Cheniere Energy Partners LP
Company Summary
Website
http://www.cheniere.com/Financial Data:
AMEX:CQP from Google FinanceAMEX:CQH from Google Finance
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CQP - American Stock Exchange
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CQH - American Stock Exchange
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Recent news
- 5/9/2024 - Cheniere Energy... (subscriber access)
- 5/8/2024 - Cheniere Energy Partners... (subscriber access)
- 6/6/2023 - Cheniere Prices 2033... (subscriber access)
- 12/12/2022 - Cheniere Prices Cash... (subscriber access)
- 11/14/2022 - Sabine Pass Liquefaction... (subscriber access)
Company Transactions
Date: 8/24/2020
Type: Acquisition
NOTES:
Blackstone Group will be selling its 41% stake in Cheniere Energy Partners LP to Brookfield Asset Management for $7 billion. The deal included a sale price of $34.25/unit.
Blackstone Group will be selling its 41% stake in Cheniere Energy Partners LP to Brookfield Asset Management for $7 billion. The deal included a sale price of $34.25/unit.
REGIONS:
Gulf Coast
News & Press Releases
Criterion News
- 5/9/2024 - Cheniere Energy... (subscriber access)
- 5/8/2024 - Cheniere Energy Partners... (subscriber access)
- 6/6/2023 - Cheniere Prices 2033... (subscriber access)
- 12/12/2022 - Cheniere Prices Cash... (subscriber access)
- 11/14/2022 - Sabine Pass Liquefaction... (subscriber access)
- 2/8/2022 - Cheniere Officially... (subscriber access)
- 9/28/2021 - Cheniere Announces Early... (subscriber access)
- 9/14/2021 - Cheniere Energy Partners... (subscriber access)
- 9/13/2021 - Cheniere Offering $1.2B... (subscriber access)
- 3/12/2021 - Cheniere Energy Partners... (subscriber access)
- 2/26/2021 - Cheniere Energy Partners... (subscriber access)
- 2/26/2021 - Cheniere Energy Partners... (subscriber access)
- 2/25/2021 - Cheniere Energy Partners... (subscriber access)
- 2/25/2021 - Cheniere Energy Partners... (subscriber access)
- 1/11/2021 - Cheniere Begins LNG... (subscriber access)
- 12/10/2020 - Cheniere Energy Partners... (subscriber access)
- 10/19/2020 - Sabine Pass Train 1 Down... (subscriber access)
- 9/25/2020 - Blackstone Closes on... (subscriber access)
- 8/24/2020 - Blackstone Group Sells... (subscriber access)
- 8/12/2020 - Brookfield in Early... (subscriber access)
- 9/19/2019 - Blackstone Considers Selling 41% Stake in Cheniere Energy
- 9/10/2019 - Cheniere Energy Upsizes... (subscriber access)
- 7/22/2019 - Blackstone Considers... (subscriber access)
- 3/8/2019 - Cheniere Reaches Substantial Completion on Sabine Pass Train 5
- 12/18/2018 - Cheniere and PETRONAS Enter a 20-Year, 1.1 Mtpa LNG Sale and Purchase Agreement; FID Planned in 2019
- 7/3/2018 - Sabine Pass Train 5 Asks... (subscriber access)
- 3/1/2018 - Cheniere to Make Final... (subscriber access)
- 3/1/2018 - Corpus Christi May Produce LNG in 2018
- 11/14/2017 - Cheniere Partners... (subscriber access)
- 11/14/2017 - Cheniere Reports Over... (subscriber access)
- 10/13/2017 - Cheniere Energy Partners Assumes Operatorship of Sabine Pass Train 4; 20-Year SPA with GAIL Starting in March 2018
Press Releases
- As of October 31, 2017, more than 200 cumulative LNG cargoes had been produced, loaded, and exported from the SPL Project (defined below), with deliveries completed to 25 countries worldwide. Sabine Pass Liquefaction, LLC has successfully fulfilled its obligations to the foundation customers of Trains 1-3 and provided LNG to the marketing function of Cheniere Energy, Inc.
- Substantial completion of Train 4 of the SPL Project was achieved in October 2017, more than five months ahead of the guaranteed completion date.
- LNG production operations at the SPL Project continued uninterrupted during Hurricane Harvey.
- In August 2017, the Date of First Commercial Delivery ("DFCD") relating to Train 2 of the SPL Project was reached under the respective 20-year Sale and Purchase Agreements ("SPAs") with Gas Natural Fenosa LNG GOM, Limited and BG Gulf Coast LNG, LLC.
- In September 2017, we issued an aggregate principal amount of $1.5 billion of 5.250% Senior Notes due 2025 ("the 2025 CQP Senior Notes"). Net proceeds of the offering, after deducting commissions, fees and expenses, were used to prepay a portion of the outstanding indebtedness under our credit facilities.
- In September 2017, Moody's Investors Service, S&P Global Ratings and Fitch Ratings assigned ratings of Ba2 / BB / BB, respectively to the 2025 CQP Senior Notes.
- Year to date, LNG from the SPL Project (defined below) has been delivered to 10 new countries. As of July 2017, LNG from the SPL Project had reached 24 of the 40 LNG importing countries around the world.
- We made an equity investment of $55 million in Midship Pipeline Company, LLC through Midship Holdings, LLC ("Midship Holdings"), which is constructing an approximately 230-mile interstate natural gas pipeline with expected capacity of up to 1.44 Dekatherms per day, to connect new production in the Anadarko Basin to Gulf Coast markets (the "Midship Project"). Additionally, Midship Holdings entered into agreements with investment funds managed by EIG Global Energy Partners ("EIG") under which EIG-managed funds have committed to make an investment of up to $500 million in the Midship Project, subject to the terms and conditions in the applicable agreements.
- In April 2017, we reached the milestone of 100 cumulative LNG cargoes exported from the SPL Project. As of July 31, 2017, more than 160 cumulative LNG cargoes had been exported from the SPL Project.
- In June 2017, the date of first commercial delivery ("DFCD") was reached under the 20-year LNG Sale and Purchase Agreement ("SPA") with Korea Gas Corporation ("KOGAS") relating to Train 3 of the SPL Project.
- In August 2017, DFCD was reached under the respective 20-year LNG SPAs with Gas Natural Fenosa LNG GOM, Limited and BG Gulf Coast LNG, LLC relating to Train 2 of the SPL Project.
- Commissioning activities for Train 4 of the SPL Project began in March 2017, and first LNG was achieved in July 2017.
- In May 2017, Cheniere Corpus Christi Holdings, LLC ("CCH") issued an aggregate principal amount of $1.5 billion of 5.125% Senior Secured Notes due 2027. Net proceeds of the offering, after deducting commissions, fees and expenses, and after provisioning for incremental interest during construction, were used to prepay a portion of the outstanding borrowings under CCH's credit facility.
- In May 2017, Moody's Investors Service upgraded the senior secured debt rating of Sabine Pass Liquefaction, LLC ("SPL") from Ba1 to Baa3, an investment-grade rating.
- In June 2017, Fitch Ratings assigned SPL an investment-grade issuer default rating of BBB-.
- Year to date, LNG from the SPL Project (defined below) has been delivered to 10 new countries. As of July 2017, LNG from the SPL Project had reached 24 of the 40 LNG importing countries around the world.
- In April 2017, we reached the milestone of 100 cumulative LNG cargoes exported from the SPL Project. As of July 31, 2017, more than 160 cumulative LNG cargoes had been exported from the SPL Project.
- In June 2017, the date of first commercial delivery ("DFCD") was reached under the 20-year LNG Sale and Purchase Agreement ("SPA") with Korea Gas Corporation relating to Train 3 of the SPL Project.
- In August 2017, DFCD was reached under the respective 20-year LNG SPAs with Gas Natural Fenosa LNG GOM, Limited and BG Gulf Coast LNG, LLC relating to Train 2 of the SPL Project.
- Commissioning activities for Train 4 of the SPL Project began in March 2017, and first LNG was achieved in July 2017.
- In May 2017, Moody's Investors Service upgraded the senior secured debt rating of Sabine Pass Liquefaction, LLC ("SPL") from Ba1 to Baa3, an investment-grade rating.
- In June 2017, Fitch Ratings assigned SPL an investment-grade issuer default rating of BBB-.
- In November 2016, the date of first commercial delivery was reached under the 20-year LNG Sale and Purchase Agreement ("SPA") with BG Gulf Coast LNG, LLC relating to the first train of the Sabine Pass Liquefaction Project (defined below).
- In November 2016, SPLNG redeemed all of its outstanding $420 million in aggregate principal amount of 6.50% Senior Secured Notes due 2020 (the "2020 Notes") and repaid all of its outstanding $1,665.5 million in aggregate principal amount of 7.50% Senior Secured Notes due 2016 (the "2016 Notes"). Subsequent to the redemption of the 2020 Notes and the repayment of the 2016 Notes, the Cheniere Partners complex has no long-term debt maturity until 2020.
- In December 2016, CCH issued an aggregate principal amount of $1.5 billion of 5.875% Senior Secured Notes due 2025. Net proceeds from the offering were used to prepay a portion of the outstanding borrowings under CCH's credit facility.
- In December 2016, CCH entered into a $350 million Working Capital Facility Agreement that will be used primarily for certain working capital requirements related to developing and placing into operation the CCL Project (defined below).
- In December 2016, Moody's Investors Service upgraded SPL's senior secured rating to Ba1 from Ba2. Subsequent to the end of the quarter, in January 2017 Fitch Ratings assigned a BBB- (Investment Grade) rating to senior secured debt issued by SPL.
- In December 2016, Cheniere terminated negotiations with the conflicts committee of the board of directors of Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) regarding Cheniere's previously announced non-binding proposal to acquire all of the publicly held shares of Cheniere Partners Holdings not already owned by Cheniere in a stock-for-stock merger transaction. Subsequent to the termination of negotiations, Cheniere acquired 5,785,161 shares of Cheniere Partners Holdings through individually negotiated transactions with shareholders of Cheniere Partners Holdings.
- Construction on Trains 1 and 2 began in August 2012 and substantial completion was achieved in May 2016 and September 2016, respectively. Substantial completion is achieved upon the completion of construction, commissioning and the satisfaction of certain performance tests.
- Construction on Trains 3 and 4 began in May 2013, and as of December 31, 2016, the overall project completion percentage for Trains 3 and 4 was approximately 95.5%, which is ahead of the contractual schedule. In September 2016, commissioning activities commenced on Train 3. Based on the current construction schedule, Cheniere Partners expects to reach substantial completion for Train 3 in the first quarter of 2017 and Train 4 in the second half of 2017.
- Construction on Train 5 began in June 2015, and as of December 31, 2016, the overall project completion percentage for Train 5 was approximately 52.4%, which is ahead of the contractual schedule. Engineering, procurement, subcontract work and construction were approximately 96.6%, 76.6%, 43.7% and 11.3% complete, respectively. Based on the current construction schedule, Cheniere Partners expects Train 5 to reach substantial completion in the second half of 2019.
- Train 6 is currently under development, with all necessary regulatory approvals in place. Cheniere Partners expects to make a final investment decision and commence construction on Train 6 upon, among other things, entering into an engineering, procurement, and construction contract, entering into acceptable commercial arrangements, and obtaining adequate financing.
- Construction on Trains 1 and 2 began in May 2015, and as of December 31, 2016, the overall project completion percentage for Trains 1 and 2 was approximately 49.2%, which is ahead of the contractual schedule. Engineering, procurement and construction were approximately 100%, 65.6% and 21.4% complete, respectively. Based on the current construction schedule, we expect Trains 1 and 2 to reach substantial completion in 2019.
- Train 3 is under development, with all necessary regulatory approvals in place. We have entered into an SPA for approximately 0.8 mtpa of LNG volumes that commence with Train 3 and expect to commence construction upon entering into additional SPAs and obtaining adequate financing.
- In December 2016, Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) terminated negotiations with the conflicts committee of our board of directors regarding Cheniere's previously announced non-binding proposal to acquire all of the publicly held shares of Cheniere Partners Holdings not already owned by Cheniere in a stock-for-stock merger transaction. Subsequent to the termination of negotiations, Cheniere has acquired a total of 5,785,161 shares of Cheniere Partners Holdings through individually negotiated transactions with shareholders of Cheniere Partners Holdings.
- Construction on Trains 1 and 2 began in August 2012, and substantial completion was achieved in May 2016 and September 2016, respectively. Substantial completion is achieved upon the completion of construction, commissioning and the satisfaction of certain performance tests.
- Construction on Trains 3 and 4 began in May 2013, and as of December 31, 2016, the overall project completion percentage for Trains 3 and 4 was approximately 95.5%, which is ahead of the contractual schedule. In September 2016, commissioning activities commenced on Train 3. Based on the current construction schedule, Cheniere Partners expects to reach substantial completion for Train 3 in the first quarter of 2017 and Train 4 in the second half of 2017.
- Construction on Train 5 began in June 2015, and as of December 31, 2016, the overall project completion percentage for Train 5 was approximately 52.4%, which is ahead of the contractual schedule. Engineering, procurement, subcontract work and Bechtel direct hire construction were approximately 96.6%, 76.6%, 43.7% and 11.3% complete, respectively. Based on the current construction schedule, Cheniere Partners expects Train 5 to reach substantial completion in the second half of 2019.
- Train 6 is currently under development, with all necessary regulatory approvals in place. Cheniere Partners expects to make a final investment decision and commence construction on Train 6 upon, among other things, entering into an engineering, procurement, and construction contract, entering into acceptable commercial arrangements and obtaining adequate financing.
- In November 2016, the date of first commercial delivery was reached under the fixed price, 20-year LNG Sale and Purchase Agreement with BG Gulf Coast LNG, LLC relating to the first train of the Sabine Pass Liquefaction Project.
- In November 2016, SPLNG redeemed all of its outstanding $420 million in aggregate principal amount of 6.50% Senior Secured Notes due 2020 (the "2020 Notes") and repaid all of its outstanding $1,665.5 million in aggregate principal amount of 7.50% Senior Secured Notes due 2016 (the "2016 Notes"). Subsequent to the redemption of the 2020 Notes and the repayment of the 2016 Notes, the Cheniere Partners complex has no long-term debt maturity until 2020.
- In December 2016, Moody's Investors Service upgraded SPL's senior secured rating to Ba1 from Ba2. Subsequent to the end of the quarter, in January 2017 Fitch Ratings assigned a BBB- (Investment Grade) rating to senior secured debt issued by SPL.
- Construction on Trains 1 and 2 began in August 2012 and substantial completion was achieved in May 2016 and September 2016, respectively. Substantial completion is achieved upon the completion of construction, commissioning and the satisfaction of certain performance tests.
- Construction on Trains 3 and 4 began in May 2013, and as of December 31, 2016, the overall project completion percentage for Trains 3 and 4 was approximately 95.5%, which is ahead of the contractual schedule. In September 2016, commissioning activities commenced on Train 3. Based on the current construction schedule, we expect to reach substantial completion for Train 3 in the first quarter of 2017 and Train 4 in the second half of 2017.
- Construction on Train 5 began in June 2015, and as of December 31, 2016, the overall project completion percentage for Train 5 was approximately 52.4%, which is ahead of the contractual schedule. Engineering, procurement, subcontract work and construction were approximately 96.6%, 76.6%, 43.7% and 11.3% complete, respectively. Based on the current construction schedule, we expect Train 5 to reach substantial completion in the second half of 2019.
- Train 6 is currently under development, with all necessary regulatory approvals in place. We expect to make a final investment decision and commence construction on Train 6 upon, among other things, entering into an engineering, procurement, and construction contract, entering into acceptable commercial arrangements, and obtaining adequate financing.
- In September 2016, Cheniere Partners announced that Train 2 of the Sabine Pass Liquefaction Project (defined below) achieved substantial completion.
- In September 2016, commissioning activities commenced on Train 3 of the Sabine Pass Liquefaction Project.
- In September 2016, Cheniere announced the formation of a new executive leadership team.
- In September 2016, SPL issued an aggregate principal amount of $1.5 billion of 5.00% Senior Secured Notes due 2027. Net proceeds from the offering were used to prepay all of the principal amounts outstanding under SPL's credit facilities and are being used to pay a portion of the capital costs in connection with the construction of the Sabine Pass Liquefaction Project.
- In September 2016, Cheniere submitted a proposal to the board of directors of Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) to acquire the publicly held shares of Cheniere Partners Holdings not already owned by Cheniere in a stock for stock exchange.
- Construction on Trains 1 and 2 began in August 2012 and substantial completion was achieved in May 2016 and September 2016, respectively. Substantial completion is achieved upon the completion of construction, commissioning and the satisfaction of certain tests.
- Construction on Trains 3 and 4 began in May 2013, and as of September 30, 2016, the overall project completion percentage for Trains 3 and 4 was approximately 91.8%, which is ahead of the contractual schedule. In September 2016, commissioning activities commenced on Train 3. Based on the current construction schedule, Cheniere Partners expects Trains 3 and 4 to reach substantial completion in 2017.
- Construction on Train 5 began in June 2015, and as of September 30, 2016, the overall project completion percentage for Train 5 was approximately 42.8%, which is ahead of the contractual schedule. Engineering, procurement, subcontract work and construction were approximately 90.8%, 62.0%, 41.9% and 4.6% complete, respectively. Based on the current construction schedule, Cheniere Partners expects Train 5 to reach substantial completion in 2019.
- Train 6 is currently under development, with all necessary regulatory approvals in place. Cheniere Partners expects to make a final investment decision and commence construction on Train 6 upon, among other things, entering into an engineering, procurement, and construction contract, entering into acceptable commercial arrangements, and obtaining adequate financing.
- Construction on Trains 1 and 2 began in May 2015, and as of September 30, 2016, the overall project completion percentage for Trains 1 and 2 was approximately 43.0%, which is ahead of the contractual schedule. Engineering, procurement and construction were approximately 99.3%, 59.0% and 14.4% complete, respectively. Based on the current construction schedule, we expect Trains 1 and 2 to reach substantial completion in 2019.
- Train 3 is under development, with all necessary regulatory approvals in place. We have entered into an LNG Sale and Purchase Agreement ("SPA") for approximately 0.8 mtpa of LNG volumes that commence with Train 3 and expect to commence construction upon entering into additional SPAs and obtaining adequate financing.
- In October 2016, the previously announced planned outage to improve performance of the flare systems at the Sabine Pass Liquefaction Project, as well as to perform scheduled maintenance to Train 1 and other facilities, was completed on schedule and budget.
- Cheniere is exploring the development of a midscale liquefaction project (the "Midscale Liquefaction Project"). The Midscale Liquefaction Project would be developed using electric drive modular Trains, with an expected aggregate nominal production capacity of approximately 9.5 mtpa of LNG. Cheniere has completed a competitive bidding process and awarded a front-end engineering and design contract to a consortium consisting of KBR, Inc., Siemens AG, and Chart Industries, Inc.
- Cheniere has proposed the development of the Midcontinent Supply Header Interstate Pipeline ("MIDSHIP"), connecting new gas production in the Anadarko Basin to Gulf Coast markets. MIDSHIP is being contemplated for up to 1.4 Bcf/d of capacity and would facilitate gas supply for both the Sabine Pass Liquefaction Project and the CCL Project. Cheniere expects the regulatory pre-filing process to commence imminently and to file formal applications for the required regulatory permits in 2017, with construction expected to commence in 2018 upon, among other things, entering into a construction contract and acceptable commercial arrangements and obtaining adequate financing to construct the pipeline.
- In October 2016, Sabine Pass LNG, L.P. ("SPLNG") issued a notice of redemption to redeem all of its outstanding $420 million in aggregate principal amount of 6.50% Senior Secured Notes due 2020 (the "2020 Notes") on November 30, 2016 (the "Redemption Date"). Concurrently, SPLNG intends to repay all of its outstanding $1,665.0 million in aggregate principal amount of 7.50% Senior Secured Notes due 2016 (the "2016 Notes"), which mature on the Redemption Date. Subsequent to the redemption of the 2020 Notes and the repayment of the 2016 Notes, there will be no debt maturity in the Cheniere complex until 2020.
- In September 2016, Cheniere Partners announced that Train 2 of the Sabine Pass Liquefaction Project achieved substantial completion.
- In September 2016, commissioning activities commenced on Train 3 of the Sabine Pass Liquefaction Project.
- In September 2016, SPL issued an aggregate principal amount of $1.5 billion of 5.00% Senior Secured Notes due 2027. Net proceeds from the offering were used to prepay all of the principal amounts outstanding under SPL's credit facilities and are being used to pay a portion of the capital costs in connection with the construction of the Sabine Pass Liquefaction Project.
- Construction on Trains 1 and 2 began in August 2012 and substantial completion was achieved in May 2016 and September 2016, respectively. Substantial completion is achieved upon the completion of construction, commissioning and the satisfaction of certain tests.
- Construction on Trains 3 and 4 began in May 2013, and as of September 30, 2016, the overall project completion percentage for Trains 3 and 4 was approximately 91.8%, which is ahead of the contractual schedule. In September 2016, commissioning activities commenced on Train 3. Based on the current construction schedule, we expect Trains 3 and 4 to reach substantial completion in 2017.
- Construction on Train 5 began in June 2015, and as of September 30, 2016, the overall project completion percentage for Train 5 was approximately 42.8%, which is ahead of the contractual schedule. Engineering, procurement, subcontract work and construction were approximately 90.8%, 62.0%, 41.9% and 4.6% complete, respectively. Based on the current construction schedule, we expect Train 5 to reach substantial completion in 2019.
- Train 6 is currently under development, with all necessary regulatory approvals in place. We expect to make a final investment decision and commence construction on Train 6 upon, among other things, entering into an engineering, procurement, and construction contract, entering into acceptable commercial arrangements, and obtaining adequate financing.
- In October 2016, the previously announced planned outage to improve performance of the flare systems at the Sabine Pass Liquefaction Project, as well as to perform scheduled maintenance to Train 1 and other facilities, was completed on schedule and budget.
- In October 2016, Sabine Pass LNG, L.P. ("SPLNG") issued a notice of redemption to redeem all of its outstanding $420 million in aggregate principal amount of 6.50% Senior Secured Notes due 2020 (the "2020 Notes") on November 30, 2016 (the "Redemption Date"). Concurrently, SPLNG intends to repay all of its outstanding $1,665.0 million in aggregate principal amount of 7.50% Senior Secured Notes due 2016 (the "2016 Notes"), which mature on the Redemption Date. Subsequent to the redemption of the 2020 Notes and the repayment of the 2016 Notes, there will be no debt maturity in the Cheniere Partners complex until 2020.
- In September 2016, Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) submitted a proposal to our board of directors to acquire the publicly held shares of Cheniere Partners Holdings not already owned by Cheniere in a stock for stock exchange. There can be no assurance that any discussions that may occur between Cheniere Partners Holdings and Cheniere in connection with the proposal will result in the entry into of a definitive agreement concerning a transaction or, if such a definitive agreement is reached, will result in the consummation of a transaction provided for in such definitive agreement.
- Construction on Trains 1 and 2 began in August 2012, and substantial completion was achieved in May 2016 and September 2016, respectively. Substantial completion is achieved upon the completion of construction, commissioning and the satisfaction of certain tests.
- Construction on Trains 3 and 4 began in May 2013, and as of September 30, 2016, the overall project completion percentage for Trains 3 and 4 was approximately 91.8%, which is ahead of the contractual schedule. In September 2016, commissioning activities commenced on Train 3. Based on the current construction schedule, Cheniere Partners expects Trains 3 and 4 to reach substantial completion in 2017.
- Construction on Train 5 began in June 2015, and as of September 30, 2016, the overall project completion percentage for Train 5 was approximately 42.8%, which is ahead of the contractual schedule. Engineering, procurement, subcontract work and construction were approximately 90.8%, 62.0%, 41.9% and 4.6% complete, respectively. Based on the current construction schedule, Cheniere Partners expects Train 5 to reach substantial completion in 2019.
- Train 6 is currently under development, with all necessary regulatory approvals in place. Cheniere Partners expects to make a final investment decision and commence construction on Train 6 upon, among other things, entering into an engineering, procurement, and construction contract, entering into acceptable commercial arrangements and obtaining adequate financing.
- In May 2016, the Cheniere Board of Directors appointed Jack A. Fusco as President and Chief Executive Officer.
- In May 2016, CCH issued an aggregate principal amount of $1.25 billion of 7.0% Senior Secured Notes due 2024. Net proceeds from the offering were used to prepay a portion of the outstanding borrowings under CCH's credit facility and to pay fees and expenses incurred in connection with the offering and prepayment.
- In May 2016, Cheniere Partners and Bechtel Oil, Gas and Chemicals, Inc. ("Bechtel") announced that Train 1 of the Sabine Pass Liquefaction Project achieved substantial completion.
- In June 2016, SPL issued an aggregate principal amount of $1.5 billion of 5.875% Senior Secured Notes due 2026. Net proceeds from the offering were used to prepay a portion of the outstanding borrowings under SPL's credit facilities and to pay fees and expenses incurred in connection with the offering and prepayment.
- Construction on Trains 1 and 2 began in August 2012, and as of June 30, 2016, the overall project completion percentage for Trains 1 and 2 was approximately 99.4%, which is ahead of the contractual schedule. Train 1 achieved substantial completion in May 2016. Each Train is expected to achieve substantial completion upon the completion of construction, commissioning and the satisfaction of certain tests. The commissioning process on Train 2 has commenced, and based on the current construction schedule, Cheniere Partners expects substantial completion of Train 2 to be achieved in late September 2016.
- Construction on Trains 3 and 4 began in May 2013, and as of June 30, 2016, the overall project completion percentage for Trains 3 and 4 was approximately 87.4%, which is ahead of the contractual schedule. Based on the current construction schedule, Cheniere Partners expects Trains 3 and 4 to reach substantial completion in 2017.
- Construction on Train 5 began in June 2015, and as of June 30, 2016, the overall project completion percentage for Train 5 was approximately 38.3%, which is ahead of the contractual schedule. Engineering, procurement, subcontract work and Bechtel direct hire construction were approximately 77.0%, 58.0%, 37.8% and 2.0% complete, respectively. Based on the current construction schedule, Cheniere Partners expects Train 5 to reach substantial completion in 2019.
- Train 6 is currently under development, with all necessary regulatory approvals in place. Cheniere Partners expects to make a final investment decision and commence construction on Train 6 upon, among other things, entering into an engineering, procurement, and construction contract, entering into acceptable commercial arrangements, and obtaining adequate financing.
- Construction on Trains 1 and 2 began in May 2015, and as of June 30, 2016, the overall project completion percentage for Trains 1 and 2 was approximately 36.6%, which is ahead of the contractual schedule. Engineering, procurement and construction were approximately 98.4%, 50.6% and 8.8% complete, respectively. Based on the current construction schedule, we expect Trains 1 and 2 to reach substantial completion in 2019.
- Train 3 is under development, with all necessary regulatory approvals in place. We have entered into an LNG Sale and Purchase Agreement ("SPA") for approximately 0.8 mtpa of LNG volumes that commence with Train 3 and expect to commence construction upon entering into additional SPAs and obtaining adequate financing.
- Construction on Trains 1 and 2 began in August 2012, and as of June 30, 2016, the overall project completion percentage for Trains 1 and 2 was approximately 99.4%, which is ahead of the contractual schedule. Train 1 achieved substantial completion in May 2016. Each Train is expected to achieve substantial completion upon the completion of construction, commissioning and the satisfaction of certain tests. The commissioning process on Train 2 has commenced, and based on the current construction schedule Cheniere Partners expects substantial completion of Train 2 to be achieved in late September 2016.
- Construction on Trains 3 and 4 began in May 2013, and as of June 30, 2016, the overall project completion percentage for Trains 3 and 4 was approximately 87.4%, which is ahead of the contractual schedule. Based on the current construction schedule, Cheniere Partners expects Trains 3 and 4 to reach substantial completion in 2017.
- Construction on Train 5 began in June 2015, and as of June 30, 2016, the overall project completion percentage for Train 5 was approximately 38.3%, which is ahead of the contractual schedule. Engineering, procurement, subcontract work and Bechtel direct hire construction were approximately 77.0%, 58.0%, 37.8% and 2.0% complete, respectively. Based on the current construction schedule, Cheniere Partners expects Train 5 to reach substantial completion in 2019.
- Train 6 is currently under development, with all necessary regulatory approvals in place. Cheniere Partners expects to make a final investment decision and commence construction on Train 6 upon, among other things, entering into an engineering, procurement, and construction contract, entering into acceptable commercial arrangements and obtaining adequate financing.
- In May 2016, the Board of Directors of Cheniere Energy Partners GP, LLC ("Cheniere GP"), our general partner, appointed Jack A. Fusco as Chief Executive Officer of Cheniere GP.
- In May 2016, Cheniere Partners and Bechtel Oil, Gas and Chemicals, Inc. ("Bechtel") announced that Train 1 of the Sabine Pass Liquefaction Project achieved substantial completion.
- In June 2016, SPL issued an aggregate principal amount of $1.5 billion of 5.875% Senior Secured Notes due 2026. Net proceeds from the offering were used to prepay a portion of the outstanding borrowings under SPL's credit facilities and to pay fees and expenses incurred in connection with the offering and prepayment.
- Construction on Trains 1 and 2 began in August 2012, and as of June 30, 2016, the overall project completion percentage for Trains 1 and 2 was approximately 99.4%, which is ahead of the contractual schedule. Train 1 achieved substantial completion in May 2016. Each Train is expected to achieve substantial completion upon the completion of construction, commissioning and the satisfaction of certain tests. The commissioning process on Train 2 has commenced, and based on the current construction schedule we expect substantial completion of Train 2 to be achieved in late September 2016.
- Construction on Trains 3 and 4 began in May 2013, and as of June 30, 2016, the overall project completion percentage for Trains 3 and 4 was approximately 87.4%, which is ahead of the contractual schedule. Based on the current construction schedule, we expect Trains 3 and 4 to reach substantial completion in 2017.
- Construction on Train 5 began in June 2015, and as of June 30, 2016, the overall project completion percentage for Train 5 was approximately 38.3%, which is ahead of the contractual schedule. Engineering, procurement, subcontract work and Bechtel direct hire construction were approximately 77.0%, 58.0%, 37.8% and 2.0% complete, respectively. Based on the current construction schedule, we expect Train 5 to reach substantial completion in 2019.
- Train 6 is currently under development, with all necessary regulatory approvals in place. We expect to make a final investment decision and commence construction on Train 6 upon, among other things, entering into an engineering, procurement, and construction contract, entering into acceptable commercial arrangements, and obtaining adequate financing.
Alerian Reports June 30, 2019 Index Linked Product Positions
Source: PR Newswire
DALLAS, Aug. 9, 2019 /PRNewswire/ -- Alerian reported, as of June 28, 2019, total products directly tied to and tracking the Alerian indices was $13.7 billion.
Exchange traded funds, exchange traded notes, return of capital notes, and variable insurance portfolios represent $12.7 billion of the total $13.7 billion. Below is a list of energy master limited partnership (MLP) positions, as of June 28, 2019, in the $12.7 billion of such assets tracking Alerian's indices.
