ~~the~~them ~~ordinary~~a ~~course~~portion of ~~business,~~the ~~including~~Sabine ~~services~~Pass ~~required~~LNG toTerminal ~~construct,~~site ~~operate~~for ~~and maintain~~ the Liquefaction Project~~, and administrative services~~. ~~Prior~~ toThe ~~the~~aggregate ~~substantial~~annual ~~completion~~sublease ofpayment ~~each~~is ~~Train of the Liquefaction Project~~$1 million, ~~our~~with ~~payments~~renewal ~~under~~options ~~the~~and ~~services~~adjustment ~~agreements~~for ~~were~~inflation ~~primarily~~every ~~based~~five onyears. aAs ~~cost~~of ~~reimbursement~~December ~~structure~~31, 2025 and ~~following the completion of each Train~~2024, ~~our~~we ~~payments~~recorded ~~include~~ a ~~fixed~~lease ~~monthly~~liability ~~fee~~within ~~(indexed~~other ~~for~~non-current ~~inflation)~~liabilities—affiliate ~~per mtpa in addition to the reimbursement~~ of ~~costs. As of December 31, 2024 and 2023, we had~~ $9814 million and $7515 million ~~of advances to affiliates~~, respectively, ~~under~~related ~~the~~to ~~services agreements. The non-reimbursement amounts incurred under~~ these agreements ~~are recorded in general and administrative expense—affiliate~~.

(67)WeThese ~~have~~arrangements ~~agreements~~were with ~~SPLNG~~a toparty ~~sublease~~who was partially owned by the investment management company that indirectly owns a portion of ~~the~~CQP’s ~~Sabine~~limited ~~Pass~~partner ~~LNG~~interests, ~~Terminal~~and, ~~site~~due ~~for~~to the ~~Liquefaction~~sale ~~Project. The~~of ~~aggregate~~such ~~annual~~interests ~~sublease~~by ~~payment~~that isentity ~~$1 million~~effective May 13, ~~with~~2025, ~~renewal~~this ~~options~~party ~~and~~is ~~adjustment~~no ~~for~~longer ~~inflation~~considered ~~every~~a ~~five~~related ~~years. As~~party as of ~~both~~that ~~December~~date. ~~31,~~Prior ~~2024~~to ~~and~~the ~~2023~~sale, we ~~recorded~~were ~~other~~party ~~non-current~~to ~~liabilities—affiliate~~various ofnatural ~~$15~~gas ~~million~~transportation ~~related~~and tostorage agreements with this ~~agreement~~party in the ordinary course of business for the operation of the Liquefaction Project.

(78)WeRepresents ~~are~~the ~~party~~amount toof ~~various~~cumulative ~~natural~~income ~~gas~~allocated ~~transportation~~to ~~and~~us ~~storage~~by ~~agreements~~an ~~with~~affiliate, ato ~~related~~whom ~~party~~we inadvance payments so that the ~~ordinary~~affiliate ~~course~~may ofpay ~~business~~operating ~~for~~expenses ~~the~~on ~~operation~~our ofbehalf ~~the~~pursuant ~~Liquefaction~~to ~~Project~~our operating and maintenance agreements. ~~This~~ ~~related~~The ~~party~~affiliate isin ~~partially~~turn ~~owned~~temporarily byinvests ~~the~~such ~~investment~~funds ~~management~~into ~~company~~interest ~~that~~and ~~indirectly~~dividend ~~owns~~earning adeposit ~~portion~~accounts, offrom ~~CQP’s~~which ~~limited~~they ~~partner~~allocated ~~interests~~the historically earned income to us effective June 30, 2025. We ~~recorded~~The ~~accrued~~affiliate ~~liabilities—related~~currently ~~party~~allocates ofsuch ~~$5 million~~income asto ofus ~~both~~in ~~December~~the ~~31,~~same ~~2024~~period ~~and~~the ~~2023~~affiliate ~~with~~earns ~~this~~such ~~related~~interest ~~party~~and dividend income.

Assets and liabilities arising from the agreements with affiliates and other related parties referenced in the above table are classified as affiliate and related party, respectively, on our Balance Sheets.

Disclosures relating to future consideration under revenue contracts with affiliates is included in Note 10—Revenues.

Other Agreements

Cooperation Agreement

We have a cooperation agreement with SPLNG that allows us to retain and acquire certain rights to access the property and facilities that are owned by SPLNG for the purpose of constructing, modifying and operating the Liquefaction Project. In consideration for access given to us, we have agreed to transfer to SPLNG title of certain facilities, equipment and modifications, which SPLNG is obligated to operate and maintain. The term of this agreement is consistent with our TUA described above. We ~~conveyed~~did $3not ~~million,~~convey $4any ~~million and $576 million in~~ assets to SPLNG under this agreement during the ~~years~~year ended December 31, ~~2024,~~2025. ~~2023~~We ~~and~~conveyed ~~2022,~~$3 ~~respectively. The~~million ~~amount~~and ~~conveyed~~$4 million in ~~2022~~assets ~~related~~ to ~~the~~SPLNG ~~property,~~under ~~plant~~this ~~and~~agreement ~~equipment~~during ~~associated with~~ the ~~third~~years ~~marine~~ended ~~berth~~December at31, ~~the~~2024 ~~Liquefaction~~and ~~Project~~2023, ~~which was conveyed to SPLNG upon completion in October 2022~~respectively.

