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CQP · Cheniere Energy Partners

50 filings

10-Q

CQP 10-Q Quarterly Reports

Cheniere Energy Partners - 50 quarterly reports

Filing record · 2016–202610-K1210-Q338-K177

CQP filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Material agreement8-K · Jul ’25Jul ’25
  1. 2026-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2026

    Cheniere Energy Partners, L.P. reported net income of $639 million for the three months ended September 30, 2026, up from $506 million a year earlier, and $1.986 billion for the nine months, up from $1.700 billion. Total revenues were $2.574 billion for the quarter and $8.757 billion for the nine months, compared with $2.404 billion and $7.848 billion in the prior-year periods. Basic and diluted net income per common unit was $1.01 for the quarter and $3.34 for the nine months. The filing attributes the nine-month increase in revenues mainly to higher Henry Hub pricing ($551 million) and higher production volume ($381 million), while the nine-month derivative results included $441 million of unfavorable changes in fair value on IPM agreements before their June 2026 NPNS designation. Operating cash flow was $2.550 billion for the nine months, compared with $1.881 billion a year earlier. Total partners' equity rose to $879 million at September 30, 2026 from $414 million at December 31, 2025. Total debt was $14.523 billion, and the company issued $1.0 billion of 5.350% Senior Notes due 2036 and $750 million of 6.050% Senior Notes due 2056 in June 2026, using part of the proceeds to redeem $1.5 billion of SPL's 5.00% Senior Secured Notes due 2027. Total available liquidity was $2.477 billion at September 30, 2026. The company continues to develop the SPL Expansion Project, with expected total peak production capacity of up to approximately 20 mtpa. In May 2026, SPL Stage V entered into a lump sum, turnkey EPC contract with Bechtel Energy, Inc. for the first phase, and the filing reports a final environmental impact statement received from FERC in September 2026. A positive final investment decision on the first phase is targeted for 2026/2027. In October 2026, SPL entered into a long-term LNG SPA with QatarEnergy for up to 2 mtpa, beginning in the early 2030s.

    Oct 29, 2026
  2. 2026-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2026

    Cheniere Energy Partners, L.P. reported net income of $1.16 billion for the three months ended June 30, 2026, versus $553 million in the same period of 2025, and $1.35 billion for the six months versus $1.19 billion a year earlier. Total revenues were $2.58 billion for the quarter (up from $2.46 billion) and $6.18 billion for the six months (up from $5.44 billion). The quarterly increase in net income was primarily driven by $367 million of favorable changes in the fair value of derivative-accounted agreements and a $192 million increase in margins from higher production volume, with planned large-scale maintenance in the prior-year quarter not recurring. Income from operations was $1.34 billion for the quarter. Net income per common unit was $2.14 for the quarter and $2.33 for the six months. In June 2026, the company designated the normal purchases and normal sales (NPNS) scope exception for its IPM agreements, so these contracts are no longer marked to market and future earnings volatility from their fair value changes is expected to be mitigated. The designation established a net deferred NPNS asset/liability position of $520 million, which is being amortized into cost of sales over the remaining contract terms, with an estimated $57 million gain in 2026. Liquidity was $2.34 billion at June 30, 2026, including $443 million of cash and $1.87 billion of available revolving credit commitments. Total debt was $14.58 billion, and the company issued $1.0 billion of 5.350% Senior Notes due 2036 and $750 million of 6.050% Senior Notes due 2056 in June 2026, using part of the proceeds to redeem $1.5 billion of SPL's 5.00% Senior Secured Notes due 2027. Operationally, the company reported net cash provided by operating activities of $1.61 billion for the six months, up from $1.22 billion. Capital spending on property, plant and equipment was $297 million, including $99 million for the SPL Expansion Project under a limited notice to proceed issued in May 2026 to Bechtel Energy, Inc. The company declared a distribution of $0.820 per common unit for the second quarter of 2026, payable August 14, 2026, consisting of a $0.775 base amount and a $0.045 variable amount. The expansion project's final investment decision is targeted for 2026/2027 and remains subject to regulatory approvals and financing arrangements.

    Aug 6, 2026
  3. 2026-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2026

    Cheniere Energy Partners, L.P. (CQP) reported net income of $186 million for the three months ended March 31, 2026, down from $641 million in the same period of 2025, and basic and diluted net income per common unit of $0.19 versus $1.08. Total revenues rose to $3.60 billion from $2.99 billion, driven by higher LNG revenues and higher pricing per MMBtu tied to increased Henry Hub pricing. The filing attributes the decline in net income primarily to $599 million of unfavorable changes in the fair value of derivative instruments, largely associated with long-term IPM agreements, which the company links to widening spreads between global and U.S. natural gas benchmarks and elevated global gas price volatility. Balance sheet and liquidity: cash and cash equivalents were $279 million at March 31, 2026, and total available liquidity was $2.13 billion, including $1.83 billion of available commitments under the SPL and CQP revolving credit facilities. Current debt rose to $1.61 billion from $306 million, while total partners' equity fell to $78 million from $414 million. Net cash provided by operating activities was $910 million, and the company declared a distribution of $0.790 per common unit on April 28, 2026, payable May 15, 2026. The filing also notes that the derivative liability, net, grew to $1.17 billion from $523 million at year-end 2025. The filing reports that the SPL Expansion Project, with expected peak capacity of up to about 20 mtpa, remains pre-FID, with a target FID in 2026/2027 subject to regulatory approvals and commercial and financing arrangements. Contracted volumes were approximately 85% of anticipated Liquefaction Project production through the mid-2030s.

    May 7, 2026
  4. 2025-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2025

    Cheniere Energy Partners, L.P. (CQP) reported third-quarter 2025 net income of $506 million, or $0.80 per common unit, compared with $635 million, or $1.08 per unit, in the same period of 2024. Total revenues rose to $2.40 billion from $2.06 billion, driven by higher LNG revenues, while cost of sales increased to $1.28 billion from $773 million. For the nine months ended September 30, 2025, net income was $1.70 billion ($2.79 per unit) versus $1.89 billion ($3.21 per unit) a year earlier. The filing attributes the decline primarily to $162 million and $190 million (three and nine months, respectively) of unfavorable changes in fair value of derivative instruments, and to $60 million of higher operating and maintenance expense from planned large-scale maintenance on two trains at the Liquefaction Project. Partially offsetting these were lower interest expense, which fell as total indebtedness decreased. Balance sheet and liquidity improved during the period. Total debt was $14.88 billion at September 30, 2025, versus $15.23 billion at December 31, 2024, and partners' deficit narrowed to $(348) million from $(509) million. Total available liquidity was $1.98 billion, including $121 million of cash and $1.82 billion of available revolving credit commitments. The company issued $1.0 billion of 5.550% Senior Notes due 2035 in July 2025 and used the proceeds, with cash on hand, to redeem $1.0 billion of SPL's 5.875% Senior Secured Notes due 2026. Fitch and S&P upgraded CQP's ratings to BBB during the period. On October 28, 2025, the company declared a cash distribution of $0.830 per common unit for the third quarter, payable November 14, 2025. The SPL Expansion Project, with expected peak capacity of up to approximately 20 mtpa, remains pre-FID, with target FID listed as 2026/2027.

    Oct 30, 2025
  5. 2025-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2025

    Cheniere Energy Partners, L.P. (CQP) reported net income of $553 million for the three months ended June 30, 2025, compared with $570 million in the prior-year quarter, and $1.19 billion for the six months ended June 30, 2025, versus $1.25 billion a year earlier. Total revenues rose to $2.46 billion for the quarter from $1.89 billion and to $5.44 billion for the six months from $4.19 billion, primarily reflecting higher pricing per MMBtu tied to increased Henry Hub pricing. The decline in net income was primarily attributed to a $79 million and $82 million increase in operating and maintenance expense for the three and six months, respectively, driven by planned large-scale maintenance on two trains at the Liquefaction Project, and a $43 million decrease in derivative gains for the six-month period. Cash flow and liquidity remained focused on debt reduction and distributions. Net cash provided by operating activities was $1.22 billion for the six months ended June 30, 2025, versus $1.40 billion a year earlier, and total debt declined to $14.93 billion from $15.23 billion at December 31, 2024. As of June 30, 2025, total available liquidity was $1.93 billion. The partnership declared a distribution of $0.820 per common unit for the second quarter, payable August 14, 2025, and in July 2025 issued $1.0 billion of 5.550% Senior Notes due 2035 to redeem $1.0 billion of the 2026 SPL Senior Notes. Partners' deficit improved to $(340) million from $(509) million at year-end 2024. Development of the SPL Expansion Project continues, targeting up to approximately 20 mtpa of capacity with a target FID in 2026/2027, subject to regulatory approvals, commercial agreements and financing. Approximately 90% of anticipated Liquefaction Project production is contracted through the mid-2030s, and the company reported a noncash derivative gain of $159 million for the quarter and $119 million for the six months.

