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Cheniere Energy Partners (NYSE: CQP) names two new independent directors

(High)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Cheniere Energy Partners, L.P. appointed Michael Jennings and Zamir Rauf as independent members of the Board of Directors of its general partner, effective July 14, 2026. Jennings joins the Conflicts Committee and CMI SPA Committee, while Rauf joins the Conflicts, Audit, and Executive Committees.

They replace James R. Ball and Oliver G. Richard, III, whose resignations were stated not to result from any disagreement regarding operations, policies, or practices. Each new director receives an annual equity award of $200,000 in phantom units under the Long-Term Incentive Plan and an annual cash fee of $100,000 for 2026, plus a standard indemnification agreement.

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Filing Explained

The awards create a future settlement choice—common units, cash, or both—rather than an immediate unit issuance.

Effective July 14, 2026, the two director appointments are in force, and the related phantom-unit awards remain subject to vesting before settlement in common units, cash, or both.

As a Form 8-K, this filing reports a specified material event; it states that the appointments were made under Cheniere GP Holding Company’s rights in the General Partner’s Amended LLC Agreement, identifying the governance mechanism behind the board change.

The phantom units vest on the first anniversary of the grant date. Upon vesting, each director may elect settlement in common units, cash equal to the fair market value of a common unit, or an equal combination, so the filing discloses a future settlement choice rather than a completed common-unit issuance.

The first-anniversary vesting milestone is the stated point at which the settlement form becomes relevant.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Annual equity award per director $200,000 of phantom units Granted on July 14, 2026 as part of non-management director compensation
Annual cash fee per director $100,000 Cash retainer for non-management directors of the Board for 2026
Board appointment effective date July 14, 2026 Effective date of Michael Jennings’ and Zamir Rauf’s appointments to the Board
New directors appointed 2 Number of new independent directors added to the Board
Directors resigning 2 James R. Ball and Oliver G. Richard, III resigned from the Board
phantom units financial
"each received an annual equity award of $200,000 of phantom units"
Phantom units are a form of employee compensation that mimics ownership in a company without issuing real shares: recipients receive cash or stock value tied to the company’s share price or performance when the units vest. They matter to investors because phantom units align employee incentives with shareholder value while avoiding share dilution; however, they create future cash obligations and can affect a company’s financial statements and cash flow.
Conflicts Committee regulatory
"Mr. Jennings was appointed to the Conflicts Committee and the CMI SPA Committee"
Long-Term Incentive Plan financial
"pursuant to the terms of the Partnership's Long-Term Incentive Plan"
A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.
Indemnification Agreement regulatory
"each of Messrs. Jennings and Rauf entered into the General Partner’s standard form of Indemnification Agreement"
An indemnification agreement is a contract in which one party promises to cover losses, costs, or legal claims that another party might face, acting like a tailored safety net or private insurance policy. For investors, it matters because such agreements shift potential financial risk away from a company or its officers and onto the indemnifier, which can affect a company’s future liabilities, cash flow and how risky the investment appears during deal-making or litigation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What board changes did Cheniere Energy Partners (CQP) make on July 14, 2026?

Cheniere Energy Partners appointed Michael Jennings and Zamir Rauf to the board of its general partner, effective July 14, 2026. They replace James R. Ball and Oliver G. Richard, III, whose departures were stated not to involve disagreements over operations, policies, or practices.

Which board committees will the new CQP directors Michael Jennings and Zamir Rauf serve on?

Michael Jennings joins the Conflicts Committee and CMI SPA Committee. Zamir Rauf joins the Conflicts Committee, Audit Committee, and Executive Committee. Both are considered independent directors under NYSE corporate governance listing standards and applicable governing documents.

What compensation will new Cheniere Energy Partners (CQP) directors receive in 2026?

Each of Michael Jennings and Zamir Rauf receives an annual equity award of $200,000 in phantom units and an annual cash fee of $100,000 for 2026. The phantom units vest on the first anniversary of grant and can be settled in units, cash, or a combination.

Were the resignations of James R. Ball and Oliver G. Richard, III at CQP due to disagreements?

The company stated that the resignations of James R. Ball and Oliver G. Richard, III from the board were not due to any disagreement with the partnership or its management regarding operations, policies, or practices. Their committee roles were reassigned to the new directors.

How are phantom unit awards structured for CQP non-management directors?

Each new non-management director received $200,000 of phantom units under the Long-Term Incentive Plan. These units vest on the first anniversary of the grant date and may be settled, at the director’s election, in common units, cash equal to fair market value, or a mix of both.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 14, 2026
    
CHENIERE ENERGY PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
Delaware001-3336620-5913059
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
845 Texas Avenue, Suite 1250
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713375-5000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
    Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Units Representing Limited Partner InterestsCQPNYSE
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    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.



Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Michael Jennings and Zamir Rauf were each appointed to the Board of Directors (the “Board”) of Cheniere Energy Partners GP, LLC, the general partner (the “General Partner”) of Cheniere Energy Partners, L.P. (the “Partnership”), effective as of July 14, 2026. Mr. Jennings was appointed to the Conflicts Committee and the CMI SPA Committee, and Mr. Rauf was appointed to the Conflicts Committee, Audit Committee, and Executive Committee. Mr. Jennings and Mr. Rauf are each considered an independent director and satisfy the applicable requirements for service on the Board committees under the NYSE corporate governance listing standards and relevant governing documents.

Mr. Jennings served as Chief Executive Officer of HF Sinclair Corporation from January 2020 to May 2023. Previously, he held several leadership positions, serving as President from January 2020 until November 2021, as Executive Vice President from November 2019 through December 2019, as Executive Chairman from January 2016 until January 2017 and as President and Chief Executive Officer from the merger of Holly Corporation and Frontier Oil Corporation in July 2011 until January 2016. He served as Chairman of the Board of HF Sinclair from January 2017 to February 2019 and from January 2013 to January 2016. Mr. Jennings also served as Chairman and Chief Executive Officer of Holly Logistics Services, L.L.C., the general partner of Holly Energy Partners, an affiliated master limited partnership of HF Sinclair, from January 2020 through November 2023. Most recently, Mr. Jennings served on the board of Parkland Corporation, an international fuel distributor, marketer, and convenience retailer, from February 2024 until October 2025. During his tenure, he served as Non-Executive Chairman from July 2024 to April 2025 and as Executive Chairman from April 2025 until the company's acquisition by Sunoco LP in October 2025. Following the transaction, he joined the board of Sunoco LP in November 2025. Mr. Jennings received a B.A. in Economics and Government from Dartmouth College and an M.B.A. from The University of Chicago.

Mr. Rauf served as Executive Vice President and Chief Financial Officer of Calpine Corporation, a major U.S. power generation company, from December 2008 until the company was acquired by Constellation Energy in January 2026. Mr. Rauf previously was interim Chief Financial Officer and Treasurer from June 2008 to December 2008. Prior to his role as Interim CFO, Mr. Rauf was Senior Vice President, Finance and Treasurer at Calpine. In that position, he was responsible for Calpine’s corporate and project finance, treasury and debt compliance functions and managed the corporate banking, investment banking, and rating agency relationships. Prior to Calpine, Mr. Rauf held various accounting and finance roles with Enron North America and Dynegy Inc., as well as Comerica Bank in both credit and lending roles. He received a B.A. in Business and Commerce and an M.B.A. from the University of Houston.

Mr. Jennings’ and Mr. Rauf’s appointment to the Board was made pursuant to the rights of Cheniere GP Holding Company, LLC (f/k/a Cheniere LNG Holdings, LLC) under the Third Amended and Restated Limited Liability Company Agreement (the “Amended LLC Agreement”) of the General Partner to appoint certain directors to the Board.

In connection with the appointments of Mr. Jennings and Mr. Rauf, James R. Ball and Oliver G. Richard, III each resigned as a member of the Board. Mr. Ball also resigned as a member of the Conflicts Committee, Executive Committee and CMI SPA Committee, and Mr. Richard as a member of the Audit Committee and Conflicts Committee. Their resignation was not due to any disagreement with the Partnership or its management with respect to any matter relating to the Partnership’s operations, policies or practices.





Upon appointment to the Board, each of Mr. Jennings and Mr. Rauf became entitled to compensation payable to non-management directors elected to the Board. As part of each of their non-management director compensation, on July 14, 2026, Mr. Jennings and Mr. Rauf each received an annual equity award of $200,000 of phantom units pursuant to the terms of the Partnership's Long-Term Incentive Plan. Vesting will occur for the phantom units on the first anniversary of the date of grant. Upon vesting, the phantom units will be payable, at the director’s election, in common units, cash in an amount equal to the fair market value of a common unit on such date, or an equal amount of both. Mr. Jennings and Mr. Rauf will also each receive an annual cash fee of $100,000 payable to non-management directors of the Board for 2026.

In connection with their appointments, each of Messrs. Jennings and Rauf entered into the General Partner’s standard form of Indemnification Agreement, as described in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 26, 2026.

Neither Mr. Jennings, nor Mr. Rauf, is a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S‑K.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CHENIERE ENERGY PARTNERS, L.P.
By:CHENIERE ENERGY PARTNERS GP, LLC,
its general partner
Date:
July 14, 2026By:/s/ Zach Davis
Name:Zach Davis
Title:Executive Vice President and
Chief Financial Officer





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