Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Cheniere Energy Partners, L.P. (CQP) Halal?

FAIL

Cheniere Energy Partners, L.P. · NYSE: CQP · Energy

The short answer

Cheniere Energy Partners fails the Shariah debt gate: it carries $14.5B of interest-bearing debt (47.8% of its ~$30.40 billion market cap), over the 33% ceiling. Its LNG midstream business is otherwise permissible and interest income of about 0.13% of revenue is well under the 5% ceiling, but the heavy leverage produces a FAIL result.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Cheniere Energy Partners, L.P., formed in 2006 and headquartered in Houston, TX, is an LNG midstream infrastructure partnership. Per its FY2025 Form 10-K (Note 1, Organization and Nature of Operations), it owns the natural gas liquefaction and export facility at Sabine Pass in Cameron Parish, Louisiana — with liquefaction facilities of over 30 mtpa of LNG production capacity, five LNG storage tanks, vaporizers and three marine berths — plus the 94-mile Creole Trail Pipeline that interconnects the terminal with interstate and intrastate pipelines. It is developing an expansion project adjacent to the existing facility (EPC contract with Bechtel for the first phase signed May 2026).

FY2025 revenue of $10,758 million came from LNG revenues ($8,200 million), LNG revenues from affiliates ($2,358 million), regasification revenues ($136 million) and other revenues ($64 million). The partnership is not an interest-based lender and is not involved in alcohol, tobacco, gambling or pork. The general partner is 100% owned by Cheniere Energy, Inc., which held 48.6% of the limited partner interest at December 31, 2025. The business passes gate 1.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (47.8%, ceiling 33%). Per Cheniere Energy Partners' FY2025 Form 10-K consolidated balance sheet (December 31, 2025), current debt, net was $306 million and long-term debt, net was $14,161 million — a total of $14,467 million of interest-bearing senior notes. Adding finance lease liabilities of $68 million (current $7 million plus noncurrent $61 million, Note 11) brings total interest-bearing obligations to $14,535 million. Operating lease liabilities ($5 million current plus $73 million noncurrent) are excluded — they are not interest-bearing debt.

$14.5 billion of interest-bearing debt against a market capitalization of about $30.40 billion (Finnhub, October 2, 2026) is 47.8%, over the 33% ceiling. The 10-K shows the partnership has been deleveraging — total debt fell from about $17.8 billion in 2023 to $14.5 billion at December 31, 2025 — but leverage remains well above the threshold. Cash and cash equivalents of $182 million at December 31, 2025 represent about 0.6% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.13%, ceiling 5%). The FY2025 Form 10-K separately discloses interest income in its segment-reporting note: "Interest income, which is included in interest and dividend income on our Consolidated Statements of Operations, was $14 million, $31 million and $44 million for the years ended December 31, 2025, 2024 and 2023, respectively." FY2025 interest income of $14 million against FY2025 total revenues of $10,758 million is about 0.13%, well under the 5% ceiling.

Note: Zoya's CQP page states no interest income was disclosed; the FY2025 10-K segment note does disclose the $14 million figure, and the audited figure is used for this gate.

Key figures used

Frequently asked questions

What does Cheniere Energy Partners do?

Cheniere Energy Partners, L.P. (NYSE: CQP) is a Delaware master limited partnership formed in 2006 and headquartered in Houston, Texas. Per its FY2025 Form 10-K (Note 1, Organization and Nature of Operations), it owns the natural gas liquefaction and export facility at Sabine Pass in Cameron Parish, Louisiana, with liquefaction facilities totaling over 30 mtpa of LNG production capacity, five LNG storage tanks, vaporizers and three marine berths. It also owns and operates a 94-mile natural gas supply pipeline, the Creole Trail Pipeline, interconnecting the terminal with interstate and intrastate pipelines. It is developing an expansion project to add liquefaction capacity adjacent to the existing facility, with an EPC contract signed with Bechtel for the first phase (Train 7) in May 2026.

Is Cheniere Energy Partners' business Shariah compliant?

Cheniere Energy Partners is an LNG midstream infrastructure business - it builds, owns and operates natural gas liquefaction and export terminals and a supply pipeline. Its FY2025 revenues came from LNG revenues ($8,200 million), LNG revenues from affiliates ($2,358 million), regasification revenues ($136 million) and other revenues ($64 million). It is not an interest-based lender and is not involved in alcohol, tobacco, gambling or pork. The partnership's general partner is 100% owned by Cheniere Energy, Inc., which held 48.6% of the limited partner interest at December 31, 2025. The business passes this screener's first gate.

How much interest-bearing debt does Cheniere Energy Partners have?

Per the FY2025 Form 10-K consolidated balance sheet at December 31, 2025, Cheniere Energy Partners reported current debt, net of $306 million and long-term debt, net of $14,161 million - a total of $14,467 million of interest-bearing senior notes. Adding finance lease liabilities of $68 million (current $7 million plus noncurrent $61 million, Note 11) brings total interest-bearing obligations to $14,535 million. Operating lease liabilities ($5 million current plus $73 million noncurrent) are excluded as they are not interest-bearing debt. $14.5 billion against a market capitalization of about $30.40 billion (Finnhub, October 2, 2026) is 47.8%, over the 33% ceiling - so the partnership fails this gate. The 10-K notes the partnership has been steadily deleveraging (total debt fell from $17.8 billion in 2023 to $14.5 billion at December 31, 2025), but leverage remains well above the threshold.

How much interest income does Cheniere Energy Partners earn?

The FY2025 Form 10-K separately discloses interest income in its segment-reporting note: 'Interest income, which is included in interest and dividend income on our Consolidated Statements of Operations, was $14 million, $31 million and $44 million for the years ended December 31, 2025, 2024 and 2023, respectively.' FY2025 interest income of $14 million against FY2025 total revenues of $10,758 million is about 0.13% - well under the 5% non-compliant income ceiling. (Note: Zoya's CQP page claims no interest income was disclosed; the 10-K's segment note clearly discloses the $14 million figure used here.)

What do third-party Shariah screeners say about Cheniere Energy Partners?

Zoya publishes a Cheniere Energy Partners (CQP) page and currently flags the stock as not Shariah-compliant, consistent with the debt finding here - though its page text is internally contradictory about interest income (it claims none was disclosed, while the FY2025 10-K segment note discloses $14 million), so treat its page reasoning with caution. I could not verify a Musaffa rating page for CQP or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).