    Aug 7, 2025
  6. 2025-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2025

    Cheniere Energy Partners, L.P. (CQP) reported net income of $641 million for the three months ended March 31, 2025, down from $682 million in the prior-year period, on total revenues of $2.99 billion (versus $2.30 billion). The filing attributes the $41 million decline mainly to an $84 million unfavorable change in fair value of derivative instruments, partially offset by a $32 million increase in LNG revenues net of cost of sales and excluding derivatives, and a $12 million decrease in interest expense. Basic and diluted net income per common unit was $1.08, compared with $1.18. Revenue growth was primarily driven by a $733 million increase from higher pricing per MMBtu tied to increased Henry Hub pricing, partially offset by a $63 million decrease from lower production volume. Liquidity and balance sheet items improved in the quarter. Total partners' deficit narrowed to $(380) million from $(509) million at December 31, 2024. SPL repaid the remaining $300 million of its 5.625% Senior Secured Notes due 2025 at maturity and borrowed and repaid $125 million under its revolver. Total available liquidity was $1.96 billion at March 31, 2025, including $94 million of cash and cash equivalents and $1.785 billion of available revolver commitments. Total debt was $14.93 billion. Cash provided by operating activities was $665 million. The company declared a distribution of $0.820 per common unit on April 29, 2025, payable May 15, 2025, consisting of a $0.775 base amount and a $0.045 variable amount. The filing also reports that the SPL Expansion Project, which could add up to approximately 20 mtpa of liquefaction capacity, remains pre-FID, with a target FID of 2026/2027 and certain FERC and DOE non-FTA approvals still pending. Contracted volumes under SPAs and the IPM agreement were approximately 80% of anticipated Liquefaction Project production, with about 13 years of weighted average remaining life. Total unsatisfied transaction price was $44.5 billion.

    May 8, 2025
  7. 2024-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2024

    Cheniere Energy Partners, L.P. (CQP) reported third-quarter 2024 net income of $635 million, down from $791 million in the same period of 2023, and nine-month net income of $1.89 billion versus $3.35 billion a year earlier. Total revenues were $2.06 billion for the quarter (versus $2.13 billion) and $6.24 billion for the nine months (versus $6.98 billion). The filing attributes the decline mainly to unfavorable changes in fair value of derivatives, principally tied to the IPM agreement with Tourmaline Oil Marketing Corp, and to lower Henry Hub pricing, partly offset by higher production volumes. Net income per common unit was $1.08 for the quarter and $3.21 for the nine months. Liquidity remained substantial at $2.18 billion of total available liquidity as of September 30, 2024, including $331 million of cash and cash equivalents and $1.77 billion of available revolver commitments. Total debt was $15.58 billion, and the partnership issued $1.2 billion of 5.750% Senior Notes due 2034, using the proceeds to retire SPL's 2025 senior secured notes. Partners' deficit narrowed to $(626) million from $(784) million at December 31, 2023. On October 25, 2024, the partnership declared a $0.810 per common unit distribution for the third quarter. The filing also notes that the DOE authorization to export LNG to FTA countries was received in October 2024 for the SPL Expansion Project, whose FERC application was submitted in February 2024. Approximately 80% of anticipated Liquefaction Project production is contracted, with about 14 years of weighted average remaining life.

    Oct 31, 2024
  8. 2024-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2024

    Cheniere Energy Partners, L.P. (CQP) reported net income of $570 million for the three months ended June 30, 2024, compared with $622 million a year earlier, and $1.25 billion for the six months ended June 30, 2024, compared with $2.56 billion in the prior-year period. Total revenues were $1.89 billion for the quarter and $4.19 billion for the six months, versus $4.85 billion a year earlier. The filing attributes the six-month decline in earnings mainly to unfavorable changes in fair value and settlements of derivatives, principally tied to the Tourmaline IPM agreement, and to lower Henry Hub-linked pricing. Basic and diluted net income per common unit was $0.95 for the quarter and $2.13 for the six months. Liquidity at June 30, 2024 totaled $2.18 billion, including $351 million of cash and cash equivalents and $1.76 billion of available credit facility commitments. Total debt was $15.73 billion. During May and June 2024, CQP issued $1.2 billion of 5.750% Senior Notes due 2034 and used the proceeds, together with cash on hand, to retire $1.2 billion of SPL's 5.625% Senior Secured Notes due 2025. Moody's upgraded CQP's issuer credit rating to Baa2 from Ba1 in connection with that issuance. The partnership declared a second-quarter 2024 distribution of $0.810 per common unit, payable August 14, 2024. The filing also describes the SPL Expansion Project, for which subsidiaries submitted FERC and DOE applications in February 2024, and states that the partnership had contracted approximately 80% of anticipated Liquefaction Project production with about 14 years of weighted average remaining life as of June 30, 2024.

    Aug 8, 2024
  9. 2024-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2024

    Cheniere Energy Partners, L.P. (CQP) reported net income of $682 million for the three months ended March 31, 2024, down from $1,935 million in the same period of 2023, and basic and diluted net income per common unit of $1.18 versus $3.50. Total revenues fell to $2,295 million from $2,917 million, driven primarily by an $731 million decrease from lower pricing per MMBtu tied to decreased Henry Hub pricing, partially offset by a $104 million increase from higher production volume. The filing attributes the net income decline substantially to a $1.2 billion unfavorable change in fair value and settlements of derivatives, mainly due to a much smaller gain on the Tourmaline IPM Agreement ($6 million in 2024 versus $1.0 billion in 2023). Liquidity remained substantial, with total available liquidity of $2.12 billion at March 31, 2024, comprising $333 million of cash and cash equivalents, $59 million of restricted cash, and $1.73 billion of available revolving credit commitments. Total debt was $15.88 billion, and SPL prepaid $150 million of its 5.750% Senior Secured Notes due 2024 in March 2024. Net cash provided by operating activities was $669 million, compared with $847 million a year earlier. The partnership declared a first-quarter 2024 distribution of $0.810 per common unit, consisting of a base amount of $0.775 and a variable amount of $0.035. The filing also notes that approximately 85% of anticipated Liquefaction Project production is contracted, with about 14 years of weighted average remaining life. In February 2024, subsidiaries applied to FERC and the DOE for the SPL Expansion Project, which would add up to approximately 20 mtpa of liquefaction capacity, with a positive final investment decision still subject to commercial and financing arrangements.

    May 3, 2024
  10. 2023-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2023

    Cheniere Energy Partners, L.P. (CQP) reported net income of $791 million for the third quarter of 2023 and $3.35 billion for the nine months ended September 30, 2023, compared with a net loss of $514 million and $13 million, respectively, in the same periods of 2022. The swing is driven mainly by derivative accounting: the filing attributes gains of $217 million in the quarter and $1.5 billion year-to-date from non-cash favorable changes in fair value of the Tourmaline IPM Agreement, versus losses in 2022. Total revenues fell to $2.13 billion in the quarter and $6.98 billion year-to-date, primarily due to lower Henry Hub-linked pricing per MMBtu and a $421 million quarterly decline in regasification revenues after the early termination of a TUA in December 2022. Income from operations was $988 million for the quarter and $3.94 billion for the nine months. Liquidity and balance sheet items improved. Total available liquidity was $2.25 billion at September 30, 2023, including $499 million of cash and cash equivalents and $1.72 billion of available revolver commitments. Total debt was $16.08 billion, and the partnership refinanced its credit facilities in June 2023 with new $1.0 billion CQP and SPL revolvers maturing June 23, 2028. Total partners' deficit narrowed to $973 million from $2.13 billion at December 31, 2022. The company issued $1.4 billion of 5.95% Senior Notes due 2033 and used the proceeds, with cash on hand, to redeem $1.4 billion of SPL's 2024 notes. Distributions paid in the nine months totaled $2.19 billion, and a $1.03 per common unit distribution was declared on October 27, 2023 for the third quarter. Operationally, the filing reports 1,118 TBtu of LNG volumes loaded and recognized as revenues in the nine months, roughly flat versus 2022. About 85% of Liquefaction Project capacity is contracted under SPAs and the IPM agreement, with approximately 14 years of weighted average remaining life. Management also cites a pre-filing FERC review for an expansion that could add up to 20 mtpa. Net income remains sensitive to derivative valuations, as Level 3 Liquefaction Supply Derivatives carried a net liability of $1.89 billion at quarter-end.