State Tax Sharing Agreement

We have a state tax sharing agreement with Cheniere. Under this agreement, Cheniere has agreed to prepare and file all state and local tax returns which we and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, we will pay to Cheniere an amount equal to the state and local tax that we would be required to pay if our state and local tax liability were calculated on a separate company basis. To date, there have been no state and local tax payments demanded by Cheniere under the tax sharing agreement. The agreement is effective for tax returns due on or after August 2012.

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SABINE PASS LIQUEFACTION, LLC

NOTES TO FINANCIAL STATEMENTS—CONTINUED

NOTE 12—COMMITMENTS AND CONTINGENCIES

Commitments

We have various future contractual commitments which do not meet the definition of a liability as of December 31, ~~2024~~2025 and thus are not recognized as liabilities in our Financial Statements. Executed contracts containing ~~such~~material future commitments include agreements for ~~capital expenditures,~~ natural gas transportation and storage services, goods and services necessary to operate our Liquefaction Project and letters of credit.

Environmental and Regulatory Matters

The Liquefaction Project is subject to extensive regulation under federal, state and local statutes, rules, regulations and laws. These laws require that we engage in consultations with appropriate federal and state agencies and that we obtain and maintain applicable permits and other authorizations. Failure to comply with such laws could result in legal proceedings, which may include substantial penalties. We believe that, based on currently known information, compliance with these laws and regulations will not have a material adverse effect on our results of operations, financial condition or cash flows.

Legal Proceedings

We are, and may in the future be, involved as a party to various legal proceedings, which are incidental to the ordinary course of business. We regularly analyze current information and, as necessary, provide accruals for probable liabilities on the eventual disposition of these matters. We recognize legal costs in connection with legal and regulatory matters as they are incurred. In the opinion of management, as of December 31, ~~2024~~2025, there were no pending legal matters that would reasonably be expected to have a material impact on our operating results, financial position or cash flows.

NOTE 13—SEGMENT INFORMATION AND CUSTOMER CONCENTRATION

We have determined that we operate as a single operating and reportable segment. We have contracts with CQP and other subsidiaries of Cheniere for operations, maintenance and management services, and the executive team of our affiliates that oversees us is organized by function, rather than legal entity or discrete financial data oversight, with no business component managers reporting to the chief operating decision maker (“CODM”), who is our chief executive officer. The CODM regularly analyzes financial and operational data on a single basis of segmentation, consistent with our integrated service offering, in order to allocate resources and assess performance.

The measure of profit and loss regularly provided to the CODM that is most consistent with GAAP is net income, as presented in our Statements of Operations. This measure contributes to the CODM’s assessment of performance and resource allocation, which includes monitoring of budget versus actual results, establishing compensation and deciding on capital allocation priorities. Significant expenses regularly provided to the CODM, and included in the measure of profit and loss are cost of sales, operating and maintenance expense and general and administrative expense, as reported in our Statements of Operations. ~~Included~~ inAlso ~~the~~provided ~~measure~~regularly ofto ~~profit~~the ~~and~~CODM ~~loss~~are ~~is a significant noncash item of~~ changes in the fair value of our derivative instruments, which ~~was~~are ~~$388 million~~inclusive of ~~gains~~significant noncash items, which were $~~2.1~~201 ~~billion~~million, of$388 million ~~gains~~ and $12.1 billion in ~~losses~~gains for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. Interest income, which is included in other income, net on our Statements of Operations, was $114 million, $1211 million and $212 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively~~, which is included in interest and dividend income on our Statements of Operations~~.

The measure of segment assets is reported on our Balance Sheets as total assets. Substantially all of our tangible long-lived assets, which consist of property, plant and equipment, are located in the ~~United States~~U. S. Total expenditures for additions to long-lived assets is reported on our Statements of Cash Flows.

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SABINE PASS LIQUEFACTION, LLC

NOTES TO FINANCIAL STATEMENTS—CONTINUED

The following table shows the concentration of our customer credit risk inwith ~~excess of~~ 10% or more of total revenues from contracts with external customers and/or trade ~~and other~~ receivables, net of current expected credit losses and contract assets, net of current expected credit losses. ~~was~~Customers asunder ~~follows:~~common control are considered to be a single customer.

