CCQPCheniere Energy Partners, LP

Cheniere Energy Partners owns the Louisiana liquefaction plant — the first export terminal of the shale era.

The economics are simple and therefore dependable: buyers signed long-term contracts in advance under which they pay for the right to take liquefied gas whether or not they do. That fixed fee covers most of the costs and makes cash flow predictable at any gas price.

The partnership exists to distribute cash rather than to grow: free cash flow goes to unitholders. Hence a high payout and its variability — it depends on volumes above contract and on the spot price. Contracts run for two decades, which makes the horizon of the payout unusually visible for an energy asset. Risks: a plant outage, expansion delays and export permitting policy, where a regulator's decision changes the outlook entirely.