    Nov 2, 2023
  11. 2023-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2023

    Cheniere Energy Partners, L.P. (CQP) reported net income of $622 million for the second quarter of 2023 and $2.56 billion for the six months ended June 30, 2023, compared with $342 million and $501 million in the same periods of 2022. The increases were attributed mainly to favorable changes in fair value and settlements of derivatives, including non-cash gains on the Tourmaline IPM agreement, partially offset by lower LNG margins. Total revenues fell to $1.93 billion for the quarter from $4.18 billion, primarily due to lower Henry Hub pricing. Total revenues for the six months were $4.85 billion versus $7.51 billion a year earlier. Liquidity was $3.75 billion at June 30, 2023, including $1.83 billion of cash and cash equivalents and $1.67 billion of available revolving credit commitments. In June 2023 the company issued $1.4 billion of 5.95% senior notes due 2033 and refinanced its credit facilities into $1.0 billion CQP and $1.0 billion SPL revolving facilities maturing June 23, 2028. Proceeds plus cash on hand were used to redeem $1.4 billion of SPL's 5.75% senior secured notes due 2024 in July 2023. The partners' deficit improved to $(1.05) billion from $(2.13) billion at year-end 2022. The company declared a $1.03 per common unit distribution for the second quarter of 2023, payable August 14, 2023, and the Sabine Pass LNG Terminal's Liquefaction Project has contracted approximately 85% of its production capacity with about 15 years of weighted average remaining life. In May 2023, subsidiaries entered FERC pre-filing review for a proposed expansion of up to three trains, with expected capacity of approximately 20 mtpa.

    Aug 3, 2023
  12. 2023-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2023

    Cheniere Energy Partners, L.P. (CQP) reported net income of $1.94 billion for the three months ended March 31, 2023, compared with $159 million in the same period of 2022, on total revenues of $2.92 billion (versus $3.33 billion). The improvement was driven mainly by a favorable change in derivative fair values: the filing attributes substantially all of the $1.8 billion favorable net income variance to changes in fair value and settlements of derivatives, including a $1.0 billion non-cash gain on the Tourmaline IPM agreement. Cost of sales fell to $313 million from $2.56 billion, while LNG volumes loaded and recognized as revenues rose to 403 TBtu from 372 TBtu. Cash flow from operations was $847 million versus $800 million, while distributions paid rose to $754 million from $395 million. Cash and cash equivalents were $834 million at March 31, 2023, and total available liquidity was $2.62 billion. Total debt was unchanged at $16.33 billion, and the partnership had a total partners' deficit of $950 million. The company declared a distribution of $1.03 per common unit on April 28, 2023, consisting of a $0.775 base amount and a $0.255 variable amount. Operationally, approximately 85% of the Liquefaction Project's production capacity is contracted, with about 15 years of weighted average remaining life. The company began the FERC pre-filing process for a roughly 20 mtpa expansion (SPL Expansion Project) in February 2023. The filing also discloses a Louisiana Department of Environmental Quality compliance order issued April 12, 2023, which management does not expect to have a material adverse impact on financial results.

    May 2, 2023
  13. 2022-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2022

    Cheniere Energy Partners, L.P. (CQP) reported a net loss of $514 million for the third quarter of 2022 and a net loss of $13 million for the nine months ended September 30, 2022, compared with net income of $381 million and $1.12 billion in the same periods of 2021. Management attributes the unfavorable variances mainly to losses of $1.3 billion and $2.2 billion, respectively, on the derivative liability associated with the Tourmaline IPM agreement after its assignment to SPL in March 2022. Operating results improved on the top line: total revenues rose to $4.98 billion for the quarter and $12.49 billion for the nine months, driven by higher Henry Hub-indexed pricing, higher volumes following the Train 6 completion, and regasification revenues from the Chevron termination agreement. Loss from operations for the quarter was $299 million, versus income from operations of $616 million a year earlier. The balance sheet shows significant strain from derivatives. Net derivative liabilities were $5.08 billion at September 30, 2022, compared with a net asset of $27 million at December 31, 2021, and total partners' deficit was $3.88 billion. Liquidity was $2.77 billion, including $988 million of cash and cash equivalents and $1.59 billion of available credit facility commitments. Operating cash flow for the nine months was $2.44 billion, and distributions paid totaled $1.88 billion. The board declared a distribution of $1.070 per common unit on October 24, 2022, and SPL redeemed $300 million of its 2023 Senior Notes in October 2022. During the period, the company also completed Train 6 of the Liquefaction Project, ratings agencies upgraded CQP and SPL in September 2022, and SPL signed new long-term LNG sale agreements, including with Chevron for approximately 1.0 mtpa from 2026 to 2042. Investors should weigh the strong cash generation and contracted revenue base against the large, volatile non-cash derivative losses that drive reported net income.

    Nov 3, 2022
  14. 2022-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2022

    Cheniere Energy Partners, L.P. (CQP) reported net income of $342 million for the three months ended June 30, 2022, down from $395 million a year earlier, and $501 million for the six months, down from $742 million. Management attributes the decline primarily to losses of $431 million and $862 million on the derivative liability associated with the Tourmaline IPM agreement after its March 2022 assignment from CCL Stage III to SPL. Total revenues rose to $4.18 billion for the quarter from $1.89 billion and to $7.51 billion for the six months from $3.85 billion, driven by higher Henry Hub-linked pricing and higher volumes following substantial completion of Train 6 on February 4, 2022. Cash generation was solid: net cash provided by operating activities was $1.59 billion for the six months versus $1.08 billion a year earlier, while distributions to owners totaled $1.13 billion. Total available liquidity was $2.78 billion at June 30, 2022. Partners' equity moved to a deficit of $2.63 billion, reflecting a $2.7 billion non-cash distribution from the novation of the IPM agreement and a derivative liability of $3.47 billion net. The company also declared a distribution of $1.060 per common unit on July 25, 2022, and disclosed a Chevron agreement to terminate its TUA for a $765 million lump-sum fee.

    Aug 4, 2022
  15. 2022-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2022

    Cheniere Energy Partners, L.P. (CQP) reported a first-quarter 2022 net income of $159 million, down from $347 million in the prior-year quarter, and a basic and diluted net loss of $(0.11) per common unit versus net income of $0.64 per unit a year earlier. The company attributes the decline primarily to a loss on the derivative liability associated with the Tourmaline IPM agreement after its assignment from Cheniere Corpus Christi Liquefaction Stage III to SPL in March 2022. Total revenues rose to $3.33 billion from $1.96 billion, driven by higher revenues per MMBtu from increases in Henry Hub prices and higher volumes following Train 6 reaching substantial completion on February 4, 2022. The balance sheet changed significantly during the quarter. Total partners' equity moved to a deficit of $(2.23) billion from $718 million at year-end 2021, largely due to a $2.71 billion non-cash distribution to Cheniere tied to the Tourmaline IPM novation. Derivative liabilities rose to $2.999 billion non-current and $256 million current, and cash and cash equivalents increased to $1.16 billion. Operating cash flow was $800 million versus $588 million a year earlier, and the company declared a distribution of $1.050 per common unit, comprised of a $0.775 base amount and a $0.275 variable amount. Management reports total available liquidity of $2.87 billion as of March 31, 2022, and states that the company and SPL were in compliance with all debt covenants. The filing notes that about 80% of Liquefaction Project capacity is contracted, with approximately 16 years of weighted average remaining life. Investors should weigh the large derivative liability and resulting equity deficit, which are sensitive to natural gas and LNG price movements as disclosed in the market risk section.

