Private company
Sabine Pass Liquefaction, LLC
American natural gas distribution company based in Houston, active since 20102
In its 2026 annual report the company says: “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 own natural gas liquefaction facilities with total production capacity of over 30 mtpa of LNG as of December 31, 2025 at a natural gas liquefaction and export facility located in Cameron Parish, Louisiana at Sabine Pass, one of the largest LNG production facilities in the world.”23
Last updated Oct 21, 2026.
Overview
- IndustryNatural Gas Distribution2
- HeadquartersHouston, United States2
- Incorporated inDE4
- Business address845 Texas Avenue, Suite 1250, Houston, Tx 770024
- Filer categoryNon-accelerated filer4
- Legal formLimited Liability Company2
- LEI549300KJYBG7C6WJYZ112
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 48407782
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs76¢$8.0B
- Profit24¢$2.5B
Out of $10.6B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending5¢$134.0M
- Kept or used elsewhere95¢$2.6B
Out of $2.7B of cash from operations.3
Financial statements
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1B5 | $6.5B6 | $5.9B7 | $9.1B8 | $16.1B9 | $9.5B3 | $8.5B3 | $10.6B3 |
| Cost of revenue | $3.4B13 | |||||||
| Research and development | $2.0M5 | $05 | $05 | |||||
| Operating expenses | $7.0B8 | $14.0B9 | $4.7B3 | $5.5B3 | $7.7B3 | |||
| Operating income | $1.5B5 | $1.6B6 | $1.7B7 | $2.1B8 | $2.1B9 | $4.7B3 | $3.0B3 | $2.9B3 |
| Interest | $589.0M5 | $705.0M6 | $685.0M7 | $622.0M8 | $667.0M8 | $595.0M8 | ||
| Income tax | $013 | $014 | $07 | $08 | $09 | $03 | $03 | $03 |
| Net income | $944.0M5 | $873.0M6 | $943.0M7 | $1.5B8 | $1.5B9 | $4.2B3 | $2.5B3 | $2.5B3 |
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash | $014 | $05 | $05 | $98.0M9 | $92.0M3 | $56.0M3 | $109.0M3 | $19.0M3 |
| Receivables | $546.0M7 | $553.0M8 | $277.0M9 | $162.0M3 | $239.0M3 | |||
| Inventory | $159.0M7 | $143.0M8 | $122.0M9 | $131.0M3 | $159.0M3 | |||
| Current assets | $1.6B14 | $888.0M5 | $882.0M6 | $1.3B7 | $1.7B8 | $977.0M9 | $1.0B3 | $1.1B3 |
| Property, plant and equipment | $14.4B7 | $13.8B8 | $13.3B9 | $12.9B3 | $12.4B3 | |||
| Total assets | $15.0B14 | $15.0B5 | $15.3B6 | $15.9B7 | $15.7B8 | $14.5B9 | $14.2B3 | $13.8B3 |
| Accounts payable | $18.0M7 | $28.0M8 | $63.0M9 | $49.0M3 | $46.0M3 | |||
| Short-term debt | $08 | $300.0M9 | $351.0M3 | $306.0M3 | ||||
| Current liabilities | $984.0M14 | $857.0M5 | $787.0M6 | $1.3B7 | $2.3B8 | $1.4B9 | $1.6B3 | $1.6B3 |
| Long-term debt | $13.5B14 | $13.5B5 | $13.5B6 | $13.0B7 | $12.0B8 | $10.1B9 | $8.0B3 | $6.4B3 |
| Total liabilities | $13.1B9 | $10.9B3 | $9.0B3 | |||||
| Shares outstanding | 0 shares13 | 0 shares14 | 0 shares5 | 0 shares6 | 0 shares7 | 0 shares8 | 0 shares9 | 0 shares3 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.4B5 | $1.2B6 | $1.4B7 | $1.9B8 | $3.0B9 | $2.8B3 | $2.8B3 | $2.7B3 |
| Depreciation and amortization | $468.0M8 | $539.0M9 | $554.0M3 | $559.0M3 | $565.0M3 | |||