Ticker | Exposure in Alerian Linked-Products ($) | Exposure in Alerian Linked-Products (Units) | Ticker | Exposure in Alerian Linked-Products ($) | Exposure in Alerian Linked-Products (Units) | |
AM | 2,402,831 | 209,671 | HESM | 7,694,422 | 394,586 | |
AMID | 4,919,211 | 951,492 | MMLP | 5,598,671 | 784,128 | |
ANDX | 403,075,523 | 11,094,840 | MMP | 1,276,581,260 | 19,946,582 | |
BPL | 782,332,474 | 19,058,038 | MPLX | 1,273,711,451 | 39,568,545 | |
BPMP | 18,205,543 | 1,176,069 | NBLX | 89,522,800 | 2,691,606 | |
CEQP | 220,495,699 | 6,164,263 | NGL | 214,053,630 | 14,492,460 | |
CNXM | 14,513,491 | 1,032,989 | NS | 331,580,260 | 12,217,401 | |
CQP | 214,074,794 | 5,075,268 | OMP | 5,663,726 | 263,429 | |
DCP | 329,731,673 | 11,253,641 | PAA | 1,305,749,277 | 53,624,200 | |
DKL | 6,791,101 | 212,222 | PAGP | 7,638,294 | 305,899 | |
ENBL | 153,164,680 | 11,171,749 | PBFX | 16,284,545 | 770,319 | |
ENLC | 327,210,823 | 32,429,219 | PSXP | 342,743,828 | 6,945,164 | |
EPD | 1,277,755,891 | 44,258,950 | SHLX | 319,209,192 | 15,405,849 | |
EQM | 462,044,829 | 10,341,200 | SMLP | 7,589,588 | 1,020,106 | |
ET | 1,262,122,882 | 89,639,409 | TCP | 253,540,259 | 6,739,507 | |
GEL | 298,090,775 | 13,611,451 | TGE | 419,509,147 | 19,872,532 | |
GPP | 3,882,098 | 277,293 | USDP | 3,861,679 | 342,044 | |
HEP | 156,422,759 | 5,688,100 | WES | 773,416,245 | 25,135,400 |
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 28, 2019, nearly $14 billion of products, including exchange traded funds and notes, are directly tied to and tracking the Alerian Index Series. Visit alerian.com to learn more.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-june-30-2019-index-linked-product-positions-300899499.html
SOURCE Alerian
Article Date
8/9/2019Alerian Reports June 30, 2018 Index Linked Product Positions
Source: PR Newswire
DALLAS, Aug. 1, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $15.0 billion as of June 30, 2018. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of June 30, 2018, in products linked to the Alerian Index Series.
|
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
|
AM |
305,257,484 |
10,340,701 |
HEP |
151,911,915 |
5,375,510 | |
|
AMGP |
1,164,270 |
61,732 |
MMP |
1,501,453,809 |
21,735,000 | |
|
ANDX |
446,822,576 |
10,506,056 |
MPLX |
1,162,174,520 |
34,041,433 | |
|
APU |
58,778,057 |
1,392,185 |
NBLX |
22,166,701 |
434,130 | |
|
ARLP |
25,591,033 |
1,394,607 |
NGL |
165,162,738 |
13,213,019 | |
|
BPL |
604,497,037 |
17,197,640 |
NS |
210,933,016 |
9,312,716 | |
|
BPMP |
20,189,424 |
961,859 |
NSH |
239,822 |
19,340 | |
|
BWP |
170,678,160 |
14,688,310 |
PAA |
1,177,071,579 |
49,791,522 | |
|
CEQP |
183,499,246 |
5,779,504 |
PAGP |
3,213,393 |
134,395 | |
|
CQP |
173,601,824 |
4,828,980 |
PSXP |
318,554,875 |
6,238,834 | |
|
CVRR |
20,028,626 |
896,135 |
RMP |
147,346,450 |
8,657,253 | |
|
DCP |
421,401,442 |
10,654,904 |
SEP |
341,382,494 |
9,638,128 | |
|
DM |
13,475,016 |
990,810 |
SHLX |
322,823,077 |
14,554,692 | |
|
EEP |
277,227,481 |
25,363,905 |
SMLP |
12,744,536 |
827,567 | |
|
ENBL |
176,973,526 |
10,343,280 |
SPH |
28,830,596 |
1,227,356 | |
|
ENLC |
853,859 |
51,906 |
SUN |
27,065,571 |
1,084,358 | |
|
ENLK |
303,905,691 |
19,568,943 |
TCP |
165,868,659 |
6,391,856 | |
|
EPD |
1,503,782,388 |
54,347,032 |
TEGP |
386,005,955 |
17,419,041 | |
|
EQGP |
355,540 |
15,123 |
TGP |
18,444,324 |
1,094,619 | |
|
EQM |
356,373,011 |
6,907,792 |
USAC |
16,751,289 |
995,323 | |
|
ETE |
6,023,303 |
349,177 |
VLP |
17,131,051 |
449,988 | |
|
ETP |
1,481,856,983 |
77,828,623 |
VNOM |
25,953,041 |
813,320 | |
|
GEL |
281,851,288 |
12,864,048 |
WES |
571,788,034 |
11,816,244 | |
|
GLOP |
14,609,467 |
612,556 |
WGP |
826,761 |
23,126 | |
|
GMLP |
15,169,006 |
981,178 |
WPZ |
1,218,967,796 |
30,031,234 | |
|
HCLP |
18,789,000 |
1,592,288 |
||||
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 30, 2018, over $15 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-june-30-2018-index-linked-product-positions-300690263.html
SOURCE Alerian
Article Date
8/1/2018Alerian Reports December 31, 2017 Index Linked Product Positions
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, Feb. 21, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $16.3 billion as of December 31, 2017. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of December 31, 2017, in products linked to the Alerian Index Series.
|
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
|
AM |
318,072,149 |
10,952,898 |
MMP |
1,644,568,414 |
23,182,526 | |
|
AMGP |
754,587 |
38,265 |
MPLX |
1,279,929,181 |
36,084,837 | |
|
ANDX |
516,099,522 |
11,173,404 |
NBLX |
21,404,873 |
428,097 | |
|
APU |
76,556,528 |
1,655,992 |
NGL |
195,952,022 |
13,946,763 | |
|
ARLP |
20,166,275 |
1,023,669 |
NS |
296,565,295 |
9,902,013 | |
|
BPL |
908,164,717 |
18,328,249 |
NSH |
236,356 |
15,055 | |
|
BWP |
201,509,203 |
15,608,769 |
PAA |
1,085,692,515 |
52,601,382 | |
|
CEQP |
30,317,020 |
1,175,078 |
PAGP |
3,567,709 |
162,538 | |
|
CQP |
30,774,953 |
1,038,291 |
PSXP |
303,822,210 |
5,803,672 | |
|
DCP |
411,714,791 |
11,332,639 |
RMP |
197,598,050 |
9,203,449 | |
|
DM |
186,044,367 |
6,109,831 |
SEP |
397,826,315 |
10,061,364 | |
|
EEP |
372,358,764 |
26,962,981 |
SHLX |
369,468,507 |
12,389,957 | |
|
ENBL |
30,305,242 |
2,131,170 |
SMLP |
20,113,987 |
981,170 | |
|
ENLC |
1,134,945 |
64,485 |
SPH |
35,347,307 |
1,459,426 | |
|
ENLK |
317,615,016 |
20,664,607 |
SUN |
36,559,156 |
1,287,294 | |
|
EPD |
1,672,410,145 |
63,086,011 |
TCP |
350,896,258 |
6,608,216 | |
|
EQGP |
315,059 |
11,712 |
TEGP |
1,533,669 |
59,583 | |
|
EQM |
536,502,790 |
7,339,299 |
TEP |
269,478,027 |
5,877,383 | |
|
ETE |
6,574,648 |
380,918 |
TGP |
26,220,374 |
1,301,259 | |
|
ETP |
1,669,396,449 |
93,158,284 |
VLP |
23,823,578 |
535,361 | |
|
GEL |
300,264,393 |
13,434,648 |
VNOM |
20,179,418 |
864,956 | |
|
GLOP |
17,814,465 |
719,776 |
WES |
604,184,334 |
12,563,617 | |
|
GMLP |
26,442,305 |
1,159,750 |
WGP |
664,201 |
17,874 | |
|
HEP |
168,157,229 |
5,175,661 |
WPZ |
1,231,920,496 |
31,766,903 |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion was directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-december-31-2017-index-linked-product-positions-300602316.html
SOURCE Alerian
Article Date
2/21/2018Alerian Announces Real-Time Launch of the Alerian Energy Infrastructure Capital Strength Select Index
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, Jan. 3, 2018 /PRNewswire/ -- Alerian announced today the real-time launch of the Alerian Energy Infrastructure Capital Strength Select Index, a composite of North American midstream, refining, and utility companies chosen for their ownership of pipeline transportation assets, leverage profile, and above-market dividend payments. The index is disseminated real-time on a price-return basis (AMCS) and on a total-return basis (AMCST).
"The AMCS was designed with the understanding that the portion of the North American energy value chain from midstream to distribution has become increasingly integrated," said Alerian President and CEO Kenny Feng. "The composition of this index also seeks to address growing investor focus on strengthening balance sheets and improving corporate governance."
Constituents as of January 2, 2018
|
Name |
Ticker |
|
AltaGas Ltd |
ALA |
|
Antero Midstream Partners LP |
AM |
|
Andeavor |
ANDV |
|
Buckeye Partners LP |
BPL |
|
Boardwalk Pipeline Partners LP |
BWP |
|
CenterPoint Energy Inc |
CNP |
|
Cheniere Energy Partners LP Holdings LLC |
CQH |
|
Dominion Energy Inc |
D |
|
Enbridge Inc |
ENB |
|
EnLink Midstream LLC |
ENLC |
|
Enterprise Products Partners LP |
EPD |
|
EQT GP Holdings LP |
EQGP |
|
Gibson Energy Inc |
GEI |
|
HollyFrontier Corp |
HFC |
|
Inter Pipeline Ltd |
IPL |
|
Keyera Corp |
KEY |
|
Kinder Morgan Inc |
KMI |
|
Macquarie Infrastructure Corp |
MIC |
|
Magellan Midstream Partners LP |
MMP |
|
Marathon Petroleum Corp |
MPC |
|
OGE Energy Corp |
OGE |
|
ONEOK Inc |
OKE |
|
Plains GP Holdings LP |
PAGP |
|
Pembina Pipeline Corp |
PPL |
|
Phillips 66 |
PSX |
|
Sempra Energy |
SRE |
|
Tallgrass Energy GP LP |
TEGP |
|
TransCanada Corp |
TRP |
|
Valero Energy Corp |
VLO |
|
Western Gas Equity Partners LP |
WGP |
|
The Williams Companies Inc |
WMB |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-announces-real-time-launch-of-the-alerian-energy-infrastructure-capital-strength-select-index-300576838.html
SOURCE Alerian
Article Date
1/3/2018Cheniere Partners Holdings Reports Third Quarter 2017 Results, Revises Full Year 2017 Guidance and Provides Full Year 2018 Dividend Guidance
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Nov. 14, 2017 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE American: CQH) reported net income of $4.5 million, or $0.02 per common share, for the three months ended September 30, 2017, compared to net income of $4.3 million, or $0.02 per common share, for the comparable 2016 period. For the nine months ended September 30, 2017, Cheniere Partners Holdings reported net income of $13.5 million, or $0.06 per common share, compared to net income of $13.3 million, or $0.06 per common share, during the corresponding period in 2016. Results include the distribution received from our limited partner interests in Cheniere Energy Partners, L.P. ("Cheniere Partners"), a publicly traded limited partnership (NYSE American: CQP).
Our only business consists of owning Cheniere Partners common units and subordinated units representing an aggregate approximately 48.6% limited partner interest in Cheniere Partners as of September 30, 2017.
|
Revised 2017 Full Year Dividend Guidance | |||||
|
2017 | |||||
|
Dividend per Share |
$ |
0.94 |
- |
$ |
1.02 |
|
2018 Full Year Dividend Guidance | |||||
|
2018 | |||||
|
Dividend per Share |
$ |
2.05 |
- |
$ |
2.25 |
|
SPL Project Update | |||||||
|
SPL Project | |||||||
|
Liquefaction Train |
Trains 1-3 |
Train 4 |
Train 5 |
Train 6 | |||
|
Project Status |
Operational |
Operational |
Under Construction |
Permitted | |||
|
Expected Substantial Completion |
Complete |
Complete |
2H 2019 |
— | |||
|
Expected DFCD(1) Window Start |
Complete |
1H 2018 |
2H 2019 |
— | |||
|
(1) Date of First Commercial Delivery ("DFCD") |
Construction operations at the SPL Project (defined below) have returned to productivity levels achieved prior to Hurricane Harvey.
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "SPL Project"). Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. Trains 1 through 4 are operational, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
Dividends
When Cheniere Partners makes cash distributions to us with respect to our Cheniere Partners units, we will pay dividends to our shareholders consisting of the cash that we receive from Cheniere Partners, less income taxes and reserves established by our Board of Directors. We will pay a quarterly cash dividend of $0.45 per common share on November 30, 2017 to shareholders of record as of close of business November 20, 2017.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the third quarter on Tuesday, November 14, 2017, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners Holdings.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns an approximately 48.6% limited partner interest in Cheniere Partners as of September 30, 2017. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates LNG regasification facilities and, adjacent to these facilities, plans to construct over time up to six Trains with an expected aggregate nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 27 mtpa. Trains 1 through 4 are operational, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
(Financial Tables Follow)
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | |||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
|
(in thousands, except per share data) (1) | |||||||||||
|
(unaudited) | |||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||
|
September 30, |
September 30, | ||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||
|
Equity income from investment in Cheniere Partners |
$ |
5,084 |
$ |
5,084 |
$ |
15,253 |
$ |
15,253 | |||
|
Expenses |
|||||||||||
|
General and administrative expense |
295 |
484 |
986 |
1,205 | |||||||
|
General and administrative expense—affiliate |
264 |
258 |
791 |
772 | |||||||
|
Total expenses |
559 |
742 |
1,777 |
1,977 | |||||||
|
Other income |
2 |
— |
2 |
— | |||||||
|
Net income |
$ |
4,527 |
$ |
4,342 |
$ |
13,478 |
$ |
13,276 | |||
|
Net income per common share—basic and diluted |
$ |
0.02 |
$ |
0.02 |
$ |
0.06 |
$ |
0.06 | |||
|
Weighted average number of common shares outstanding—basic and diluted |
231,700 |
231,700 |
231,700 |
231,700 | |||||||
|
Cash dividends declared per common share |
$ |
0.020 |
$ |
0.020 |
$ |
0.060 |
$ |
0.060 | |||
|
______________________ | |
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed with the Securities and Exchange Commission. |
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | |||||||
|
CONSOLIDATED BALANCE SHEETS | |||||||
|
(in thousands, except share amounts) (1) | |||||||
|
September 30, |
December 31, | ||||||
|
2017 |
2016 | ||||||
|
ASSETS |
(unaudited) |
||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
671 |
$ |
219 | |||
|
Receivables |
— |
153 | |||||
|
Other current assets |
117 |
51 | |||||
|
Total current assets |
788 |
423 | |||||
|
Total assets |
$ |
788 |
$ |
423 | |||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable and accrued liabilities |
$ |
76 |
$ |
78 | |||
|
Accrued liabilities—affiliate |
791 |
— | |||||
|
Total current liabilities |
867 |
78 | |||||
|
Shareholders' equity |
|||||||
|
Common shares: unlimited shares authorized, 231.7 million shares issued and outstanding at September 30, 2017 and December 31, 2016 |
664,931 |
664,931 | |||||
|
Director voting share: 1 share authorized, issued and outstanding at September 30, 2017 and December 31, 2016 |
— |
— | |||||
|
Additional paid-in-capital |
(271,757) |
(271,757) | |||||
|
Accumulated deficit |
(393,253) |
(392,829) | |||||
|
Total shareholders' equity (deficit) |
(79) |
345 | |||||
|
Total liabilities and shareholders' equity (deficit) |
$ |
788 |
$ |
423 | |||
|
______________________ | |
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed with the Securities and Exchange Commission. |
CONTACTS
|
Investors: |
|
|
Randy Bhatia |
713-375-5479 |
|
Megan Light |
713-375-5492 |
|
Media: |
|
|
Eben Burnham-Snyder |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-partners-holdings-reports-third-quarter-2017-results-revises-full-year-2017-guidance-and-provides-full-year-2018-dividend-guidance-300555006.html
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
11/14/2017Cheniere Partners Reports Third Quarter 2017 Results, Revises 2017 Guidance and Provides Full Year 2018 Distribution Guidance
Source: PR Newswire
HOUSTON, Nov. 14, 2017 /PRNewswire/ --
Summary of Third Quarter 2017 Results (in millions, except LNG data)
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenues |
$ |
903 |
$ |
331 |
$ |
2,786 |
$ |
549 | |||||||
|
Net income (loss) |
$ |
23 |
$ |
(82) |
$ |
116 |
$ |
(257) | |||||||
|
Adjusted EBITDA1 |
$ |
298 |
$ |
100 |
$ |
900 |
$ |
164 | |||||||
|
LNG exported: |
|||||||||||||||
|
Number of cargoes |
44 |
18 |
135 |
33 | |||||||||||
|
Volumes (TBtu) |
160 |
62 |
482 |
114 | |||||||||||
|
LNG volumes loaded (TBtu) |
162 |
61 |
483 |
114 | |||||||||||
Revised 2017 Full Year Distribution Guidance
|
2017 | |||||||
|
Distribution per Unit |
$ |
1.73 |
- |
$ |
1.80 | ||
2018 Full Year Distribution Guidance
|
2018 | |||||||
|
Distribution per Unit |
$ |
2.00 |
- |
$ |
2.20 | ||
Recent Achievements
Strategic
Operational
Financial
Liquefaction Project Update
|
SPL Project | |||||||
|
Liquefaction Train |
Trains 1-3 |
Train 4 |
Train 5 |
Train 6 | |||
|
Project Status |
Operational |
Operational |
Under Construction |
Permitted | |||
|
Expected Substantial Completion |
Complete |
Complete |
2H 2019 |
— | |||
|
Expected DFCD Window Start |
Complete |
1H 2018 |
2H 2019 |
— | |||
Construction operations at the SPL Project have returned to productivity levels achieved prior to Hurricane Harvey.
__________________________
Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American: CQP) reported net income of $23 million and $116 million for the three and nine months ended September 30, 2017, respectively, compared to net losses of $82 million and $257 million for the comparable periods in 2016. Adjusted EBITDA1 for the three and nine months ended September 30, 2017 was $298 million and $900 million, respectively, compared to $100 million and $164 million for the comparable 2016 periods.
During the three and nine months ended September 30, 2017, 44 and 135 LNG cargoes, respectively, were exported from the SPL Project, of which 5 and 12, respectively, were commissioning cargoes.
Variances in results of operations for the three and nine months ended September 30, 2017, as compared to the three and nine months ended September 30, 2016, were primarily driven by increased income from operations, due primarily to the timing of completion of Trains and the length of each Train's operations within the periods being compared, partially offset by increased interest expense, net of amounts capitalized. Total revenues increased $572 million and $2.2 billion during the three and nine months ended September 30, 2017, respectively, as compared to the three and nine months ended September 30, 2016, respectively, primarily due to the increased volume of LNG sold that was recognized as revenues following the achievement of substantial completion of these Trains.
Total operating costs and expenses increased $423 million and $1.7 billion during the three and nine months ended September 30, 2017, respectively, compared to the three and nine months ended September 30, 2016. The increase in total operating costs and expenses was primarily due to an increase in cost of sales and, to a lesser extent, from increases in operating and maintenance expense and depreciation and amortization expense, partially offset by a decrease in general and administrative expense.
SPL Project Update
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "SPL Project"). Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. Trains 1 through 4 are operational, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
Distributions to Unitholders
We will pay a cash distribution per common unit and subordinated unit of $0.44 to unitholders of record as of November 3, 2017 and the related general partner distribution on November 14, 2017.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the third quarter on Tuesday, November 14, 2017, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners.
1Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, SPL, is developing, constructing, and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development, construction, and operations. Trains 1 through 4 are operational, Train 5 is under construction and Train 6 is being commercialized and has all necessary regulatory approvals in place. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 mtpa of LNG. SPL has entered into six third-party LNG SPAs that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
Cheniere Energy Partners, L.P. | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(in millions, except per unit data) (1) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenues |
|||||||||||||||
|
LNG revenues |
$ |
723 |
$ |
249 |
$ |
1,718 |
$ |
334 | |||||||
|
LNG revenues—affiliate |
111 |
16 |
864 |
16 | |||||||||||
|
Regasification revenues |
65 |
64 |
195 |
194 | |||||||||||
|
Other revenues |
3 |
1 |
7 |
2 | |||||||||||
|
Other revenues—affiliate |
1 |
1 |
2 |
3 | |||||||||||
|
Total revenues |
903 |
331 |
2,786 |
549 | |||||||||||
|
Operating costs and expenses |
|||||||||||||||
|
Cost of sales (excluding depreciation and amortization expense shown separately below) |
490 |
159 |
1,580 |
212 | |||||||||||
|
Cost of sales—affiliate |
— |
1 |
— |
1 | |||||||||||
|
Operating and maintenance expense |
73 |
38 |
205 |
80 | |||||||||||
|
Operating and maintenance expense—affiliate |
31 |
14 |
70 |
36 | |||||||||||
|
Development expense |
1 |
— |
2 |
— | |||||||||||
|
General and administrative expense |
5 |
2 |
10 |
9 | |||||||||||
|
General and administrative expense—affiliate |
18 |
25 |
63 |
68 | |||||||||||
|
Depreciation and amortization expense |
87 |
44 |
239 |
92 | |||||||||||
|
Other |
1 |
— |
1 |
— | |||||||||||
|
Total operating costs and expenses |
706 |
283 |
2,170 |
498 | |||||||||||
|
Income from operations |
197 |
48 |
616 |
51 | |||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest expense, net of capitalized interest |
(153) |
(114) |
(437) |
(229) | |||||||||||
|
Loss on early extinguishment of debt |
(25) |
(26) |
(67) |
(54) | |||||||||||
|
Derivative gain (loss), net |
1 |
10 |
(2) |
(26) | |||||||||||
|
Other income |
3 |
— |
6 |
1 | |||||||||||
|
Total other expense |
(174) |
(130) |
(500) |
(308) | |||||||||||
|
Net income (loss) |
$ |
23 |
$ |
(82) |
$ |
116 |
$ |
(257) | |||||||
|
Basic and diluted net loss per common unit |
$ |
(1.10) |
$ |
(0.27) |
$ |
(4.12) |
$ |
(0.56) | |||||||
|
Weighted average number of common units outstanding used for basic and diluted net loss per common unit calculation |
247.2 |
57.1 |
121.2 |
57.1 | |||||||||||
|
___________________ |
|
(1) Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed with the Securities and Exchange Commission. |
|
Cheniere Energy Partners, L.P. | |||||||
|
Consolidated Balance Sheets | |||||||
|
(in millions, except unit data) (1) | |||||||
|
September 30, |
December 31, | ||||||
|
2017 |
2016 | ||||||
|
ASSETS |
(unaudited) |
||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
— |
$ |
— | |||
|
Restricted cash |
1,395 |
605 | |||||
|
Accounts and other receivables |
172 |
90 | |||||
|
Accounts receivable—affiliate |
18 |
99 | |||||
|
Advances to affiliate |
57 |
38 | |||||
|
Inventory |
77 |
97 | |||||
|
Other current assets |
35 |
29 | |||||
|
Total current assets |
1,754 |
958 | |||||
|
Non-current restricted cash |
48 |
— | |||||
|
Property, plant and equipment, net |
15,097 |
14,158 | |||||
|
Debt issuance costs, net |
42 |
121 | |||||
|
Non-current derivative assets |
37 |
83 | |||||
|
Other non-current assets, net |
213 |
222 | |||||
|
Total assets |
$ |
17,191 |
$ |
15,542 | |||
|
LIABILITIES AND PARTNERS' EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable |
$ |
24 |
$ |
27 | |||
|
Accrued liabilities |
419 |
418 | |||||
|
Current debt |
— |
224 | |||||
|
Due to affiliates |
55 |
99 | |||||
|
Deferred revenue |
134 |
73 | |||||
|
Deferred revenue—affiliate |
1 |
1 | |||||
|
Derivative liabilities |
4 |
14 | |||||
|
Total current liabilities |
637 |
856 | |||||
|
Long-term debt, net |
16,040 |
14,209 | |||||
|
Non-current deferred revenue |
2 |
5 | |||||
|
Non-current derivative liabilities |
2 |
2 | |||||
|
Other non-current liabilities—affiliate |
25 |
27 | |||||
|
Partners' equity |
|||||||
|
Common unitholders' interest (348.6 million units and 57.1 million units issued and outstanding at September 30, 2017 and December 31, 2016, respectively) |
1,559 |
130 | |||||
|
Class B unitholders' interest (zero and 145.3 million units issued and outstanding at September 30, 2017 and December 31, 2016, respectively) |
— |
62 | |||||
|
Subordinated unitholders' interest (135.4 million units issued and outstanding at September 30, 2017 and December 31, 2016) |
(1,086) |
240 | |||||
|
General partner's interest (2% interest with 9.9 million units and 6.9 million units issued and outstanding at September 30, 2017 and December 31, 2016, respectively) |
12 |
11 | |||||
|
Total partners' equity |
485 |
443 | |||||
|
Total liabilities and partners' equity |
$ |
17,191 |
$ |
15,542 | |||
|
___________________ |
|
(1) Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed with the Securities and Exchange Commission. |
Reconciliation of Non-GAAP Measures
Regulation G Reconciliation
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.
Adjusted EBITDA is calculated by taking net income (loss) before interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt and changes in the fair value of our commodity derivatives. Adjusted EBITDA is not intended to represent cash flows from operations or net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of business performance. Management believes Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and nine months ended September 30, 2017 and 2016 (in millions):
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (loss) |
$ |
23 |
$ |
(82) |
$ |
116 |
$ |
(257) | |||||||
|
Interest expense, net of capitalized interest |
153 |
114 |
437 |
229 | |||||||||||
|
Loss on early extinguishment of debt |
25 |
26 |
67 |
54 | |||||||||||
|
Derivative loss (gain), net |
(1) |
(10) |
2 |
26 | |||||||||||
|
Other income |
(3) |
— |
(6) |
(1) | |||||||||||
|
Income from operations |
$ |
197 |
$ |
48 |
$ |
616 |
$ |
51 | |||||||
|
Adjustments to reconcile income from operations to Adjusted EBITDA: |
|||||||||||||||
|
Depreciation and amortization expense |
87 |
44 |
239 |
92 | |||||||||||
|
Loss from changes in fair value of commodity derivatives, net |
14 |
8 |
45 |
21 | |||||||||||
|
Adjusted EBITDA |
$ |
298 |
$ |
100 |
$ |
900 |
$ |
164 | |||||||
|
CONTACTS: |
|
|
Investors |
|
|
Randy Bhatia: |
713-375-5479 |
|
Megan Light: |
713-375-5492 |
|
Media |
|
|
Eben Burnham-Snyder: |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-partners-reports-third-quarter-2017-results-revises-2017-guidance-and-provides-full-year-2018-distribution-guidance-300555056.html
SOURCE Cheniere Energy Partners, L.P.
Article Date
11/14/2017Cheniere Energy Partners LP Holdings, LLC Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Nov. 9, 2017 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC (NYSE American: CQH) ("Cheniere Partners Holdings" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend of $0.45 per common share representing limited liability company interest in the Company. The dividend will be payable on November 30, 2017 to shareholders of record as of the close of business November 20, 2017.
Cheniere Partners Holdings' only business consists of owning common units and subordinated units of Cheniere Energy Partners, L.P. (NYSE American: CQP) ("Cheniere Partners"), along with other cash or property received as distributions in respect of such units.
Cheniere Partners Holdings' quarterly dividend is expected to be the amount of distributions received related to its interest in Cheniere Partners, less reserves for general and administrative and tax expenses. Cheniere Partners Holdings is expected to begin making tax payments under a tax sharing agreement with Cheniere Energy, Inc. in the early 2020s after its deemed federal net operating loss carryforward ("NOL") has been fully utilized. Based on current tax rates and market assumptions, Cheniere Partners Holdings is currently expected to pay taxes in the mid-20%s upon its NOL being fully utilized.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns an approximately 48.6% limited partner interest in Cheniere Partners as of September 30, 2017. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates liquefied natural gas ("LNG") regasification facilities and, adjacent to these facilities, plans to construct over time up to six natural gas liquefaction trains ("Trains") with an expected aggregate nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 27 mtpa. Trains 1 through 4 are operational, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
CONTACTS
|
Investors: |
|
|
Randy Bhatia |
713-375-5479 |
|
Megan Light |
713-375-5492 |
|
Media: |
|
|
Eben Burnham-Snyder |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-energy-partners-lp-holdings-llc-declares-quarterly-dividend-300553388.html
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
11/9/2017Cheniere Energy Partners Declares Increase in Quarterly Distributions
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Oct. 24, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American: CQP) today declared (i) a cash distribution per common and subordinated unit of $0.44 ($1.76 annualized) to unitholders of record as of November 3, 2017, and (ii) the related distribution to its general partner. All of these distributions are payable on November 14, 2017.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development, construction and operations. Trains 1 through 4 are operational, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
|
CONTACTS: | |
|
Investors | |
|
Randy Bhatia: |
713-375-5479 |
|
Megan Light: |
713-375-5492 |
|
Media | |
|
Eben Burnham-Snyder: |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-energy-partners-declares-increase-in-quarterly-distributions-300542460.html
SOURCE Cheniere Energy Partners, L.P.
Article Date
10/24/201710/13/2017 - Cheniere Partners Announces Substantial Completion of Train 4 at the Sabine Pass Liquefaction Project
Cheniere Partners Announces Substantial Completion of Train 4 at the Sabine Pass Liquefaction Project
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Oct. 13, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American: CQP) today announced that Substantial Completion of Train 4 of the Sabine Pass liquefaction project in Cameron Parish, Louisiana (the "SPL Project") was achieved on October 9, 2017. Commissioning has been completed and Cheniere Partners' EPC partner Bechtel Oil, Gas and Chemicals, Inc. ("Bechtel") has turned over care, custody, and control of Train 4 to Cheniere Partners.
Under a sale and purchase agreement ("SPA") with GAIL (India) Limited, the date of first commercial delivery for Train 4 of the SPL Project is expected to occur in March 2018, upon which the SPA's 20-year term commences.
Over the last 17 months, Cheniere Partners and Bechtel have declared Substantial Completion on four liquefaction trains at Sabine Pass. With the achievement of Substantial Completion, financial results of LNG sales from Train 4 going forward will be reflected in the statement of operations of Cheniere Partners and its affiliates.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development, construction and operations. Trains 1 through 4 have commenced commercial operations, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG SPAs that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
Contacts
|
Investors |
|
|
Randy Bhatia |
713-375-5479 |
|
Megan Light |
713-375-5492 |
|
Media |
|
|
Eben Burnham-Snyder |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-partners-announces-substantial-completion-of-train-4-at-the-sabine-pass-liquefaction-project-300536118.html
SOURCE Cheniere Energy Partners, L.P.
Article Date
10/13/2017Cheniere Partners Announces Upsize and Pricing of $1.5 Billion Senior Notes due 2025
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 12, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American: CQP) announced today that it has upsized and priced its previously announced offering of Senior Notes due 2025 (the "CQP 2025 Notes"). The principal amount of the offering has been increased from the initially announced $1.0 billion to $1.5 billion. The CQP 2025 Notes will bear interest at a rate of 5.250% per annum and will mature on October 1, 2025. The CQP 2025 Notes are priced at par, and the closing of the offering is expected to occur on September 18, 2017.
Cheniere Partners intends to use the net proceeds from the offering, after deducting the initial purchasers' commissions and estimated fees and expenses related to the CQP 2025 Notes, to prepay a portion of the outstanding Term Loan indebtedness under its credit facilities (the "CQP Credit Facilities"). The CQP 2025 Notes will be secured pari passu with all existing and future senior secured indebtedness of Cheniere Partners, including borrowings under the CQP Credit Facilities, until the drawn balance of the Term Loans under the CQP Credit Facilities is reduced to less than or equal to $1.0 billion, at which point the CQP 2025 Notes will remain senior but become unsecured.
The offer of the CQP 2025 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the CQP 2025 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
Contacts
|
Investors: |
|
|
Randy Bhatia |
713-375-5479 |
|
Megan Light |
713-375-5492 |
|
Media: |
|
|
Eben Burnham-Snyder |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-partners-announces-upsize-and-pricing-of-15-billion-senior-notes-due-2025-300518138.html
SOURCE Cheniere Energy Partners, L.P.
Article Date
9/12/2017Cheniere Partners Announces Offering of $1.0 Billion Senior Notes due 2025
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 11, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American: CQP) announced today that it intends to offer, subject to market and other conditions, $1.0 billion principal amount of Senior Notes due 2025 (the "CQP 2025 Notes").
Cheniere Partners intends to use the net proceeds from the offering, after deducting the initial purchasers' commissions and estimated fees and expenses related to the CQP 2025 Notes, to prepay a portion of the outstanding Term Loan indebtedness under its credit facilities (the "CQP Credit Facilities"). The CQP 2025 Notes will be secured pari passu with all existing and future senior secured indebtedness of Cheniere Partners, including borrowings under the CQP Credit Facilities, until the drawn balance of the Term Loans under the CQP Credit Facilities is reduced to less than or equal to $1.0 billion, at which point the CQP 2025 Notes will remain senior but become unsecured.