    May 4, 2022
  16. 2021-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2021

    Cheniere Energy Partners, L.P. (CQP) reported third-quarter 2021 net income of $381 million, or $0.69 per common unit, compared with a net loss of $67 million, or $(0.08) per unit, in the prior-year quarter. Total revenues rose to $2.32 billion from $982 million, driven by higher LNG revenues, and the filing attributes the increase to higher LNG volumes delivered and increased revenues per MMBtu. For the nine months ended September 30, 2021, net income was $1.12 billion ($2.07 per unit) on total revenues of $6.18 billion, and cash provided by operating activities was $1.67 billion. The Sabine Pass LNG terminal has five operating liquefaction Trains, with Train 6 at 97.1% overall completion and expected substantial completion in the first quarter of 2022. Total long-term and current debt was $18.12 billion at September 30, 2021, and the company issued $1.2 billion of 3.52% Senior Notes due 2032 in September 2021. Subsequent to quarter-end, the company redeemed the remaining 2026 CQP Senior Notes and $318 million of 2022 SPL Senior Notes, and declared a $0.680 per common unit distribution on October 26, 2021. The filing reports that the partnership was in compliance with all debt covenants and that its disclosure controls were effective. Management notes that Customer A, B and D each accounted for 17% to 24% of external customer revenues in the nine-month period, reflecting concentration among a small group of buyers under long-term sales agreements.

    Nov 4, 2021
  17. 2021-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2021

    Cheniere Energy Partners, L.P. (CQP) reported net income of $395 million for the three months ended June 30, 2021, down from $406 million in the prior-year quarter, and $742 million for the six months, down from $841 million. Basic and diluted net income per common unit was $0.73 for the quarter (versus $0.78) and $1.38 for the six months (versus $1.62). The filing attributes the decline mainly to the non-recurrence of accelerated revenues in 2020 from LNG cargoes that customers elected not to take, partially offset by higher revenue from increased LNG volumes delivered. Total revenues rose to $1,889 million for the quarter and $3,852 million for the six months, while total operating costs and expenses increased, primarily due to higher cost of sales from higher natural gas feedstock prices and increased volumes. Cash flow from operations was $1,075 million for the six months ended June 30, 2021, up from $874 million. Cash and cash equivalents stood at $1,239 million at June 30, 2021, and total debt, net, was $17,589 million. During the period, the partnership issued $1.5 billion of 4.000% Senior Notes due 2031 and used the proceeds, with cash on hand, to redeem its 5.250% Senior Notes due 2025. Train 6 of the Liquefaction Project was 89.6% complete with expected substantial completion in the first half of 2022. The partnership declared a $0.665 per common unit distribution on July 27, 2021, payable August 13, 2021. The filing also discloses a Notice of Probable Violation from PHMSA in July 2021 proposing civil penalties totaling $2,214,900 related to a 2018 tank incident at the Sabine Pass LNG terminal, which the company does not expect to have a material adverse impact. Subsequent to quarter-end, on August 4, 2021, SPL entered into additional letter agreements with Cheniere Marketing for LNG cargo sales.

    Aug 5, 2021
  18. 2021-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2021

    Cheniere Energy Partners, L.P. (CQP) reported net income of $347 million for the three months ended March 31, 2021, down from $435 million in the prior-year period, or $0.64 basic and diluted net income per common unit versus $0.84. The decline was primarily attributed to a $54 million loss on extinguishment of the 2025 CQP Senior Notes and decreased margins from higher natural gas feedstock pricing and lower volumes sold, partially offset by lower interest expense, net of capitalized interest. Total revenues rose to $1.963 billion from $1.718 billion, driven mainly by higher revenues per MMBtu, while cost of sales increased to $948 million from $699 million. On the balance sheet, cash and cash equivalents were $1.219 billion at March 31, 2021, and total debt, net was $17.582 billion. In March 2021, the Partnership issued $1.5 billion of 4.000% Senior Notes due 2031 and used the proceeds, together with cash on hand, to redeem all $1.5 billion of its 5.250% Senior Notes due 2025. The company declared a $0.660 per common unit distribution on April 26, 2021, payable May 14, 2021, and the filing notes that Train 6 of the Liquefaction Project was 83.0% complete with expected substantial completion in the first half of 2022. The filing describes long-term SPAs with a weighted average remaining contract length of approximately 17 years for Trains 1 through 6, and unsatisfied transaction price of $53.7 billion as of March 31, 2021. Management reported that the partnership and SPL were in compliance with all debt covenants as of March 31, 2021.

    May 4, 2021
  19. 2020-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2020

    Cheniere Energy Partners, L.P. reported a net loss of $67 million, or $(0.08) per common unit, for the three months ended September 30, 2020, compared with net income of $110 million, or $0.19 per unit, a year earlier. The filing attributes the decline primarily to prior-period elections by long-term SPA customers to not take delivery of LNG cargoes scheduled for this quarter. For the nine months ended September 30, 2020, net income was $774 million, or $1.55 per common unit, up from $727 million, or $1.38 per unit, driven by higher margins from lower natural gas feedstock pricing and additional volume from a newly substantially completed Train, partly offset by higher interest expense, a $43 million loss on debt extinguishment, and higher depreciation and amortization. Total revenues were $982 million for the quarter and $4.17 billion for the nine months, versus $1.48 billion and $4.93 billion in the prior-year periods. Cash flow and balance sheet highlights include $1.33 billion of operating cash flow for the nine months, up from $977 million, and cash and cash equivalents of $1.25 billion at September 30, 2020. Long-term debt, net, was $17.57 billion. The partnership issued $2.0 billion of 4.500% SPL Senior Notes due 2030 in May 2020 to redeem the 5.625% SPL Senior Notes due 2021, and entered into a $1.2 billion SPL Working Capital Facility maturing in March 2025. All subordinated units converted into common units on August 17, 2020, and the board declared a $0.650 per common unit distribution on October 27, 2020, payable November 13, 2020. Management notes that COVID-19 and market conditions moderated LNG growth expectations for 2020, but states it does not expect a material adverse impact on forecasted 2020 financial results given the highly contracted nature of its business. Train 6 of the Liquefaction Project was 70.9% complete as of September 30, 2020, with expected substantial completion in 2H 2022.

    Nov 6, 2020
  20. 2020-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2020

    Cheniere Energy Partners, L.P. (CQP) reported net income of $406 million, or $0.78 per common unit, for the three months ended June 30, 2020, compared with $232 million, or $0.44 per common unit, a year earlier. For the six months ended June 30, 2020, net income was $841 million, or $1.62 per common unit, versus $617 million, or $1.19 per common unit, in the prior-year period. The filing attributes the increases mainly to accelerated revenues recognized from LNG cargoes for which customers have notified the company they will not take delivery. Total revenues fell to $1,470 million in the quarter from $1,705 million, reflecting lower revenues per MMBtu and lower volumes, and cost of sales dropped sharply to $398 million from $880 million. The balance sheet shows cash and cash equivalents of $1,341 million at June 30, 2020, down from $1,781 million at December 31, 2019, and long-term debt, net, of $17,566 million. In May 2020, SPL issued $2.0 billion of 4.500% Senior Secured Notes due 2030 and used the proceeds, with cash on hand, to redeem its 5.625% notes due 2021, incurring $43 million of debt extinguishment costs. SPL also entered into a $1.2 billion working capital facility in March 2020. Operating cash flow was $874 million for the six months, and distributions to owners totaled $668 million. Management stated that COVID-19 and weaker LNG prices have increased the number of cargo cancellations, but it does not expect a material adverse effect on 2020 forecasted financial results given the highly contracted nature of its business. Train 6 of the Liquefaction Project was 63.9% complete at June 30, 2020, with expected substantial completion in the second half of 2022. The company declared a $0.645 per unit distribution on July 28, 2020, and subordinated units are set to convert to common units on August 17, 2020.