| Capital spending | $771.0M5 | $1.3B6 | $916.0M7 | $612.0M8 | $434.0M9 | $146.0M3 | $97.0M3 | $134.0M3 |
| Free cash flow | $652.0M | -$121.0M | $508.0M | $1.3B | $2.5B | $2.7B | $2.7B | $2.6B |
| Cash from investing | -$612.0M8 | -$434.0M9 | -$152.0M3 | -$97.0M3 | -$134.0M3 | |||
| Cash from financing | -$1.3B8 | -$2.5B9 | -$2.7B3 | -$2.7B3 | -$2.7B3 |
Corporate structure
Sabine Pass Liquefaction, LLC is part of a group headed by Cheniere Energy. 54 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
- Cheniere Energy Houston, Texas, United States
- Cheniere Corpus Christi Holdings, LLC Houston, Texas, United States
- CHENIERE CORPUS CHRISTI PIPELINE, L.P. Subsidiary · Houston, Texas, United States
- CORPUS CHRISTI LIQUEFACTION, LLC Subsidiary · Houston, Texas, United States
- Cheniere Energy Partners, L.P. Houston, Texas, United States
- Sabine Pass Liquefaction, LLC Houston, Texas, United States
- CCL Midscale 8-9, LLC Subsidiary · Delaware, United States
- Cheniere ADCC Investments, LLC Subsidiary · Delaware, United States
- Cheniere CCH HoldCo I, LLC Subsidiary · Delaware, United States
- Cheniere CCH HoldCo II, LLC Subsidiary · Delaware, United States
- Cheniere Corpus Christi Pipeline, L.P. Subsidiary · Delaware, United States
- CHENIERE CREOLE TRAIL PIPELINE, L.P. Subsidiary · Houston, Texas, United States
- Cheniere Energy Investments, LLC Subsidiary · Delaware, United States
- Cheniere Energy Operating Co., Inc. Subsidiary · Delaware, United States
- Cheniere Energy Partners GP, LLC Subsidiary · Delaware, United States
- Cheniere Energy Partners LP Holdings, LLC Subsidiary · Delaware, United States
- Cheniere Energy Shared Services, Inc. Subsidiary · Delaware, United States
- Cheniere Financial Services, LLC Subsidiary · Delaware, United States
- Cheniere Foundation (fka Cheniere Cares, Inc.) Subsidiary · Texas, United States
- Cheniere GP Holding Company, LLC Subsidiary · Delaware, United States
- Cheniere Ingleside Marine Terminal, LLC Subsidiary · Delaware, United States
- Cheniere Land Holdings, LLC Subsidiary · Delaware, United States
- Cheniere Liquids, LLC Subsidiary · Delaware, United States
- Cheniere LNG O&M Services, LLC Subsidiary · Delaware, United States
- Cheniere LNG Terminals, LLC Subsidiary · Delaware, United States
- Cheniere Logistics, LLC Subsidiary · Delaware, United States
- Cheniere Low Carbon Ventures, LLC Subsidiary · Delaware, United States
- Cheniere Major Project Development, LLC Subsidiary · Delaware, United States
- and 25 more
- Cheniere Corpus Christi Holdings, LLC Houston, Texas, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.
What it owns
What Sabine Pass Liquefaction, LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, net | $12.4B3 Dec 31, 2025 | $12.9B3 Dec 31, 2024 | −3.4% |
| Operating-lease assets (leased space) | $23.0M3 Dec 31, 2025 | $22.0M3 Dec 31, 2024 | +4.5% |
Inventory
Subsidiaries and ownership
Ultimate parent
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.