The offer of the CQP 2025 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the CQP 2025 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
Contacts
|
Investors: |
|
|
Randy Bhatia |
713-375-5479 |
|
Megan Light |
713-375-5492 |
|
Media: |
|
|
Eben Burnham-Snyder |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-partners-announces-offering-of-10-billion-senior-notes-due-2025-300516941.html
SOURCE Cheniere Energy Partners, L.P.
Article Date
9/11/2017Cheniere Reports Second Quarter 2017 Results, Raises Full Year Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 8, 2017 /PRNewswire/ --
|
Summary of Second Quarter 2017 Results (in millions, except LNG data) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenues |
$ |
1,241 |
$ |
177 |
$ |
2,452 |
$ |
246 |
|||||||
|
Net loss1 |
$ |
(285) |
$ |
(298) |
$ |
(231) |
$ |
(619) |
|||||||
|
Consolidated Adjusted EBITDA2 |
$ |
371 |
$ |
(4) |
$ |
854 |
$ |
(48) |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
232.5 |
228.3 |
232.4 |
228.2 |
|||||||||||
|
LNG exported: |
|||||||||||||||
|
Number of cargoes |
48 |
11 |
91 |
15 |
|||||||||||
|
Volumes (TBtu) |
170 |
38 |
322 |
52 |
|||||||||||
|
LNG volumes loaded (TBtu) |
167 |
38 |
321 |
53 |
|||||||||||
|
Summary 2017 Revised Full Year Guidance (in billions, except per share amounts) | |||||||
|
2017 | |||||||
|
Consolidated Adjusted EBITDA2 |
$ |
1.6 |
- |
$ |
1.8 |
||
|
Distributable Cash Flow2 |
$ |
0.5 |
- |
$ |
0.7 |
||
|
Distributable Cash Flow per Share2 |
$ |
2.10 |
- |
$ |
2.80 |
||
Recent Highlights
Strategic
Operational
Financial
Liquefaction Projects Update
|
SPL Project |
CCL Project | ||||||
|
Liquefaction Train |
Trains 1-3 |
Train 4 |
Train 5 |
Train 6 |
Trains 1-2 |
Train 3 | |
|
Project Status |
Operational |
Commissioning |
Under |
Permitted |
Under |
Permitted | |
|
Expected Substantial Completion |
— |
2H 2017 |
2H 2019 |
— |
T1 - 1H 2019 T2 - 2H 2019 |
— | |
|
Expected DFCD Window Start |
Complete(1) |
1H 2018 |
2H 2019 |
— |
T1 - 1H 2019 T2 - 1H 2020 |
— | |
|
(1) DFCD was achieved for Train 1 of the SPL Project in November 2016, for Train 2 of the SPL Project in August 2017, and for Train 3 of the SPL Project in June 2017. |
Cheniere Energy, Inc. ("Cheniere") (NYSE American: LNG) reported a net loss1 of $285 million, or $1.23 per share (basic and diluted), for the three months ended June 30, 2017, compared to a net loss of $298 million, or $1.31 per share (basic and diluted), for the comparable 2016 period.
Cheniere reported a net loss of $231 million, or $0.99 per share (basic and diluted), for the six months ended June 30, 2017, compared to a net loss of $619 million, or $2.71 per share (basic and diluted), for the comparable 2016 period.
During the three months ended June 30, 2017, the decrease in net loss was primarily due to increased income from operations, decreased derivative loss, net and decreased loss on early extinguishment of debt, which were partially offset by an increased allocation of net income to non-controlling interest due primarily to the amortization of the beneficial conversion feature on Cheniere Partners' Class B units and increased interest expense, net of amounts capitalized. During the six months ended June 30, 2017, the decrease in net loss was primarily due to increased income from operations and decreased derivative loss, net, which were partially offset by increased allocation of net income to non-controlling interest, increased interest expense, net of amounts capitalized, and loss on early extinguishment of debt. During the three and six months ended June 30, 2017, 48 and 91 LNG cargoes, respectively, were exported from the SPL Project, of which zero and 7, respectively, were commissioning cargoes.
Consolidated Adjusted EBITDA2 for the three and six months ended June 30, 2017 was $371 million and $854 million, respectively, compared to a loss of $4 million and $48 million for the comparable 2016 periods. The increases in Consolidated Adjusted EBITDA during the respective periods were primarily due to increased income from operations.
"Today I'm pleased to announce our solid second quarter results, which are once again driven by execution and operational excellence across the company, and an increase in our full year 2017 guidance" said Jack Fusco, Cheniere's President and CEO. "The quarter was highlighted by the commencement of our long-term contract with KOGAS and securing equity financing for the Midship Project. Subsequent to the end of the quarter, our long-term contract with Gas Natural Fenosa commenced and first LNG production occurred from Train 4 at Sabine Pass.
"We are revising our 2017 guidance upward as our operating results year-to-date have exceeded our expectations, primarily due to LNG trains entering service ahead of schedule and the ramp-up in LNG production levels occurring faster than we'd forecast earlier this year. During the second half of 2017, our focus remains on bringing Train 4 at Sabine Pass online safely and efficiently, executing on our commercialization strategies, and delivering on our increased 2017 guidance."
LNG Volume Summary
The following table summarizes the volumes of operational and commissioning LNG cargoes that were loaded from the SPL Project and recognized on our Consolidated Financial Statements during the three and six months ended June 30, 2017:
|
Three Months Ended June 30, 2017 |
Six Months Ended June 30, 2017 | ||||||
|
(in TBtu) |
Operational |
Commissioning |
Operational |
Commissioning | |||
|
Volumes loaded during the current period |
167 |
— |
295 |
26 | |||
|
Volumes loaded during the prior period but recognized during the current period |
7 |
8 |
19 |
— | |||
|
Less: volumes loaded during the current period and in transit at the end of the period |
(14) |
— |
(14) |
— | |||
|
Total volumes recognized in the current period |
160 |
8 |
300 |
26 | |||
Summary of Financial Performance
Second Quarter 2017 Results
Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American: CQP) as of June 30, 2017 consisted of 100% ownership of the general partner of Cheniere Partners and 82.7% ownership interest in Cheniere Energy Partners LP Holdings, LLC (NYSE American: CQH) which owned a 55.9% limited partner interest in Cheniere Partners as of June 30, 2017 and an approximately 48.6% limited partner interest in Cheniere Partners upon the conversion of Class B units on August 2, 2017.
Variances in results of operations for the three and six months ended June 30, 2017, compared to the three and six months ended June 30, 2016, were primarily driven by the timing of completion of Trains and the length of each Train's operations within the periods being compared. Total revenues increased $1.1 billion and $2.2 billion during the three and six months ended June 30, 2017 as compared to the three and six months ended June 30, 2016, respectively, primarily due to the increased volume of LNG sold that was recognized as revenues. LNG revenues in the second quarter of 2017 exceeded $1 billion.
Total operating costs and expenses increased $714 million and $1.4 billion during the three and six months ended June 30, 2017, respectively, compared to the three and six months ended June 30, 2016. The increase in total operating costs and expenses was primarily due to an increase in cost of sales and, to a lesser extent, from increases in operating and maintenance expense and depreciation and amortization expense.
Selling, general and administrative expense decreased $11 million and $23 million during the three and six months ended June 30, 2017, compared to the three and six months ended June 30, 2016, respectively, primarily due to the implementation of certain changes in the organizational structure. Included in selling, general and administrative expense were share-based compensation expenses of $13 million and $25 million for the three and six months ended June 30, 2017, respectively, compared to $16 million and $24 million for the comparable 2016 periods.
Although we realized net income before non-controlling interest during the three and six months ended June 30, 2017, we realized a net loss attributable to common stockholders during the periods as a result of the amortization of the beneficial conversion feature on Cheniere Partners' Class B units impacting net income attributed to non-controlling interest.
Capital Resources
As of June 30, 2017, we had cash and cash equivalents of $796 million available to Cheniere. In addition, we had current and non-current restricted cash of $1.75 billion (which included current and non-current restricted cash available to us and our subsidiaries) designated for the following purposes: $1.28 billion for the SPL Project, $103 million for the CCL Project (defined below), $286 million for restricted purposes under the terms of Cheniere Partners' credit facilities and $82 million for other restricted purposes.
Liquefaction Projects
SPL Project
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "SPL Project"). Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. Trains 1, 2, and 3 are operational, Train 4 is undergoing commissioning, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
CCL Project
We are developing up to three Trains near Corpus Christi, Texas (the "CCL Project"). Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 mtpa of LNG. Trains 1 and 2 are under construction, and Train 3 is being commercialized and has all necessary regulatory approvals in place. Additionally, we are developing two additional Trains adjacent to the CCL Project and have initiated the regulatory approval process with respect to those Trains.
Investor Conference Call and Webcast
We will host a conference call to discuss our financial and operating results for the second quarter on Tuesday, August 8, 2017, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.
|
___________________________ | |
|
1 |
Net loss as used herein refers to Net loss attributable to common stockholders on our Consolidated Statements of Operations. |
|
2 |
Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details. |
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing, constructing, and operating liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
(Financial Tables Follow)
|
Cheniere Energy, Inc. | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(in millions, except per share data)(1) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenues |
|||||||||||||||
|
LNG revenues |
$ |
1,171 |
$ |
110 |
$ |
2,314 |
$ |
113 |
|||||||
|
Regasification revenues |
65 |
65 |
130 |
130 |
|||||||||||
|
Other revenues |
4 |
2 |
7 |
3 |
|||||||||||
|
Other—related party |
1 |
— |
1 |
— |
|||||||||||
|
Total revenues |
1,241 |
177 |
2,452 |
246 |
|||||||||||
|
Operating costs and expenses |
|||||||||||||||
|
Cost of sales (excluding depreciation and amortization expense shown separately below) |
692 |
85 |
1,316 |
100 |
|||||||||||
|
Operating and maintenance expense |
117 |
46 |
195 |
82 |
|||||||||||
|
Development expense |
1 |
1 |
4 |
3 |
|||||||||||
|
Selling, general and administrative expense |
61 |
72 |
115 |
138 |
|||||||||||
|
Depreciation and amortization expense |
90 |
33 |
160 |
57 |
|||||||||||
|
Restructuring expense |
— |
16 |
6 |
23 |
|||||||||||
|
Impairment expense |
— |
— |
— |
10 |
|||||||||||
|
Other |
6 |
— |
6 |
— |
|||||||||||
|
Total operating costs and expenses |
967 |
253 |
1,802 |
413 |
|||||||||||
|
Income (loss) from operations |
274 |
(76) |
650 |
(167) |
|||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest expense, net of capitalized interest |
(188) |
(106) |
(353) |
(182) |
|||||||||||
|
Loss on early extinguishment of debt |
(33) |
(56) |
(75) |
(57) |
|||||||||||
|
Derivative loss, net |
(36) |
(91) |
(35) |
(272) |
|||||||||||
|
Other income (expense) |
5 |
(7) |
7 |
(6) |
|||||||||||
|
Total other expense |
(252) |
(260) |
(456) |
(517) |
|||||||||||
|
Income (loss) before income taxes and non-controlling interest |
22 |
(336) |
194 |
(684) |
|||||||||||
|
Income tax benefit (provision) |
(1) |
1 |
(1) |
— |
|||||||||||
|
Net income (loss) |
21 |
(335) |
193 |
(684) |
|||||||||||
|
Less: net income (loss) attributable to non-controlling interest |
306 |
(37) |
424 |
(65) |
|||||||||||
|
Net loss attributable to common stockholders |
$ |
(285) |
$ |
(298) |
$ |
(231) |
$ |
(619) |
|||||||
|
Net loss per share attributable to common stockholders—basic and diluted |
$ |
(1.23) |
$ |
(1.31) |
$ |
(0.99) |
$ |
(2.71) |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
232.5 |
228.3 |
232.4 |
228.2 |
|||||||||||
|
_____________________ | |
|
(1) |
Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission. |
|
Cheniere Energy, Inc. | |||||||
|
Consolidated Balance Sheets | |||||||
|
(in millions, except share data)(1) | |||||||
|
June 30, |
December 31, | ||||||
|
2017 |
2016 | ||||||
|
ASSETS |
(unaudited) |
||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
796 |
$ |
876 |
|||
|
Restricted cash |
1,032 |
860 |
|||||
|
Accounts and other receivables |
283 |
218 |
|||||
|
Accounts receivable—related party |
1 |
— |
|||||
|
Inventory |
150 |
160 |
|||||
|
Derivative assets |
20 |
24 |
|||||
|
Other current assets |
86 |
100 |
|||||
|
Total current assets |
2,368 |
2,238 |
|||||
|
Non-current restricted cash |
716 |
91 |
|||||
|
Property, plant and equipment, net |
22,904 |
20,635 |
|||||
|
Debt issuance costs, net |
197 |
277 |
|||||
|
Non-current derivative assets |
43 |
83 |
|||||
|
Goodwill |
77 |
77 |
|||||
|
Other non-current assets, net |
295 |
302 |
|||||
|
Total assets |
$ |
26,600 |
$ |
23,703 |
|||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable |
$ |
62 |
$ |
49 |
|||
|
Accrued liabilities |
674 |
637 |
|||||
|
Current debt |
— |
247 |
|||||
|
Deferred revenue |
65 |
73 |
|||||
|
Derivative liabilities |
39 |
71 |
|||||
|
Total current liabilities |
840 |
1,077 |
|||||
|
Long-term debt, net |
24,654 |
21,688 |
|||||
|
Non-current deferred revenue |
3 |
5 |
|||||
|
Non-current derivative liabilities |
54 |
45 |
|||||
|
Other non-current liabilities |
45 |
49 |
|||||
|
Commitments and contingencies |
|||||||
|
Stockholders' equity |
|||||||
|
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued |
— |
— |
|||||
|
Common stock, $0.003 par value |
|||||||
|
Authorized: 480.0 million shares at June 30, 2017 and December 31, 2016 |
|||||||
|
Issued: 250.1 million shares at June 30, 2017 and December 31, 2016 |
|||||||
|
Outstanding: 237.8 million shares and 238.0 million shares at June 30, 2017 and December 31, 2016, respectively |
1 |
1 |
|||||
|
Treasury stock: 12.3 million shares and 12.2 million shares at June 30, 2017 and December 31, 2016, respectively, at cost |
(377) |
(374) |
|||||
|
Additional paid-in-capital |
3,228 |
3,211 |
|||||
|
Accumulated deficit |
(4,465) |
(4,234) |
|||||
|
Total stockholders' deficit |
(1,613) |
(1,396) |
|||||
|
Non-controlling interest |
2,617 |
2,235 |
|||||
|
Total equity |
1,004 |
839 |
|||||
|
Total liabilities and equity |
$ |
26,600 |
$ |
23,703 |
|||
|
_________________________ | ||||
|
(1) |
Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission. | |||
Reconciliation of Non-GAAP Measures
Regulation G Reconciliations
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains non-GAAP financial measures. Consolidated Adjusted EBITDA, Distributable Cash Flow and Distributable Cash Flow per Share are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.
Consolidated Adjusted EBITDA represents net loss attributable to Cheniere before net income (loss) attributable to the non-controlling interest, interest, taxes, depreciation and amortization, adjusted for certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, as detailed in the following reconciliation. Consolidated Adjusted EBITDA is not intended to represent cash flows from operations or net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Consolidated Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of business performance. We believe Consolidated Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items, and items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.
Consolidated Adjusted EBITDA is calculated by taking net loss attributable to common stockholders before net income (loss) attributable to non-controlling interest, interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense and loss on sale of assets, changes in the fair value of our commodity and foreign currency exchange ("FX") derivatives and non-cash compensation expense. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management's own evaluation of performance.
Distributable Cash Flow is defined as cash received, or expected to be received, from Cheniere's ownership and interests in CQP, CQH and Cheniere Corpus Christi Holdings, LLC, cash received (used) by Cheniere's integrated marketing function (other than cash for capital expenditures) less interest, taxes and maintenance capital expenditures associated with Cheniere and not the underlying entities. Management uses this measure and believes it provides users of our financial statements a useful measure reflective of our business's ability to generate cash earnings to supplement the comparable GAAP measure.
Distributable Cash Flow per Share is calculated by dividing Distributable Cash Flow by the weighted average number of common shares outstanding.
We believe Distributable Cash Flow is a useful performance measure for management, investors and other users of our financial information to evaluate our performance and to measure and estimate the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as common stock dividends, stock repurchases, retirement of debt, or expansion capital expenditures. Management uses this measure and believes it provides users of our financial statements a useful measure reflective of our business's ability to generate cash earnings to supplement the comparable GAAP measure. Distributable Cash Flow is not intended to represent cash flows from operations or net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP, and should be evaluated only on a supplementary basis.
Consolidated Adjusted EBITDA
The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the three and six months ended June 30, 2017 and 2016 (in millions):
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net loss attributable to common stockholders |
$ |
(285) |
$ |
(298) |
$ |
(231) |
$ |
(619) |
|||||||
|
Net income (loss) attributable to non-controlling interest |
306 |
(37) |
424 |
(65) |
|||||||||||
|
Income tax provision (benefit) |
1 |
(1) |
1 |
— |
|||||||||||
|
Interest expense, net of capitalized interest |
188 |
106 |
353 |
182 |
|||||||||||
|
Loss on early extinguishment of debt |
33 |
56 |
75 |
57 |
|||||||||||
|
Derivative loss, net |
36 |
91 |
35 |
272 |
|||||||||||
|
Other expense (income) |
(5) |
7 |
(7) |
6 |
|||||||||||
|
Income (loss) from operations |
$ |
274 |
$ |
(76) |
$ |
650 |
$ |
(167) |
|||||||
|
Adjustments to reconcile income (loss) from operations to Consolidated Adjusted EBITDA: |
|||||||||||||||
|
Depreciation and amortization expense |
90 |
33 |
160 |
57 |
|||||||||||
|
Loss (gain) from changes in fair value of commodity and FX derivatives, net |
(5) |
25 |
28 |
26 |
|||||||||||
|
Total non-cash compensation expense |
7 |
14 |
11 |
26 |
|||||||||||
|
Impairment expense and loss on sale of assets |
5 |
— |
5 |
10 |
|||||||||||
|
Consolidated Adjusted EBITDA |
$ |
371 |
$ |
(4) |
$ |
854 |
$ |
(48) |
|||||||
Distributable Cash Flow
The following table reconciles our forecast Consolidated Adjusted EBITDA and Distributable Cash Flow to forecast Net loss attributable to common stockholders for 2017 (in billions, except per share data):
|
2017 | |||||||
|
Net loss attributable to common stockholders |
$ |
(0.6) |
- |
$ |
(0.4) |
||
|
Net income (loss) attributable to non-controlling interest |
0.9 |
- |
0.9 |
||||
|
Income tax provision (benefit) |
(0.0) |
||||||
|
Interest expense, net of capitalized interest |
0.8 |
||||||
|
Loss on early extinguishment of debt |
0.1 |
||||||
|
Derivative loss, net |
0.0 |
||||||
|
Other expense (income) |
0.0 |
||||||
|
Income (loss) from operations |
$ |
1.2 |
- |
$ |
1.4 |
||
|
Adjustments to reconcile income (loss) from operations to Consolidated Adjusted EBITDA: |
|||||||
|
Depreciation and amortization expense |
0.4 |
||||||
|
Loss (gain) from changes in fair value of commodity and FX derivatives, net |
0.0 |
||||||
|
Total non-cash compensation expense |
0.0 |
||||||
|
Impairment expense and loss on sale of assets |
0.0 |
||||||
|
Consolidated Adjusted EBITDA |
$ |
1.6 |
- |
$ |
1.8 |
||
|
CQP/CQH minority interest |
(0.3) |
- |
(0.4) |
||||
|
SPL and CQP cash retained / interest expense / other |
(0.7) |
- |
(0.7) |
||||
|
CQP interest expense |
(0.1) |
||||||
|
CEI interest expense |
(0.0) |
||||||
|
CEI Distributable Cash Flow |
$ |
0.5 |
- |
$ |
0.7 |
||
|
Weighted average number of shares outstanding (in millions) |
238 |
||||||
|
CEI Distributable Cash Flow per Share |
$ |
2.10 |
$ |
2.80 |
|||
|
___________________ | ||||
|
Note: Totals may not sum due to rounding |
CONTACTS:
|
Investors |
|
|
Randy Bhatia: |
713-375-5479 |
|
Megan Light: |
713-375-5492 |
|
Media |
|
|
Eben Burnham-Snyder: |
713-375-5764 |
View original content with multimedia:http://www.prnewswire.com/news-releases/cheniere-reports-second-quarter-2017-results-raises-full-year-guidance-300500741.html
SOURCE Cheniere Energy, Inc.
Article Date
8/8/2017Cheniere Energy Partners LP Holdings, LLC Reports Second Quarter 2017 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 8, 2017 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE American: CQH) reported net income of $4.5 million, or $0.02 per common share, for the three months ended June 30, 2017, compared to net income of $4.4 million, or $0.02 per common share, for the comparable 2016 period. For the six months ended June 30, 2017, Cheniere Partners Holdings reported net income of $9.0 million, or $0.04 per common share, compared to net income of $8.9 million, or $0.04 per common share, during the corresponding period in 2016. Results include the distribution received from our limited partner interests in Cheniere Energy Partners, L.P. ("Cheniere Partners"), a publicly traded limited partnership (NYSE American: CQP).
Our only business consists of owning Cheniere Partners common units, Class B units and subordinated units representing an aggregate approximately 55.9% limited partner interest in Cheniere Partners as of June 30, 2017. Blackstone CQP Holdco LP owned Class B units representing an approximately 29% limited partner interest in Cheniere Partners as of June 30, 2017. Upon the conversion of the Class B units into common units on August 2, 2017, we and Blackstone CQP Holdco LP owned a limited partner interest in Cheniere Partners of approximately 48.6% and 40.3%, respectively.
SPL Project Update
|
SPL Project | |||||||
|
Liquefaction Train |
Trains 1-3 |
Train 4 |
Train 5 |
Train 6 | |||
|
Project Status |
Operational |
Commissioning |
Under Construction |
Permitted | |||
|
Expected Substantial Completion |
— |
2H 2017 |
2H 2019 |
— | |||
|
Expected DFCD Window Start |
Complete(1) |
1H 2018 |
2H 2019 |
— | |||
|
(1) Date of First Commercial Delivery ("DFCD") was achieved for Train 1 of the SPL Project (defined below) in November 2016, for Train 2 of the SPL Project in August 2017, and for Train 3 of the SPL Project in June 2017. |
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "SPL Project"). Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. Trains 1, 2, and 3 are operational, Train 4 is undergoing commissioning, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
Dividends
When Cheniere Partners makes cash distributions to us with respect to our Cheniere Partners units, we will pay dividends to our shareholders consisting of the cash that we receive from Cheniere Partners, less income taxes and reserves established by our Board of Directors. We will pay a quarterly cash dividend of $0.020 per common share on August 25, 2017 to shareholders of record as of close of business August 15, 2017.
2017 Full Year Dividend Guidance
|
2017 | |||||
|
Dividend per Share |
$ |
0.90 - 1.10 | |||
The expected increase in dividend per share for 2017 compared to 2016 is driven primarily by an expected increase in distributions received from Cheniere Partners for 2017.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the second quarter on Tuesday, August 8, 2017, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners Holdings.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns an approximately 48.6% limited partner interest in Cheniere Partners as of August 2, 2017. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates LNG regasification facilities and, adjacent to these facilities, plans to construct over time up to six Trains with an expected aggregate nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 27 mtpa. Trains 1, 2 and 3 are operational, Train 4 is undergoing commissioning, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
(Financial Tables Follow)
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | |||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
|
(in thousands, except per share data) (1) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Equity income from investment in Cheniere Partners |
$ |
5,085 |
$ |
5,085 |
$ |
10,169 |
$ |
10,169 |
|||||||
|
Expenses |
|||||||||||||||
|
General and administrative expense |
345 |
387 |
691 |
721 |
|||||||||||
|
General and administrative expense—affiliate |
263 |
257 |
527 |
514 |
|||||||||||
|
Total expenses |
608 |
644 |
1,218 |
1,235 |
|||||||||||
|
Net income |
$ |
4,477 |
$ |
4,441 |
$ |
8,951 |
$ |
8,934 |
|||||||
|
Net income per common share—basic and diluted |
$ |
0.02 |
$ |
0.02 |
$ |
0.04 |
$ |
0.04 |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
231,700 |
231,700 |
231,700 |
231,700 |
|||||||||||
|
Cash dividends declared per common share |
$ |
0.020 |
$ |
0.020 |
$ |
0.040 |
$ |
0.040 |
|||||||
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission. | |||||
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(in thousands, except share amounts) (1) | ||||||||
|
June 30, |
December 31, | |||||||
|
2017 |
2016 | |||||||
|
ASSETS |
(unaudited) |
|||||||
|
Current assets |
||||||||
|
Cash and cash equivalents |
$ |
453 |
$ |
219 |
||||
|
Receivables |
— |
153 |
||||||
|
Other current assets |
187 |
51 |
||||||
|
Total current assets |
640 |
423 |
||||||
|
Total assets |
$ |
640 |
$ |
423 |
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
|
Current liabilities |
||||||||
|
Accounts payable and accrued liabilities |
$ |
84 |
$ |
78 |
||||
|
Accrued liabilities—affiliate |
528 |
— |
||||||
|
Total current liabilities |
612 |
78 |
||||||
|
Shareholders' equity |
||||||||
|
Common shares: unlimited shares authorized, 231.7 million shares issued and outstanding at June 30, 2017 and December 31, 2016 |
664,931 |
664,931 |
||||||
|
Director voting share: 1 share authorized, issued and outstanding at June 30, 2017 and December 31, 2016 |
— |
— |
||||||
|
Additional paid-in-capital |
(271,757) |
(271,757) |
||||||
|
Accumulated deficit |
(393,146) |
(392,829) |
||||||
|
Total shareholders' equity |
28 |
345 |
||||||
|
Total liabilities and shareholders' equity |
$ |
640 |
$ |
423 |
||||
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission. | ||||||
|
CONTACTS: | |
|
Investors |
|
|
Randy Bhatia: |
713-375-5479 |
|
Megan Light: |
713-375-5492 |
|
Media |
|
|
Eben Burnham-Snyder: |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-energy-partners-lp-holdings-llc-reports-second-quarter-2017-results-300500743.html
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
8/8/2017Cheniere Energy Partners, L.P. Reports Second Quarter 2017 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 8, 2017 /PRNewswire/ --
Summary of Second Quarter 2017 Results (in millions, except LNG data)
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenues |
$ |
992 |
$ |
151 |
$ |
1,883 |
$ |
218 |
|||||||
|
Net income (loss) |
$ |
46 |
$ |
(100) |
$ |
93 |
$ |
(175) |
|||||||
|
Adjusted EBITDA1 |
$ |
283 |
$ |
51 |
$ |
602 |
$ |
63 |
|||||||
|
LNG exported: |
|||||||||||||||
|
Number of cargoes |
48 |
11 |
91 |
15 |
|||||||||||
|
Volumes (TBtu) |
170 |
38 |
322 |
52 |
|||||||||||
|
LNG volumes loaded (TBtu) |
167 |
38 |
321 |
53 |
|||||||||||
Recent Achievements
Strategic
Operational
Financial
Liquefaction Project Update
|
SPL Project | |||||||
|
Liquefaction Train |
Trains 1-3 |
Train 4 |
Train 5 |
Train 6 | |||
|
Project Status |
Operational |
Commissioning |
Under Construction |
Permitted | |||
|
Expected Substantial Completion |
— |
2H 2017 |
2H 2019 |
— | |||
|
Expected DFCD Window Start |
Complete(1) |
1H 2018 |
2H 2019 |
— | |||
|
(1) DFCD was achieved for Train 1 of the SPL Project in November 2016, for Train 2 of the SPL Project in August 2017, and for Train 3 of the SPL Project in June 2017. |
Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American: CQP) reported net income of $46 million and $93 million for the three and six months ended June 30, 2017, respectively, compared to net losses of $100 million and $175 million for the comparable periods in 2016. Adjusted EBITDA1 for the three and six months ended June 30, 2017 was $283 million and $602 million, respectively, compared to $51 million and $63 million for the comparable 2016 periods.
During the three and six months ended June 30, 2017, 48 and 91 LNG cargoes, respectively, were exported from the SPL Project, of which zero and 7, respectively, were commissioning cargoes.
Variances in results of operations for the three and six months ended June 30, 2017 as compared to the three and six months ended June 30, 2016 were primarily driven by the timing of completion of Trains and the length of each Train's operations within the periods being compared. Total revenues increased $841 million and $1.7 billion during the three and six months ended June 30, 2017, respectively, as compared to the three and six months ended June 30, 2016, respectively, primarily due to the increased volume of LNG sold that was recognized as revenues. LNG revenues in the second quarter of 2017 exceeded $900 million.
Total operating costs and expenses increased $654 million and $1.2 billion during the three and six months ended June 30, 2017, respectively, compared to the three and six months ended June 30, 2016. The increase in total operating costs and expenses was primarily due to an increase in cost of sales and, to a lesser extent, from increases in operating and maintenance expense and depreciation and amortization expense.
SPL Project Update
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "SPL Project"). Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. Trains 1, 2, and 3 are operational, Train 4 is undergoing commissioning, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
Distributions to Unitholders
We will pay a cash distribution per common unit of $0.425 to unitholders of record as of August 1, 2017 and the related general partner distribution on August 11, 2017.
2017 Full Year Distribution Guidance
|
2017 | |||||||
|
Distribution per Unit |
$ |
1.70 |
- |
$ |
1.90 |
||
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the second quarter on Tuesday, August 8, 2017, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners.