    Aug 6, 2020
  21. 2020-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2020

    Cheniere Energy Partners, L.P. (CQP) reported net income of $435 million, or $0.84 per common unit, for the three months ended March 31, 2020, up from $385 million, or $0.75 per common unit, a year earlier. Total revenues were $1,718 million compared with $1,749 million, as lower revenues per MMBtu were partly offset by higher LNG volumes recognized as revenues (327 TBtu versus 263 TBtu). Cost of sales fell to $699 million from $879 million, primarily on lower natural gas feedstock pricing. Interest expense, net of capitalized interest, rose to $234 million from $187 million, reflecting lower capitalized interest and the 2029 CQP Senior Notes issued in September 2019. Net cash provided by operating activities was $535 million, and distributions to owners totaled $330 million. The balance sheet shows $1,734 million of cash and cash equivalents at March 31, 2020, but current debt rose to $1,996 million because the $2.0 billion 2021 SPL Senior Notes became current. Total debt, net, was $17,587 million, and partners' equity was $820 million. In March 2020, SPL entered into a $1.2 billion 2020 SPL Working Capital Facility, which replaced the 2015 facility, reduced the interest rate and extended maturity to March 2025. Management stated that the Liquefaction Project had 53.9% overall completion for Train 6, with expected substantial completion in 1H 2023. The filing describes COVID-19 and a weaker LNG market as key risks. TTF averaged $3.35 and JKM averaged $4.82 during the quarter, and customers canceled a growing number of LNG cargoes, with Cheniere recognizing approximately $16 million of revenue from canceled cargoes. Management does not expect a material impact on its 2020 forecasted financial results because its contracts are highly contracted and customers still pay fixed fees. On April 27, 2020, the partnership declared a $0.64 per unit distribution payable May 15, 2020.

    Apr 30, 2020
  22. 2019-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2019

    Cheniere Energy Partners, L.P. reported net income of $110 million, or $0.19 per common unit, for the three months ended September 30, 2019, compared with $307 million, or $0.60 per common unit, in the same period of 2018. For the nine months ended September 30, 2019, net income was $727 million, or $1.38 per common unit, versus $923 million, or $1.82 per common unit, a year earlier. The filing attributes the decline mainly to higher operating and maintenance expense, higher depreciation and amortization, and higher interest expense, net of capitalized interest, as Train 5 of the Liquefaction Project entered operations and fewer interest costs were capitalized. Total revenues were $1.48 billion for the quarter, down from $1.53 billion, and $4.93 billion for the nine months, up from $4.53 billion. Liquidity improved during the period. Cash and cash equivalents were $1.71 billion at September 30, 2019, and total partners' equity was $592 million. Long-term debt, net, rose to $17.57 billion from $16.07 billion at December 31, 2018, following the September 2019 issuance of $1.5 billion of 4.500% Senior Notes due 2029, which were used to prepay a $750 million term loan and fund Train 6 construction. Train 6 was 38.1% complete with expected substantial completion in 1H 2023, and the partnership declared a $0.62 per unit distribution on October 28, 2019. Cash flow from operations was $977 million for the nine months, compared with $1.26 billion a year earlier, which the filing attributes to higher operating costs partly offset by LNG cargo sales from an additional operating Train. Investing outflows were $1.16 billion, mainly for Liquefaction Project construction, and distributions to owners totaled $935 million.

    Nov 1, 2019
  23. 2019-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2019

    Cheniere Energy Partners, L.P. reported net income of $232 million, or $0.44 per common unit, for the three months ended June 30, 2019, compared to $281 million, or $0.55 per common unit, in the prior-year quarter. For the six months ended June 30, 2019, net income was $617 million, or $1.19 per common unit, versus $616 million, or $1.22 per common unit, a year earlier. Total revenues rose to $1,705 million for the quarter from $1,407 million, driven by LNG revenues, including $455 million from affiliates, following substantial completion of Train 5 of the Liquefaction Project in March 2019. The filing attributes the quarterly net income decline primarily to higher interest expense, net of capitalized interest, because less interest could be capitalized after Train 5 completed construction. Balance sheet and financing activity were significant during the period. Cash and cash equivalents were $1,016 million at June 30, 2019, and long-term debt, net, increased to $16,720 million from $16,066 million at December 31, 2018. In May 2019, the company entered into $1.5 billion of 2019 CQP Credit Facilities, of which $649 million was drawn at quarter end, and it replaced the $2.8 billion 2016 CQP Credit Facilities. In May 2019, the board made a final investment decision on Train 6, and full notice to proceed was issued to Bechtel in June 2019. Operating cash flow for the six months was $640 million, down from $805 million, and capital expenditures in investing activities were $585 million for property, plant and equipment. The filing states that the partnership's ownership as of June 30, 2019 was 48.6% Cheniere, 40.3% Blackstone CQP Holdco and 9.1% public. It also discloses a PHMSA Corrective Action Order and Consent Order related to a February 2018 minor LNG leak at the Sabine Pass LNG terminal, which the company states it does not expect to have a material adverse impact on its financial results or operations. Subsequent to quarter end, on July 26, 2019, the company declared a $0.61 per common unit distribution payable August 14, 2019.

    Aug 8, 2019
  24. 2019-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2019

    Cheniere Energy Partners, L.P. reported net income of $385 million, or $0.75 per common unit, for the three months ended March 31, 2019, compared with $335 million, or $0.67 per common unit, in the same period of 2018. The filing attributes the $50 million increase primarily to higher income from operations after Train 5 of the Liquefaction Project reached substantial completion in March 2019. Total revenues rose to $1.749 billion from $1.593 billion, with LNG revenues of $1.367 billion versus $1.015 billion, partly offset by lower affiliate LNG revenues of $305 million versus $503 million. Operating costs and expenses increased to $1.186 billion from $1.085 billion, driven by additional operating Trains and higher maintenance activity. The balance sheet shows total assets of $18.005 billion, long-term debt of $16.073 billion, and total partners' equity of $881 million at March 31, 2019. Restricted cash was $1.297 billion, and net cash provided by operating activities was $344 million, against $284 million used in investing activities and $304 million of distributions to owners. Customer concentration was notable, with Customer A accounting for 31% of total revenues in both periods. Management reported that the Partnership declared a $0.60 per unit distribution on April 26, 2019, payable May 15, 2019. Subsequent to quarter end, SPL and Cheniere Marketing amended the base SPA on May 3, 2019 and entered into a letter agreement for up to 20 cargoes for delivery between May 3 and December 31, 2019. Train 6 remains subject to a final investment decision that depends on commercial arrangements and financing.

    May 9, 2019
  25. 2018-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2018

    Cheniere Energy Partners, L.P. (CQP) reported third-quarter 2018 net income of $307 million, or $0.60 per common unit, compared to $23 million, or a $1.10 loss per common unit, in the third quarter of 2017. For the nine months ended September 30, 2018, net income was $923 million, or $1.82 per common unit, versus $116 million, or a $4.12 loss per common unit, a year earlier. Total revenues were $1.529 billion for the quarter and $4.529 billion for the nine months, up from $903 million and $2.786 billion. The filing attributes the increase primarily to additional Trains operating at the Liquefaction Project, with Trains 1 through 4 operational and Train 5 undergoing commissioning. The balance sheet shows total assets of $17.536 billion, long-term debt of $16.059 billion, and total partners' equity of $748 million at September 30, 2018. In September 2018, the partnership issued $1.1 billion of 5.625% Senior Notes due 2026 and used the proceeds to prepay all outstanding borrowings under its CQP Credit Facilities, leaving only a $115 million revolving facility, which is undrawn. Distributions to unitholders totaled $814 million in the nine months, and on October 26, 2018 the partnership declared a $0.58 per common unit distribution payable November 14, 2018. Operationally, Train 5 was 98.5% complete as of September 30, 2018, with first LNG production in October 2018 and expected substantial completion in the first quarter of 2019. The filing reports that the partnership was in compliance with all debt covenants, and that there were no material changes to risk factors from the 2017 Form 10-K.

    Nov 8, 2018
  26. 2018-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2018

    Cheniere Energy Partners, L.P. (CQP) reported net income of $281 million for the three months ended June 30, 2018, compared to $46 million in the same period of 2017, and $616 million for the six months ended June 30, 2018, compared to $93 million a year earlier. The filing attributes the increase primarily to higher income from operations as additional Trains of the Liquefaction Project began operating, partially offset by higher interest expense, net of capitalized interest. Total revenues were $1,407 million for the quarter and $3,000 million for the six months, versus $992 million and $1,883 million a year earlier. Trains 1 through 4 are operational, Train 5 is in commissioning with 95.1% overall completion and expected substantial completion in 1H 2019, and Train 6 is being commercialized. Cash flow from operations was $805 million for the six months ended June 30, 2018, versus $324 million in 2017, while distributions to owners totaled $527 million. Long-term debt, net was $16,046 million at June 30, 2018, and partners' equity was $728 million. Restricted cash of $1,521 million is largely designated for the Liquefaction Project and debt-related purposes. On July 27, 2018, the partnership declared a $0.56 per unit distribution payable August 14, 2018. The filing states that the partnership was in compliance with all debt covenants as of June 30, 2018, and that a PHMSA Consent Order related to a minor LNG leak and vapor release at the Sabine Pass LNG terminal does not is expected to have a material adverse impact on financial results or operations. Preliminary assessment indicates a material impact on the balance sheet from the upcoming adoption of ASU 2016-02 (Leases) on January 1, 2019.