		Percentage of Total Revenues from External Customers			Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers
		Percentage of Total Revenues from Contracts with External Customers			Percentage of Trade Receivables, Net and Contract Assets, Net from External Customers
	Year Ended December 31,			December 31,	December 31,
		2024	2023	2022	2024	2023
		2025	2024	2023	2025	2024
Customer A		23%	2423%	24%	1928%	2220%
Customer B		16%	1716%	17%	*19%	~~16%~~*
Customer C		15%	1615%	1716%	2012%	1221%
Customer D		14%	1514%	1615%	1822%	1518%
Customer E		*	*	*	*	12%

* Less than 10%

The following table shows total revenues from contracts with external customers attributable to the country in which the revenues were derived (in millions). We attribute revenues ~~from external customers~~ to the country in which the party to the applicable agreement has its principal place of business~~. Substantially~~, ~~all~~with foreign countries that individually accounted for 10% or more of ~~our~~total ~~long-lived~~revenues ~~assets~~from ~~are~~contracts ~~located~~with inexternal customers shown separately from the ~~United~~remaining ~~States~~countries. Revenues attributed to foreign countries exclude certain sales and other operating revenues for which attribution to a specific country is not practicable.

	Revenues from External Customers
	Total Revenues from Contracts with External Customers
	Year Ended December 31,
	2024		2023		2022
	2025		2024		2023
United States	$	2,129	$	2,403	$	4,147
U.S.	$	2,950	$	2,356	$	2,670
South Korea	1,~~024~~289		1,~~169~~024		1,~~932~~169
India	1,~~015~~259		1,~~119~~015		1,~~951~~119
United Kingdom	976		717		1,026
Ireland	1,173		947		1,058
Ireland	947		1,058		1,858
United Kingdom	946		976		717
Other countries	~~459~~583		~~525~~232		~~593~~258
Total	$	68,~~550~~200	$	6,~~991~~550	$	116,~~507~~991

NOTE 14—SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides supplemental disclosure of substantive cash flow information (in millions):

	Year Ended December 31,
	2024		2023		2022
	2025		2024		2023
Cash paid during the period for interest on debt, net of amounts capitalized	$	~~549~~379	$	~~580~~549	$	~~613~~580
Non-cash investing and financing activities:
Non-cash investing activities:
Non-cash contributions from affiliates related to extinguishment of debt	—		2		—
Unpaid purchases of property, plant and equipment (1)	14		20		17
Unpaid purchases of property, plant and equipment (1)	20		17		95
Distribution resulting from the conveyance of property, plant and equipment (see Note 11)	3		4		576

(1)Reflects unpaid portion, as of the end of each period, of assets and liabilities recognized during the respective periods.

~~Novation of IPM Agreement from Corpus Christi Liquefaction Stage III, LLC (“CCL Stage III”)~~59

In March 2022, in connection with a prior commitment from Cheniere to collateralize financing for Train 6 of the Liquefaction Project, we and CCL Stage III, formerly a wholly owned direct subsidiary of Cheniere that merged with and into CCL, entered into an agreement to assign to us an IPM agreement to purchase 140,000 MMBtu per day of natural gas at a price based on the Platts Japan Korea Marker (“JKM”), for a term of approximately 15 years beginning in early 2023. The transaction was accounted for as a transfer between entities under common control, which required us to recognize the obligations assumed at the historical basis of Cheniere. Upon the transfer, which occurred on March 15, 2022, we recognized $2.7 billion in distributions to Cheniere’s common unitholder interest within our Statements of Member’s Equity (Deficit) based on our assumption of current derivative liabilities and derivative liabilities of $142 million and $2.6 billion, respectively, which represented a non-cash financing activity.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Based on their evaluation as of the end of the fiscal year ended December 31, ~~2024~~2025, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are effective to ensure that information required to be disclosed in reports that we file or submit under the Exchange Act are (1) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and (2) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

During the most recent fiscal quarter, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Management’s Report on Internal Control Over Financial Reporting

Our Management’s Report on Internal Control Over Financial Reporting is included in our Financial Statements and is incorporated herein by reference.

ITEM 9B. OTHER INFORMATION

None.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

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PART III

ITEM 10. MANAGERS, EXECUTIVE OFFICERS AND COMPANY GOVERNANCE

Omitted pursuant to Instruction I of Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION

Omitted pursuant to Instruction I of Form 10-K.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED MEMBER MATTERS

Omitted pursuant to Instruction I of Form 10-K.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND MANAGER INDEPENDENCE

Omitted pursuant to Instruction I of Form 10-K.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our independent registered public accounting firm is KPMG LLP, Houston, Texas, Auditor Firm ID 185. The following table sets forth the fees billed by KPMG LLP for professional services rendered for ~~2024~~2025 and ~~2023~~2024 (in millions):

	Fiscal 2024		Fiscal 2023
	Fiscal 2025		Fiscal 2024
Audit Fees	$	2	$	2

Audit Fees—Audit fees for ~~2024~~2025 and ~~2023~~2024 include fees associated with the audit of our annual Financial Statements, reviews of our interim Financial Statements and services performed in connection with registration statements and debt offerings, including comfort letters and consents.

Audit-Related Fees—There were no audit-related fees in ~~2024~~2025 and ~~2023~~2024.

Tax Fees—There were no tax fees in ~~2024~~2025 and ~~2023~~2024.

Other Fees—There were no other fees in ~~2024~~2025 and ~~2023~~2024.