1 Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, SPL, is developing, constructing, and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development, construction, and operations. Trains 1, 2 and 3 are operational, Train 4 is undergoing commissioning, Train 5 is under construction and Train 6 is being commercialized and has all necessary regulatory approvals in place. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 mtpa of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
Cheniere Energy Partners, L.P. | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(in millions, except per unit data) (1) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Revenues |
|||||||||||||||
|
LNG revenues |
$ |
503 |
$ |
85 |
$ |
995 |
$ |
85 |
|||||||
|
LNG revenues—affiliate |
422 |
— |
753 |
— |
|||||||||||
|
Regasification revenues |
65 |
65 |
130 |
130 |
|||||||||||
|
Other revenues |
2 |
1 |
4 |
1 |
|||||||||||
|
Other revenues—affiliate |
— |
— |
1 |
2 |
|||||||||||
|
Total revenues |
992 |
151 |
1,883 |
218 |
|||||||||||
|
Operating costs and expenses |
|||||||||||||||
|
Cost of sales (excluding depreciation and amortization expense shown separately below) |
577 |
49 |
1,090 |
53 |
|||||||||||
|
Operating and maintenance expense |
82 |
24 |
132 |
42 |
|||||||||||
|
Operating and maintenance expense—affiliate |
21 |
11 |
39 |
22 |
|||||||||||
|
Development expense |
1 |
— |
1 |
— |
|||||||||||
|
General and administrative expense |
2 |
4 |
5 |
7 |
|||||||||||
|
General and administrative expense—affiliate |
23 |
21 |
45 |
43 |
|||||||||||
|
Depreciation and amortization expense |
86 |
29 |
152 |
48 |
|||||||||||
|
Total operating costs and expenses |
792 |
138 |
1,464 |
215 |
|||||||||||
|
Income from operations |
200 |
13 |
419 |
3 |
|||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest expense, net of capitalized interest |
(154) |
(72) |
(284) |
(115) |
|||||||||||
|
Loss on early extinguishment of debt |
— |
(27) |
(42) |
(28) |
|||||||||||
|
Derivative loss, net |
(3) |
(15) |
(3) |
(36) |
|||||||||||
|
Other income |
3 |
1 |
3 |
1 |
|||||||||||
|
Total other expense |
(154) |
(113) |
(326) |
(178) |
|||||||||||
|
Net income (loss) |
$ |
46 |
$ |
(100) |
$ |
93 |
$ |
(175) |
|||||||
|
Basic and diluted net loss per common unit |
$ |
(3.71) |
$ |
(0.21) |
$ |
(4.50) |
$ |
(0.29) |
|||||||
|
Weighted average number of common units outstanding used for basic and diluted net loss per common unit calculation |
57.1 |
57.1 |
57.1 |
57.1 |
|||||||||||
|
(1) |
Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission. |
|
Cheniere Energy Partners, L.P. | ||||||||
|
Consolidated Balance Sheets | ||||||||
|
(in millions, except unit data) (1) | ||||||||
|
June 30, |
December 31, | |||||||
|
2017 |
2016 | |||||||
|
ASSETS |
(unaudited) |
|||||||
|
Current assets |
||||||||
|
Cash and cash equivalents |
$ |
— |
$ |
— |
||||
|
Restricted cash |
865 |
605 |
||||||
|
Accounts and other receivables |
138 |
90 |
||||||
|
Accounts receivable—affiliate |
41 |
99 |
||||||
|
Advances to affiliate |
40 |
38 |
||||||
|
Inventory |
93 |
97 |
||||||
|
Other current assets |
39 |
29 |
||||||
|
Total current assets |
1,216 |
958 |
||||||
|
Non-current restricted cash |
698 |
— |
||||||
|
Property, plant and equipment, net |
14,922 |
14,158 |
||||||
|
Debt issuance costs, net |
73 |
121 |
||||||
|
Non-current derivative assets |
43 |
83 |
||||||
|
Other non-current assets, net |
211 |
222 |
||||||
|
Total assets |
$ |
17,163 |
$ |
15,542 |
||||
|
LIABILITIES AND PARTNERS' EQUITY |
||||||||
|
Current liabilities |
||||||||
|
Accounts payable |
$ |
44 |
$ |
27 |
||||
|
Accrued liabilities |
467 |
418 |
||||||
|
Current debt |
— |
224 |
||||||
|
Due to affiliates |
44 |
99 |
||||||
|
Deferred revenue |
65 |
73 |
||||||
|
Deferred revenue—affiliate |
1 |
1 |
||||||
|
Derivative liabilities |
2 |
14 |
||||||
|
Total current liabilities |
623 |
856 |
||||||
|
Long-term debt, net |
16,025 |
14,209 |
||||||
|
Non-current deferred revenue |
3 |
5 |
||||||
|
Non-current derivative liabilities |
1 |
2 |
||||||
|
Other non-current liabilities—affiliate |
25 |
27 |
||||||
|
Partners' equity |
||||||||
|
Common unitholders' interest (57.1 million units issued and outstanding at June 30, 2017 and December 31, 2016) |
(198) |
130 |
||||||
|
Class B unitholders' interest (145.3 million units issued and outstanding at June 30, 2017 and December 31, 2016) |
1,092 |
62 |
||||||
|
Subordinated unitholders' interest (135.4 million units issued and outstanding at June 30, 2017 and December 31, 2016) |
(420) |
240 |
||||||
|
General partner's interest (2% interest with 6.9 million units issued and outstanding at June 30, 2017 and December 31, 2016) |
12 |
11 |
||||||
|
Total partners' equity |
486 |
443 |
||||||
|
Total liabilities and partners' equity |
$ |
17,163 |
$ |
15,542 |
||||
|
(1) |
Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Securities and Exchange Commission. |
Reconciliation of Non-GAAP Measures
Regulation G Reconciliation
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.
Adjusted EBITDA is calculated by taking net income (loss) before interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt and changes in the fair value of our commodity derivatives. Adjusted EBITDA is not intended to represent cash flows from operations or net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of business performance. Management believes Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and six months ended June 30, 2017 and 2016 (in millions):
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (loss) |
$ |
46 |
$ |
(100) |
$ |
93 |
$ |
(175) |
|||||||
|
Interest expense, net of capitalized interest |
154 |
72 |
284 |
115 |
|||||||||||
|
Loss on early extinguishment of debt |
— |
27 |
42 |
28 |
|||||||||||
|
Derivative loss, net |
3 |
15 |
3 |
36 |
|||||||||||
|
Other income |
(3) |
(1) |
(3) |
(1) |
|||||||||||
|
Income from operations |
$ |
200 |
$ |
13 |
$ |
419 |
$ |
3 |
|||||||
|
Adjustments to reconcile income from operations to Adjusted EBITDA: |
|||||||||||||||
|
Depreciation and amortization expense |
86 |
29 |
152 |
48 |
|||||||||||
|
Loss (gain) from changes in fair value of commodity derivatives, net |
(3) |
9 |
31 |
12 |
|||||||||||
|
Adjusted EBITDA |
$ |
283 |
$ |
51 |
$ |
602 |
$ |
63 |
|||||||
CONTACTS:
|
Investors |
|
|
Randy Bhatia: |
713-375-5479 |
|
Megan Light: |
713-375-5492 |
|
Media |
|
|
Eben Burnham-Snyder: |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-energy-partners-lp-reports-second-quarter-2017-results-300500742.html
SOURCE Cheniere Energy Partners, L.P.
Article Date
8/8/2017Cheniere Energy Partners LP Holdings, LLC Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 4, 2017 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC (NYSE American: CQH) ("Cheniere Partners Holdings" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend of $0.020 per common share representing limited liability company interest in the Company. The dividend will be payable on August 25, 2017 to shareholders of record as of close of business August 15, 2017.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 48.6% limited partner interest in Cheniere Energy Partners, L.P. (NYSE American: CQP) ("Cheniere Partners"), a publicly traded limited partnership. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates liquefied natural gas ("LNG") regasification facilities and, adjacent to these facilities, plans to construct over time up to six natural gas liquefaction trains ("Trains") with an expected aggregate nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 27 mtpa. Trains 1, 2 and 3 are operational, Train 4 is undergoing commissioning, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
CONTACTS:
|
Investors |
|
|
Randy Bhatia: |
713-375-5479 |
|
Megan Light: |
713-375-5492 |
|
Media |
|
|
Eben Burnham-Snyder: |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-energy-partners-lp-holdings-llc-declares-quarterly-dividend-300499616.html
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
8/4/2017Cheniere Energy Partners Declares Quarterly Distributions
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 21, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) today declared (i) a cash distribution per common unit of $0.425 ($1.70 annualized) to unitholders of record as of August 1, 2017, and (ii) the related distribution to its general partner. All of these distributions are payable on August 11, 2017.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development, construction and operations. Trains 1, 2, and 3 have commenced commercial operations, Train 4 is undergoing commissioning, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
|
CONTACTS: |
|
|
Investors |
|
|
Randy Bhatia: |
713-375-5479 |
|
Megan Light: |
713-375-5492 |
|
Media |
|
|
Eben Burnham-Snyder: |
713-375-5764 |
View original content:http://www.prnewswire.com/news-releases/cheniere-energy-partners-declares-quarterly-distributions-300491963.html
SOURCE Cheniere Energy Partners, L.P.
Article Date
7/21/2017Cheniere Energy Partners LP Holdings, LLC Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 9, 2017 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH) ("Cheniere Partners Holdings" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend of $0.020 per common share representing limited liability company interest in the Company. The dividend will be payable on May 30, 2017 to shareholders of record as of close of business May 19, 2017.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Energy Partners, L.P. (NYSE MKT: CQP) ("Cheniere Partners"), a publicly traded limited partnership. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates liquefied natural gas ("LNG") regasification facilities and, adjacent to these facilities, plans to construct over time up to six natural gas liquefaction trains ("Trains") with an expected aggregate nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 27 mtpa. Trains 1, 2 and 3 have commenced commercial operations, Train 4 is undergoing commissioning, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
|
CONTACTS: |
|
|
Investors |
|
|
Randy Bhatia: |
713-375-5479 |
|
Megan Light: |
713-375-5492 |
|
Media |
|
|
Eben Burnham-Snyder: |
713-375-5764 |
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
5/9/2017Cheniere Energy Partners LP Holdings, LLC Posts 2016 Annual Report
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 28, 2017 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH) ("Cheniere Partners Holdings" or the "Company") announced today that its 2016 Annual Report on Form 10-K is now available on the Company's website located at www.cheniere.com. The Company has also filed its 2016 Annual Report with the U.S. Securities and Exchange Commission. Upon request, Cheniere Partners Holdings will provide a hard copy of the Company's audited financial statements, as contained in its 2016 Annual Report, to shareholders free of charge. Requests can be made on the Company's website or in writing to Cheniere Energy Partners LP Holdings, LLC, Attn: Investor Relations, 700 Milam Street, Suite 1900, Houston, Texas, 77002.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Energy Partners, L.P. (NYSE MKT: CQP) ("Cheniere Partners"), a publicly traded limited partnership. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates LNG regasification facilities and, adjacent to these facilities, plans to construct over time up to six natural gas liquefaction trains ("Trains") with an expected aggregate nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 27 mtpa. Trains 1, 2 and 3 have commenced commercial operations, Train 4 is undergoing commissioning, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
|
CONTACTS: | |
|
Investors | |
|
Randy Bhatia: |
713-375-5479 |
|
Megan Light: |
713-375-5492 |
|
Media | |
|
Eben Burnham-Snyder: |
713-375-5764 |
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
4/28/2017Cheniere Energy Partners Declares Quarterly Distributions
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 21, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) today declared (i) a cash distribution per common unit of $0.425 ($1.70 annualized) to unitholders of record as of May 2, 2017, and (ii) the related distribution to its general partner. All of these distributions are payable on May 15, 2017.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development, construction and operations. Trains 1, 2, and 3 have commenced commercial operations, Train 4 is undergoing commissioning, Train 5 is under construction, and Train 6 is fully permitted and being commercialized. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
4/21/20174/3/2017 - Cheniere Energy Celebrates 100th LNG Cargo
Cheniere Energy Celebrates 100th LNG Cargo
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 3, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. (NYSE MKT: CQP), a subsidiary of Cheniere Energy, Inc. (NYSE MKT: LNG), today announced that the 100th cargo of liquefied natural gas (LNG) has left the company's Sabine Pass liquefaction facility, marking a significant milestone in Cheniere's ramp-up of LNG operations.
Including the 100th cargo, which departed on Saturday from the Sabine Pass liquefaction facility, since the first shipment on February 24, 2016, Cheniere has delivered cargoes to 18 countries on five continents.
"This milestone for Cheniere is a testament to the global demand for American LNG, the hard work and dedication of Cheniere's workforce, and our unique business model that enables customers large and small to access this fuel," said Jack Fusco, Cheniere's President and CEO. "Our entire workforce shares in this milestone and in Cheniere's future success."
In February 2016, Cheniere became the first company to ship LNG from the contiguous United States in over 50 years, and is currently the only exporter of U.S. LNG. In addition to three fully-operational LNG trains at Sabine Pass, train four has entered the commissioning process and is expected to reach substantial completion in the second half of 2017. Train five is currently under construction, and is expected to become operational in 2019, and train six is fully permitted and being commercialized. In addition, Cheniere Energy currently has two trains under construction at its liquefaction project near Corpus Christi, Texas with operations at both trains expected to begin in 2019.
Across the liquefaction projects at Sabine Pass and Corpus Christi, Cheniere and its subsidiaries are expected to invest approximately $30 billion in U.S. energy infrastructure, create tens of thousands of jobs, promote domestic energy production, and reduce our trade deficit.
Cheniere's unique business model provides a full-service LNG offering to customers worldwide, which includes acquiring, transporting, and processing pipeline gas, and providing LNG to customers either at the tailgate of the LNG terminal, or on a delivered basis to markets around the world.
Forward-Looking Statements:
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.; Cheniere Energy, Inc.
Article Date
4/3/20173/31/2017 - Cheniere Partners Announces Substantial Completion of Train 3 at the Sabine Pass Liquefaction Project
Cheniere Partners Announces Substantial Completion of Train 3 at the Sabine Pass Liquefaction Project
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, March 31, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) today announced that Substantial Completion of Train 3 of the Sabine Pass liquefaction project in Cameron Parish, Louisiana (the "SPL Project") was achieved on March 28, 2017. Commissioning has been completed and Cheniere Partners' EPC partner Bechtel Oil, Gas and Chemicals, Inc. is turning over care, custody, and control of Train 3 to Cheniere Partners.
Under a sale and purchase agreement ("SPA") with Korea Gas Corporation, the date of first commercial delivery ("DFCD") for Train 3 of the SPL Project is expected to occur in June 2017, upon which the SPA's 20-year term commences.
With the achievement of Substantial Completion, financial results of LNG sales from Train 3 going forward will be reflected in the statement of operations of Cheniere Partners and its affiliates.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development, construction and operations. Trains 1, 2, and 3 have achieved Substantial Completion, Train 4 is in the commissioning process, Train 5 is under construction, and Train 6 is fully permitted and being commercialized. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG SPAs that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with DFCD of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Form 10-K for the period ending December 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
3/31/2017Cheniere Partners Announces Pricing of $1.35 Billion Senior Secured Notes due 2028 by Sabine Pass Liquefaction, LLC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 28, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that its wholly owned subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), has priced its previously announced offering of $1.35 billion principal amount of Senior Secured Notes due 2028 (the "SPL 2028 Notes"). The SPL 2028 Notes will bear interest at a rate of 4.200% per annum and will be issued at a price equal to 99.903% of par to yield 4.211%. The SPL 2028 Notes will mature on March 15, 2028. The closing of the offering of the SPL 2028 Notes is expected to occur on March 6, 2017.
SPL intends to use the net proceeds from the offering (after deducting the initial purchasers' commissions, estimated fees and expenses and incremental interest during construction related to the SPL 2028 Notes) to pay capital costs in connection with the construction of Trains 1 through 5 of the Sabine Pass Liquefaction Project. In connection with the offering, SPL will reduce commitments on a ratable basis under its credit facilities (the "2015 SPL Credit Facilities") of approximately $1.2 billion to zero and terminate the 2015 SPL Credit Facilities. The SPL 2028 Notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of SPL, including its outstanding senior secured notes due 2021, senior secured notes due 2022, senior secured notes due 2023, senior secured notes due 2024, senior secured notes due 2025, senior secured notes due 2026, senior secured notes due 2027, senior secured notes due 2037 and its obligations under its working capital facility.
The offer of the SPL 2028 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the SPL 2028 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
2/28/2017Cheniere Energy, Inc. Reports Fourth Quarter and Full Year 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 28, 2017 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) reported net income1 of $109.7 million, or $0.48 per share (basic and diluted), for the three months ended December 31, 2016, compared to a net loss1 of $291.1 million, or $1.28 per share (basic and diluted), for the comparable 2015 period. Net Loss, As Adjusted2 was $78.1 million, or $0.34 per share (basic and diluted), for the three months ended December 31, 2016, compared to a Net Loss, As Adjusted of $154.8 million, or $0.68 per share (basic and diluted), for the comparable 2015 period.
For the twelve months ended December 31, 2016, Cheniere reported a net loss of $610.0 million, or $2.67 per share (basic and diluted), compared to a net loss of $975.1 million, or $4.30 per share (basic and diluted), for the comparable 2015 period. For the twelve months ended December 31, 2016, Net Loss, As Adjusted was $447.2 million, or $1.95 per share (basic and diluted), compared to a Net Loss, As Adjusted of $653.3 million, or $2.88 per share (basic and diluted), for the comparable 2015 period.
For the three and twelve months ended December 31, 2016, Net Loss, As Adjusted excludes the impact of changes in the fair value of our interest rate, commodity and foreign currency exchange ("FX") derivatives, loss on early extinguishment of debt, restructuring expense, amortization of the beneficial conversion feature related to certain Class B units of Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) and impairment expense. Loss on early extinguishment of debt was associated with the write-off of debt issuance costs by Sabine Pass Liquefaction, LLC ("SPL") and Cheniere Corpus Christi Holdings, LLC ("CCH") in connection with the refinancing of a portion of their credit facilities, by Sabine Pass LNG, L.P. ("SPLNG") as a result of the redemption of its senior notes, and by Cheniere Creole Trail Pipeline, L.P. as a result of the prepayment of its outstanding term loan. For the three and twelve months ended December 31, 2015, Net Loss, As Adjusted excludes the impact of changes in the fair value of interest rate, commodity and FX derivatives, loss on early extinguishment of debt related to the write-off of debt issuance costs by SPL primarily in connection with the refinancing of a portion of its credit facilities, the write-off of debt issuance costs by CCH primarily in connection with the termination of a portion of its credit facility and note commitments, restructuring expense, amortization of the beneficial conversion feature and impairment expense.
"The fourth quarter of 2016 was another milestone quarter for Cheniere, as today we report financial results driven by nearly a full quarter of LNG production from the first two Trains at Sabine Pass," said Jack Fusco, Cheniere's President and CEO. "Transition and execution will remain central themes for Cheniere in 2017, as we expect Trains 3 and 4 at Sabine Pass to begin commercial operations, with Train 3 having produced its first commissioning cargo in January. The financial and operational results we are reporting today reflect our employees' steadfast dedication to execution on our goals."
Fourth Quarter 2016 Highlights
Fourth Quarter and Full Year 2016 Results
Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Partners as of December 31, 2016 consisted of 100% ownership of the general partner of Cheniere Partners and 82.6% ownership interest in Cheniere Partners Holdings which owns a 55.9% limited partner interest in Cheniere Partners.
Adjusted EBITDA2 for the three and twelve months ended December 31, 2016 was $134.2 million and $153.6 million, respectively, compared to losses of $90.6 million and $228.6 million, respectively, for the comparable 2015 periods. During the three months ended December 31, 2016, a total of 24 LNG cargoes were loaded and exported from the Sabine Pass Liquefaction Project, none of which were commissioning cargoes.
Total operating costs and expenses increased $139.7 million and $592.3 million during the three and twelve months ended December 31, 2016 compared to the three and twelve months ended December 31, 2015, respectively, generally as a result of the commencement of operations of Train 1 and Train 2 of the Sabine Pass Liquefaction Project in May and September 2016, respectively. Depreciation and amortization expense increased during the three and twelve months ended December 31, 2016 from the comparable 2015 periods as we began depreciation of our assets related to Train 1 and Train 2 of the Sabine Pass Liquefaction Project upon reaching substantial completion. Selling, general and administrative expense during the three and twelve months ended December 31, 2016 decreased from the comparable 2015 periods, primarily due to the timing of share-based compensation recognition and the recognition of certain employee-related costs within restructuring expense during the three and twelve months ended December 31, 2016 historically reported in selling, general and administrative expense, a reduction in certain professional services fees, and reallocation of costs from selling, general and administrative activities to operating and maintenance activities following commencement of operations at the Sabine Pass Liquefaction Project.
As a result of restructuring efforts initiated in 2015, during the three and twelve months ended December 31, 2016 we recorded $12.2 million and $61.4 million, respectively, of restructuring charges and other costs associated with restructuring and operational efficiency initiatives compared to $60.8 million for each of the three and twelve months ended December 31, 2015 for which the majority of these charges required, or will require, cash expenditure. Included in these amounts are $3.9 million and $46.9 million for share-based compensation for the three and twelve months ended December 31, 2016, respectively, and $57.9 million for each of the three and twelve months ended December 31, 2015. Charges related to restructuring efforts were recorded within restructuring expense on our Consolidated Statements of Operations and substantially all related to severance and other employee-related costs.
Included in selling, general and administrative expense were share-based compensation expenses of $7.0 million and $38.2 million for the three and twelve months ended December 31, 2016, respectively, compared to $17.2 million and $102.4 million for the comparable 2015 periods, respectively.
Liquefaction Projects Update
Sabine Pass Liquefaction Project
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project"). Each train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG.
The Trains are in various stages of operation, construction, and development.
|
Sabine Pass Liquefaction Project | |||||||
|
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 | |||
|
Project Status |
Operational |
Operational |
96% Overall Completion |
52% Overall Completion | |||
|
Expected Substantial Completion |
- |
- |
T3 - 1Q 2017 T4 - 2H 2017 |
2H 2019 | |||
Corpus Christi LNG Terminal
We are developing up to three Trains near Corpus Christi, Texas (the "CCL Project"). Each train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 mtpa of LNG.
The Trains are in various stages of construction and development:
Additionally, we are developing two additional trains adjacent to the CCL Project and have initiated the regulatory approval process with respect to those Trains.
|
Corpus Christi LNG Terminal | |
|
Liquefaction Train |
Trains 1-2 |
|
Project Status |
49% Overall Completion |
|
Expected Substantial Completion |
T1 - 1H 2019 T2 - 2H 2019 |
Investor Conference Call and Webcast
We will host a conference call to discuss our financial and operating results for the fourth quarter and full year on Tuesday, February 28, 2017, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.
1 Reported as Net income (loss) attributable to common stockholders on our Consolidated Statements of Operations.
2 Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details.
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing, constructing, and operating liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.
For additional information, please refer to the Cheniere website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
Cheniere Energy, Inc. Consolidated Statements of Operations (in thousands, except per share data) | |||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended |
Year Ended | ||||||||||||||
|
December 31, |
December 31, (1) | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenues |
|||||||||||||||
|
LNG revenues |
$ |
504,140 |
$ |
1,667 |
$ |
1,016,133 |
$ |
66 |
|||||||
|
Regasification revenues |
67,262 |
65,832 |
265,405 |
265,720 |
|||||||||||
|
Other revenues |
184 |
933 |
1,629 |
5,099 |
|||||||||||
|
Total revenues |
571,586 |
68,432 |
1,283,167 |
270,885 |
|||||||||||
|
Operating costs and expenses |
|||||||||||||||
|
Cost (cost recovery) of sales (excluding depreciation and amortization expense shown separately below) |
229,358 |
7,044 |
581,917 |
(15,033) |
|||||||||||
|
Operating and maintenance expense |
72,731 |
23,404 |
216,220 |
94,800 |
|||||||||||
|
Development expense |
2,129 |
4,501 |
6,838 |
42,141 |
|||||||||||
|
Selling, general and administrative expense |
62,693 |
99,888 |
259,692 |
363,093 |
|||||||||||
|
Depreciation and amortization expense |
67,960 |
23,119 |
174,042 |
82,680 |
|||||||||||
|
Restructuring expense |
12,213 |
60,769 |
61,409 |
60,769 |
|||||||||||
|
Impairment expense |
477 |
90,744 |
10,572 |
91,317 |
|||||||||||
|
Other |
1,655 |
84 |
1,844 |
431 |
|||||||||||
|
Total operating costs and expenses |
449,216 |
309,553 |
1,312,534 |
720,198 |
|||||||||||
|
Income (loss) from operations |
122,370 |
(241,121) |
(29,367) |
(449,313) |
|||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest expense, net of capitalized interest |
(158,033) |
(83,419) |
(488,390) |
(322,083) |
|||||||||||
|
Loss on early extinguishment of debt |
(52,605) |
(27,907) |
(135,142) |
(124,180) |
|||||||||||
|
Derivative gain (loss), net |
232,098 |
38,484 |
(10,130) |
(203,639) |
|||||||||||
|
Other income |
5,708 |
1,188 |
144 |
1,804 |
|||||||||||
|
Total other income (expense) |
27,168 |
(71,654) |
(633,518) |
(648,098) |
|||||||||||
|
Income (loss) before income taxes and non-controlling interest |
149,538 |
(312,775) |
(662,885) |
(1,097,411) |
|||||||||||
|
Income tax benefit (provision) |
3 |
198 |
(1,908) |
96 |
|||||||||||
|
Net income (loss) |
149,541 |
(312,577) |
(664,793) |
(1,097,315) |
|||||||||||
|
Less: net income (loss) attributable to non-controlling interest |
39,834 |
(21,480) |
(54,802) |
(122,206) |
|||||||||||
|
Net income (loss) attributable to common stockholders |
$ |
109,707 |
$ |
(291,097) |
$ |
(609,991) |
$ |
(975,109) |
|||||||
|
Net income (loss) per share attributable to common stockholders—basic and diluted |
$ |
0.48 |
$ |
(1.28) |
$ |
(2.67) |
$ |
(4.30) |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
229,705 |
227,658 |
228,768 |
226,903 |
|||||||||||
|
(1) |
Please refer to the Cheniere Energy, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission. | ||||||||
|
Cheniere Energy, Inc. Consolidated Balance Sheets (in thousands, except share data)(1) | |||||||
|
December 31, | |||||||
|
2016 |
2015 | ||||||
|
ASSETS |
|||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
875,836 |
$ |
1,201,112 |
|||
|
Restricted cash |
859,898 |
503,397 |
|||||
|
Accounts and other receivables |
217,925 |
5,749 |
|||||
|
Inventory |
160,161 |
18,125 |
|||||
|
Derivative assets |
23,750 |
3,416 |
|||||
|
Other current assets |
100,748 |
50,787 |
|||||
|
Total current assets |
2,238,318 |
1,782,586 |
|||||
|
Non-current restricted cash |
90,819 |
31,722 |
|||||
|
Property, plant and equipment, net |
20,635,294 |
16,193,907 |
|||||
|
Debt issuance costs, net |
276,551 |
378,677 |
|||||
|
Non-current derivative assets |
82,861 |
30,887 |
|||||
|
Goodwill |
76,819 |
76,819 |
|||||
|
Other non-current assets, net |
302,075 |
314,455 |
|||||
|
Total assets |
$ |
23,702,737 |
$ |
18,809,053 |
|||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable |
$ |
48,577 |
$ |
22,820 |
|||
|
Accrued liabilities |
637,097 |
427,199 |
|||||
|
Current debt, net |
247,467 |
1,673,379 |
|||||
|
Deferred revenue |
72,631 |
26,669 |
|||||
|
Derivative liabilities |
70,673 |
35,201 |
|||||
|
Other current liabilities |
224 |
— |
|||||
|
Total current liabilities |
1,076,669 |
2,185,268 |
|||||
|
Long-term debt, net |
21,687,532 |
14,920,427 |
|||||
|
Non-current deferred revenue |
5,500 |
9,500 |
|||||
|
Non-current derivative liabilities |
45,106 |
79,387 |
|||||
|
Other non-current liabilities |
49,534 |
53,068 |
|||||
|
Commitments and contingencies |
|||||||
|
Stockholders' equity |
|||||||
|
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued |
— |
— |
|||||
|
Common stock, $0.003 par value |
|||||||
|
Authorized: 480.0 million shares at December 31, 2016 and 2015 |
|||||||
|
Issued: 250.1 million shares and 247.3 million shares at December 31, 2016 and 2015, respectively |
|||||||
|
Outstanding: 238.0 million shares and 235.6 million shares at December 31, 2016 and 2015, respectively |
714 |
708 |
|||||
|
Treasury stock: 12.2 million shares and 11.6 million shares at December 31, 2016 and 2015, respectively, at cost |
(374,324) |
(353,927) |
|||||
|
Additional paid-in-capital |
3,211,124 |
3,075,317 |
|||||
|
Accumulated deficit |
(4,233,939) |
(3,623,948) |
|||||
|
Total stockholders' deficit |
(1,396,425) |
(901,850) |
|||||
|
Non-controlling interest |
2,234,821 |
2,463,253 |
|||||
|
Total equity |
838,396 |
1,561,403 |
|||||
|
Total liabilities and equity |
$ |
23,702,737 |
$ |
18,809,053 |
|||
|
(1) |
Please refer to the Cheniere Energy, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission. | ||||
As of December 31, 2016, we had cash and cash equivalents of $875.8 million available to Cheniere. In addition, we had current and non-current restricted cash of $950.7 million (which included current and non-current restricted cash available to us and our subsidiaries) designated for the following purposes: $270.5 million for the CCL Project, $358.0 million for the Sabine Pass Liquefaction Project, $247.0 million for restricted purposes under the terms of Cheniere Partners' credit facilities and $75.2 million for other restricted purposes.
Reconciliation of Non-GAAP Measures
Regulation G Reconciliations
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains non-GAAP financial measures. Adjusted EBITDA, Net Loss, As Adjusted and Net Loss per share, As Adjusted are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.
Adjusted EBITDA represents net income (loss) attributable to Cheniere before net income (loss) attributable to the non-controlling interest, interest, taxes, depreciation and amortization, adjusted for certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, as detailed in the following reconciliation. Adjusted EBITDA is not intended to represent cash flows from operations or net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of business performance. We believe Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items, and items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.
Adjusted EBITDA is calculated by taking net income (loss) attributable to common stockholders before net income (loss) attributable to non-controlling interest, interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, changes in the fair value of our commodity and FX derivatives and non-cash compensation expense. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management's own evaluation of performance.
Net Loss, As Adjusted represents net income (loss) attributable to common stockholders and Net Loss per share, As Adjusted represents Cheniere's basic and diluted earnings per share, in each case adjusted for certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, net of the portion attributable to non-controlling interests, including changes in the fair value of our interest rate, commodity and FX derivatives, the effects of modifications or extinguishments of debt, amortization of the beneficial conversion feature of certain CQP Class B units, costs related to restructuring activities, and impairment expense. Net Loss, As Adjusted and Net Loss per share, As Adjusted are presented because we believe they are useful tools for assessing the operating performance of Cheniere. Net Loss, As Adjusted and Net Loss per share, As Adjusted are not intended to represent net income (loss) attributable to common stockholders and net income (loss) per share attributable to common stockholders, the most comparable U.S. GAAP measures, respectively, as indicators of operating performance, and are not necessarily comparable to measures reported by other companies.
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and twelve months ended December 31, 2016 and 2015 (in thousands):
|
Three Months Ended |
Year Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net income (loss) attributable to common stockholders |
$ |
109,707 |
$ |
(291,097) |
$ |
(609,991) |
$ |
(975,109) |
|||||||
|
Net income (loss) attributable to non-controlling interest |
39,834 |
(21,480) |
(54,802) |
(122,206) |
|||||||||||
|
Income tax provision (benefit) |
(3) |
(198) |
1,908 |
(96) |
|||||||||||
|
Interest expense, net of capitalized interest |
158,033 |
83,419 |
488,390 |
322,083 |
|||||||||||
|
Loss on early extinguishment of debt |
52,605 |
27,907 |
135,142 |
124,180 |
|||||||||||
|
Derivative loss (gain), net |
(232,098) |
(38,484) |
10,130 |
203,639 |
|||||||||||
|
Other income |
(5,708) |
(1,188) |
(144) |
(1,804) |
|||||||||||
|
Income (loss) from operations |
$ |
122,370 |
$ |
(241,121) |
$ |
(29,367) |
$ |
(449,313) |
|||||||
|
Adjustments to reconcile income (loss) from operations to Adjusted EBITDA: |
|||||||||||||||
|
Depreciation and amortization expense |
67,960 |
23,119 |
174,042 |
82,680 |
|||||||||||
|
Gain from changes in fair value of commodity and FX derivatives, net |
(59,877) |
(698) |
(36,982) |
(32,893) |
|||||||||||
|
Total non-cash compensation expense |
3,290 |
37,309 |
35,305 |
79,583 |
|||||||||||
|
Impairment expense |
477 |
90,744 |
10,572 |
91,317 |
|||||||||||
|
Adjusted EBITDA |
$ |
134,220 |
$ |
(90,647) |
$ |
153,570 |
$ |
(228,626) |
|||||||
Net Loss, As Adjusted and Net Loss per share, As Adjusted
The following tables reconcile our Net Loss, As Adjusted and Net Loss per share, As Adjusted to U.S. GAAP results for the three and twelve months ended December 31, 2016 and 2015 (in thousands, except per share data):
|
Three Months Ended |
Year Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net income (loss) attributable to common stockholders |
$ |
109,707 |
$ |
(291,097) |
$ |
(609,991) |
$ |
(975,109) |
|||||||
|
Add: |
|||||||||||||||
|
Restructuring expense |
12,213 |
60,769 |
61,409 |
60,769 |
|||||||||||
|
Impairment expense |
477 |
90,744 |
10,572 |
91,317 |
|||||||||||
|
Loss on early extinguishment of debt |
52,605 |
27,907 |
135,142 |
124,180 |
|||||||||||
|
Loss (gain) from changes in fair value of interest rate derivatives, net |
(246,049) |
(45,091) |
(34,135) |
101,703 |
|||||||||||
|
Gain from changes in fair value of commodity and FX derivatives, net |
(59,877) |
(698) |
(36,982) |
(32,893) |
|||||||||||
|
Amortization of beneficial conversion feature allocated to Class B units of CQP not owned by Cheniere |
24,603 |
162 |
33,925 |
225 |
|||||||||||
|
Less: |
|||||||||||||||
|
Adjustments attributable to non-controlling interest |
(28,228) |
(2,460) |
7,144 |
23,515 |
|||||||||||
|
Net Loss, As Adjusted |
$ |
(78,093) |
$ |
(154,844) |
$ |
(447,204) |
$ |
(653,323) |
|||||||
|
Net income (loss) per share attributable to common stockholders—basic and diluted |
$ |
0.48 |
$ |
(1.28) |
$ |
(2.67) |
$ |
(4.30) |
|||||||
|
Add: |
|||||||||||||||
|
Restructuring expense |
0.05 |
0.27 |
0.27 |
0.27 |
|||||||||||
|
Impairment expense |
— |
0.40 |
0.05 |
0.40 |
|||||||||||
|
Loss on early extinguishment of debt |
0.23 |
0.12 |
0.59 |
0.55 |
|||||||||||
|
Loss (gain) from changes in fair value of interest rate derivatives, net |
(1.07) |
(0.20) |
(0.15) |
0.45 |
|||||||||||
|
Gain from changes in fair value of commodity and FX derivatives, net |
(0.26) |
— |
(0.16) |
(0.14) |
|||||||||||
|
Amortization of beneficial conversion feature allocated to Class B units of CQP not owned by Cheniere |
0.11 |
— |
0.15 |
— |
|||||||||||
|
Less: |
|||||||||||||||
|
Adjustments attributable to non-controlling interest |
(0.12) |
(0.01) |
0.03 |
0.10 |
|||||||||||
|
Net Loss per share, As Adjusted—basic and diluted(1) |
$ |
(0.34) |
$ |
(0.68) |
$ |
(1.95) |
$ |
(2.88) |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
229,705 |
227,658 |
228,768 |
226,903 |
|||||||||||
|
(1) |
Numbers may not foot due to rounding. | |
Logo - http://photos.prnewswire.com/prnh/20090611/AQ31545LOGO
SOURCE Cheniere Energy, Inc.