    Aug 9, 2018
  27. 2018-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2018

    Cheniere Energy Partners, L.P. (CQP) reported net income of $335 million, or $0.67 per common unit, for the three months ended March 31, 2018, compared with net income of $47 million, or a $0.80 loss per common unit, in the same period of 2017. Total revenues rose to $1.593 billion from $891 million, driven by LNG revenues of $1.015 billion (up from $492 million) and LNG revenues from affiliates of $503 million (up from $331 million). The filing attributes the higher results primarily to additional Trains operating at the Sabine Pass Liquefaction Project, partially offset by higher interest expense, net of capitalized interest, which rose to $185 million from $130 million. The Partnership's balance sheet shows total assets of $17.465 billion and long-term debt, net, of $16.052 billion at March 31, 2018. Cash and cash equivalents were zero, with restricted cash of $1.477 billion. Operating cash flow was $331 million, investing outflows were $194 million, and distributions to owners totaled $249 million. On April 27, 2018, the Partnership declared a $0.55 per common unit and subordinated unit distribution, payable May 15, 2018. Train 5 was 89.3% complete as of March 31, 2018, with expected substantial completion in the first half of 2019. The filing also notes that Train 4 reached its first commercial delivery under a 20-year SPA with GAIL (India) Limited in March 2018, and that a PHMSA Consent Order was executed on April 20, 2018, which management does not expect to have a material adverse impact on financial results or operations.

    May 4, 2018
  28. 2017-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2017

    Cheniere Energy Partners, L.P. (NYSE American: CQP) reported third-quarter 2017 results in this Form 10-Q, with net income of $23 million for the three months ended September 30, 2017, compared to a net loss of $82 million a year earlier, and net income of $116 million for the nine months, compared to a net loss of $257 million. Total revenues rose to $903 million for the quarter from $331 million, and to $2.79 billion for the nine months from $549 million, driven by LNG revenues as additional Trains of the Liquefaction Project began operating. Train 4 became operational in October 2017, Train 5 is under construction with expected substantial completion in 2H 2019, and Train 6 is being commercialized. The partnership's balance sheet and financing position changed significantly during the period. On August 2, 2017, the Class B units mandatorily converted into common units, and in February and March 2017 SPL issued $800 million of 2037 notes and $1.35 billion (before discount) of 2028 notes. In September 2017 CQP issued $1.5 billion of 5.250% Senior Notes due 2025, used to prepay part of the 2016 CQP Credit Facilities. Total long-term debt, net, rose to $16.04 billion at September 30, 2017 from $14.21 billion at December 31, 2016, and total partners' equity was $485 million. Net loss per common unit was $(1.10) for the quarter and $(4.12) for the nine months, reflecting the beneficial conversion feature amortization on the Class B units. Cash flow from operations was $513 million for the nine months, compared with an outflow of $42 million a year earlier, mainly from increased LNG cargo sales receipts. Investing outflows were $1.2 billion, primarily for construction of Trains 1 through 5. The partnership declared a $0.44 per common unit distribution on October 24, 2017, payable November 14, 2017.

    Nov 9, 2017
  29. 2017-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2017

    Cheniere Energy Partners, L.P. (NYSE American: CQP) reported net income of $46 million for the three months ended June 30, 2017, compared with a net loss of $100 million in the same period of 2016, and net income of $93 million for the six months ended June 30, 2017, versus a net loss of $175 million a year earlier. Total revenues rose to $992 million for the quarter from $151 million, driven by LNG revenues from the Liquefaction Project as Trains 1 through 3 became operational, and the partnership's operating costs rose correspondingly, with cost of sales at $577 million for the quarter. Interest expense, net of capitalized interest, increased to $154 million for the quarter as total indebtedness grew to $16.2 billion from $13.4 billion a year earlier. The partnership continued to fund construction of Trains 1 through 5 through debt issuances. In February and March 2017, SPL issued $800 million of 5.00% Senior Secured Notes due 2037 and $1.35 billion (before discount) of 4.200% Senior Secured Notes due 2028, and it terminated the remaining $1.6 billion available under its 2015 SPL Credit Facilities. Restricted cash rose to $1,563 million in total, and partners' equity was $486 million at June 30, 2017. Train 4 began commissioning in March 2017 with first LNG achieved in July 2017, and Train 5 was 69.0% complete overall. On August 2, 2017, the Class B units held by Cheniere Holdings and Blackstone CQP Holdco mandatorily converted into common units. Customer concentration was notable, with Customer A accounting for 46% of total revenues in the quarter and Customer B for 27%. The filing reports Fitch and Moody's upgrades of SPL's senior secured debt to investment grade, and it states no material changes to risk factors from the 2016 Form 10-K.

    Aug 8, 2017
  30. 2017-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2017

    Cheniere Energy Partners, L.P. (NYSE MKT: CQP) reported net income of $47 million for the three months ended March 31, 2017, compared with a net loss of $75 million in the same period of 2016. Total revenues rose to $891 million from $67 million, driven by $492 million of LNG revenues plus $331 million of LNG revenues from affiliates, as the Liquefaction Project began operations. Trains 1 through 3 have commenced commercial operations, Train 4 is in commissioning, and Train 5 is under construction. Operating costs rose to $672 million, and interest expense, net of capitalized interest, increased to $130 million from $43 million. The partnership's balance sheet expanded materially, with total assets of $17.09 billion at March 31, 2017, versus $15.54 billion at December 31, 2016. Long-term debt, net, increased to $16.02 billion from $14.21 billion, following SPL's issuance of $800 million of 5.00% Senior Secured Notes due 2037 and $1.35 billion (before discount) of 4.200% Senior Secured Notes due 2028. SPL also terminated the remaining $1.6 billion of commitments under its 2015 SPL Credit Facilities, which led to a $42 million loss on early extinguishment of debt. Restricted cash rose to $1.76 billion in total, and net cash provided by operating activities was $115 million. Liquidity is supported by available commitments of $823 million under the SPL Working Capital Facility and $190 million under the 2016 CQP Credit Facilities at March 31, 2017. Partnership equity was $465 million. The partnership declared a $0.425 per common unit distribution on April 21, 2017, payable May 15, 2017. Class B units are scheduled to mandatorily convert into common units after the first distribution record date for the quarter ending June 30, 2017, unless Blackstone CQP Holdco converts them earlier.

    May 4, 2017
  31. 2016-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2016

    Cheniere Energy Partners, L.P. (NYSE MKT: CQP) reported its quarterly results for the period ended September 30, 2016, as the Sabine Pass Liquefaction Project moved into operations. Trains 1 and 2 of the Liquefaction Project have reached substantial completion, with Train 1 achieving it in May 2016 and Train 2 in September 2016, and Train 3 entered commissioning in September 2016. Revenue rose sharply to $331.4 million for the three months ended September 30, 2016, from $67.5 million a year earlier, driven by $248.2 million of LNG revenues. The company reported a net loss of $81.5 million for the quarter, versus a net loss of $24.1 million in the prior-year quarter, primarily reflecting higher interest expense and a larger loss on early extinguishment of debt. For the nine months, the net loss narrowed to $256.5 million from $262.9 million. The balance sheet shows total assets of $14.94 billion, up from $12.83 billion at December 31, 2015, as property, plant and equipment grew to $13.79 billion. Long-term debt, net, rose to $12.20 billion from $10.02 billion, and total partners' equity declined to $382.3 million from $712.9 million. Cash and cash equivalents were $12.5 million at quarter-end, while restricted cash totaled $582.2 million including current and non-current amounts. Operating cash flow for the nine months was $12.9 million, and investing and financing activities were funded largely through new senior secured notes and credit facilities. Key near-term items include the planned redemption of the 2020 SPLNG Senior Notes and repayment of the 2016 SPLNG Senior Notes on November 30, 2016, funded by the 2016 CQP Credit Facilities, and the expected mandatory conversion of Class B units within 90 days of Train 3's substantial completion, which the company expects before June 30, 2017. Cash distributions of $0.425 per common unit were declared for the quarter ended September 30, 2016.