Auditor Pre-Approval Policy and Procedures

We are not a public company and we are not listed on any stock exchange. As a result, we are not required to, and do not, have an independent audit committee, a financial expert or a majority of independent directors. The audit committee of the general partner of CQP has approved all audit and non-audit services to be provided by the independent accountants and the fees for such services during the fiscal years ended December 31, ~~2024~~2025 and ~~2023~~2024.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)Financial Statements and Exhibits

(1)Financial Statements—Sabine Pass Liquefaction, LLC:

Management’s Report to the Member of Sabine Pass Liquefaction, LLC			3236
Report of Independent Registered Public Accounting Firm			3337
Statements of Income			3539
Balance Sheets			3640
Statements of Member’s Equity (Deficit)			3741
Statements of Cash Flows			3842
Notes to Financial Statements			3943

(2)Financial Statement Schedules:

All financial statement schedules have been omitted because they are not required, are not applicable, or the required information has been included elsewhere within this Form 10-K.

(3)Exhibits:

Certain of the agreements filed as exhibits to this Form 10-K contain representations, warranties, covenants and conditions by the parties to the agreements that have been made solely for the benefit of the parties to the agreement. These representations, warranties, covenants and conditions:

•should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

•may have been qualified by disclosures that were made to the other parties in connection with the negotiation of the agreements, which disclosures are not necessarily reflected in the agreements;

•may apply standards of materiality that differ from those of a reasonable investor; and

•were made only as of specified dates contained in the agreements and are subject to subsequent developments and changed circumstances.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. These agreements are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. Investors should not rely on them as statements of fact.

Exhibit No.

Incorporated by Reference (1)

Description

Entity

Form

Exhibit

Filing Date

3.1

Certificate of Formation of the Company

SPL

S-4

3.1

11/15/2013

3.2

First Amended and Restated Limited Liability Company Agreement of the Company

SPL

S-4

3.2

11/15/2013

4.1

Indenture, dated as of February 1, 2013, by and among the Company, the guarantors that may become party thereto from time to time and The Bank of New York Mellon, as trustee

CQP

8-K

4.1

2/4/2013

4.2

First Supplemental Indenture, dated as of April 16, 2013, between the Company and The Bank of New York Mellon, as Trustee

CQP

8-K

4.1.1

4/16/2013

5862

Table of Contents

Exhibit No.

Incorporated by Reference (1)

Description

Entity

Form

Exhibit

Filing Date

Exhibit No.

Description

Entity

Form

Exhibit

Filing Date

4.3

Second Supplemental Indenture, dated as of April 16, 2013, between the Company and The Bank of New York Mellon, as Trustee

CQP

8-K

4.1.2

4/16/2013

4.4

Third Supplemental Indenture, dated as of November 25, 2013, between the Company and The Bank of New York Mellon, as Trustee

CQP

8-K

4.1

11/25/2013

4.5

Fourth Supplemental Indenture, dated as of May 20, 2014, between the Company and The Bank of New York Mellon, as Trustee

CQP

8-K

4.1

5/22/2014

4.6

Fifth Supplemental Indenture, dated as of May 20, 2014, between the Company and The Bank of New York Mellon, as Trustee

CQP

8-K

4.2

5/22/2014

4.7

Sixth Supplemental Indenture, dated as of March 3, 2015, between the Company and The Bank of New York Mellon, as Trustee

CQP

8-K

4.1

3/3/2015

4.8

~~Form~~Seventh Supplemental Indenture, dated as of ~~5.625%~~June ~~Senior~~14, ~~Secured~~2016, ~~Note~~between ~~due~~the ~~2025~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.7~~Mellon, ~~above)~~as Trustee under the Indenture

CQP

8-K

4.1

36/314/~~2015~~2016

4.9

~~Seventh~~Form ~~Supplemental Indenture, dated as~~ of ~~June~~5.875% ~~14,~~Senior ~~2016,~~Secured ~~between~~Note ~~the~~due ~~Company~~2026 ~~and~~(Included ~~The~~as ~~Bank~~Exhibit ofA-1 ~~New~~to ~~York~~Exhibit ~~Mellon,~~4.8 ~~as Trustee under the Indenture~~above)

CQP

8-K

4.1

6/14/2016

4.10

~~Form~~Eighth Supplemental Indenture, dated as of ~~5.875%~~September ~~Senior~~19, ~~Secured~~2016, ~~Note~~between ~~due~~the ~~2026~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.9~~Mellon, ~~above)~~as Trustee under the Indenture

CQP

8-K

4.1

69/1423/2016

4.11

~~Eighth~~Ninth Supplemental Indenture, dated as of September 1923, 2016, between the Company and The Bank of New York Mellon, as Trustee under the Indenture

CQP

8-K

4.12

9/23/2016

4.12

~~Ninth~~Form ~~Supplemental Indenture, dated as~~ of ~~September~~5.00% ~~23,~~Senior ~~2016,~~Secured ~~between~~Note ~~the~~due ~~Company~~2027 ~~and~~(Included ~~The~~as ~~Bank~~Exhibit ofA-1 ~~New~~to ~~York~~Exhibit ~~Mellon,~~4.11 ~~as Trustee under the Indenture~~above)