Article Date
2/28/20172/28/2017 - Cheniere Energy Partners LP Holdings, LLC Reports Fourth Quarter and Full Year 2016 Results
Cheniere Energy Partners LP Holdings, LLC Reports Fourth Quarter and Full Year 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 28, 2017 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) reported net income of $4.5 million, or $0.02 per common share, for the three months ended December 31, 2016, compared to net income of $4.6 million, or $0.02 per common share, for the comparable 2015 period. For the twelve months ended December 31, 2016, Cheniere Partners Holdings reported net income of $17.8 million, or $0.08 per common share, compared to net income of $18.2 million, or $0.08 per common share, during the corresponding period in 2015. Results include the distribution received from our limited partner interests in Cheniere Energy Partners, L.P. ("Cheniere Partners"), a publicly traded limited partnership (NYSE MKT: CQP).
Our only business consists of owning Cheniere Partners common units, Class B units and subordinated units representing an aggregate approximately 55.9% limited partner interest in Cheniere Partners as of December 31, 2016.
Fourth Quarter 2016 Highlights
Sabine Pass Liquefaction Project Update
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project"). Each train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG.
The Trains are in various stages of operation, construction, and development.
|
Sabine Pass Liquefaction Project | ||||
|
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 |
|
Project Status |
Operational |
Operational |
96% Overall |
52% Overall |
|
Expected Substantial Completion |
- |
- |
T3 - 1Q 2017 T4 - 2H 2017 |
2019 |
Dividends
When Cheniere Partners makes cash distributions to us with respect to our Cheniere Partners units, we will pay dividends to our shareholders consisting of the cash that we receive from Cheniere Partners, less income taxes and reserves established by our Board of Directors.
On February 8, 2017 we announced that our Board of Directors declared a quarterly cash dividend of $0.020 per common share representing limited liability company interests in Cheniere Partners Holdings. The dividend will be payable on February 28, 2017 to shareholders of record as of the close of business on February 17, 2017.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the fourth quarter and full year on Tuesday, February 28, 2017, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners Holdings.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Partners. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates LNG regasification facilities and, adjacent to these facilities, plans to construct over time up to six Trains with an expected aggregate nominal production capacity of approximately 27 mtpa before taking into account planned maintenance and production reliability. Trains 1 and 2 have commenced commercial operations, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction, and Train 6 is fully permitted.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | |||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
|
(in thousands, except per share data) | |||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended |
Year Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Equity income from investment in Cheniere Partners |
$ |
5,085 |
$ |
5,085 |
$ |
20,338 |
$ |
20,338 |
|||||||
|
Expenses |
|||||||||||||||
|
General and administrative expense |
306 |
275 |
1,511 |
1,150 |
|||||||||||
|
General and administrative expense—affiliate |
257 |
254 |
1,029 |
1,015 |
|||||||||||
|
Total expenses |
563 |
529 |
2,540 |
2,165 |
|||||||||||
|
Net income |
$ |
4,522 |
$ |
4,556 |
$ |
17,798 |
$ |
18,173 |
|||||||
|
Net income per common share—basic and diluted |
$ |
0.02 |
$ |
0.02 |
$ |
0.08 |
$ |
0.08 |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
231,700 |
231,700 |
231,700 |
231,700 |
|||||||||||
|
Cash dividends declared per common share |
$ |
0.020 |
$ |
0.020 |
$ |
0.080 |
$ |
0.079 |
|||||||
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission. | |||||
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(in thousands, except share amounts) (1) | ||||||||
|
December 31, | ||||||||
|
2016 |
2015 | |||||||
|
ASSETS |
||||||||
|
Current assets |
||||||||
|
Cash and cash equivalents |
$ |
219 |
$ |
917 |
||||
|
Receivables |
153 |
157 |
||||||
|
Other current assets |
51 |
26 |
||||||
|
Total current assets |
423 |
1,100 |
||||||
|
Other non-current assets |
— |
95 |
||||||
|
Total assets |
$ |
423 |
$ |
1,195 |
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
|
Current liabilities |
||||||||
|
Accounts payable and accrued liabilities |
$ |
78 |
$ |
106 |
||||
|
Accrued liabilities—affiliate |
— |
6 |
||||||
|
Total current liabilities |
78 |
112 |
||||||
|
Shareholders' equity |
||||||||
|
Common shares: unlimited shares authorized, 231.7 million shares issued and outstanding at December 31, 2016 and 2015 |
664,931 |
664,931 |
||||||
|
Director voting share: 1 share authorized, issued and outstanding at December 31, 2016 and 2015 |
— |
— |
||||||
|
Additional paid-in-capital |
(271,757) |
(271,757) |
||||||
|
Accumulated deficit |
(392,829) |
(392,091) |
||||||
|
Total shareholders' equity |
345 |
1,083 |
||||||
|
Total liabilities and shareholders' equity |
$ |
423 |
$ |
1,195 |
||||
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission. | ||||||
CONTACT:
Investors: Randy Bhatia: 713-375-5479
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
2/28/2017Cheniere Energy Partners, L.P. Reports Fourth Quarter and Full Year 2016 Results
Source: PR Newswire
HOUSTON, Feb. 28, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) reported net income of $85.3 million and a net loss of $171.2 million for the three and twelve months ended December 31, 2016, respectively, compared to a net loss of $56.0 million and $318.9 million for the same periods in 2015, respectively. Adjusted EBITDA1 for the three and twelve months ended December 31, 2016 was $202.0 million and $365.5 million, respectively, compared to $(0.1) million and $37.8 million for the comparable 2015 periods, respectively.
During the three months ended December 31, 2016, a total of 24 LNG cargoes were loaded from the Sabine Pass Liquefaction Project (defined below), none of which were commissioning cargoes.
Total operating costs and expenses increased $265.2 million and $582.8 million during the three and twelve months ended December 31, 2016 compared to the three and twelve months ended December 31, 2015, respectively, generally as a result of the commencement of operations of Train 1 and Train 2 of the Sabine Pass Liquefaction Project in May and September 2016, respectively. Depreciation and amortization expense increased during the three and twelve months ended December 31, 2016 as we began depreciation of our assets related to Train 1 and Train 2 of the Sabine Pass Liquefaction Project upon reaching substantial completion. General and administrative expense-affiliate decreased during the three and twelve months ended December 31, 2016 compared to the comparable 2015 periods, partially due to a decrease in the amount payable under our service agreements with affiliates and partially due to a reallocation of resources from general and administrative activities to operating and maintenance activities following commencement of operations at the Sabine Pass Liquefaction Project.
For the three and twelve months ended December 31, 2016, Adjusted EBITDA excludes the impact of loss on early extinguishment of debt associated with the write-off of debt issuance costs by Sabine Pass Liquefaction, LLC ("SPL") in connection with the refinancing of a portion of its credit facilities, by Sabine Pass LNG, L.P. ("SPLNG") as a result of the redemption of its senior notes, and by Cheniere Creole Trail Pipeline, L.P. as a result of the prepayment of its outstanding term loan, derivative loss (gain) primarily as a result of changes in the forward LIBOR curve over the period as well as an increase in the notional amount of interest rate swaps related to our new credit facilities entered into in February 2016, and changes in the fair value of commodity derivatives. For the three and twelve months ended December 31, 2015, Adjusted EBITDA excludes the impact of losses on early extinguishment of debt related primarily to the write-off of debt issuance costs by SPL in connection with the refinancing of a portion of its credit facilities, derivative loss due primarily to the termination of certain interest rate derivatives, and changes in the fair value of commodity derivatives.
Fourth Quarter 2016 Highlights
Sabine Pass Liquefaction Project Update
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project"). Each train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG.
The Trains are in various stages of operation, construction, and development.
|
Sabine Pass Liquefaction Project | |||||||
|
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 | |||
|
Project Status |
Operational |
Operational |
96% Overall |
52% Overall | |||
|
Expected Substantial Completion |
- |
- |
T3 - 1Q 2017 |
2019 | |||
Distributions to Unitholders
We paid a cash distribution per common unit of $0.425 to unitholders of record as of February 2, 2017, and the related general partner distribution on February 13, 2017.
We estimate that the annualized distribution to common unitholders for fiscal year 2016 will be $1.70 per unit.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the fourth quarter and full year on Tuesday, February 28, 2017, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, SPL, is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Trains 1 and 2 have commenced commercial operations, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 mtpa of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
Cheniere Energy Partners, L.P. | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(in thousands, except per unit data) | |||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended |
Year Ended | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenues |
|||||||||||||||
|
LNG revenues |
$ |
205,913 |
$ |
— |
$ |
539,468 |
$ |
— |
|||||||
|
LNG revenues—affiliate |
277,721 |
— |
293,957 |
— |
|||||||||||
|
Regasification revenues |
66,262 |
65,833 |
263,030 |
265,637 |
|||||||||||
|
Regasification revenues—affiliate |
717 |
1,439 |
3,785 |
4,391 |
|||||||||||
|
Total revenues |
550,613 |
67,272 |
1,100,240 |
270,028 |
|||||||||||
|
Operating costs and expenses |
|||||||||||||||
|
Cost (cost recovery) of sales (excluding depreciation and amortization expense shown separately below) |
198,572 |
(476) |
410,433 |
(31,466) |
|||||||||||
|
Cost of sales—affiliate |
60 |
— |
1,490 |
— |
|||||||||||
|
Operating and maintenance expense |
47,322 |
13,576 |
126,878 |
62,406 |
|||||||||||
|
Operating and maintenance expense—affiliate |
16,236 |
9,024 |
52,137 |
29,379 |
|||||||||||
|
Development expense (recovery) |
(11) |
219 |
126 |
2,850 |
|||||||||||
|
Development expense—affiliate |
27 |
160 |
396 |
722 |
|||||||||||
|
General and administrative expense |
3,822 |
3,810 |
13,200 |
15,079 |
|||||||||||
|
General and administrative expense—affiliate |
21,658 |
41,551 |
89,523 |
122,312 |
|||||||||||
|
Depreciation and amortization expense |
63,520 |
18,147 |
155,621 |
65,704 |
|||||||||||
|
Total operating costs and expenses |
351,206 |
86,011 |
849,804 |
266,986 |
|||||||||||
|
Income (loss) from operations |
199,407 |
(18,739) |
250,436 |
3,042 |
|||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest expense, net of capitalized interest |
(128,222) |
(42,247) |
(356,900) |
(184,600) |
|||||||||||
|
Loss on early extinguishment of debt |
(18,298) |
— |
(71,824) |
(96,273) |
|||||||||||
|
Derivative gain (loss), net |
31,961 |
4,819 |
5,544 |
(41,722) |
|||||||||||
|
Other income |
497 |
127 |
1,549 |
662 |
|||||||||||
|
Total other expense |
(114,062) |
(37,301) |
(421,631) |
(321,933) |
|||||||||||
|
Net income (loss) |
$ |
85,345 |
$ |
(56,040) |
$ |
(171,195) |
$ |
(318,891) |
|||||||
|
Basic net income (loss) per common unit |
$ |
0.07 |
$ |
0.01 |
$ |
(0.20) |
$ |
(0.43) |
|||||||
|
Diluted net income (loss) per common unit |
$ |
0.07 |
$ |
(0.09) |
$ |
(0.20) |
$ |
(0.43) |
|||||||
|
Weighted average number of common units outstanding used for basic and diluted net income (loss) per common unit calculation |
57,089 |
57,083 |
57,086 |
57,081 |
|||||||||||
|
(1) |
Please refer to the Cheniere Energy Partners, L.P. Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission. | |||||
|
Cheniere Energy Partners, L.P. | |||||||
|
Consolidated Balance Sheets | |||||||
|
(in thousands, except per unit data) (1) | |||||||
|
December 31, | |||||||
|
2016 |
2015 | ||||||
|
ASSETS |
|||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
— |
$ |
146,221 |
|||
|
Restricted cash |
604,944 |
274,557 |
|||||
|
Accounts and other receivables |
90,196 |
741 |
|||||
|
Accounts receivable—affiliate |
99,336 |
1,271 |
|||||
|
Advances to affiliate |
37,697 |
39,836 |
|||||
|
Inventory |
97,431 |
16,667 |
|||||
|
Other current assets |
28,656 |
14,182 |
|||||
|
Total current assets |
958,260 |
493,475 |
|||||
|
Non-current restricted cash |
— |
13,650 |
|||||
|
Property, plant and equipment, net |
14,158,187 |
11,931,602 |
|||||
|
Debt issuance costs, net |
120,704 |
132,091 |
|||||
|
Non-current derivative assets |
82,861 |
30,304 |
|||||
|
Other non-current assets, net |
222,328 |
232,031 |
|||||
|
Total assets |
$ |
15,542,340 |
$ |
12,833,153 |
|||
|
LIABILITIES AND PARTNERS' EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable |
$ |
27,162 |
$ |
16,407 |
|||
|
Accrued liabilities |
417,502 |
224,292 |
|||||
|
Current debt, net |
223,500 |
1,673,379 |
|||||
|
Due to affiliates |
99,529 |
115,123 |
|||||
|
Deferred revenue |
72,631 |
26,669 |
|||||
|
Deferred revenue—affiliate |
717 |
717 |
|||||
|
Derivative liabilities |
14,446 |
6,430 |
|||||
|
Other current liabilities |
224 |
— |
|||||
|
Total current liabilities |
855,711 |
2,063,017 |
|||||
|
Long-term debt, net |
14,209,229 |
10,018,325 |
|||||
|
Non-current deferred revenue |
5,500 |
9,500 |
|||||
|
Non-current derivative liabilities |
2,001 |
2,884 |
|||||
|
Other non-current liabilities |
165 |
175 |
|||||
|
Other non-current liabilities—affiliate |
26,680 |
26,321 |
|||||
|
Commitments and contingencies |
|||||||
|
Partners' equity |
|||||||
|
Common unitholders' interest (57.1 million units issued and outstanding at December 31, 2016 and 2015) |
129,712 |
305,747 |
|||||
|
Class B unitholders' interest (145.3 million units issued and outstanding at December 31, 2016 and 2015) |
62,256 |
(37,429) |
|||||
|
Subordinated unitholders' interest (135.4 million units issued and outstanding at December 31, 2016 and 2015) |
239,909 |
428,035 |
|||||
|
General partner's interest (2% interest with 6.9 million units issued and outstanding at December 31, 2016 and 2015) |
11,177 |
16,578 |
|||||
|
Total partners' equity |
443,054 |
712,931 |
|||||
|
Total liabilities and partners' equity |
$ |
15,542,340 |
$ |
12,833,153 |
|||
|
(1) |
Please refer to the Cheniere Energy Partners, L.P. Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission. | |||||
Reconciliation of Non-GAAP Measures
Regulation G Reconciliation
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.
Adjusted EBITDA is calculated by taking net income (loss) before interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, changes in the fair value of our commodity derivatives and other income. Adjusted EBITDA is not intended to represent cash flows from operations or net loss as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of business performance. Management believes Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and twelve months ended December 31, 2016 and 2015 (in thousands):
|
Three Months Ended |
Year Ended | ||||||||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||||||||
|
Net income (loss) |
$ 85,345 |
$ (56,040) |
$ (171,195) |
$ (318,891) |
|||||||||||||||||
|
Interest expense, net of capitalized interest |
128,222 |
42,247 |
356,900 |
184,600 |
|||||||||||||||||
|
Loss on early extinguishment of debt |
18,298 |
— |
71,824 |
96,273 |
|||||||||||||||||
|
Derivative loss (gain), net |
(31,961) |
(4,819) |
(5,544) |
41,722 |
|||||||||||||||||
|
Other income |
(497) |
(127) |
(1,549) |
(662) |
|||||||||||||||||
|
Income (loss) from operations |
199,407 |
(18,739) |
250,436 |
3,042 |
|||||||||||||||||
|
Adjustments to reconcile income (loss) from operations to Adjusted EBITDA: |
|||||||||||||||||||||
|
Depreciation and amortization expense |
63,520 |
18,147 |
155,621 |
65,704 |
|||||||||||||||||
|
Loss (gain) from changes in fair value of commodity derivatives, net |
(60,965) |
510 |
(40,559) |
(30,948) |
|||||||||||||||||
|
Adjusted EBITDA |
$ 201,962 |
$ (82) |
$ 365,498 |
$ 37,798 |
|||||||||||||||||
1 Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details.
SOURCE Cheniere Energy Partners, L.P.
Article Date
2/28/2017Cheniere Partners Announces Offering of $1.35 Billion Senior Secured Notes due 2028 by Sabine Pass Liquefaction, LLC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 27, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that its wholly owned subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), intends to offer, subject to market and other conditions, $1.35 billion principal amount of Senior Secured Notes due 2028 (the "SPL 2028 Notes").
SPL intends to use the net proceeds from the offering (after deducting the initial purchasers' commissions, estimated fees and expenses and incremental interest during construction related to the SPL 2028 Notes) to pay capital costs in connection with the construction of Trains 1 through 5 of the Sabine Pass Liquefaction Project. In connection with the offering, SPL will reduce commitments on a ratable basis under its credit facilities (the "2015 SPL Credit Facilities") of approximately $1.2 billion. The SPL 2028 Notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of SPL, including borrowings under the 2015 SPL Credit Facilities, its outstanding senior secured notes due 2021, senior secured notes due 2022, senior secured notes due 2023, senior secured notes due 2024, senior secured notes due 2025, senior secured notes due 2026, senior secured notes due 2027, senior secured notes due 2037 and its obligations under its working capital facility.
The offer of the SPL 2028 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the SPL 2028 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy, Inc., Cheniere Energy Partners, L.P.
Article Date
2/27/2017Cheniere Partners Announces Closing of Private Placement of $800 Million of Senior Secured Notes due 2037 by Sabine Pass Liquefaction, LLC
Source: PR Newswire
HOUSTON, Feb. 27, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that its wholly owned subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), closed on the previously announced private placement transaction, and has issued $800 million principal amount of 5.00% Senior Secured Notes due 2037 (the "SPL 2037 Notes") pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
SPL has received gross proceeds of $800 million, which it intends to use to prepay all of the principal amounts currently outstanding under SPL's credit facilities and to pay capital costs in connection with the construction of Trains 1 through 5 of the Sabine Pass Liquefaction Project (after deducting the estimated fees, expenses and incremental interest during construction related to the SPL 2037 Notes).
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
2/27/2017Cheniere Partners Announces Pricing of Private Placement of $800 Million of Senior Secured Notes due 2037 by Sabine Pass Liquefaction, LLC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 24, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that its wholly owned subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), intends to enter into a Note Purchase Agreement to issue and sell $800 million principal amount of 5.00% Senior Secured Notes due 2037 (the "SPL 2037 Notes") in a private placement. SPL expects to close the transaction and issue the SPL 2037 Notes on February 24, 2017.
The SPL 2037 Notes will be fully amortizing according to a fixed sculpted amortization schedule and have a weighted average life of approximately 15.2 years. Amortization of the SPL 2037 Notes will be deferred for the first approximately 8.6 years until 2025.
SPL intends to use the net proceeds from the offering (after deducting the estimated fees, expenses and incremental interest during construction related to the SPL 2037 Notes) to prepay all of the principal amounts currently outstanding under SPL's credit facilities (the "2015 SPL Credit Facilities") and to pay capital costs in connection with the construction of Trains 1 through 5 of the Sabine Pass Liquefaction Project. The SPL 2037 Notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of SPL, including borrowings under the 2015 SPL Credit Facilities, its outstanding senior secured notes due 2021, senior secured notes due 2022, senior secured notes due 2023, senior secured notes due 2024, senior secured notes due 2025, senior secured notes due 2026, senior secured notes due 2027 and its obligations under its working capital facility.
The offer of the SPL 2037 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the SPL 2037 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. The SPL 2037 Notes will be offered and sold in a private placement conducted pursuant to Section 4(a)(2) of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
2/24/2017Cheniere Energy Partners LP Holdings, LLC Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 8, 2017 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH) ("Cheniere Partners Holdings" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend of $0.020 per common share representing limited liability company interest in the Company. The dividend will be payable on February 28, 2017 to shareholders of record as of close of business February 17, 2017.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Energy Partners, L.P. (NYSE MKT: CQP) ("Cheniere Partners"), a publicly traded limited partnership. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates liquefied natural gas ("LNG") regasification facilities and, adjacent to these facilities, plans to construct over time up to six natural gas liquefaction trains ("Trains") with an expected aggregate nominal production capacity of approximately 27 mtpa. Trains 1 and 2 have commenced commercial operations, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction, and Train 6 is fully permitted.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
CONTACTS:
Investors: Randy Bhatia: 713-375-5479
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
2/8/2017Cheniere Energy Partners Declares Quarterly Distributions
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Texas, Jan. 20, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) today declared (i) a cash distribution per common unit of $0.425 ($1.70 annualized) to unitholders of record as of February 2, 2017, and (ii) the related distribution to its general partner. All of these distributions are payable on February 13, 2017.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Trains 1 and 2 have commenced commercial operations, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
1/20/201712/9/2016 - Cheniere Energy, Inc. Terminates Negotiations to Acquire Cheniere Energy Partners LP Holdings, LLC
Cheniere Energy, Inc. Terminates Negotiations to Acquire Cheniere Energy Partners LP Holdings, LLC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Dec. 9, 2016 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) announced today that it has terminated negotiations with the conflicts committee of the board of directors of Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) regarding Cheniere's previously announced non-binding proposal to acquire all of the publicly held shares of Cheniere Partners Holdings not already owned by Cheniere in a stock-for-stock merger transaction.
The proposed transaction was subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement by the board of directors of Cheniere, the board of directors of Cheniere Partners Holdings and a conflicts committee established by the board of directors of Cheniere Partners Holdings. As previously announced, the consideration initially offered by Cheniere was 0.5049 Cheniere shares for each outstanding publicly-held share of Cheniere Partners Holdings, which represented a premium of approximately 3.0% over the closing price of Cheniere Partners Holdings' shares based on the closing prices of Cheniere Partners Holdings' shares and of Cheniere's shares as of September 29, 2016, or a premium of approximately 7.0% over the 30-trading day average CQH / LNG exchange ratio as of September 29, 2016. After more than 6 weeks of negotiations, and despite raising the offer to an exchange ratio of 0.54 (representing a premium of approximately 10% over the closing price of Cheniere Partners Holdings' shares based on the closing prices of Cheniere Partners Holdings' shares and of Cheniere's shares as of September 29, 2016, or a premium of approximately 14% over the 30-trading day average CQH / LNG exchange ratio as of September 29, 2016), Cheniere has determined that no acceptable definitive agreement can be reached with the conflicts committee at this time.
Cheniere currently owns 80.1% of the issued and outstanding shares of Cheniere Partners Holdings. Cheniere may, subject to market and general economic conditions and other factors, purchase additional shares of Cheniere Partners Holdings in the open market or in privately negotiated transactions from time to time.
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing, constructing, and operating liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In particular, statements using words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology generally involve forward-looking statements. The forward-looking statements contained herein (including statements regarding Cheniere's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not statements of historical fact) are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe that such estimates are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond our control. In addition, assumptions may prove to be inaccurate. We caution that the forward-looking statements contained herein are not guarantees of future performance and that such statements may not be realized or the forward-looking statements or events may not occur. Actual results may differ materially from those anticipated or implied in forward-looking statements as a result of numerous factors, including, but not limited to, factors affecting future results disclosed in Cheniere's filings with the SEC (available at the SEC's website at www.sec.gov), including but not limited to those discussed under Item 1A, "Risk Factors", in Cheniere's Annual Report on Form 10-K for the year ended December 31, 2015. These forward-looking statements speak only as of the date made, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.
SOURCE Cheniere Energy, Inc.
Article Date
12/9/2016Cheniere Energy Partners LP Holdings, LLC Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Nov. 8, 2016 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH) ("Cheniere Partners Holdings" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend of $0.020 per common share representing limited liability company interest in the Company. The dividend will be payable on November 29, 2016 to shareholders of record as of close of business November 18, 2016.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Energy Partners, L.P. (NYSE MKT: CQP) ("Cheniere Partners"), a publicly traded limited partnership. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates liquefied natural gas ("LNG") regasification facilities and, adjacent to these facilities, plans to construct over time up to six natural gas liquefaction trains ("Trains") with an expected aggregate nominal production capacity of approximately 27 mtpa. Trains 1 and 2 have commenced commercial operations, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction, and Train 6 is fully permitted.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
CONTACTS:
Investors: Randy Bhatia: 713-375-5479
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
11/8/2016Cheniere Energy, Inc. Reports Third Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Nov. 3, 2016 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) reported a net loss1 of $100.4 million, or $0.44 per share (basic and diluted), for the three months ended September 30, 2016, compared to a net loss of $297.8 million, or $1.31 per share (basic and diluted), for the comparable 2015 period. Net Loss, As Adjusted2 was $94.2 million, or $0.41 per share (basic and diluted), for the three months ended September 30, 2016, compared to a Net Loss, As Adjusted of $164.6 million, or $0.72 per share (basic and diluted), for the comparable 2015 period.
For the nine months ended September 30, 2016, Cheniere reported a net loss of $719.7 million, or $3.15 per share (basic and diluted), compared to a net loss of $684.0 million, or $3.02 per share (basic and diluted), for the comparable 2015 period. For the nine months ended September 30, 2016, Net Loss, As Adjusted was $369.1 million, or $1.62 per share (basic and diluted), compared to a Net Loss, As Adjusted of $498.5 million, or $2.20 per share (basic and diluted), for the comparable 2015 period.
For the three and nine months ended September 30, 2016, Net Loss, As Adjusted excludes the impact of changes in the fair value of our interest rate, commodity and FX derivatives, loss on early extinguishment of debt, restructuring expense, amortization of the beneficial conversion feature related to certain Class B units of Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) and impairment expense. Loss on early extinguishment of debt was associated with the write-off of debt issuance costs by Sabine Pass Liquefaction, LLC ("SPL") and Cheniere Corpus Christi Holdings, LLC ("CCH") in connection with the refinancing of a portion of their credit facilities and by Cheniere Creole Trail Pipeline, L.P. as a result of the prepayment of its outstanding term loan. For the three and nine months ended September 30, 2015, Net Loss, As Adjusted excludes the impact of changes in the fair value of interest rate, commodity and FX derivatives, loss on early extinguishment of debt related to the write-off of debt issuance costs by SPL primarily in connection with the refinancing of a portion of its credit facilities in March 2015, amortization of the beneficial conversion feature and impairment expense.
"The third quarter of 2016 was significant for Cheniere on multiple fronts. Our transition to operations continues, highlighted in the third quarter by the substantial completion of Train 2 at Sabine Pass and the generation of approximately $67 million in Adjusted EBITDA2. Commissioning activities commenced on Train 3, and our remaining Trains under construction continue on time and on budget," said Jack Fusco, Cheniere's President and CEO. "In addition, we continued to manage our debt maturity profile by successfully issuing bonds to prepay outstanding borrowings under credit facilities for the Sabine Pass liquefaction project, with the issuing entity having earned its first investment-grade credit rating during the quarter."
Third Quarter 2016 Highlights
Third Quarter and Year to Date 2016 Results
Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Partners consists of 100% ownership of the general partner of Cheniere Partners and 80.1% ownership interest in Cheniere Partners Holdings which owns a 55.9% limited partner interest in Cheniere Partners.
Adjusted EBITDA for the three and nine months ended September 30, 2016 was $67.3 million and $19.4 million, respectively, compared to losses of $51.5 million and $138.0 million, respectively, for the comparable 2015 periods. During the three months ended September 30, 2016, Train 2 of the Sabine Pass Liquefaction Project achieved substantial completion. Prior to substantial completion, amounts received from the sale of commissioning cargoes were offset against LNG terminal construction-in-process because these amounts were earned during the testing phase for the construction of Trains 1 and 2 of the Sabine Pass Liquefaction Project. We expect sales of LNG cargoes from future liquefaction trains ("Trains") to be reported in the same manner. During the three months ended September 30, 2016, a total of 18 cargoes were loaded and exported from the Sabine Pass Liquefaction Project, 3 of which were Train 2 commissioning cargoes.
Total operating costs and expenses increased $332.3 million and $452.7 million during the three and nine months ended September 30, 2016 compared to the three and nine months ended September 30, 2015, respectively, generally as a result of the commencement of operations of Train 1 and Train 2 of the Sabine Pass Liquefaction Project in May and September 2016, respectively. Depreciation and amortization expense increased during the three and nine months ended September 30, 2016 as we began depreciation of our assets related to Train 1 and Train 2 of the Sabine Pass Liquefaction Project upon reaching substantial completion. Selling, general and administrative expense during the three and nine months ended September 30, 2016 decreased from the comparable 2015 periods, which was primarily due to the timing of share-based compensation recognition and the recognition of certain employee-related costs within restructuring expense during the three and nine months ended September 30, 2016 historically reported in selling, general and administrative expense, a reduction in certain professional services fees, and reallocation of costs from selling, general and administrative activities to operating and maintenance activities following commencement of operations at the Sabine Pass Liquefaction Project.
As a result of restructuring efforts initiated in 2015, we recorded $26.2 million and $49.2 million of restructuring charges and other costs associated with restructuring and operational efficiency initiatives during the three and nine months ended September 30, 2016, respectively, for which the majority of these charges required, or will require, cash expenditure. Included in these amounts are $20.9 million and $42.9 million for share-based compensation. All charges were recorded within restructuring expense on our Consolidated Statements of Operations and substantially all related to severance and other employee-related costs.
Included in selling, general and administrative expense were share-based compensation expenses of $7.5 million and $31.2 million for the three and nine months ended September 30, 2016, respectively, compared to $27.1 million and $85.2 million for the comparable 2015 periods, respectively.
Liquefaction Projects Update
Sabine Pass Liquefaction Project
Through Cheniere Partners, we are developing up to six Trains, each with an expected nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG, at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project").
The Trains are in various stages of operation, construction, and development.
|
Sabine Pass Liquefaction Project | ||||
|
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 |
|
Project Status |
Operational |
Operational |
92% Overall |
43% Overall |
|
Expected Substantial Completion |
- |
- |
2017 |
2019 |
Corpus Christi LNG Terminal
We are developing up to three Trains, each with an expected nominal production capacity of approximately 4.5 mtpa of LNG, near Corpus Christi, Texas (the "CCL Project").
The Trains are in various stages of construction and development:
Additionally, we are developing Trains 4 and 5 adjacent to the CCL Project and have initiated the regulatory approval process with respect to those Trains.
|
Corpus Christi LNG Terminal | |
|
Liquefaction Train |
Trains 1-2 |
|
Project Status |
43% Overall Completion |
|
Expected Substantial Completion |
2019 |
Recent Developments
Investor Conference Call and Webcast
We will host a conference call to discuss our financial and operating results for the third quarter on Thursday, November 3, 2016, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.
1 Reported as Net loss attributable to common stockholders on our Consolidated Statements of Operations.
2 Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details.
