Entity

Sabine Pass Liquefaction, LLC (SPL) is a Delaware limited liability company formed by Cheniere Energy Partners, L.P. (CQP) in June 2010 to own, develop, and operate the natural gas liquefaction and export facilities at the Sabine Pass LNG Terminal. It is one of the largest LNG production facilities in the world, with six fully operational trains and a total nominal production capacity of approximately 30 mtpa. SPL files its own annual reports (Form 10-K) with the SEC as a debt-issuing entity.

Operations

SPL owns and operates six liquefaction trains (Trains 1–6) at the Sabine Pass LNG Terminal, processing more than 4.7 Bcf/d of natural gas into LNG. Train 6 achieved substantial completion on February 4, 2022. The facility has exported over 2,000 LNG cargoes since commencing operations in 2016. SPL's key long-term offtake customers include Korea Gas Corporation, Naturgy LNG GOM, Limited, Shell, and Total, each contributing 10–21% of LNG revenues.

Regulatory Authorizations

SPL holds DOE export authorizations for up to 152.64 Bcf/year (~28 mtpa) of LNG exports to both FTA and non-FTA countries, and received FERC authorization in April 2012 to site, construct and operate up to four liquefaction trains, subsequently expanded. A proposed Stage 5 expansion (Trains 7–9) is currently under regulatory review.

Credit Profile

SPL is a rated debt issuer. As of July 2025, S&P Global rates SPL's senior secured notes at BBB+ following an upgrade to its parent CQP.