CQP

8-K

4.2

9/23/2016

4.13

~~Form~~Tenth Supplemental Indenture, dated as of ~~5.00%~~March ~~Senior~~6, ~~Secured~~2017, ~~Note~~between ~~due~~the ~~2027~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.12~~Mellon, ~~above)~~as Trustee under the Indenture

CQP

8-K

4.21

93/236/~~2016~~2017

4.14

~~Tenth~~Form ~~Supplemental Indenture, dated as~~ of ~~March~~4.200% 6,Senior ~~2017,~~Secured ~~between~~Note ~~the~~due ~~Company~~2028 ~~and~~(Included ~~The~~as ~~Bank~~Exhibit ofA-1 ~~New~~to ~~York~~Exhibit ~~Mellon,~~4.13 ~~as Trustee under the Indenture~~above)

CQP

8-K

4.1

3/6/2017

4.15

~~Form~~Eleventh Supplemental Indenture, dated as of ~~4.200%~~May ~~Senior~~8, ~~Secured~~2020, ~~Note~~between ~~due~~the ~~2028~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.14~~Mellon, ~~above)~~as Trustee under the Indenture

~~CQP~~SPL

8-K

4.1

35/68/~~2017~~2020

4.16

~~Eleventh~~Form ~~Supplemental Indenture, dated as~~ of ~~May~~4.500% 8,Senior ~~2020,~~Secured ~~between~~Note ~~the~~due ~~Company~~2030 ~~and~~(Included ~~The~~as ~~Bank~~Exhibit ofA-1 ~~New~~to ~~York~~Exhibit ~~Mellon,~~4.15 ~~as Trustee under the Indenture~~above)

SPL

8-K

4.1

5/8/2020

4.17

~~Form~~Twelfth Supplemental Indenture, dated as of ~~4.500%~~November ~~Senior~~29, ~~Secured~~2022, ~~Note~~between ~~due~~the ~~2030~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.16~~Mellon, ~~above)~~as Trustee under the Indenture

SPL

8-K

4.1

511/829/~~2020~~2022

4.18

~~Twelfth~~Form ~~Supplemental Indenture, dated as~~ of ~~November~~5.900% ~~29,~~Senior ~~2022,~~Secured ~~between~~Amortizing ~~the~~Notes ~~Company~~due ~~and~~2037 ~~The~~(Included ~~Bank~~as ofExhibit ~~New~~A-1 ~~York~~to ~~Mellon,~~Exhibit as4.17 ~~Trustee under the Indenture~~above)

SPL

8-K

4.1

11/29/2022

4.19

~~Form~~Indenture, dated as of ~~5.900%~~February ~~Senior~~24, ~~Secured~~2017, ~~Amortizing~~between ~~Notes~~the ~~due~~Company, ~~2037~~the ~~(Included~~guarantors asthat ~~Exhibit~~may ~~A-1~~become party thereto from time to ~~Exhibit~~time ~~4.18~~and ~~above)~~The Bank of New York Mellon, as Trustee under the Indenture

~~SPL~~CQP

8-K

4.1

112/2927/~~2022~~2017

4.20

~~Indenture,~~Form ~~dated as~~ of ~~February~~5.00% ~~24,~~Senior ~~2017,~~Secured ~~between~~Note ~~the~~due ~~Company,~~2037 ~~the~~(Included ~~guarantors~~as ~~that~~Exhibit ~~may~~A-1 ~~become party thereto from time~~ to ~~time~~Exhibit ~~and~~4.19 ~~The Bank of New York Mellon, as Trustee under the Indenture~~above)

CQP

8-K

4.1

2/27/2017

4.21

~~Form~~Indenture, dated as of ~~5.00%~~December ~~Senior~~15, ~~Secured~~2021, ~~Note~~between ~~due~~the ~~2037~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.20~~Mellon, ~~above)~~as Trustee

~~CQP~~SPL

810-K

4.123

2/2724/~~2017~~2022

4.22

~~Indenture,~~Form ~~dated as~~ of ~~December~~2.95% ~~15,~~Senior ~~2021,~~Secured ~~between~~Notes ~~the~~due ~~Company~~2037 ~~and~~(Included ~~The~~as ~~Bank~~Exhibit ofA-1 ~~New~~to ~~York~~Exhibit ~~Mellon,~~4.21 ~~as Trustee~~above)

SPL

10-K

4.23

2/24/2022

4.23

~~Form~~Indenture, dated as of ~~2.95%~~December ~~Senior~~15, ~~Secured~~2021, ~~Notes~~between ~~due~~the ~~2037~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.22~~Mellon, ~~above)~~as Trustee

SPL

10-K

4.2325

2/24/2022

5963

Table of Contents

Exhibit No.

Incorporated by Reference (1)

Description

Entity

Form

Exhibit

Filing Date

Exhibit No.