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing, constructing, and operating liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Furthermore, in connection with our proposal to Cheniere Partners Holdings, there can be no assurance that any discussions that may occur between us and Cheniere Partners Holdings will result in the entry into of a definitive agreement concerning a transaction or, if such a definitive agreement is reached, will result in the consummation of a transaction provided for in such definitive agreement. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
Cheniere Energy, Inc. | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(in thousands, except per share data)(1) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenues |
|||||||||||||||
|
Regasification revenues |
$ |
66,970 |
$ |
66,597 |
$ |
198,143 |
$ |
199,888 |
|||||||
|
LNG revenues (losses) |
398,554 |
(1,557) |
511,993 |
(1,601) |
|||||||||||
|
Other revenues |
149 |
1,019 |
1,445 |
4,166 |
|||||||||||
|
Total revenues |
465,673 |
66,059 |
711,581 |
202,453 |
|||||||||||
|
Operating costs and expenses |
|||||||||||||||
|
Cost (cost recovery) of sales (excluding depreciation and amortization expense shown separately below) |
252,343 |
(24,214) |
352,559 |
(22,077) |
|||||||||||
|
Operating and maintenance expense |
61,610 |
17,963 |
143,489 |
71,396 |
|||||||||||
|
Development expense |
1,546 |
4,935 |
4,709 |
37,640 |
|||||||||||
|
Selling, general and administrative expense |
59,418 |
97,332 |
196,999 |
263,205 |
|||||||||||
|
Depreciation and amortization expense |
49,212 |
21,638 |
106,082 |
59,561 |
|||||||||||
|
Restructuring expense |
26,241 |
— |
49,196 |
— |
|||||||||||
|
Impairment expense |
— |
396 |
10,095 |
572 |
|||||||||||
|
Other |
27 |
83 |
189 |
348 |
|||||||||||
|
Total operating costs and expenses |
450,397 |
118,133 |
863,318 |
410,645 |
|||||||||||
|
Income (loss) from operations |
15,276 |
(52,074) |
(151,737) |
(208,192) |
|||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest expense, net of capitalized interest |
(148,053) |
(93,566) |
(330,357) |
(238,664) |
|||||||||||
|
Loss on early extinguishment of debt |
(25,765) |
— |
(82,537) |
(96,273) |
|||||||||||
|
Derivative gain (loss), net |
29,327 |
(161,482) |
(242,228) |
(242,123) |
|||||||||||
|
Other income (expense) |
437 |
(39) |
(5,564) |
616 |
|||||||||||
|
Total other expense |
(144,054) |
(255,087) |
(660,686) |
(576,444) |
|||||||||||
|
Loss before income taxes and non-controlling interest |
(128,778) |
(307,161) |
(812,423) |
(784,636) |
|||||||||||
|
Income tax benefit (provision) |
(1,638) |
69 |
(1,911) |
(102) |
|||||||||||
|
Net loss |
(130,416) |
(307,092) |
(814,334) |
(784,738) |
|||||||||||
|
Less: net loss attributable to non-controlling interest |
(29,974) |
(9,284) |
(94,636) |
(100,726) |
|||||||||||
|
Net loss attributable to common stockholders |
$ |
(100,442) |
$ |
(297,808) |
$ |
(719,698) |
$ |
(684,012) |
|||||||
|
Net loss per share attributable to common stockholders—basic and diluted |
$ |
(0.44) |
$ |
(1.31) |
$ |
(3.15) |
$ |
(3.02) |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
228,924 |
227,126 |
228,463 |
226,648 |
|||||||||||
|
(1) |
Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission. |
|
Cheniere Energy, Inc. | |||||||
|
Consolidated Balance Sheets | |||||||
|
(in thousands, except share data)(1) | |||||||
|
September 30, |
December 31, | ||||||
|
2016 |
2015 | ||||||
|
ASSETS |
(unaudited) |
||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
990,132 |
$ |
1,201,112 |
|||
|
Restricted cash |
827,545 |
503,397 |
|||||
|
Accounts and other receivables |
154,167 |
5,749 |
|||||
|
Inventory |
63,853 |
18,125 |
|||||
|
Other current assets |
69,030 |
54,203 |
|||||
|
Total current assets |
2,104,727 |
1,782,586 |
|||||
|
Non-current restricted cash |
31,128 |
31,722 |
|||||
|
Property, plant and equipment, net |
19,891,666 |
16,193,907 |
|||||
|
Debt issuance costs, net |
294,059 |
378,677 |
|||||
|
Non-current derivative assets |
11,247 |
30,887 |
|||||
|
Goodwill |
76,819 |
76,819 |
|||||
|
Other non-current assets |
279,434 |
314,455 |
|||||
|
Total assets |
$ |
22,689,080 |
$ |
18,809,053 |
|||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable |
$ |
38,569 |
$ |
22,820 |
|||
|
Accrued liabilities |
699,996 |
427,199 |
|||||
|
Current debt, net |
1,781,511 |
1,673,379 |
|||||
|
Deferred revenue |
26,709 |
26,669 |
|||||
|
Derivative liabilities |
61,829 |
35,201 |
|||||
|
Other current liabilities |
264 |
— |
|||||
|
Total current liabilities |
2,608,878 |
2,185,268 |
|||||
|
Long-term debt, net |
19,033,513 |
14,920,427 |
|||||
|
Non-current deferred revenue |
6,500 |
9,500 |
|||||
|
Non-current derivative liabilities |
268,601 |
79,387 |
|||||
|
Other non-current liabilities |
65,849 |
53,068 |
|||||
|
Commitments and contingencies |
|||||||
|
Stockholders' equity |
|||||||
|
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued |
— |
— |
|||||
|
Common stock, $0.003 par value |
|||||||
|
Authorized: 480.0 million shares at September 30, 2016 and December 31, 2015 |
|||||||
|
Issued and outstanding: 235.1 million shares and 235.6 million shares at September 30, 2016 and December 31, 2015, respectively |
705 |
708 |
|||||
|
Treasury stock: 12.1 million shares and 11.6 million shares at September 30, 2016 and December 31, 2015, respectively, at cost |
(372,531) |
(353,927) |
|||||
|
Additional paid-in-capital |
3,112,753 |
3,075,317 |
|||||
|
Accumulated deficit |
(4,343,646) |
(3,623,948) |
|||||
|
Total stockholders' deficit |
(1,602,719) |
(901,850) |
|||||
|
Non-controlling interest |
2,308,458 |
2,463,253 |
|||||
|
Total equity |
705,739 |
1,561,403 |
|||||
|
Total liabilities and equity |
$ |
22,689,080 |
$ |
18,809,053 |
|||
|
(1) |
Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission. |
As of September 30, 2016, we had cash and cash equivalents of $990.1 million available to Cheniere. In addition, we had current and non-current restricted cash of $858.7 million (which included current and non-current restricted cash available to us and our subsidiaries) designated for the following purposes: $192.8 million for the CCL Project, $325.6 million for the Sabine Pass Liquefaction Project, $127.5 million for restricted purposes under the terms of Cheniere Partners' credit facilities, $129.1 million for interest payments related to the Sabine Pass LNG, L.P. senior secured notes and $83.7 million for other restricted purposes.
Reconciliation of Non-GAAP Measures
Regulation G Reconciliations
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains non-GAAP financial measures. Adjusted EBITDA, Net Loss, As Adjusted and Net Loss per share, As Adjusted are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.
Adjusted EBITDA represents net loss attributable to Cheniere before net loss attributable to the non-controlling interest, interest, taxes, depreciation and amortization, adjusted for certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, as detailed in the following reconciliation. Adjusted EBITDA is not intended to represent cash flows from operations or net loss as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of business performance. We believe Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items, and items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.
Adjusted EBITDA is calculated by taking net loss attributable to common stockholders before net loss attributable to non-controlling interest, interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, changes in the fair value of our commodity and foreign currency exchange ("FX") derivatives and non-cash compensation expense. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management's own evaluation of performance.
Net Loss, As Adjusted represents net loss attributable to common stockholders and Net Loss per share, As Adjusted represents Cheniere's basic and diluted earnings per share, in each case adjusted for certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, net of the portion attributable to non-controlling interests, including changes in the fair value of our interest rate, commodity and FX derivatives, the effects of modifications or extinguishments of debt, amortization of the beneficial conversion feature of certain CQP Class B units, costs related to restructuring activities, and impairment expense. Net Loss, As Adjusted and Net Loss per share, As Adjusted are presented because we believe they are useful tools for assessing the operating performance of Cheniere. Net Loss, As Adjusted and Net Loss per share, As Adjusted are not intended to represent net loss attributable to common stockholders and net loss per share attributable to common stockholders, the most comparable U.S. GAAP measures, respectively, as indicators of operating performance, and are not necessarily comparable to measures reported by other companies.
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and nine months ended September 30, 2016 and 2015 (in thousands):
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net loss attributable to common stockholders |
$ |
(100,442) |
$ |
(297,808) |
$ |
(719,698) |
$ |
(684,012) |
|||||||
|
Net loss attributable to non-controlling interest |
(29,974) |
(9,284) |
(94,636) |
(100,726) |
|||||||||||
|
Income tax provision (benefit) |
1,638 |
(69) |
1,911 |
102 |
|||||||||||
|
Interest expense, net of capitalized interest |
148,053 |
93,566 |
330,357 |
238,664 |
|||||||||||
|
Loss on early extinguishment of debt |
25,765 |
— |
82,537 |
96,273 |
|||||||||||
|
Derivative loss (gain), net |
(29,327) |
161,482 |
242,228 |
242,123 |
|||||||||||
|
Other expense (income) |
(437) |
39 |
5,564 |
(616) |
|||||||||||
|
Income (loss) from operations |
$ |
15,276 |
$ |
(52,074) |
$ |
(151,737) |
$ |
(208,192) |
|||||||
|
Adjustments to reconcile loss from operations to Adjusted EBITDA: |
|||||||||||||||
|
Depreciation and amortization expense |
49,212 |
21,638 |
106,082 |
59,561 |
|||||||||||
|
Loss (gain) from changes in fair value of commodity and FX derivatives, net |
(2,784) |
(32,658) |
22,918 |
(32,195) |
|||||||||||
|
Total non-cash compensation expense |
5,551 |
11,214 |
32,015 |
42,274 |
|||||||||||
|
Impairment expense |
— |
396 |
10,095 |
572 |
|||||||||||
|
Adjusted EBITDA |
$ |
67,255 |
$ |
(51,484) |
$ |
19,373 |
$ |
(137,980) |
|||||||
Net Loss, As Adjusted and Net Loss per share, As Adjusted
The following tables reconcile our Net Loss, As Adjusted and Net Loss per share, As Adjusted to U.S. GAAP results for the three and nine months ended September 30, 2016 and 2015 (in thousands, except per share data):
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net loss attributable to common stockholders |
$ |
(100,442) |
$ |
(297,808) |
$ |
(719,698) |
$ |
(684,012) |
|||||||
|
Add: |
|||||||||||||||
|
Restructuring expense |
26,241 |
— |
49,196 |
— |
|||||||||||
|
Impairment expense |
— |
396 |
10,095 |
572 |
|||||||||||
|
Loss on early extinguishment of debt |
25,765 |
— |
82,537 |
96,273 |
|||||||||||
|
Loss (gain) from changes in fair value of interest rate derivatives, net |
(41,503) |
155,993 |
211,914 |
146,794 |
|||||||||||
|
Loss (gain) from changes in fair value of commodity and FX derivatives, net |
(2,784) |
(32,658) |
22,918 |
(32,195) |
|||||||||||
|
Amortization of beneficial conversion feature allocated to Class B units of CQP not owned by Cheniere |
6,819 |
46 |
9,322 |
63 |
|||||||||||
|
Less: |
|||||||||||||||
|
Adjustments attributable to non-controlling interest |
8,312 |
(9,421) |
35,366 |
25,970 |
|||||||||||
|
Net Loss, As Adjusted |
$ |
(94,216) |
$ |
(164,610) |
$ |
(369,082) |
$ |
(498,475) |
|||||||
|
Net loss per share attributable to common stockholders—basic and diluted |
$ |
(0.44) |
$ |
(1.31) |
$ |
(3.15) |
$ |
(3.02) |
|||||||
|
Add: |
|||||||||||||||
|
Restructuring expense |
0.11 |
— |
0.22 |
— |
|||||||||||
|
Impairment expense |
— |
— |
0.04 |
— |
|||||||||||
|
Loss on early extinguishment of debt |
0.11 |
— |
0.36 |
0.42 |
|||||||||||
|
Loss (gain) from changes in fair value of interest rate derivatives, net |
(0.18) |
0.69 |
0.93 |
0.65 |
|||||||||||
|
Loss (gain) from changes in fair value of commodity and FX derivatives, net |
(0.01) |
(0.14) |
0.10 |
(0.14) |
|||||||||||
|
Amortization of beneficial conversion feature allocated to Class B units of CQP not owned by Cheniere |
0.03 |
— |
0.04 |
— |
|||||||||||
|
Less: |
|||||||||||||||
|
Adjustments attributable to non-controlling interest |
0.04 |
(0.04) |
0.15 |
0.11 |
|||||||||||
|
Net Loss per share, As Adjusted—basic and diluted(1) |
$ |
(0.41) |
$ |
(0.72) |
$ |
(1.62) |
$ |
(2.20) |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
228,924 |
227,126 |
228,463 |
226,648 |
|||||||||||
|
(1) |
Numbers may not foot due to rounding. |
SOURCE Cheniere Energy, Inc.
Article Date
11/3/2016Cheniere Energy Partners, L.P. Reports Third Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Nov. 3, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) reported a net loss of $81.5 million and $256.5 million for the three and nine months ended September 30, 2016, respectively, compared to a net loss of $24.1 million and $262.9 million for the same periods in 2015, respectively. Adjusted EBITDA1 for the three and nine months ended September 30, 2016 was $100.3 million and $163.5 million, respectively, compared to $20.2 million and $37.9 million for the comparable 2015 periods, respectively.
During the three months ended September 30, 2016, Train 2 of the Sabine Pass Liquefaction Project (defined below) achieved substantial completion. Prior to substantial completion, amounts received from the sale of commissioning cargoes were offset against LNG terminal construction-in-process because these amounts were earned during the testing phase for the construction of Trains 1 and 2 of the Sabine Pass Liquefaction Project. We expect sales of LNG cargoes from future liquefaction trains ("Trains") to be reported in the same manner. During the three months ended September 30, 2016, a total of 18 cargoes were loaded and exported from the Sabine Pass Liquefaction Project, 3 of which were Train 2 commissioning cargoes.
Total operating costs and expenses increased $251.9 million and $317.6 million during the three and nine months ended September 30, 2016 compared to the three and nine months ended September 30, 2015, respectively, generally as a result of the commencement of operations of Train 1 and Train 2 of the Sabine Pass Liquefaction Project in May and September 2016, respectively. Depreciation and amortization expense increased during the three and nine months ended September 30, 2016 as we began depreciation of our assets related to Train 1 and Train 2 of the Sabine Pass Liquefaction Project upon reaching substantial completion. General and administrative expense-affiliate decreased during the three and nine months ended September 30, 2016, partially due to a decrease in the amount payable under our service agreements with affiliates and partially due to a reallocation of resources from general and administrative activities to operating and maintenance activities following commencement of operations at the Sabine Pass Liquefaction Project.
For the three and nine months ended September 30, 2016, Adjusted EBITDA excludes the impact of loss on early extinguishment of debt associated with the write-off of debt issuance costs by Sabine Pass Liquefaction, LLC ("SPL") in connection with the refinancing of a portion of its credit facilities and by Cheniere Creole Trail Pipeline, L.P. as a result of the prepayment of its outstanding term loan, derivative loss (gain) primarily as a result of changes in the forward LIBOR curve over the period as well as an increase in the notional amount of interest rate swaps related to our new credit facilities entered into in February 2016, and changes in the fair value of commodity derivatives. For the three and nine months ended September 30, 2015, Adjusted EBITDA excludes the impact of losses on early extinguishment of debt related primarily to the write-off of debt issuance costs by SPL in connection with the refinancing of a portion of its credit facilities, derivative loss due primarily to the termination of certain interest rate derivatives, and changes in the fair value of commodity derivatives.
Third Quarter 2016 Highlights
Sabine Pass Liquefaction Project Update
We are developing up to six Trains, each with an expected nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG, at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project").
The Trains are in various stages of operation, construction, and development.
|
Sabine Pass Liquefaction Project | ||||
|
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 |
|
Project Status |
Operational |
Operational |
92% Overall Completion |
43% Overall Completion |
|
Expected Substantial Completion |
- |
- |
2017 |
2019 |
Recent Developments
Distributions to Unitholders
We will pay a cash distribution per common unit of $0.425 to unitholders of record as of November 1, 2016, and the related general partner distribution on November 11, 2016.
We estimate that the annualized distribution to common unitholders for fiscal year 2016 will be $1.70 per unit.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the third quarter on Thursday, November 3, 2016, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, SPL, is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Trains 1 and 2 have commenced commercial operations, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 mtpa of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
Cheniere Energy Partners, L.P. | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(in thousands, except per unit data) (1) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenues |
|||||||||||||||
|
Regasification revenues |
$ |
66,262 |
$ |
66,596 |
$ |
196,768 |
$ |
199,804 |
|||||||
|
Regasification revenues—affiliate |
716 |
941 |
3,068 |
2,952 |
|||||||||||
|
LNG revenues |
248,195 |
— |
333,555 |
— |
|||||||||||
|
LNG revenues—affiliate |
16,236 |
— |
16,236 |
— |
|||||||||||
|
Total revenues |
331,409 |
67,537 |
549,627 |
202,756 |
|||||||||||
|
Operating costs and expenses |
|||||||||||||||
|
Cost (cost recovery) of sales (excluding depreciation and amortization expense shown separately below) |
158,663 |
(31,774) |
211,861 |
(30,990) |
|||||||||||
|
Cost of sales—affiliate |
1,430 |
— |
1,430 |
— |
|||||||||||
|
Operating and maintenance expense |
37,613 |
8,992 |
79,556 |
48,830 |
|||||||||||
|
Operating and maintenance expense—affiliate |
13,756 |
8,081 |
35,901 |
20,355 |
|||||||||||
|
Development expense |
1 |
113 |
137 |
2,631 |
|||||||||||
|
Development expense—affiliate |
87 |
152 |
369 |
562 |
|||||||||||
|
General and administrative expense |
2,978 |
3,673 |
9,378 |
11,269 |
|||||||||||
|
General and administrative expense—affiliate |
24,454 |
25,692 |
67,865 |
80,761 |
|||||||||||
|
Depreciation and amortization expense |
44,529 |
16,687 |
92,101 |
47,557 |
|||||||||||
|
Total operating costs and expenses |
283,511 |
31,616 |
498,598 |
180,975 |
|||||||||||
|
Income from operations |
47,898 |
35,921 |
51,029 |
21,781 |
|||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest expense, net of capitalized interest |
(113,227) |
(49,360) |
(228,678) |
(142,353) |
|||||||||||
|
Loss on early extinguishment of debt |
(25,765) |
— |
(53,526) |
(96,273) |
|||||||||||
|
Derivative gain (loss), net |
9,183 |
(10,872) |
(26,417) |
(46,541) |
|||||||||||
|
Other income |
402 |
179 |
1,052 |
535 |
|||||||||||
|
Total other expense |
(129,407) |
(60,053) |
(307,569) |
(284,632) |
|||||||||||
|
Net loss |
$ |
(81,509) |
$ |
(24,132) |
$ |
(256,540) |
$ |
(262,851) |
|||||||
|
Basic and diluted net income (loss) per common unit |
$ |
(0.27) |
$ |
0.18 |
$ |
(0.56) |
$ |
(0.44) |
|||||||
|
Weighted average number of common units outstanding used for basic and diluted net income (loss) per common unit calculation |
57,086 |
57,081 |
57,085 |
57,081 |
|||||||||||
|
(1) |
Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission. |
|
Cheniere Energy Partners, L.P. | |||||||
|
Consolidated Balance Sheets | |||||||
|
(in thousands, except per unit data) (1) | |||||||
|
September 30, |
December 31, | ||||||
|
2016 |
2015 | ||||||
|
ASSETS |
(unaudited) |
||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
12,469 |
$ |
146,221 |
|||
|
Restricted cash |
568,549 |
274,557 |
|||||
|
Accounts and other receivables |
51,006 |
741 |
|||||
|
Accounts receivable—affiliate |
56,739 |
1,271 |
|||||
|
Advances to affiliate |
42,925 |
39,836 |
|||||
|
Inventory |
60,520 |
16,667 |
|||||
|
Other current assets |
16,184 |
14,182 |
|||||
|
Total current assets |
808,392 |
493,475 |
|||||
|
Non-current restricted cash |
13,650 |
13,650 |
|||||
|
Property, plant and equipment, net |
13,788,657 |
11,931,602 |
|||||
|
Debt issuance costs, net |
103,728 |
132,091 |
|||||
|
Non-current derivative assets |
11,247 |
30,304 |
|||||
|
Other non-current assets |
216,919 |
232,031 |
|||||
|
Total assets |
$ |
14,942,593 |
$ |
12,833,153 |
|||
|
LIABILITIES AND PARTNERS' EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable |
$ |
20,333 |
$ |
16,407 |
|||
|
Accrued liabilities |
387,348 |
224,292 |
|||||
|
Current debt, net |
1,762,704 |
1,673,379 |
|||||
|
Due to affiliates |
101,556 |
115,123 |
|||||
|
Deferred revenue |
26,709 |
26,669 |
|||||
|
Deferred revenue—affiliate |
717 |
717 |
|||||
|
Derivative liabilities |
12,707 |
6,430 |
|||||
|
Other current liabilities |
263 |
— |
|||||
|
Total current liabilities |
2,312,337 |
2,063,017 |
|||||
|
Long-term debt, net |
12,195,743 |
10,018,325 |
|||||
|
Non-current deferred revenue |
6,500 |
9,500 |
|||||
|
Non-current derivative liabilities |
16,501 |
2,884 |
|||||
|
Other non-current liabilities |
167 |
175 |
|||||
|
Other non-current liabilities—affiliate |
29,083 |
26,321 |
|||||
|
Partners' equity |
|||||||
|
Common unitholders' interest (57.1 million units issued and outstanding at September 30, 2016 and December 31, 2015) |
149,958 |
305,747 |
|||||
|
Class B unitholders' interest (145.3 million units issued and outstanding at September 30, 2016 and December 31, 2015) |
(8,525) |
(37,429) |
|||||
|
Subordinated unitholders' interest (135.4 million units issued and outstanding at September 30, 2016 and December 31, 2015) |
230,864 |
428,035 |
|||||
|
General partner's interest (2% interest with 6.9 million units issued and outstanding at September 30, 2016 and December 31, 2015) |
9,965 |
16,578 |
|||||
|
Total partners' equity |
382,262 |
712,931 |
|||||
|
Total liabilities and partners' equity |
$ |
14,942,593 |
$ |
12,833,153 |
|||
|
(1) |
Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission. |
Reconciliation of Non-GAAP Measures
Regulation G Reconciliation
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.
Adjusted EBITDA is calculated by taking net loss before interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, changes in the fair value of our commodity derivatives and other income. Adjusted EBITDA is not intended to represent cash flows from operations or net loss as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of business performance. Management believes Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and nine months ended September 30, 2016 and 2015 (in thousands):
|
Three Months Ended |
Nine Months Ended | ||||||||||
|
September 30, |
September 30, | ||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||
|
Net loss |
(81,509) |
(24,132) |
(256,540) |
(262,851) |
|||||||
|
Interest expense, net of capitalized interest |
113,227 |
49,360 |
228,678 |
142,353 |
|||||||
|
Loss on early extinguishment of debt |
25,765 |
— |
53,526 |
96,273 |
|||||||
|
Derivative loss (gain), net |
(9,183) |
10,872 |
26,417 |
46,541 |
|||||||
|
Other income |
(402) |
(179) |
(1,052) |
(535) |
|||||||
|
Income from operations |
47,898 |
35,921 |
51,029 |
21,781 |
|||||||
|
Adjustments to reconcile income (loss) from operations to Adjusted EBITDA: |
|||||||||||
|
Depreciation and amortization expense |
44,529 |
16,687 |
92,101 |
47,557 |
|||||||
|
Loss (gain) from changes in fair value of commodity derivatives, net |
7,865 |
(32,422) |
20,406 |
(31,458) |
|||||||
|
Adjusted EBITDA |
100,292 |
20,186 |
163,536 |
37,880 |
|||||||
SOURCE Cheniere Energy Partners, L.P.
Article Date
11/3/2016Cheniere Energy Partners LP Holdings, LLC Reports Third Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Nov. 3, 2016 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) reported net income of $4.3 million, or $0.02 per common share, for the three months ended September 30, 2016, compared to net income of $4.6 million, or $0.02 per common share, for the comparable 2015 period. For the nine months ended September 30, 2016, Cheniere Partners Holdings reported net income of $13.3 million, or $0.06 per common share, compared to net income of $13.6 million, or $0.06 per common share, during the corresponding period in 2015. Results include the distribution received from our limited partner interests in Cheniere Energy Partners, L.P. ("Cheniere Partners"), a publicly traded limited partnership (NYSE MKT: CQP).
Our only business consists of owning Cheniere Partners common units, Class B units and subordinated units representing an aggregate approximately 55.9% limited partner interest in Cheniere Partners as of September 30, 2016.
Third Quarter 2016 Highlights
Sabine Pass Liquefaction Project Update
Through Cheniere Partners, we are developing up to six liquefaction trains ("Trains"), each with an expected nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG, at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project").
The Trains are in various stages of operation, construction, and development.
|
Sabine Pass Liquefaction Project
| ||||
|
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 |
|
Project Status |
Operational |
Operational |
92% Overall Completion |
43% Overall Completion |
|
Expected Substantial Completion |
- |
- |
2017 |
2019 |
Dividends
When Cheniere Partners makes cash distributions to us with respect to our Cheniere Partners units, we will pay dividends to our shareholders consisting of the cash that we receive from Cheniere Partners, less income taxes and reserves established by our Board of Directors.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the third quarter on Thursday, November 3, 2016, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners Holdings.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Partners. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates LNG regasification facilities and, adjacent to these facilities, plans to construct over time up to six Trains with an expected aggregate nominal production capacity of approximately 27 mtpa. Trains 1 and 2 have commenced commercial operations, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction, and Train 6 is fully permitted.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Furthermore, in connection with Cheniere's proposal, there can be no assurance that any discussions that may occur between us and Cheniere will result in the entry into of a definitive agreement concerning a transaction or, if such a definitive agreement is reached, will result in the consummation of a transaction provided for in such definitive agreement. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | |||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
|
(in thousands, except per share data) (1) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Equity income from investment in Cheniere Partners |
$ |
5,084 |
$ |
5,084 |
$ |
15,253 |
$ |
15,253 |
|||||||
|
Expenses |
|||||||||||||||
|
General and administrative expense |
484 |
275 |
1,205 |
875 |
|||||||||||
|
General and administrative expense—affiliate |
258 |
253 |
772 |
761 |
|||||||||||
|
Total expenses |
742 |
528 |
1,977 |
1,636 |
|||||||||||
|
Net income |
$ |
4,342 |
$ |
4,556 |
$ |
13,276 |
$ |
13,617 |
|||||||
|
Net income per common share—basic and diluted |
$ |
0.02 |
$ |
0.02 |
$ |
0.06 |
$ |
0.06 |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
231,700 |
231,700 |
231,700 |
231,700 |
|||||||||||
|
Cash dividends declared per common share |
$ |
0.020 |
$ |
0.020 |
$ |
0.060 |
$ |
0.059 |
|||||||
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission. |
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(in thousands, except share amounts) (1) | ||||||||
|
September 30, |
December 31, | |||||||
|
2016 |
2015 | |||||||
|
ASSETS |
(unaudited) |
|||||||
|
Current assets |
||||||||
|
Cash and cash equivalents |
$ |
460 |
$ |
917 |
||||
|
Receivables |
157 |
157 |
||||||
|
Other current assets |
106 |
26 |
||||||
|
Total current assets |
723 |
1,100 |
||||||
|
Other non-current assets |
— |
95 |
||||||
|
Total assets |
$ |
723 |
$ |
1,195 |
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
|
Current liabilities |
||||||||
|
Accounts payable and accrued liabilities |
$ |
266 |
$ |
106 |
||||
|
Accrued liabilities—affiliate |
— |
6 |
||||||
|
Total current liabilities |
266 |
112 |
||||||
|
Shareholders' equity |
||||||||
|
Common shares: unlimited shares authorized, 231.7 million shares issued and outstanding at September 30, 2016 and December 31, 2015 |
664,931 |
664,931 |
||||||
|
Director voting share: 1 share authorized, issued and outstanding at September 30, 2016 and December 31, 2015 |
— |
— |
||||||
|
Additional paid-in-capital |
(271,757) |
(271,757) |
||||||
|
Accumulated deficit |
(392,717) |
(392,091) |
||||||
|
Total shareholders' equity |
457 |
1,083 |
||||||
|
Total liabilities and shareholders' equity |
$ |
723 |
$ |
1,195 |
||||
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the Securities and Exchange Commission. |
CONTACTS:
Investors: Randy Bhatia: 713-375-5479
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
11/3/2016Cheniere Energy Partners Declares Quarterly Distributions
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Oct. 21, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) today declared (i) a cash distribution per common unit of $0.425 ($1.70 annualized) to unitholders of record as of November 1, 2016, and (ii) the related distribution to its general partner. All of these distributions are payable on November 11, 2016.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Train 1 has commenced commercial operations, Train 2 has achieved substantial completion, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
10/21/201610/7/2016 - Cheniere Energy, Inc. Announces Timing of Third Quarter Earnings Release and Conference Call
Cheniere Energy, Inc. Announces Timing of Third Quarter Earnings Release and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Oct. 7, 2016 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere" or the "Company") (NYSE MKT: LNG) announced today that it plans to release third quarter 2016 financial results on Thursday, November 3, 2016 before the market opens. Cheniere will host a conference call for investors and analysts at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss third quarter results.
A listen-only webcast of the call and accompanying slide presentation will be available on the Company's website at www.cheniere.com.
After completion of the webcast, a replay will be available on the Company's website.
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is constructing and developing liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Train 1 of the liquefaction project at the Sabine Pass LNG terminal has commenced commercial operations and Train 2 has achieved substantial completion. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy, Inc.; Cheniere Energy Partners, L.P.; Cheniere Energy Partners LP Holdings, LLC
Article Date
10/7/20169/30/2016 - Cheniere Energy Partners LP Holdings, LLC Receives Buyout Offer from Cheniere Energy, Inc.
Cheniere Energy Partners LP Holdings, LLC Receives Buyout Offer from Cheniere Energy, Inc.
Source: PR Newswire
HOUSTON, Sept. 30, 2016 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) announced today that its board of directors has received a proposal from Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) pursuant to which Cheniere would acquire the publicly held shares of Cheniere Partners Holdings not already owned by Cheniere in a stock for stock exchange. Subject to negotiation and execution of a definitive agreement, Cheniere is proposing consideration of 0.5049 Cheniere shares for each issued and outstanding publicly-held share of Cheniere Partners Holdings as part of a transaction that would be structured as a merger of Cheniere Partners Holdings with a wholly-owned subsidiary of Cheniere. The proposed consideration represents a value of $21.90 per common share of Cheniere Partners Holdings, or a premium of approximately 3.0% over the closing price of Cheniere Partners Holdings' shares, based on the closing prices of Cheniere Partners Holdings' shares and of Cheniere's shares as of September 29, 2016, or a premium of approximately 7.0% over the 30-trading day average CQH / LNG exchange ratio as of September 29, 2016.
Cheniere owns 80.1% of the issued and outstanding shares of Cheniere Partners Holdings.