Timeline
- May 28, 20268-K Entered a material agreement16
- Jun 26, 20238-K Entered a material agreement; New debt or obligation17
- Dec 15, 20228-K Other events18
- Nov 29, 20228-K Entered a material agreement; New debt or obligation19
- Nov 15, 20228-K Entered a material agreement; Regulation FD disclosure20
- Dec 15, 20218-K Other events21
- Nov 26, 20218-K Entered a material agreement22
- Jun 24, 2010Founded Sabine Pass Liquefaction, LLC is founded2
Filings
33 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 7 major events, 6 other. The latest 20:
- Aug 6, 202610-Q EDGAR
- May 28, 20268-K EDGAR
- May 7, 202610-Q EDGAR
- Feb 26, 202610-K EDGAR
- Oct 30, 202510-Q EDGAR
- Aug 7, 202510-Q EDGAR
- May 8, 202510-Q EDGAR
- Feb 20, 202510-K EDGAR
- Oct 31, 202410-Q EDGAR
- Aug 8, 202410-Q EDGAR
- May 3, 202410-Q EDGAR
- Feb 22, 202410-K EDGAR
- Nov 2, 202310-Q EDGAR
- Aug 3, 202310-Q EDGAR
- Jul 27, 2023EFFECT EDGAR
- Jul 27, 2023424B3 EDGAR
- Jul 25, 2023CORRESP EDGAR
- Jul 25, 2023CORRESP EDGAR
- Jul 21, 2023UPLOAD EDGAR
- Jul 13, 2023S-4 EDGAR
The 33 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
SEC filer profile
How Sabine Pass Liquefaction, LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSabine Pass Liquefaction, LLC1
- CIK0001499200
- Employer ID (EIN)27-323592023
- Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company23
- Incorporated inDelaware23
- Fiscal year endsDecember 311
- Industry code (SIC)4924 Natural Gas Distribution1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address845 Texas Avenue, Suite 1250, Houston, TX 770021
- Phone(713) 375-50001
- Shares outstanding0 as of Jun 30, 202610
- Public float$0 as of Jun 30, 20253
- AuditorKPMG LLP, Houston, Texas PCAOB ID 185; no auditor attestation of internal control over financial reporting23
- On EDGAR sinceNov 15, 20131
- Filings203 in all: 8-K (59), 10-Q (38), CORRESP (18), IRANNOTICE (15), 10-K (13), CT ORDER (13), UPLOAD (9), 424B3 (7)1
All 15 form types
EFFECT (7), S-4 (7), 10-Q/A (5), S-4/A (5), 144 (4), 8-K/A (2), 10-K/A (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 6, 2026
Latest 8-K (8-K) May 28, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| None |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).23
Risk factors and legal proceedings
The risks Sabine Pass Liquefaction, LLC names in Item 1A of its 10-K filed Feb 26, 2026: 21 risks under these headings, as written.23
- 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.
- 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 use of derivative instruments, including our IPM agreement, to manage risks could have a significant adverse or otherwise volatile effect on our earnings reported under GAAP and our liquidity.
- 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.
- 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 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.
- We are subject to significant operating hazards and uninsured risks, one or more of which may create significant liabilities and losses for us.
- We are dependent on our EPC partners and other contractors for the successful completion of any potential expansion projects, including the Expansion Project.
- 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 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.
The other 11 risks
- 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.
- 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.
- 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.
- We face competition based upon the international market price for LNG.
- 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.
- Outbreaks of infectious diseases, such as COVID-19, at our facilities could adversely affect our operations or business.
- Risks Relating to Our Relationship with Cheniere
- 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.
- We have numerous contractual and commercial relationships, and conflicts of interest, with Cheniere and its affiliates, including Cheniere Marketing.
- 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.
- 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.
- Additions or changes in tax laws and regulations could potentially affect our financial results or liquidity.
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.
LDEQ Matter
We and SPLNG 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 on 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 2023 Compliance Order. As of December 2025, we and the other subsidiary of CQP had filed test results with the LDEQ indicating that for the 2025 testing period all 44 turbines met the relevant compliance standard. We do not expect that any ultimate penalty will have a material adverse impact on our financial results.
The opening of Item 3, Legal Proceedings.23
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 21SEC EDGAROther events
- 22SEC EDGAREntered a material agreement
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