Description

Entity

Form

Exhibit

Filing Date

4.24

~~Indenture,~~Form ~~dated as~~ of ~~December~~3.17% ~~15,~~Senior ~~2021,~~Secured ~~between~~Notes ~~the~~due ~~Company~~2037 ~~and~~(Included ~~The~~as ~~Bank~~Exhibit ofA-1 ~~New~~to ~~York~~Exhibit ~~Mellon,~~4.23 ~~as Trustee~~above)

SPL

10-K

4.25

2/24/2022

4.25

~~Form~~First Supplemental Indenture, dated as of ~~3.17%~~December ~~Senior~~15, ~~Secured~~2021, ~~Notes~~between ~~due~~the ~~2037~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.24~~Mellon, ~~above)~~as Trustee

SPL

10-K

4.2527

2/24/2022

4.26

~~First~~Form ~~Supplemental Indenture, dated as~~ of ~~December~~3.19% ~~15,~~Senior ~~2021,~~Secured ~~between~~Notes ~~the~~due ~~Company~~2037 ~~and~~(Included ~~The~~as ~~Bank~~Exhibit ofA-1 ~~New~~to ~~York~~Exhibit ~~Mellon,~~4.25 ~~as Trustee~~above)

SPL

10-K

4.27

2/24/2022

4.27

~~Form~~Second Supplemental Indenture, dated as of ~~3.19%~~December ~~Senior~~15, ~~Secured~~2021, ~~Notes~~between ~~due~~the ~~2037~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.26~~Mellon, ~~above)~~as Trustee

SPL

10-K

4.2729

2/24/2022

4.28

~~Second~~Form ~~Supplemental Indenture, dated as~~ of ~~December~~3.08% ~~15,~~Senior ~~2021,~~Secured ~~between~~Notes ~~the~~due ~~Company~~2037 ~~and~~(Included ~~The~~as ~~Bank~~Exhibit ofA-1 ~~New~~to ~~York~~Exhibit ~~Mellon,~~4.27 ~~as Trustee~~above)

SPL

10-K

4.29

2/24/2022

4.29

~~Form~~Third Supplemental Indenture, dated as of ~~3.08%~~December ~~Senior~~15, ~~Secured~~2021, ~~Notes~~between ~~due~~the ~~2037~~Company ~~(Included~~and asThe ~~Exhibit~~Bank ~~A-1~~of toNew ~~Exhibit~~York ~~4.28~~Mellon, ~~above)~~as Trustee

SPL

10-K

4.2931

2/24/2022

4.30

~~Third~~Form ~~Supplemental Indenture, dated as~~ of ~~December~~3.10% ~~15,~~Senior ~~2021,~~Secured ~~between~~Notes ~~the~~due ~~Company~~2037 ~~and~~(Included ~~The~~as ~~Bank~~Exhibit ofA-1 ~~New~~to ~~York~~Exhibit ~~Mellon,~~4.29 ~~as Trustee~~above)

SPL

10-K

4.31

2/24/2022

4.31

Form of 3.10% Senior Secured Notes due 2037 (Included as Exhibit A-1 to Exhibit 4.30 above)

SPL

10-K

4.31

2/24/2022

10.1

LNG Sale and Purchase Agreement (FOB), dated November 21, 2011, between the Company (Seller) and Gas Natural Aprovisionamientos SDG S.A. (subsequently assigned to Gas Natural Fenosa LNG GOM, Limited) (Buyer)

CQP

8-K

10.1

11/21/2011

10.2

Amendment No. 1 of LNG Sale and Purchase Agreement (FOB), dated April 3, 2013, between the Company (Seller) and Gas Natural Aprovisionamientos SDG S.A. (subsequently assigned to Gas Natural Fenosa LNG GOM, Limited) (Buyer)

CQP

10-Q

10.1

5/3/2013

10.3

Amendment of LNG Sale and Purchase Agreement (FOB), dated January 12, 2017, between the Company (Seller) and Gas Natural Fenosa LNG GOM, Limited (assignee of Gas Natural Aprovisionamientos SDG S.A.) (Buyer)

SPL(SEC File No. 333-215882)

S-4

10.3

2/3/2017

10.4

Letter agreement regarding change from LIBOR to SOFR, dated June 8, 2023, to LNG Sale and Purchase Agreement, dated November 21, 2011, between the Company and Naturgy LNG GOM, Limited (assignee of Gas Natural Aprovisionamientos SDG S.A.), as amended

SPL

10-Q

10.6

8/3/2023

10.5

LNG Sale and Purchase Agreement (FOB), dated December 11, 2011, between the Company (Seller) and GAIL (India) Limited (Buyer)

CQP

8-K

10.1

12/12/2011

10.6

Amendment No. 1 of LNG Sale and Purchase Agreement (FOB), dated February 18, 2013, between the Company (Seller) and GAIL (India) Limited (Buyer)

CQP

10-K

10.18

2/22/2013

10.7

Letter agreement regarding change from LIBOR to SOFR, dated June 16, 2023, to LNG Sale and Purchase Agreement, dated December 11, 2011, between the Company and GAIL (India) Limited, as amended

SPL

10-Q

10.4

8/3/2023

10.8

Amended and Restated LNG Sale and Purchase Agreement (FOB), dated January 25, 2012, between the Company (Seller) and BG Gulf Coast LNG, LLC (Buyer)

CQP

8-K

10.1

1/26/2012

10.9

Letter agreement regarding change from LIBOR to SOFR, dated May 18, 2023, to LNG Sale and Purchase Agreement, dated January 25, 2012, between the Company and BG Gulf Coast LNG, LLC, as amended

SPL

10-Q

10.3

8/3/2023

10.10

LNG Sale and Purchase Agreement (FOB), dated January 30, 2012, between the Company (Seller) and Korea Gas Corporation (Buyer)

CQP

8-K

10.1

1/30/2012

10.11

Amendment No. 1 of LNG Sale and Purchase Agreement (FOB), dated February 18, 2013, between the Company (Seller) and Korea Gas Corporation (Buyer)

CQP

10-K

10.19

2/22/2013

6064

Table of Contents

Exhibit No.