The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Cheniere, the board of directors of Cheniere Partners Holdings and a conflicts committee established by the board of directors of Cheniere Partners Holdings, and the consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed or that any transaction will be consummated.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Energy Partners, L.P. (NYSE MKT: CQP) ("Cheniere Partners"), a publicly traded limited partnership. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates liquefied natural gas ("LNG") regasification facilities and, adjacent to these facilities, plans to construct over time up to six natural gas liquefaction trains ("Trains") with an expected aggregate nominal production capacity of approximately 27 mtpa. Trains 1 and 2 have achieved substantial completion. Train 3 is undergoing commissioning, Trains 4 and 5 are under construction, and Train 6 is fully permitted.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release includes "forward-looking statements". In particular, statements using words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology generally involve forward-looking statements. The forward-looking statements contained herein (including statements regarding the proposed transaction and its effects, benefits and costs, savings, opinions, forecasts, projections, expected timetable for completion, expected distribution, and any other statements regarding Cheniere Partners Holdings' and Cheniere's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not statements of historical fact) are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe that such estimates are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond our control. In addition, assumptions may prove to be inaccurate. We caution that the forward-looking statements contained herein are not guarantees of future performance and that such statements may not be realized or the forward-looking statements or events may not occur. Actual results may differ materially from those anticipated or implied in forward-looking statements as a result of numerous factors, including, but not limited to, the negotiation and execution, and the terms and conditions, of a definitive agreement relating to the proposed transaction and the ability of Cheniere or Cheniere Partners Holdings to enter into or consummate such an agreement; the risk that the proposed merger does not occur; negative effects from the pendency of the proposed merger; the ability to realize expected cost savings and benefits; failure to obtain the required vote of Cheniere Partners Holdings' shareholders; the timing to consummate the proposed transaction; the impact of regulatory changes; and other factors affecting future results disclosed in Cheniere's and Cheniere Partners Holdings' respective filings with the SEC (available at the SEC's website at www.sec.gov), including but not limited to those discussed under Item 1A, "Risk Factors", in Cheniere's Annual Report on Form 10-K for the year ended December 31, 2015 and Cheniere Partners Holdings' Annual Report on Form 10-K for the year ended December 31, 2015. These forward-looking statements speak only as of the date made, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of a proxy or of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed transaction between Cheniere and Cheniere Partners Holdings. In the event that the parties enter into a definitive agreement with respect to the proposed transaction, the parties intend to file a registration statement on Form S-4, containing a proxy statement/prospectus (the "S-4") with the SEC. This communication is not a substitute for the registration statement, definitive proxy statement/prospectus or any other documents that Cheniere or Cheniere Partners Holdings may file with the SEC or send to shareholders in connection with the proposed transaction. INVESTORS AND SHAREHOLDERS OF CHENIERE PARTNERS HOLDINGS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS IF AND WHEN FILED, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
When available, investors and security holders will be able to obtain copies of the S-4, including the proxy statement/prospectus and any other documents that may be filed with the SEC in the event that the parties enter into a definitive agreement with respect to the proposed transaction free of charge at the SEC's website at http://www.sec.gov. Copies of documents filed with the SEC by Cheniere will also be made available free of charge on Cheniere's website at www.cheniere.com. Copies of documents filed with the SEC by Cheniere Partners Holdings will also be made available free of charge on Cheniere Partners Holdings' website at www.cheniere.com.
Participants in the Solicitation
Cheniere, Cheniere Partners Holdings and their respective directors and executive officers may be deemed to be participants in any solicitation of proxies from Cheniere Partners Holdings' shareholders with respect to the proposed transaction. Information about Cheniere Partners Holdings' directors and executive officers is set forth in Cheniere Partners Holdings' 2015 annual report on Form 10-K, which was filed with the SEC on February 19, 2016, and in Cheniere Partners' Holdings current reports on Form 8-K, which were filed with the SEC on May 12, 2016, June 6, 2016, and September 19, 2016. Information about Cheniere's directors and executive officers is set forth in Cheniere's proxy statement for its 2016 Annual Meeting of Shareholders, which was filed with the SEC on April 21, 2016, and in Cheniere's current reports on Form 8-K, which were filed with the SEC on May 12, 2016, June 6, 2016, and September 19, 2016. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction if and when they become available. Investors should read the proxy statement/prospectus carefully if and when it becomes available before making any voting or investment decisions.
CONTACTS:
Investors: Randy Bhatia: 713-375-5479
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
9/30/2016Cheniere Energy, Inc. Makes Offer to Acquire Cheniere Energy Partners LP Holdings, LLC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 30, 2016 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) announced today that it has submitted a proposal to the board of directors of Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) to acquire the publicly held shares of Cheniere Partners Holdings not already owned by Cheniere in a stock for stock exchange. Subject to negotiation and execution of a definitive agreement, Cheniere is proposing consideration of 0.5049 Cheniere shares for each outstanding publicly-held share of Cheniere Partners Holdings as part of a transaction that would be structured as a merger of Cheniere Partners Holdings with a wholly-owned subsidiary of Cheniere. The proposed consideration represents a value of $21.90 per common share of Cheniere Partners Holdings, or a premium of approximately 3.0% over the closing price of Cheniere Partners Holdings' shares, based on the closing prices of Cheniere Partners Holdings' shares and of Cheniere's shares as of September 29, 2016, or a premium of approximately 7.0% over the 30-trading day average CQH / LNG exchange ratio as of September 29, 2016.
"We believe the proposed transaction is attractive to investors in Cheniere Partners Holdings who, as new LNG shareholders, would have the opportunity to participate in the future success of the entire Cheniere complex," said Jack A. Fusco, President and Chief Executive Officer of Cheniere. "In addition, shareholders of Cheniere Partners Holdings would receive an attractive premium over its recent trading levels and a significant increase in the trading liquidity of their investment."
The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Cheniere, the board of directors of Cheniere Partners Holdings and a conflicts committee established by the board of directors of Cheniere Partners Holdings, and the consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed or that any transaction will be consummated.
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing, constructing, and operating liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In particular, statements using words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology generally involve forward-looking statements. The forward-looking statements contained herein (including statements regarding the proposed transaction and its effects, benefits and costs, savings, opinions, forecasts, projections, expected timetable for completion, expected distribution, and any other statements regarding Cheniere Partners Holdings' and Cheniere's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not statements of historical fact) are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe that such estimates are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond our control. In addition, assumptions may prove to be inaccurate. We caution that the forward-looking statements contained herein are not guarantees of future performance and that such statements may not be realized or the forward-looking statements or events may not occur. Actual results may differ materially from those anticipated or implied in forward-looking statements as a result of numerous factors, including, but not limited to, the negotiation and execution, and the terms and conditions, of a definitive agreement relating to the proposed transaction and the ability of Cheniere or Cheniere Partners Holdings to enter into or consummate such an agreement; the risk that the proposed merger does not occur; negative effects from the pendency of the proposed merger; the ability to realize expected cost savings and benefits; failure to obtain the required vote of Cheniere Partners Holdings' shareholders; the timing to consummate the proposed transaction; the impact of regulatory changes; and other factors affecting future results disclosed in Cheniere's and Cheniere Partners Holdings' respective filings with the SEC (available at the SEC's website at www.sec.gov), including but not limited to those discussed under Item 1A, "Risk Factors", in Cheniere's Annual Report on Form 10-K for the year ended December 31, 2015 and Cheniere Partners Holdings' Annual Report on Form 10-K for the year ended December 31, 2015. These forward-looking statements speak only as of the date made, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of a proxy or of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed transaction between Cheniere and Cheniere Partners Holdings. In the event that the parties enter into a definitive agreement with respect to the proposed transaction, the parties intend to file a registration statement on Form S-4, containing a proxy statement/prospectus (the "S-4") with the SEC. This communication is not a substitute for the registration statement, definitive proxy statement/prospectus or any other documents that Cheniere or Cheniere Partners Holdings may file with the SEC or send to shareholders in connection with the proposed transaction. INVESTORS AND SHAREHOLDERS OF CHENIERE PARTNERS HOLDINGS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS IF AND WHEN FILED, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
When available, investors and security holders will be able to obtain copies of the S-4, including the proxy statement/prospectus and any other documents that may be filed with the SEC in the event that the parties enter into a definitive agreement with respect to the proposed transaction free of charge at the SEC's website at http://www.sec.gov. Copies of documents filed with the SEC by Cheniere will also be made available free of charge on Cheniere's website at www.cheniere.com. Copies of documents filed with the SEC by Cheniere Partners Holdings will also be made available free of charge on Cheniere Partners Holdings' website at www.cheniere.com.
Participants in the Solicitation
Cheniere, Cheniere Partners Holdings and their respective directors and executive officers may be deemed to be participants in any solicitation of proxies from Cheniere Partners Holdings' shareholders with respect to the proposed transaction. Information about Cheniere Partners Holdings' directors and executive officers is set forth in Cheniere Partners Holdings' 2015 annual report on Form 10-K, which was filed with the SEC on February 19, 2016, and in Cheniere Partners' Holdings current reports on Form 8-K, which were filed with the SEC on May 12, 2016, June 6, 2016, and September 19, 2016. Information about Cheniere's directors and executive officers is set forth in Cheniere's proxy statement for its 2016 Annual Meeting of Shareholders, which was filed with the SEC on April 21, 2016, and in Cheniere's current reports on Form 8-K, which were filed with the SEC on May 12, 2016, June 6, 2016, and September 19, 2016. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction if and when they become available. Investors should read the proxy statement/prospectus carefully if and when it becomes available before making any voting or investment decisions.
CONTACTS:
Investors: Randy Bhatia: 713-375-5479
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy, Inc.
Article Date
9/30/2016Cheniere Partners Announces Upsize and Pricing of $1.5 Billion Senior Secured Notes due 2027 by Sabine Pass Liquefaction, LLC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 19, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that its wholly owned subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), has upsized and priced its previously announced offering of Senior Secured Notes due 2027 (the "SPL 2027 Notes"). The principal amount of the offering has been increased from the initially announced $1.0 billion to $1.5 billion. The SPL 2027 Notes will bear interest at a rate of 5.00% per annum and will mature on March 15, 2027. The SPL 2027 Notes are priced at par. The closing of the offering of the SPL 2027 Notes is expected to occur on September 23, 2016.
SPL intends to use the net proceeds from the offering (after deducting the initial purchasers' commissions, estimated fees and expenses and incremental interest during construction related to the SPL 2027 Notes) to prepay all of the principal amounts currently outstanding under SPL's credit facilities (the "2015 SPL Credit Facilities") and pay capital costs in connection with the construction of the first five trains of its natural gas liquefaction facility currently under construction in Cameron Parish, Louisiana. In connection with the offering, SPL will reduce commitments on a ratable basis under its 2015 SPL Credit Facilities. The SPL 2027 Notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of SPL, including borrowings under the 2015 SPL Credit Facilities, its outstanding senior secured notes due 2021, senior secured notes due 2022, senior secured notes due 2023, senior secured notes due 2024, senior secured notes due 2025, and senior secured notes due 2026 and its obligations under its working capital facility.
The offer of the SPL 2027 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the SPL 2027 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
9/19/2016Cheniere Partners Announces Offering of $1.0 Billion Senior Secured Notes due 2027 by Sabine Pass Liquefaction, LLC
Source: PR Newswire
HOUSTON, Sept. 19, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that its wholly owned subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), intends to offer, subject to market and other conditions, $1.0 billion principal amount of Senior Secured Notes due 2027 (the "SPL 2027 Notes").
SPL intends to use the net proceeds from the offering (after deducting the initial purchasers' commissions, estimated fees and expenses and incremental interest during construction related to the SPL 2027 Notes) to prepay a portion of the principal amounts currently outstanding under SPL's credit facilities (the "2015 SPL Credit Facilities"). The SPL 2027 Notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of SPL, including borrowings under the 2015 SPL Credit Facilities, its outstanding senior secured notes due 2021, senior secured notes due 2022, senior secured notes due 2023, senior secured notes due 2024, senior secured notes due 2025, and senior secured notes due 2026 and its obligations under its working capital facility.
The offer of the SPL 2027 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the SPL 2027 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
9/19/20169/16/2016 - Cheniere Partners Announces Substantial Completion of Train 2 at the Sabine Pass Liquefaction Project
Cheniere Partners Announces Substantial Completion of Train 2 at the Sabine Pass Liquefaction Project
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 16, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) today announced that Substantial Completion of Train 2 of the Sabine Pass liquefaction project in Cameron Parish, Louisiana (the "SPL Project") was achieved on September 15, 2016. Commissioning has been completed and Cheniere Partners' EPC partner Bechtel Oil, Gas and Chemicals, Inc. ("Bechtel") is turning over care, custody, and control of Train 2 to Cheniere Partners. This turnover will be done in coordination with a previously announced planned outage to improve performance of the flare systems at the SPL Project, as well as to perform scheduled maintenance to Train 1 and other facilities.
Under a sale and purchase agreement ("SPA") with Gas Natural Fenosa LNG GOM Ltd. ("GNF"), the date of first commercial delivery ("DFCD") for Train 2 of the SPL Project is expected to occur in August 2017 upon which the SPA's 20-year term commences. Prior to DFCD, GNF has certain rights to early cargoes produced from Train 2 as described in the SPA.
With the achievement of Substantial Completion, financial results of LNG sales from Train 2 going forward will be reflected in the statement of operations of Cheniere Partners and its affiliates.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Trains 1 and 2 have achieved Substantial Completion, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction, and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with DFCD of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Form 10-Q for the period ending June 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
9/16/2016Cheniere Energy, Inc. Reports Second Quarter 2016 Results
Source: PR Newswire
HOUSTON, Aug. 9, 2016 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) reported a net loss1 of $298.4 million, or $1.31 per share (basic and diluted), for the three months ended June 30, 2016, compared to a net loss of $118.5 million, or $0.52 per share (basic and diluted), for the comparable 2015 period. Net Loss, As Adjusted2 was $140.2 million, or $0.61 per share (basic and diluted), for the three months ended June 30, 2016, compared to a Net Loss, As Adjusted of $211.2 million, or $0.93 per share (basic and diluted), for the comparable 2015 period.
For the six months ended June 30, 2016, Cheniere reported a net loss of $619.3 million, or $2.71 per share (basic and diluted), compared to a net loss of $386.2 million, or $1.71 per share (basic and diluted), for the comparable 2015 period. For the six months ended June 30, 2016, Net Loss, As Adjusted was $278.3 million, or $1.22 per share (basic and diluted), compared to a Net Loss, As Adjusted of $333.9 million, or $1.47 per share (basic and diluted), for the comparable 2015 period.
For the three and six months ended June 30, 2016, Net Loss, As Adjusted excludes the impact of changes in the fair value of our interest rate, commodity and FX derivatives, loss on early extinguishment of debt, share-based compensation related to employee separations, and impairment expense (recovery). Loss on early extinguishment of debt was associated with the write-off of debt issuance costs by Sabine Pass Liquefaction, LLC ("SPL") and Cheniere Corpus Christi Holdings, LLC ("CCH") in connection with the refinancing of a portion of their credit facilities and by Cheniere Creole Trail Pipeline, L.P. as a result of the prepayment of its outstanding term loan. For the three and six months ended June 30, 2015, Net Loss, As Adjusted excludes the impact of changes in the fair value of interest rate, commodity and FX derivatives, loss on early extinguishment of debt related to the write-off of debt issuance costs by SPL primarily in connection with the refinancing of a portion of its credit facilities in March 2015, and impairment expense.
"The second quarter of 2016 saw Cheniere's continued transition from a development company into an operating one. During the quarter we took over care, custody, and control of Train 1 of the Sabine Pass Liquefaction Project and commenced commercial sales of LNG. After substantial completion, we exported 5 cargoes of LNG under our contract with BG Gulf Coast LNG, LLC (Shell) as of the end of the second quarter. Commissioning activities at Train 2 continue with first LNG achieved in late July, and our remaining Trains under construction continue on time and on budget," said Jack Fusco, Cheniere's President and CEO. "On the financial front, we continued to manage our debt maturity profile by successfully issuing bonds to prepay a portion of the outstanding borrowings under credit facilities for both the Sabine Pass Liquefaction Project and the CCL Project."
Second Quarter 2016 Highlights
Second Quarter and Year to Date 2016 Results
Adjusted EBITDA2 for the three and six months ended June 30, 2016 was a loss of $3.7 million and $47.9 million, respectively, compared to a loss of $60.5 million and $86.5 million, respectively, for the comparable 2015 periods. During the three months ended June 30, 2016, we began recognizing LNG revenues and cost of sales from the Sabine Pass Liquefaction Project (defined below) following the substantial completion of the first liquefaction train ("Train 1"). Prior to substantial completion, amounts received from the sale of commissioning cargoes were offset against LNG terminal construction-in-process because these amounts were earned during the testing phase for the construction of Train 1 of the Sabine Pass Liquefaction Project. We expect sales of LNG cargoes from future liquefaction trains ("Trains") to be reported in the same manner.
Total operating costs and expenses increased $89.4 million and $120.4 million during the three and six months ended June 30, 2016 compared to the three and six months ended June 30, 2015, respectively, generally as a result of the commencement of operations of Train 1 of the Sabine Pass Liquefaction Project. Depreciation and amortization expense increased during the three and six months ended June 30, 2016 as we began depreciation of our assets related to Train 1 of the Sabine Pass Liquefaction Project upon reaching substantial completion. General and administrative expense during the three and six months ended June 30, 2016 decreased from the comparable 2015 period, which was partially due to a decrease in share-based compensation as a result of vesting of restricted stock awards in the second half of 2015, and partially due to a reallocation of resources from general and administrative activities to operating and maintenance activities following commencement of operations at the Sabine Pass Liquefaction Project.
Included in marketing expense and general and administrative expense were share-based compensation expenses of $31.5 million and $45.8 million for the three and six months ended June 30, 2016, respectively, compared to $43.0 million and $58.1 million for the comparable 2015 periods, respectively.
Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) consists of 100% ownership of the general partner of Cheniere Partners and 80.1% ownership interest in Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH) which owns a 55.9% limited partner interest in Cheniere Partners.
Liquefaction Projects Update
Sabine Pass Liquefaction Project
Through Cheniere Partners, we are developing up to six Trains, each with an expected nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG, at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project").
The Trains are in various stages of operation, construction, and development.
|
Sabine Pass Liquefaction Project | ||||
|
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 |
|
Project Status |
Operational |
Commissioning |
87% Overall Completion |
38% Overall Completion |
|
Expected Substantial Completion |
- |
2H 2016 |
2017 |
2019 |
Corpus Christi LNG Terminal
We are developing up to three Trains, each with an expected nominal production capacity of approximately 4.5 mtpa of LNG, near Corpus Christi, Texas (the "CCL Project").
The Trains are in various stages of construction and development:
Additionally, we are developing Trains 4 and 5 adjacent to the CCL Project and have initiated the regulatory approval process with respect to those Trains.
|
Corpus Christi LNG Terminal | |
|
Liquefaction Train |
Trains 1-2 |
|
Project Status |
37% Overall Completion |
|
Expected Substantial Completion |
2019 |
Investor Conference Call and Webcast
We will host a conference call to discuss our financial and operating results for the second quarter on Tuesday, August 9, 2016, at 10 a.m. Eastern time / 9 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.
|
1 |
Reported as Net loss attributable to common stockholders on our Consolidated Statements of Operations. |
|
2 |
Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details. |
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is constructing and developing liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Train 1 of the liquefaction project at the Sabine Pass LNG terminal has commenced commercial operations. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
Cheniere Energy, Inc. | |||||||||||||||
|
Consolidated Statements of Operations | |||||||||||||||
|
(in thousands, except per share data)(1) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenues |
|||||||||||||||
|
Regasification revenues |
$ |
65,622 |
$ |
66,489 |
$ |
131,173 |
$ |
133,291 |
|||||||
|
LNG revenues (losses) |
110,735 |
(706) |
113,439 |
(44) |
|||||||||||
|
Other revenues |
470 |
2,242 |
1,296 |
3,147 |
|||||||||||
|
Total revenues |
176,827 |
68,025 |
245,908 |
136,394 |
|||||||||||
|
Operating costs and expenses |
|||||||||||||||
|
Cost of sales (excluding depreciation and amortization expense shown separately below) |
85,709 |
1,444 |
100,216 |
2,137 |
|||||||||||
|
Operating and maintenance expense |
45,562 |
17,727 |
81,879 |
53,433 |
|||||||||||
|
Development expense |
1,616 |
16,609 |
3,163 |
32,705 |
|||||||||||
|
Marketing expense |
26,225 |
20,379 |
51,203 |
33,425 |
|||||||||||
|
General and administrative expense |
61,409 |
87,477 |
109,333 |
132,448 |
|||||||||||
|
Depreciation and amortization expense |
32,781 |
20,154 |
56,870 |
37,923 |
|||||||||||
|
Impairment expense (recovery) |
(71) |
— |
10,095 |
176 |
|||||||||||
|
Other |
50 |
109 |
162 |
265 |
|||||||||||
|
Total operating costs and expenses |
253,281 |
163,899 |
412,921 |
292,512 |
|||||||||||
|
Loss from operations |
(76,454) |
(95,874) |
(167,013) |
(156,118) |
|||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest expense, net of capitalized interest |
(105,967) |
(85,486) |
(182,304) |
(145,098) |
|||||||||||
|
Loss on early extinguishment of debt |
(55,315) |
(7,281) |
(56,772) |
(96,273) |
|||||||||||
|
Derivative gain (loss), net |
(90,621) |
46,049 |
(271,555) |
(80,641) |
|||||||||||
|
Other income (expense) |
(6,930) |
283 |
(6,001) |
655 |
|||||||||||
|
Total other expense |
(258,833) |
(46,435) |
(516,632) |
(321,357) |
|||||||||||
|
Loss before income taxes and non-controlling interest |
(335,287) |
(142,309) |
(683,645) |
(477,475) |
|||||||||||
|
Income tax benefit (provision) |
343 |
507 |
(273) |
(171) |
|||||||||||
|
Net loss |
(334,944) |
(141,802) |
(683,918) |
(477,646) |
|||||||||||
|
Less: net loss attributable to non-controlling interest |
(36,526) |
(23,307) |
(64,662) |
(91,442) |
|||||||||||
|
Net loss attributable to common stockholders |
$ |
(298,418) |
$ |
(118,495) |
$ |
(619,256) |
$ |
(386,204) |
|||||||
|
Net loss per share attributable to common stockholders—basic and diluted |
$ |
(1.31) |
$ |
(0.52) |
$ |
(2.71) |
$ |
(1.71) |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
228,323 |
226,481 |
228,231 |
226,405 |
|||||||||||
|
(1) |
Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission. | |||||||||
|
Cheniere Energy, Inc. | |||||||
|
Consolidated Balance Sheets | |||||||
|
(in thousands, except share data)(1) | |||||||
|
June 30, |
December 31, | ||||||
|
2016 |
2015 | ||||||
|
ASSETS |
(unaudited) |
||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
1,049,478 |
$ |
1,201,112 |
|||
|
Restricted cash |
724,458 |
503,397 |
|||||
|
Accounts and other receivables |
74,283 |
5,749 |
|||||
|
Inventory |
66,322 |
18,125 |
|||||
|
Other current assets |
75,941 |
54,203 |
|||||
|
Total current assets |
1,990,482 |
1,782,586 |
|||||
|
Non-current restricted cash |
31,726 |
31,722 |
|||||
|
Property, plant and equipment, net |
18,729,177 |
16,193,907 |
|||||
|
Debt issuance costs, net |
336,474 |
378,677 |
|||||
|
Non-current derivative assets |
20,715 |
30,887 |
|||||
|
Goodwill |
76,819 |
76,819 |
|||||
|
Other non-current assets |
251,458 |
314,455 |
|||||
|
Total assets |
$ |
21,436,851 |
$ |
18,809,053 |
|||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable |
$ |
48,676 |
$ |
22,820 |
|||
|
Accrued liabilities |
589,604 |
427,199 |
|||||
|
Current debt, net |
1,677,476 |
1,673,379 |
|||||
|
Deferred revenue |
26,709 |
26,669 |
|||||
|
Derivative liabilities |
72,002 |
35,201 |
|||||
|
Other current liabilities |
54 |
— |
|||||
|
Total current liabilities |
2,414,521 |
2,185,268 |
|||||
|
Long-term debt, net |
17,789,074 |
14,920,427 |
|||||
|
Non-current deferred revenue |
7,500 |
9,500 |
|||||
|
Non-current derivative liabilities |
311,207 |
79,387 |
|||||
|
Other non-current liabilities |
50,382 |
53,068 |
|||||
|
Commitments and contingencies |
|||||||
|
Stockholders' equity |
|||||||
|
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued |
— |
— |
|||||
|
Common stock, $0.003 par value |
|||||||
|
Authorized: 480.0 million shares at June 30, 2016 and December 31, 2015 |
|||||||
|
Issued and outstanding: 235.7 million shares and 235.6 million shares at June 30, 2016 and December 31, 2015, respectively |
707 |
708 |
|||||
|
Treasury stock: 11.8 million shares and 11.6 million shares at June 30, 2016 and December 31, 2015, respectively, at cost |
(357,491) |
(353,927) |
|||||
|
Additional paid-in-capital |
3,105,728 |
3,075,317 |
|||||
|
Accumulated deficit |
(4,243,204) |
(3,623,948) |
|||||
|
Total stockholders' deficit |
(1,494,260) |
(901,850) |
|||||
|
Non-controlling interest |
2,358,427 |
2,463,253 |
|||||
|
Total equity |
864,167 |
1,561,403 |
|||||
|
Total liabilities and equity |
$ |
21,436,851 |
$ |
18,809,053 |
|||
|
(1) |
Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission. | |||||
As of June 30, 2016, we had cash and cash equivalents of $1,049.5 million available to Cheniere. In addition, we had current and non-current restricted cash of $756.2 million (which included current and non-current restricted cash available to us and our subsidiaries) designated for the following purposes: $223.1 million for the CCL Project, $263.1 million for the Sabine Pass Liquefaction Project, $110.0 million for restricted purposes under the terms of Cheniere Partners' credit facilities, $91.1 million for interest payments related to the Sabine Pass LNG, L.P. senior secured notes and $68.9 million for other restricted purposes.
Reconciliation of Non-GAAP Measures
Regulation G Reconciliations
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains non-GAAP financial measures. Adjusted EBITDA, Net Loss, As Adjusted and Net Loss per share, As Adjusted are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.
Adjusted EBITDA represents net loss attributable to Cheniere before net loss attributable to the non-controlling interest, interest, taxes, depreciation and amortization, adjusted for certain non-cash items, other non-operating income or expense items, and items not otherwise predictive or indicative of ongoing operating performance, as detailed in the following reconciliation. Adjusted EBITDA is not intended to represent cash flows from operations or net loss as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of business performance. We believe Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items, and items not otherwise predictive or indicative of ongoing operating performance, enables comparability to prior period performance and trend analysis.
Adjusted EBITDA is calculated by taking net loss attributable to common stockholders before net loss attributable to non-controlling interest, interest expense, net of capitalized interest, including changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense (recovery), changes in the fair value of our commodity and foreign currency exchange ("FX") derivatives and non-cash compensation expense. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management's own evaluation of performance.
Net Loss, As Adjusted represents net loss attributable to Cheniere common shareholders and Net Loss per share, As Adjusted represents Cheniere's basic and diluted earnings per share, in each case adjusted for certain non-recurring items or other items not predictive or indicative of ongoing operating performance, net of the portion attributable to non-controlling interests, including changes in the fair value of our interest rate, commodity and FX derivatives, the effects of modifications or extinguishments of debt, share-based compensation related to employee separations, impairment expense (recovery) and other adjustments. Net Loss, As Adjusted and Net Loss per share, As Adjusted are presented because we believe they are useful tools for assessing the operating performance of Cheniere. Net Loss, As Adjusted and Net Loss per share, As Adjusted are not intended to represent net loss attributable to common stockholders and net loss per share attributable to common stockholders, the most comparable U.S. GAAP measures, respectively, as indicators of operating performance, and are not necessarily comparable to measures reported by other companies.
Net Loss, As Adjusted and Net Loss per share, As Adjusted
The following tables reconcile our Net Loss, As Adjusted and Net Loss per share, As Adjusted to U.S. GAAP results for the three and six months ended June 30, 2016 and 2015 (in thousands, except per share data):
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net loss attributable to common stockholders |
$ |
(298,418) |
$ |
(118,495) |
$ |
(619,256) |
$ |
(386,204) |
|||||||
|
Add: |
|||||||||||||||
|
Impairment expense (recovery) |
(71) |
— |
10,095 |
176 |
|||||||||||
|
Loss on early extinguishment of debt |
55,315 |
7,281 |
56,772 |
96,273 |
|||||||||||
|
Loss (gain) from changes in fair value of interest rate derivatives, net |
80,352 |
(98,407) |
253,417 |
(9,199) |
|||||||||||
|
Loss (gain) from changes in fair value of commodity and FX derivatives, net |
25,415 |
(144) |
25,702 |
463 |
|||||||||||
|
Share-based compensation related to employee separations |
15,647 |
— |
22,060 |
— |
|||||||||||
|
Less: |
|||||||||||||||
|
Adjustments attributable to non-controlling interest |
18,404 |
1,471 |
27,053 |
35,390 |
|||||||||||
|
Net Loss, As Adjusted |
$ |
(140,164) |
$ |
(211,236) |
$ |
(278,263) |
$ |
(333,881) |
|||||||
|
Net loss per share attributable to common stockholders—basic and diluted |
$ |
(1.31) |
$ |
(0.52) |
$ |
(2.71) |
$ |
(1.71) |
|||||||
|
Add: |
|||||||||||||||
|
Impairment expense (recovery) |
— |
— |
0.04 |
— |
|||||||||||
|
Loss on early extinguishment of debt |
0.24 |
0.03 |
0.25 |
0.43 |
|||||||||||
|
Loss (gain) from changes in fair value of interest rate derivatives, net |
0.35 |
(0.43) |
1.11 |
(0.04) |
|||||||||||
|
Loss (gain) from changes in fair value of commodity and FX derivatives, net |
0.11 |
— |
0.11 |
— |
|||||||||||
|
Share-based compensation related to employee separations |
0.07 |
— |
0.10 |
— |
|||||||||||
|
Less: |
|||||||||||||||
|
Adjustments attributable to non-controlling interest |
0.08 |
0.01 |
0.12 |
0.16 |
|||||||||||
|
Net Loss per share, As Adjusted—basic and diluted(1) |
$ |
(0.61) |
$ |
(0.93) |
$ |
(1.22) |
$ |
(1.47) |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
228,323 |
226,481 |
228,231 |
226,405 |
|||||||||||
|
(1) |
Numbers may not foot due to rounding. | |||
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and six months ended June 30, 2016 and 2015 (in thousands):
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net loss attributable to common stockholders |
$ |
(298,418) |
$ |
(118,495) |
$ |
(619,256) |
$ |
(386,204) |
|||||||
|
Net loss attributable to non-controlling interest |
(36,526) |
(23,307) |
(64,662) |
(91,442) |
|||||||||||
|
Income tax provision (benefit) |
(343) |
(507) |
273 |
171 |
|||||||||||
|
Interest expense, net of capitalized interest |
105,967 |
85,486 |
182,304 |
145,098 |
|||||||||||
|
Loss on early extinguishment of debt |
55,315 |
7,281 |
56,772 |
96,273 |
|||||||||||
|
Derivative loss (gain), net |
90,621 |
(46,049) |
271,555 |
80,641 |
|||||||||||
|
Other expense (income) |
6,930 |
(283) |
6,001 |
(655) |
|||||||||||
|
Loss from operations |
$ |
(76,454) |
$ |
(95,874) |
$ |
(167,013) |
$ |
(156,118) |
|||||||
|
Adjustments to reconcile loss from operations to Adjusted EBITDA: |
|||||||||||||||
|
Depreciation and amortization expense |
32,781 |
20,154 |
56,870 |
37,923 |
|||||||||||
|
Loss (gain) from changes in fair value of commodity and FX derivatives, net |
25,415 |
(144) |
25,702 |
463 |
|||||||||||
|
Total non-cash compensation expense |
14,613 |
15,340 |
26,464 |
31,060 |
|||||||||||
|
Impairment expense (recovery) |
(71) |
— |
10,095 |
176 |
|||||||||||
|
Adjusted EBITDA |
$ |
(3,716) |
$ |
(60,524) |
$ |
(47,882) |
$ |
(86,496) |
|||||||
Logo - http://photos.prnewswire.com/prnh/20090611/AQ31545LOGO
SOURCE Cheniere Energy, Inc.
Article Date
8/9/2016Cheniere Energy Partners LP Holdings, LLC Reports Second Quarter 2016 Results
Source: PR Newswire
HOUSTON, Aug. 9, 2016 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) reported net income of $4.4 million, or $0.02 per common share, for the three months ended June 30, 2016, compared to net income of $4.5 million, or $0.02 per common share, for the comparable 2015 period. For the six months ended June 30, 2016, Cheniere Partners Holdings reported net income of $8.9 million, or $0.04 per common share, compared to net income of $9.1 million, or $0.04 per common share, during the corresponding period in 2015. Results include the distribution received from our limited partner interests in Cheniere Energy Partners, L.P. ("Cheniere Partners"), a publicly traded limited partnership (NYSE MKT: CQP).