    Nov 3, 2016
  32. 2016-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2016

    Cheniere Energy Partners, L.P. reported a net loss of $100.1 million ($0.21 per common unit) for the three months ended June 30, 2016, compared with a net loss of $60.0 million ($0.01 per unit) a year earlier, and a six-month net loss of $175.0 million ($0.29 per unit) versus $238.7 million ($0.62 per unit) in 2015. Revenue rose to $151.2 million for the quarter from $67.7 million, driven by the first LNG revenues ($85.3 million) following substantial completion of Train 1 of the Liquefaction Project in May 2016. Operating costs also rose sharply as Train 1 began operations, and interest expense, net of capitalized interest, increased to $72.0 million for the quarter. At June 30, 2016, the Partnership had $12.3 million of cash and cash equivalents and $464.2 million of current and non-current restricted cash, against total debt, net, of $13.2 billion. Total assets were $14.26 billion and total partners' equity was $488.4 million. Key financing activity in the period included the issuance of $1.5 billion of 5.875% Senior Secured Notes due 2026 by SPL, with proceeds used to prepay about $1.3 billion of the 2015 SPL Credit Facilities, and the entry in February 2016 into $2.8 billion of 2016 CQP Credit Facilities. The filing states that Train 2 was undergoing commissioning, with first LNG produced in late July 2016 and substantial completion expected in late September 2016. Trains 3 and 4 are expected to reach substantial completion in 2017 and Train 5 in 2019. The Class B units are expected to convert into common units within 90 days of Train 3's substantial completion, which the Partnership currently expects before June 30, 2017. On July 22, 2016, the Partnership declared a $0.425 per common unit distribution payable August 12, 2016.

    Aug 9, 2016
  33. 2016-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2016

    Cheniere Energy Partners, L.P. (NYSE MKT: CQP) reported a first-quarter 2016 net loss of $74.9 million, compared with a net loss of $178.7 million in the first quarter of 2015. The decrease was primarily due to a lower loss on early extinguishment of debt ($1.5 million versus $89.0 million), a smaller derivative loss, net ($20.8 million versus $37.1 million), and lower operating and maintenance expense ($17.4 million versus $30.5 million). Total revenues were $67.0 million, essentially flat with $67.5 million a year earlier, and consisted almost entirely of regasification revenues from the Sabine Pass LNG terminal. Net loss per common unit was $(0.08) versus $(0.61). The Partnership is constructing the Liquefaction Project at Sabine Pass. Trains 1 and 2 were 98.3% and 83.8% complete, respectively, as of March 31, 2016, and Train 1 produced its first LNG in February 2016. Construction spending was funded largely by debt: the Partnership entered into $2.8 billion of 2016 CQP Credit Facilities in February 2016, of which $450.0 million was drawn, and total debt, net was $12.52 billion at quarter end. Cash and cash equivalents fell to $9.8 million from $146.2 million at year-end, while restricted cash rose to $415.6 million, including current and non-current amounts. Partners' equity declined to $613.3 million from $712.9 million, reflecting the net loss and $24.8 million of distributions. The Partnership declared a $0.425 per common unit distribution on April 22, 2016, payable May 13, 2016. The filing states that SPL has entered into six fixed-price, 20-year SPAs for approximately 19.75 mtpa, about 88% of expected nominal capacity of Trains 1 through 5.

    May 5, 2016
  34. 2015-Q3-A

    Cheniere Energy Partners Quarterly Report (Amendment) for Q3 Ended Sep 30, 2015

    Cheniere Energy Partners, L.P. filed this Amendment No. 1 to its Form 10-Q for the quarter ended September 30, 2015, solely to add compliance disclosure under Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 and to add Exhibits 10.7 and 10.8, which were inadvertently omitted from the original filing on October 30, 2015. No financial statements or operating results are restated or included in this amendment, and the filing states it does not reflect events after the original filing date. The partnership reported that during the quarter it did not engage in any transactions with Iran or with persons or entities related to Iran. Because Blackstone CQP Holdco LP, which holds more than 29% of the partnership's equity and has three representatives on the general partner's board, may be deemed an affiliate, the filing discloses sanctions-related activities reported by Blackstone Group about two of its portfolio companies, Hilton Worldwide Holdings Inc. and Travelport Limited. The partnership states it has not independently verified these disclosures. The amendment also lists the exhibits filed with the original report, including amendments to LNG sale and purchase agreements with Total Gas & Power North America, Inc. and Centrica plc, an omnibus amendment to the Second Amended and Restated Common Terms Agreement, and Bechtel EPC change orders for the Sabine Pass LNG Stage 2 and Stage 3 liquefaction facilities. As of October 20, 2015, the partnership had 57,101,348 common units, 145,333,334 Class B units and 135,383,831 subordinated units outstanding.

    Nov 9, 2015
  35. 2015-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2015

    Cheniere Energy Partners, L.P. (NYSE MKT: CQP) reported a third-quarter 2015 net loss of $24.1 million, narrowing from $43.2 million a year earlier, with a nine-month net loss of $262.9 million versus $339.2 million in the prior-year period. Total revenues for the three months ended September 30, 2015 were $67.5 million, and operating income was $35.9 million, while interest expense, net of amounts capitalized, was $49.4 million. The Partnership's results are dominated by its wholly owned Sabine Pass LNG regasification terminal, and the bulk of its balance sheet activity relates to construction of the Liquefaction Project, with Train 1 expected to produce LNG as early as late 2015. Construction spending is heavily financed with debt and restricted cash. Total assets rose to $12.55 billion at September 30, 2015 from $10.39 billion at December 31, 2014, driven by property, plant and equipment, net of $11.30 billion, while long-term debt, net, increased to $11.24 billion. In March 2015 SPL issued $2.0 billion of 5.625% Senior Secured Notes due 2025, and in June 2015 SPL entered into $4.6 billion of 2015 SPL Credit Facilities, of which $250.0 million was drawn at quarter end. Restricted cash totaled $467.6 million including current and non-current amounts, and cash and cash equivalents were $170.4 million. Management stated it believes that net borrowings, unfunded commitments under the 2015 SPL Credit Facilities, available commitments under the SPL Working Capital Facility and operating cash flow will be adequate to complete Trains 1 through 5 and meet anticipated requirements. The Partnership declared a $0.425 per common unit distribution on October 23, 2015, payable November 13, 2015. Partners' equity declined to $793.7 million from $1.13 billion, reflecting the period's net loss and distributions.

    Oct 30, 2015
  36. 2015-Q2-A

    Cheniere Energy Partners Quarterly Report (Amendment) for Q2 Ended Jun 30, 2015

    Cheniere Energy Partners, L.P. filed this Amendment No. 1 on Form 10-Q/A (August 7, 2015) to amend its Quarterly Report for the period ended June 30, 2015, originally filed July 30, 2015. The amendment does not restate financial results or change other parts of the original filing. Its only substantive change is an added compliance disclosure in Item 5 under Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012. The Partnership states that during the quarter it did not engage in any transactions with Iran or with persons or entities related to Iran. The amendment also discloses that Blackstone CQP Holdco LP, an affiliate of The Blackstone Group L.P., holds approximately 29% of the Partnership's outstanding equity interests and has three representatives on the Board of Directors of the general partner. Based on Blackstone's reporting, a Blackstone portfolio company, Travelport Limited, provided travel technology services to Iran Air and Iran Air Tours during the quarter. Travelport reported gross revenues of approximately $145,000 and net profits of approximately $104,000 from these activities, and it intends to continue them under sanctions exemptions or OFAC licenses. The Partnership states it has not independently verified this disclosure. As of July 21, 2015, the Partnership had 57,095,348 common units, 145,333,334 Class B units and 135,383,831 subordinated units outstanding. The filing's exhibit index lists Sabine Pass Liquefaction, LLC agreements for the Sabine Pass LNG Stage 3 liquefaction facility, including a lump sum turnkey EPC agreement with Bechtel Oil, Gas and Chemicals, Inc. dated May 4, 2015, and several debt agreements dated June 30, 2015 with Société Générale, the Export-Import Bank of Korea and the Korea Development Bank, among others, along with related change orders. Most of these are incorporated by reference to earlier filings.