Incorporated by Reference (1)

Description

Entity

Form

Exhibit

Filing Date

Exhibit No.

Description

Entity

Form

Exhibit

Filing Date

10.11

Amendment No. 1 of LNG Sale and Purchase Agreement (FOB), dated February 18, 2013, between the Company (Seller) and Korea Gas Corporation (Buyer)

CQP

10-K

10.19

2/22/2013

10.12

Letter agreement regarding change from LIBOR to SOFR, dated June 30, 2023, to LNG Sale and Purchase Agreement, dated January 30, 2012, between the Company and Korea Gas Corporation, as amended

SPL

10-Q

10.5

8/3/2023

10.13

Amended and Restated LNG Sale and Purchase Agreement (FOB), dated August 5, 2014, between the Company (Seller) and Cheniere Marketing, LLC (Buyer)

SPL

8-K

10.1

8/11/2014

10.14

Letter agreement, dated December 8, 2016, amending the Amended and Restated LNG Sale and Purchase Agreement (FOB), dated August 5, 2014, between the Company and Cheniere Marketing International LLP (as assignee of Cheniere Marketing, LLC)

SPL

10-K

10.14

2/24/2017

10.15

Amendment No. 1 of Amended and Restated LNG Sale and Purchase Agreement, dated May 3, 2019, by and between the Company and Cheniere Marketing International LLP

SPL

10-Q

10.1

5/9/2019

10.16

Letter Agreement, dated August 4, 2021, regarding the Amended and Restated LNG Sale and Purchase Agreement (FOB), dated August 5, 2014, between the Company and Cheniere Marketing International LLP (as assignee of Cheniere Marketing, LLC)

SPL

10-Q

10.2

8/5/2021

10.17

Letter agreement regarding change from LIBOR to SOFR, dated June 26, 2023, to Amended and Restated LNG Sale and Purchase Agreement (FOB) between the Company and Cheniere Marketing International LLP, dated August 5, 2014, as amended

SPL

10-Q

10.7

8/3/2023

10.18

~~Letter Agreement, dated November 24, 2021, regarding the Amended and Restated~~ LNG Sale and Purchase Agreement (~~FOB~~Tourmaline Oil Marketing Corp), dated ~~August~~June 515, ~~2014~~2022, between the Company and Cheniere Marketing International LLP ~~(as assignee of Cheniere Marketing, LLC)~~

SPL

810-KQ

10.12

11/263/~~2021~~2022

10.19

~~LNG~~Management ~~Sale~~Services ~~and Purchase~~ Agreement ~~(Tourmaline Oil Marketing Corp)~~, dated ~~June~~May 1514, ~~2022~~2012, ~~between~~by ~~the Company~~ and between Cheniere ~~Marketing~~Terminals ~~International~~and ~~LLP~~the Company

~~SPL~~CQP

108-QK

10.26

115/315/~~2022~~2012

10.20

Amendment to Management Services Agreement, dated ~~May~~September 1428, ~~2012~~2015, ~~by and~~ between Cheniere Terminals and the Company

~~CQP~~SPL

810-KQ/A

10.68

511/159/~~2012~~2015

10.21

~~Amendment~~Operation toand ~~Management~~Maintenance ~~Services~~ Agreement (Sabine Pass Liquefaction Facilities), dated ~~September~~May 2814, ~~2015~~2012, ~~between~~by and among Cheniere ~~Terminals~~LNG O&M Services, LLC, Cheniere Energy Partners GP, LLC and the Company

~~SPL~~CQP

108-~~Q/A~~K

10.85

115/915/~~2015~~2012

10.22

~~Operation~~Assignment and ~~Maintenance~~Assumption Agreement (Sabine Pass Liquefaction ~~Facilities~~O&M Agreement), dated ~~May~~as 14of November 20, ~~2012~~2013, by and ~~among~~between Cheniere ~~LNG O&M Services, LLC, Cheniere~~ Energy Partners GP, LLC and ~~the~~Cheniere ~~Company~~Investments

~~CQP~~Cheniere Holdings

8S-K1/A

10.576

512/152/~~2012~~2013

10.23

~~Assignment~~Amendment to Operation and ~~Assumption~~Maintenance Agreement (Sabine Pass Liquefaction ~~O&M Agreement~~Facilities), dated asSeptember ~~of November 20~~28, ~~2013~~2015, by and ~~between~~among Cheniere ~~Energy~~LNG ~~Partners~~O&M GPServices, LLC, ~~and~~ Cheniere Investments and the Company