Our only business consists of owning Cheniere Partners common units, Class B units and subordinated units representing an aggregate approximately 55.9% limited partner interest in Cheniere Partners as of June 30, 2016.
Sabine Pass Liquefaction Project Update
Through Cheniere Partners, we are developing up to six liquefaction trains ("Trains"), each with an expected nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG, at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project").
The Trains are in various stages of operation, construction, and development.
|
Sabine Pass Liquefaction Project | ||||
|
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 |
|
Project Status |
Operational |
Commissioning |
87% Overall Completion |
38% Overall Completion |
|
Expected Substantial Completion |
- |
2H 2016 |
2017 |
2019 |
Dividends
When Cheniere Partners makes cash distributions to us with respect to our Cheniere Partners units, we will pay dividends to our shareholders consisting of the cash that we receive from Cheniere Partners, less income taxes and reserves established by our Board of Directors. We will pay a quarterly cash dividend of $0.020 per common share on August 26, 2016 to shareholders of record as of close of business August 16, 2016.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the second quarter on Tuesday, August 9, 2016, at 10 a.m. Eastern time / 9 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners Holdings.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Partners. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates LNG regasification facilities and, adjacent to these facilities, plans to construct over time up to six Trains with an expected aggregate nominal production capacity of approximately 27 mtpa. Cheniere Partners currently has Train 1 in operations, Train 2 undergoing commissioning, Trains 3 through 5 under construction, and Train 6 fully permitted.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | |||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
|
(in thousands, except per share data) (1) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Equity income from investment in Cheniere Partners |
$ |
5,085 |
$ |
5,085 |
$ |
10,169 |
$ |
10,169 |
|||||||
|
Expenses |
|||||||||||||||
|
General and administrative expense |
387 |
322 |
721 |
600 |
|||||||||||
|
General and administrative expense—affiliate |
257 |
254 |
514 |
508 |
|||||||||||
|
Total expenses |
644 |
576 |
1,235 |
1,108 |
|||||||||||
|
Net income |
$ |
4,441 |
$ |
4,509 |
$ |
8,934 |
$ |
9,061 |
|||||||
|
Net income per common share—basic and diluted |
$ |
0.02 |
$ |
0.02 |
$ |
0.04 |
$ |
0.04 |
|||||||
|
Weighted average number of common shares outstanding—basic and diluted |
231,700 |
231,700 |
231,700 |
231,700 |
|||||||||||
|
Cash dividends declared per common share |
$ |
0.020 |
$ |
0.020 |
$ |
0.040 |
$ |
0.039 |
|||||||
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission. | |||||||||
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(in thousands, except share amounts) (1) | ||||||||
|
June 30, |
December 31, | |||||||
|
2016 |
2015 | |||||||
|
ASSETS |
(unaudited) |
|||||||
|
Current assets |
||||||||
|
Cash and cash equivalents |
$ |
559 |
$ |
917 |
||||
|
Receivables |
157 |
157 |
||||||
|
Other current assets |
169 |
26 |
||||||
|
Total current assets |
885 |
1,100 |
||||||
|
Other non-current assets |
— |
95 |
||||||
|
Total assets |
$ |
885 |
$ |
1,195 |
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
|
Current liabilities |
||||||||
|
Accounts payable and accrued liabilities |
$ |
85 |
$ |
106 |
||||
|
Accrued liabilities—affiliate |
51 |
6 |
||||||
|
Total current liabilities |
136 |
112 |
||||||
|
Shareholders' equity |
||||||||
|
Common shares: unlimited shares authorized, 231.7 million shares issued and outstanding at June 30, 2016 and December 31, 2015 |
664,931 |
664,931 |
||||||
|
Director voting share: 1 share authorized, issued and outstanding at June 30, 2016 and December 31, 2015 |
— |
— |
||||||
|
Additional paid-in-capital |
(271,757) |
(271,757) |
||||||
|
Accumulated deficit |
(392,425) |
(392,091) |
||||||
|
Total shareholders' equity |
749 |
1,083 |
||||||
|
Total liabilities and shareholders' equity |
$ |
885 |
$ |
1,195 |
||||
|
(1) |
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission. | |||||||
CONTACTS:
Investors: Randy Bhatia: 713-375-5479, Katy Cox: 713-375-5079
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
8/9/2016Cheniere Energy Partners, L.P. Reports Second Quarter 2016 Results
Source: PR Newswire
HOUSTON, Aug. 9, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) reported a net loss of $100.1 million and $175.0 million for the three and six months ended June 30, 2016, respectively, compared to a net loss of $60.0 million and $238.7 million for the same periods in 2015, respectively. Adjusted EBITDA1 for the three and six months ended June 30, 2016 was $50.7 million and $63.2 million, respectively, compared to $11.8 million and $17.7 million for the comparable 2015 periods, respectively.
During the three months ended June 30, 2016, we began recognizing LNG revenues and cost of sales from the Sabine Pass Liquefaction Project (defined below) following the substantial completion of the first liquefaction train ("Train 1"). After substantial completion, we exported 5 cargoes of LNG under our contract with BG Gulf Coast LNG, LLC (Shell) as of the end of the second quarter. Prior to substantial completion, amounts received from the sale of commissioning cargoes were offset against LNG terminal construction-in-process because these amounts were earned during the testing phase for the construction of Train 1 of the Sabine Pass Liquefaction Project. We expect sales of LNG cargoes from future liquefaction trains ("Trains") to be reported in the same manner.
Total operating costs and expenses increased $66.6 million and $65.7 million during the three and six months ended June 30, 2016 compared to the three and six months ended June 30, 2015, respectively, generally as a result of the commencement of operations of Train 1 of the Sabine Pass Liquefaction Project. Depreciation and amortization expense increased during the three and six months ended June 30, 2016 as we began depreciation of our assets related to Train 1 of the Sabine Pass Liquefaction Project upon reaching substantial completion. General and administrative expense-affiliate decreased during the three and six months ended June 30, 2016, partially due to a decrease in the amount payable under our service agreements with affiliates and partially due to a reallocation of resources from general and administrative activities to operating and maintenance activities following commencement of operations at the Sabine Pass Liquefaction Project.
For the three and six months ended June 30, 2016, Adjusted EBITDA excludes the impact of loss on early extinguishment of debt associated with the write-off of debt issuance costs by Sabine Pass Liquefaction, LLC ("SPL") in connection with the refinancing of a portion of its credit facilities and by Cheniere Creole Trail Pipeline, L.P. as a result of the prepayment of its outstanding term loan, and derivative loss primarily as a result of a decrease in the forward LIBOR curve over the period as well as an increase in the notional amount of interest rate swaps related to our new credit facilities entered into in February 2016. For the three and six months ended June 30, 2015, Adjusted EBITDA excludes the impact of losses on early extinguishment of debt related primarily to the write-off of debt issuance costs by SPL in connection with the refinancing of a portion of its credit facilities and derivative gains (losses) due primarily to the termination of certain interest rate derivatives.
Second Quarter 2016 Highlights
Sabine Pass Liquefaction Project
We are developing up to six Trains, each with an expected nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG, at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project").
The Trains are in various stages of operation, construction, and development.
|
Sabine Pass Liquefaction Project
| ||||
|
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 |
|
Project Status |
Operational |
Commissioning |
87% Overall Completion |
38% Overall Completion |
|
Expected Substantial Completion |
- |
2H 2016 |
2017 |
2019 |
Distributions to Unitholders
We will pay a cash distribution per common unit of $0.425 to unitholders of record as of August 1, 2016, and the related general partner distribution on August 12, 2016.
We estimate that the annualized distribution to common unitholders for fiscal year 2016 will be $1.70 per unit.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the second quarter on Tuesday, August 9, 2016, at 10 a.m. Eastern time / 9 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners.
|
_______________ | |
|
(1) |
Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details. |
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, SPL, is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Train 1 has commenced commercial operations, Train 2 is undergoing commissioning, Trains 3 through 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 mtpa of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
|
Cheniere Energy Partners, L.P. Consolidated Statements of Operations (in thousands, except per unit data) (1) (unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Revenues |
|||||||||||||||
|
Regasification revenues |
$ |
65,122 |
$ |
66,490 |
$ |
130,506 |
$ |
133,208 |
|||||||
|
Regasification revenues—affiliate |
717 |
1,199 |
2,352 |
2,011 |
|||||||||||
|
LNG revenues |
85,332 |
— |
85,360 |
— |
|||||||||||
|
Total revenues |
151,171 |
67,689 |
218,218 |
135,219 |
|||||||||||
|
Operating costs and expenses |
|||||||||||||||
|
Cost of sales (excluding depreciation and amortization expense shown separately below) |
49,294 |
91 |
53,198 |
784 |
|||||||||||
|
Operating and maintenance expense |
24,717 |
9,298 |
42,102 |
39,838 |
|||||||||||
|
Operating and maintenance expense—affiliate |
11,156 |
7,501 |
21,986 |
12,274 |
|||||||||||
|
Development expense |
70 |
1,367 |
136 |
2,518 |
|||||||||||
|
Development expense—affiliate |
153 |
206 |
282 |
410 |
|||||||||||
|
General and administrative expense |
3,792 |
4,081 |
6,402 |
7,596 |
|||||||||||
|
General and administrative expense—affiliate |
21,211 |
33,472 |
43,409 |
55,069 |
|||||||||||
|
Depreciation and amortization expense |
28,184 |
15,991 |
47,572 |
30,870 |
|||||||||||
|
Total operating costs and expenses |
138,577 |
72,007 |
215,087 |
149,359 |
|||||||||||
|
Income (loss) from operations |
12,594 |
(4,318) |
3,131 |
(14,140) |
|||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest expense, net of capitalized interest |
(71,999) |
(50,148) |
(115,451) |
(92,993) |
|||||||||||
|
Loss on early extinguishment of debt |
(26,304) |
(7,281) |
(27,761) |
(96,273) |
|||||||||||
|
Derivative gain (loss), net |
(14,792) |
1,469 |
(35,600) |
(35,669) |
|||||||||||
|
Other income |
376 |
235 |
650 |
356 |
|||||||||||
|
Total other expense |
(112,719) |
(55,725) |
(178,162) |
(224,579) |
|||||||||||
|
Net loss |
$ |
(100,125) |
$ |
(60,043) |
$ |
(175,031) |
$ |
(238,719) |
|||||||
|
Basic and diluted net loss per common unit |
$ |
(0.21) |
$ |
(0.01) |
$ |
(0.29) |
$ |
(0.62) |
|||||||
|
Weighted average number of common units outstanding used for basic and diluted net loss per common unit calculation |
57,084 |
57,080 |
57,084 |
57,080 |
|||||||||||
|
_______________ | |
|
(1) |
Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission. |
|
Cheniere Energy Partners, L.P. Consolidated Balance Sheets (in thousands, except per unit data) (1) | |||||||
|
June 30, |
December 31, | ||||||
|
2016 |
2015 | ||||||
|
ASSETS |
(unaudited) |
||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
$ |
12,262 |
$ |
146,221 |
|||
|
Restricted cash |
450,506 |
274,557 |
|||||
|
Accounts and other receivables |
71,499 |
741 |
|||||
|
Accounts receivable—affiliate |
176 |
1,271 |
|||||
|
Advances to affiliate |
41,486 |
39,836 |
|||||
|
Inventory |
48,331 |
16,667 |
|||||
|
Other current assets |
21,726 |
14,182 |
|||||
|
Total current assets |
645,986 |
493,475 |
|||||
|
Non-current restricted cash |
13,650 |
13,650 |
|||||
|
Property, plant and equipment, net |
13,223,191 |
11,931,602 |
|||||
|
Debt issuance costs, net |
137,605 |
132,091 |
|||||
|
Non-current derivative assets |
20,472 |
30,304 |
|||||
|
Other non-current assets |
217,946 |
232,031 |
|||||
|
Total assets |
$ |
14,258,850 |
$ |
12,833,153 |
|||
|
LIABILITIES AND PARTNERS' EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Accounts payable |
$ |
35,581 |
$ |
16,407 |
|||
|
Accrued liabilities |
336,316 |
224,292 |
|||||
|
Current debt, net |
1,662,257 |
1,673,379 |
|||||
|
Due to affiliates |
87,349 |
115,123 |
|||||
|
Deferred revenue |
26,709 |
26,669 |
|||||
|
Deferred revenue—affiliate |
717 |
717 |
|||||
|
Derivative liabilities |
15,943 |
6,430 |
|||||
|
Other current liabilities |
54 |
— |
|||||
|
Total current liabilities |
2,164,926 |
2,063,017 |
|||||
|
Long-term debt, net |
11,543,524 |
10,018,325 |
|||||
|
Non-current deferred revenue |
7,500 |
9,500 |
|||||
|
Non-current derivative liabilities |
26,904 |
2,884 |
|||||
|
Other non-current liabilities |
170 |
175 |
|||||
|
Other non-current liabilities—affiliate |
27,404 |
26,321 |
|||||
|
Partners' equity |
|||||||
|
Common unitholders' interest (57.1 million units issued and outstanding at June 30, 2016 and December 31, 2015) |
204,009 |
305,747 |
|||||
|
Class B unitholders' interest (145.3 million units issued and outstanding at June 30, 2016 and December 31, 2015) |
(29,425) |
(37,429) |
|||||
|
Subordinated unitholders' interest (135.4 million units issued and outstanding at June 30, 2016 and December 31, 2015) |
301,749 |
428,035 |
|||||
|
General partner's interest (2% interest with 6.9 million units issued and outstanding at June 30, 2016 and December 31, 2015) |
12,089 |
16,578 |
|||||
|
Total partners' equity |
488,422 |
712,931 |
|||||
|
Total liabilities and partners' equity |
$ |
14,258,850 |
$ |
12,833,153 |
|||
|
_______________ | |
|
(1) |
Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission. |
Reconciliation of Non-GAAP Measures
Regulation G Reconciliation
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.
Adjusted EBITDA is calculated by taking net loss before interest expense, net of capitalized interest, including changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, changes in the fair value of our commodity derivatives and other income. Adjusted EBITDA is not intended to represent cash flows from operations or net loss as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of business performance. Management believes Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items and other non-operating income or expense items, and items not otherwise predictive or indicative of ongoing operating performance, enables comparability to prior period performance and trend analysis.
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and six months ended June 30, 2016 and 2015 (in thousands):
|
Three Months Ended |
Six Months Ended | ||||||||||
|
June 30, |
June 30, | ||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||
|
Net loss |
(100,125) |
(60,043) |
(175,031) |
(238,719) |
|||||||
|
Interest expense, net of capitalized interest |
71,999 |
50,148 |
115,451 |
92,993 |
|||||||
|
Loss on early extinguishment of debt |
26,304 |
7,281 |
27,761 |
96,273 |
|||||||
|
Derivative loss (gain), net |
14,792 |
(1,469) |
35,600 |
35,669 |
|||||||
|
Other income |
(376) |
(235) |
(650) |
(356) |
|||||||
|
Income (loss) from operations |
12,594 |
(4,318) |
3,131 |
(14,140) |
|||||||
|
Adjustments to reconcile income (loss) from operations to Adjusted EBITDA: |
|||||||||||
|
Depreciation and amortization expense |
28,184 |
15,991 |
47,572 |
30,870 |
|||||||
|
Loss (gain) from changes in fair value of commodity derivatives, net |
9,938 |
120 |
12,541 |
964 |
|||||||
|
Adjusted EBITDA |
50,716 |
11,793 |
63,244 |
17,694 |
|||||||
SOURCE Cheniere Energy Partners, L.P.
Article Date
8/9/2016Cheniere Energy Partners LP Holdings, LLC Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 5, 2016 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH) ("Cheniere Partners Holdings" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend of $0.020 per common share representing limited liability company interest in the Company. The dividend will be payable on August 26, 2016 to shareholders of record as of close of business August 16, 2016.
About Cheniere Partners Holdings
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Energy Partners, L.P. (NYSE MKT: CQP) ("Cheniere Partners"), a publicly traded limited partnership. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates liquefied natural gas ("LNG") regasification facilities and, adjacent to these facilities, plans to construct over time up to six natural gas liquefaction trains ("Trains") with an expected aggregate nominal production capacity of approximately 27 mtpa. Cheniere Partners currently has Train 1 in operations, Train 2 undergoing commissioning, Trains 3 through 5 under construction, and Train 6 fully permitted.
For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
CONTACTS:
Investors: Randy Bhatia: 713-375-5479, Katy Cox: 713-375-5079
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
8/5/2016Cheniere Energy Partners Declares Quarterly Distributions
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 22, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) today declared (i) a cash distribution per common unit of $0.425 ($1.70 annualized) to unitholders of record as of August 1, 2016, and (ii) the related distribution to its general partner. All of these distributions are payable on August 12, 2016.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
About Cheniere Partners
Through its wholly-owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two docks that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly-owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Train 1 has commenced commercial operations, Train 2 is undergoing commissioning, Trains 3 through 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Form 10-Q for the quarterly period ended March 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
7/22/20167/7/2016 - Cheniere Energy, Inc. Announces Timing of Second Quarter Earnings Release and Conference Call
Cheniere Energy, Inc. Announces Timing of Second Quarter Earnings Release and Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 7, 2016 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere" or the "Company") (NYSE MKT: LNG) announced today that it plans to release second quarter 2016 financial results on Tuesday, August 9, 2016 before the market opens. Cheniere will host a conference call for investors and analysts at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) to discuss second quarter results.
A listen-only webcast of the call and accompanying slide presentation will be available on the Company's website at www.cheniere.com.
After completion of the webcast, a replay will be available on the Company's website.
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged in LNG-related businesses, owns and operates the Sabine Pass LNG terminal in Louisiana. Directly and through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is constructing and developing liquefaction projects near Corpus Christi, Texas and at the Sabine Pass LNG terminal, respectively. Train 1 of the liquefaction project at the Sabine Pass LNG terminal has commenced commercial operations. Cheniere is also exploring a limited number of opportunities directly related to its existing LNG business.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Logo - http://photos.prnewswire.com/prnh/20090611/AQ31545LOGO
SOURCE Cheniere Energy, Inc.; Cheniere Energy Partners, L.P.; Cheniere Energy Partners LP Holdings, LLC
Article Date
7/7/2016Cheniere Partners Announces Upsizing and Pricing of $1.5 Billion Senior Secured Notes due 2026 by Sabine Pass Liquefaction, LLC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, June 8, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that its wholly owned subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), has upsized and priced its previously announced offering of Senior Secured Notes due 2026 (the "SPL 2026 Notes"). The principal amount of the offering has been increased from the initially announced $1.0 billion to $1.5 billion. The SPL 2026 Notes will bear interest at a rate of 5.875% per annum and will mature on June 30, 2026. The SPL 2026 Notes are priced at par. The closing of the offering of the SPL 2026 Notes is expected to occur on June 14, 2016.
SPL intends to use the net proceeds from the offering to prepay a portion of the principal amounts currently outstanding under SPL's credit facilities (the "2015 SPL Credit Facilities") and to pay fees and expenses associated with the offering. The SPL 2026 Notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of SPL, including borrowings under the 2015 SPL Credit Facilities, its outstanding senior secured notes due 2021, senior secured notes due 2022, senior secured notes due 2023, senior secured notes due 2024, and senior secured notes due 2025 and its obligations under its working capital facility.
The offer of the SPL 2026 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the SPL 2026 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
6/8/2016Cheniere Partners Announces Offering of $1.0 Billion Senior Secured Notes due 2026 by Sabine Pass Liquefaction, LLC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, June 8, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that its wholly owned subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), intends to offer, subject to market and other conditions, $1.0 billion principal amount of Senior Secured Notes due 2026 (the "SPL 2026 Notes").
SPL intends to use the net proceeds from the offering to prepay a portion of the principal amounts currently outstanding under SPL's credit facilities (the "2015 SPL Credit Facilities") and to pay fees and expenses associated with the offering. The SPL 2026 Notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of SPL, including borrowings under the 2015 SPL Credit Facilities, its outstanding senior secured notes due 2021, senior secured notes due 2022, senior secured notes due 2023, senior secured notes due 2024, and senior secured notes due 2025 and its obligations under its working capital facility.
The offer of the SPL 2026 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the SPL 2026 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical fact, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, statements regarding Cheniere Partners' business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
6/8/2016Cheniere and Bechtel Announce Substantial Completion of Train 1 at Sabine Pass
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 31, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) and Bechtel today announced that on May 27, 2016 they achieved Substantial Completion of Train 1 of the Sabine Pass liquefaction project in Cameron Parish, Louisiana (the "SPL Project"). Commissioning has been completed and Bechtel is turning over care, custody, and control of Train 1 to Cheniere Partners.
"Today, together with our EPC contractor Bechtel, we announce that Train 1 of the SPL Project has achieved Substantial Completion, and we are taking care, custody, and control of Train 1 months ahead of the guaranteed completion date and on budget," said Jack Fusco, CEO of Cheniere Partners. "I would like to thank Cheniere's professionals who have worked tirelessly since 2012 to complete this significant milestone. I would also like to congratulate our EPC partner Bechtel for this achievement and look to achieve many more."
"I congratulate the entire team – our customer Cheniere Partners, our global suppliers, and the Bechtel team – on the extraordinary achievement of bringing Train 1 of the SPL Project to life by putting their expertise and experience into finding innovative solutions to the challenges of megaproject engineering and construction," said Jack Futcher, president of Bechtel's Oil, Gas and Chemicals business unit. "Cheniere Partners is at the forefront of North America's LNG industry, and we are looking forward to our continued collaboration in delivering energy to global markets."
Under a sale and purchase agreement ("SPA") with BG Gulf Coast LNG, LLC ("BG"), the date of first commercial delivery ("DFCD") for Train 1 is expected to occur in November 2016, upon which the SPA's 20-year term commences. Prior to DFCD, BG has certain rights to early cargoes produced from Train 1 as described in the SPA.
Now that Train 1 has achieved substantial completion, financial results from its LNG sales going forward will be reflected in the statement of operations.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Train 1 is complete and has achieved substantial completion, Train 2 is undergoing commissioning and is expected to begin producing LNG in due course, Trains 3 through 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Form 10-Q for the period ending March 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
5/31/2016Cheniere Energy Partners LP Holdings, LLC Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 6, 2016 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH) ("Cheniere Partners Holdings" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend of $0.020 per common share representing limited liability company interest in the Company. The dividend will be payable on May 27, 2016 to shareholders of record as of close of business May 17, 2016.
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Energy Partners, L.P. (NYSE MKT: CQP) ("Cheniere Partners"), a publicly traded limited partnership. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates liquefied natural gas ("LNG") regasification facilities and, adjacent to these facilities, plans to construct over time up to six natural gas liquefaction trains ("Trains"), which are in various stages of development and construction. Trains 1 and 2 are undergoing commissioning, Trains 3 through 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
CONTACTS:
Investors: Randy Bhatia: 713-375-5479, Katy Cox: 713-375-5079
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
5/6/2016Cheniere Energy Partners Declares Quarterly Distributions
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 22, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) today declared (i) a cash distribution per common unit of $0.425 ($1.70 annualized) to unitholders of record as of May 2, 2016, and (ii) the related distribution to its general partner. All of these distributions are payable on May 13, 2016.
Through its wholly-owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100 percent of the Sabine Pass LNG terminal located on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two docks that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly-owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Trains 1 and 2 are undergoing commissioning, Trains 3 through 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
4/22/20162/26/2016 - Cheniere Partners Announces Closing of Approximately $2.8 Billion of Senior Secured Credit Facilities
Cheniere Partners Announces Closing of Approximately $2.8 Billion of Senior Secured Credit Facilities
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 26, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that it has closed on the previously announced approximately $2.8 billion of senior secured credit facilities. The four-year credit facilities consist of an approximately $450 million Cheniere Creole Trail Pipeline, L.P. ("CCTP") tranche term loan, an approximately $2.1 billion Sabine Pass LNG, L.P. ("SPLNG") tranche term loan, and an approximately $240 million revolving credit facility. Pricing for these facilities is London Interbank Offered Rate (LIBOR) plus 225 basis points or the base rate plus 125 basis points, in each case with a 50 basis point step-up beginning on the third anniversary of the closing.
Proceeds from these new credit facilities will be used by Cheniere Partners (i) to prepay the $400 million senior secured term loan at CCTP, (ii) to redeem or repay the approximately $1.7 billion senior secured notes due 2016 and the $420 million senior secured notes due 2020 that were issued by SPLNG, (iii) to pay associated transaction costs and make-whole amounts, if any, and (iv) for general business purposes of Cheniere Partners and its subsidiaries.
"We are pleased to announce the closing of these credit facilities, which allow us to efficiently refinance upcoming maturities at SPLNG and CCTP. In addition, this refinancing improves our debt maturity profile as subsequent to the repayment of our obligations at SPLNG and CCTP, the earliest debt maturity at Cheniere Partners is in 2020," said Neal Shear, Chairman of the Board and interim CEO of Cheniere Partners.
The 16 arrangers and other participants are The Bank of Tokyo-Mitsubishi UFJ, Ltd., ABN AMRO Capital USA LLC, Société Générale, Industrial and Commercial Bank of China Limited, New York Branch, Intesa Sanpaolo, S.P.A. New York Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Morgan Stanley Senior Funding, Inc., Bank of America, N.A., Credit Suisse, HSBC Bank USA, N.A., Commonwealth Bank of Australia, Canadian Imperial Bank of Commerce, New York Branch, ING Capital LLC, and FirstBank Florida.
Through its wholly-owned subsidiary, SPLNG, Cheniere Partners owns 100 percent of the Sabine Pass LNG terminal located on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two docks that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly-owned subsidiary CCTP, Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
2/26/20162/24/2016 - First LNG Commissioning Cargo is Loading and Will Depart from the Sabine Pass LNG Terminal Imminently
First LNG Commissioning Cargo is Loading and Will Depart from the Sabine Pass LNG Terminal Imminently
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 24, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced that the first commissioning cargo with liquefied natural gas ("LNG") produced from the first liquefaction train ("Train 1") of its Sabine Pass liquefaction project in Cameron Parish, Louisiana, will depart imminently. The LNG is loading on the LNG carrier Asia Vision, chartered by Cheniere Marketing, LLC and will be heading to Brazil.
"Today we will finish loading the first commissioning cargo of LNG from our Sabine Pass LNG terminal. This historic event opens a new chapter for the country in energy trade and is a significant milestone for Cheniere as we prepare Train 1 for commercial operations," said Neal Shear, Chairman of the Board and Interim Chief Executive Officer of Cheniere Partners. "This accomplishment would not have been possible without many years of hard work by our employees, our construction partner, Bechtel, other contractors and thousands of workers at the Sabine Pass site. We especially want to thank our federal, state and local agencies, elected officials and community leaders from across Louisiana and the United States for their continued support and contributions during development and construction."
Through our wholly-owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two docks that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly-owned subsidiary Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of construction and development. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission.
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
CONTACTS:
Investors: Randy Bhatia: 713-375-5479, Katy Cox: 713-375-5079
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners, L.P.
Article Date
2/24/2016Cheniere Energy Partners LP Holdings, LLC Declares Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 9, 2016 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH) ("Cheniere Partners Holdings" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend of $0.020 per common share representing limited liability company interest in the Company. The dividend will be payable on February 29, 2016 to shareholders of record as of close of business February 19, 2016.
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Energy Partners, L.P. (NYSE MKT: CQP) ("Cheniere Partners"), a publicly traded limited partnership. Cheniere Partners Holdings' only business consists of owning Cheniere Partners units and, accordingly, its results of operations and financial condition are dependent on the performance of Cheniere Partners. Cheniere Partners owns and operates liquefied natural gas ("LNG") regasification facilities and, adjacent to these facilities, is developing up to six natural gas liquefaction trains ("Trains") with an expected aggregate nominal production capacity of approximately 27 million tonnes per annum ("mtpa"). Cheniere Partners currently has under construction five Trains with an expected aggregate nominal production capacity of approximately 22.5 mtpa. For additional information, please refer to the Cheniere Partners Holdings website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' and Cheniere Partners Holdings' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners Holdings believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners Holdings' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners Holdings' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners Holdings does not assume a duty to update these forward-looking statements.
CONTACTS:
Investors: Randy Bhatia: 713-375-5479, Katy Cox: 713-375-5079
Media: Faith Parker: 713-375-5663
SOURCE Cheniere Energy Partners LP Holdings, LLC
Article Date
2/9/20161/25/2016 - Cheniere Partners Engages Joint Lead Arrangers to Arrange the Refinancing of Project Debt
Cheniere Partners Engages Joint Lead Arrangers to Arrange the Refinancing of Project Debt
Source: PR Newswire
HOUSTON, Jan. 25, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that it has engaged 13 financial institutions to act as Joint Lead Arrangers, Mandated Lead Arrangers (collectively the "Arrangers") and other participants to assist in the structuring and arranging of senior secured credit facilities in an aggregate principal amount of up to approximately $2.8 billion. Proceeds from these new credit facilities are intended to be used by Cheniere Partners to prepay the $400 million senior secured term loan at Cheniere Creole Trail Pipeline, L.P. ("CCTP"), redeem or repay the approximately $1.7 billion senior secured notes due 2016 and the $420 million senior secured notes due 2020 that were issued by Sabine Pass LNG, L.P. ("SPLNG"), pay associated transaction fees, expenses, and make-whole amounts, if applicable, and for general business purposes of Cheniere Partners and its subsidiaries. SPLNG and CCTP are both wholly-owned subsidiaries of Cheniere Partners.
The 13 Arrangers and other participants are The Bank of Tokyo-Mitsubishi UFJ, Ltd., ABN AMRO Capital USA LLC, Société Générale, Industrial and Commercial Bank of China Limited, New York Branch, Intesa Sanpaolo, S.P.A. New York Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Morgan Stanley Senior Funding, Inc., Bank of America, N.A., Credit Suisse, HSBC Bank USA, N.A. and Commonwealth Bank of Australia.
"Cheniere Partners is pleased to have the continued support of its key relationship banks for this refinancing. Upon closing of this transaction and after subsequent repayment of our outstanding CCTP and SPLNG obligations, the earliest debt maturity at Cheniere Partners will be in 2020," said Neal Shear, Chairman of the Board and interim CEO of Cheniere Partners.
Through SPLNG, Cheniere Partners owns 100 percent of the Sabine Pass LNG terminal located on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two docks that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines, (the "Creole Trail Pipeline"). The Creole Trail Pipeline is owned by CCTP.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Cheniere Partners' Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the Securities and Exchange Commission.
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
1/25/2016Cheniere Partners Expects First LNG Cargo in Late February or March 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Jan. 14, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) announced today that it expects to export the first liquefied natural gas ("LNG") commissioning cargo from its Sabine Pass liquefaction project located in Cameron Parish, Louisiana in late February or March 2016. The first commissioning cargo was initially expected to occur by late January.
Construction for Train 1 was completed well ahead of the guaranteed contractual schedule and within budget. However, instrumentation issues were discovered during the final phases of plant commissioning and cool down that will require some additional work over the next few weeks.
"We are now expecting the first cargo in late February or March," said Neal Shear, Interim President and CEO. "With construction of Train 1 finished, we remain well ahead of the guaranteed contractual schedule with Bechtel and anticipate no issues in meeting all contractual targets and guaranteed completion dates. Additionally, construction for Trains 2-5 continues to be on an accelerated schedule and these trains are expected to come on-line on a staggered basis. Bechtel will hand over care, custody and control of each train as they complete its scope of work."
According to Bechtel, "Bechtel has been continually working towards completing the first unit and working through a few items that will provide assurance to Cheniere Partners that plant reliability and performance will be as expected. These last few items are in final resolution and full LNG production is planned for late February 2016."
Cheniere Partners owns 100 percent of the Sabine Pass LNG terminal located on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two docks that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d.
Cheniere Partners is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners plans to construct over time up to six liquefaction trains, which are in various stages of development. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG. Cheniere Partners has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the Securities and Exchange Commission.
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
SOURCE Cheniere Energy Partners, L.P.
Article Date
1/14/2016Projects & Assets
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