~~Cheniere Holdings~~SPL

S10-1Q/A

10.767

1211/29/~~2013~~2015

10.24

~~Amendment~~Second toAmended ~~Operation~~ and ~~Maintenance~~Restated ~~Agreement~~LNG ~~(Sabine~~Terminal ~~Pass~~Use ~~Liquefaction Facilities)~~Agreement, dated ~~September~~as ~~28,~~of ~~2015,~~July ~~by and among Cheniere LNG O&M Services~~31, ~~LLC~~2012, ~~Cheniere~~between ~~Investments and~~ the Company and SPLNG

~~SPL~~SPLNG

108-~~Q/A~~K

10.71

118/96/~~2015~~2012

10.25

~~Second~~Letter ~~Amended and Restated LNG Terminal Use~~ Agreement, dated asMay ~~of July 31~~28, ~~2012~~2013, by and between the Company and SPLNG

SPLNG

810-KQ

10.1

8/62/~~2012~~2013

10.26

~~Letter~~Senior Revolving Credit and Guaranty Agreement, ~~dated~~among ~~May~~the 28Company, ~~2013~~as borrower, bycertain ~~and~~subsidiaries ~~between~~of the Company, The Bank of Nova Scotia, as Senior Facility Agent, Société Générale, as the Common Security Trustee, the issuing banks and ~~SPLNG~~lenders from time to time party thereto and other participants

~~SPLNG~~SPL(SEC No. 333-273238)

10S-Q4

10.146

87/213/~~2013~~2023

10.27

Fourth Amended and Restated Common Terms Agreement, among the Company, as borrower, the Secured Debt Holder Group Representatives party thereto, the Secured Hedge Representatives party thereto, the Secured Gas Hedge Representatives party thereto and Société Générale, as the Common Security Trustee and the Intercreditor Agent

SPL(SEC No. 333-273238)

S-4

10.44

7/13/2023

6165

Table of Contents

Exhibit No.

Incorporated by Reference (1)

Description

Entity

Form

Exhibit

Filing Date

Exhibit No.

Description

Entity

Form

Exhibit

Filing Date

10.27

Senior Revolving Credit and Guaranty Agreement, among the Company, as borrower, certain subsidiaries of the Company, The Bank of Nova Scotia, as Senior Facility Agent, Société Générale, as the Common Security Trustee, the issuing banks and lenders from time to time party thereto and other participants

SPL(SEC No. 333-273238)

S-4

10.46

7/13/2023

10.28

Third Amended and Restated Accounts Agreement, among SPL, certain subsidiaries of SPL, Société Générale, as the Common Security Trustee, and Citibank, N.A. as the Accounts Bank

SPL

8-K

10.3

3/23/2020

10.28

SPL(SEC No. 333-273238)

S-4

10.44

7/13/2023

10.29

Tax Sharing Agreement, dated as of August 9, 2012, by and between Cheniere and the Company

SPL

S-4

10.30

11/15/2013

10.29

Third Amended and Restated Accounts Agreement, among SPL, certain subsidiaries of SPL, Société Générale, as the Common Security Trustee, and Citibank, N.A. as the Accounts Bank

SPL

8-K

10.3

3/23/2020

10.30

Tax Sharing Agreement, dated as of August 9, 2012, by and between Cheniere and the Company

SPL

S-4

10.30

11/15/2013

31.1*

Certification by Chief Executive Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act

31.2*

Certification by Chief Financial Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act

32.1**

Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**

Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*

XBRL Instance Document

101.SCH*

XBRL Taxonomy Extension Schema Document

101.CAL*

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*

XBRL Taxonomy Extension Labels Linkbase Document

101.PRE*

XBRL Taxonomy Extension Presentation Linkbase Document

104*

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


(1)			Exhibits are incorporated by reference to reports of Cheniere (SEC File No. 001-16383), CQP (SEC File No. 001-33366), Cheniere Energy Partners LP Holdings, LLC (“Cheniere Holdings”) (SEC File No. 333-191298), SPL (SEC File No. 333-192373) and SPLNG (SEC File No. 333-138916), as applicable, unless otherwise indicated.
*			Filed herewith.
**			Furnished herewith.

ITEM 16. FORM 10-K SUMMARY

None.

6266

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						SABINE PASS LIQUEFACTION, LLC
						By:			/s/ Jack A. Fusco
									Jack A. Fusco
									Chief Executive Officer(Principal Executive Officer)
						Date:			February 1925, ~~2025~~2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Zach Davis	Manager and Chief Financial Officer (Principal Financial Officer)	February 1925, ~~2025~~2026
Zach Davis
/s/ David Slack	Chief Accounting Officer (Principal Accounting Officer)	February 1925, ~~2025~~2026
David Slack
/s/ Matthew Runkle	Manager	February 19, 2025
/s/ Maas Hinz	Manager	February 25, 2026
Matthew Runkle
Maas Hinz
/s/ Scott Peak	Manager	February 25, 2026
Scott Peak

6367

Filing Compare · Sabine Pass Liquefaction, LLC