    Aug 7, 2015
  37. 2015-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2015

    Cheniere Energy Partners, L.P. (Cheniere Partners) reported a consolidated net loss of $60.0 million for the three months ended June 30, 2015, compared with a net loss of $226.2 million in the prior-year quarter, and a net loss of $238.7 million for the six months ended June 30, 2015 versus $296.0 million a year earlier. The company attributed the improvement mainly to a much smaller loss on early extinguishment of debt ($7.3 million versus $114.3 million), a derivative gain versus a prior-year loss, and lower operating and maintenance expense, partly offset by higher affiliate general and administrative expense and higher net interest expense. Revenues were essentially flat at $67.7 million for the quarter, since the Sabine Pass LNG regasification terminal is contracted under long-term terminal use agreements. The balance sheet is dominated by construction of the Liquefaction Project at Sabine Pass. Property, plant and equipment, net rose to $10.51 billion from $8.98 billion at December 31, 2014, and long-term debt, net increased to $10.99 billion from $8.99 billion, following the March 2015 issuance of $2.0 billion of 5.625% Senior Secured Notes due 2025. In June 2015, SPL entered into $4.6 billion of 2015 SPL Credit Facilities, which replaced the 2013 facilities and had no outstanding borrowings at June 30, 2015. Total partners' equity declined to $842.5 million from $1.13 billion, and restricted cash rose to $1.11 billion, including $996.5 million designated for the Liquefaction Project. Management stated that Train 1 is expected to produce LNG as early as late 2015, with cash flow from the Liquefaction Project anticipated by early 2016, and that the company believes its financing resources are adequate to complete Trains 1 through 5. The partnership declared a $0.425 per common unit distribution on July 24, 2015, payable August 14, 2015.

    Jul 30, 2015
  38. 2015-Q1-A

    Cheniere Energy Partners Quarterly Report (Amendment) for Q1 Ended Mar 31, 2015

    Cheniere Energy Partners, L.P. (CQP) filed Amendment No. 1 to its Form 10-Q for the quarter ended March 31, 2015, on May 11, 2015. The amendment does not change any financial information from the original filing made April 30, 2015. Its sole purpose is to add a compliance disclosure under Item 5, Other Information, pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012. The company states that during the quarter ended March 31, 2015, it did not engage in any transactions with Iran or with persons or entities related to Iran. The filing also discloses that Blackstone CQP Holdco LP, an affiliate of The Blackstone Group L.P., holds approximately 29% of the outstanding equity interests and has three representatives on the Board of Directors of the general partner. Because of this, Blackstone Group may be deemed an affiliate of the company. The filing reports that Blackstone Group disclosed activities by portfolio company Travelport Limited involving Iran Air and Iran Air Tours. Travelport's parent, Travelport Worldwide Limited, reported gross revenues of approximately $157,000 and net profits of approximately $109,000 from these activities in the quarter. The company states it has not independently verified this disclosure. As of April 17, 2015, the company had 57,093,848 common units, 145,333,334 Class B units and 135,383,831 subordinated units outstanding.

    May 11, 2015
  39. 2015-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2015

    Cheniere Energy Partners, L.P. (NYSE MKT: CQP) reported a net loss of $178.7 million for the three months ended March 31, 2015, compared with a net loss of $69.7 million in the same period of 2014. The increase was driven mainly by a $89.0 million loss on early extinguishment of debt tied to the termination of approximately $1.8 billion of commitments under its 2013 Liquefaction Credit Facilities, and a $22.8 million increase in operating and maintenance expense. Total revenues were $67.5 million, essentially flat year over year, and the company recorded an operating loss of $10.6 million. Net loss per common unit was $(0.61), versus $(0.06) a year earlier. The balance sheet expanded sharply as the company funded construction of the Liquefaction Project at the Sabine Pass LNG terminal. Property, plant and equipment, net rose to $9.53 billion from $8.98 billion, and long-term debt, net increased to $10.99 billion from $8.99 billion following the March 2015 issuance of $2.0 billion of 5.625% Senior Secured Notes due 2025 by Sabine Pass Liquefaction, LLC (SPL). Cash and cash equivalents fell to $171.5 million, while restricted cash and cash equivalents totaled roughly $2.1 billion, including $1.95 billion designated for the Liquefaction Project. Partners' equity declined to $927.3 million from $1.13 billion. Operationally, Trains 1 and 2 were reported 87.2% complete and Trains 3 and 4 were 62.6% complete, both ahead of the contractual schedule. Management expects Train 1 to produce LNG as early as late 2015. The company also received FERC authorization in April 2015 to site, construct and operate Trains 5 and 6, and a $0.425 per common unit distribution was declared for the first quarter of 2015.

    Apr 30, 2015
  40. 2014-Q3-A

    Cheniere Energy Partners Quarterly Report (Amendment) for Q3 Ended Sep 30, 2014

    Cheniere Energy Partners, L.P. filed Amendment No. 1 to its Form 10-Q for the quarter ended September 30, 2014. The amendment was filed on November 10, 2014 to add a compliance disclosure under Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 in Item 5, Other Information. Apart from that addition, the amendment states that no part of the original quarterly report, filed October 30, 2014, is changed, and it does not reflect events after that original filing date. The company states that during the quarter ended September 30, 2014, neither it nor its affiliates engaged in any transactions with Iran or with persons or entities related to Iran. The filing also discloses, based on information Blackstone Group reported, that Travelport Limited, a portfolio company of Blackstone Group, provides certain travel-related GDS and airline IT services to Iran Air and airline IT services to Iran Air Tours. Travelport's parent, Travelport Worldwide Limited, reported approximately $171,000 in gross revenues and $124,000 in net profits from these activities during the quarter. Blackstone Group states these activities are either exempt from sanctions prohibitions or specifically licensed by the Office of Foreign Assets Control. The company notes it has not independently verified this disclosure. The cover page reports 57,079,598 common units, 145,333,334 Class B units and 135,383,831 subordinated units outstanding as of October 16, 2014. Blackstone CQP Holdco LP holds approximately 29% of the company's outstanding equity interests and has three representatives on the Board of Directors of the general partner. The exhibit index lists the Amended and Restated LNG Sale and Purchase Agreement (FOB) dated August 5, 2014 between Sabine Pass Liquefaction, LLC and Cheniere Marketing, LLC, and two change orders under the Bechtel engineering, procurement and construction agreements for the Sabine Pass liquefaction facilities.

    Nov 10, 2014
  41. 2014-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2014

    Cheniere Energy Partners, L.P. (NYSE MKT: CQP) reported a net loss of $43.2 million for the three months ended September 30, 2014, compared with a net loss of $98.1 million in the prior-year quarter, and a net loss of $339.2 million for the nine months ended September 30, 2014, versus $196.9 million a year earlier. The quarterly improvement was driven mainly by a $27.9 million increase in derivative gain, net, and a $17.8 million decrease in general and administrative expense—affiliate. The nine-month deterioration reflected a derivative loss, net, that increased $145.0 million and a $114.3 million loss on early extinguishment of debt tied to the May 2014 termination of about $2.1 billion of 2013 Liquefaction Credit Facilities commitments. The balance sheet expanded substantially as construction of Trains 1 through 4 of the Liquefaction Project progressed. Total assets rose to $10.67 billion from $8.52 billion at December 31, 2013, driven by property, plant and equipment, net of $8.46 billion, and long-term debt, net, increased to $8.99 billion from $6.58 billion following the issuance of $2.0 billion of 5.75% 2024 Sabine Pass Liquefaction Senior Notes and $0.5 billion of additional 5.625% 2023 notes in May 2014. Partners' equity declined to $1.23 billion from $1.64 billion, and cash used in operating activities was $22.6 million for the nine months. Management reported that overall project completion was approximately 76% for Trains 1 and 2 and 43% for Trains 3 and 4, ahead of the contractual schedule, with Train 1 expected to produce LNG as early as late 2015. The filing also discloses a Delaware litigation over the vote on Amendment No. 1 to Cheniere's 2011 Incentive Plan. The parties have reached a memorandum of understanding to settle, subject to court approval, and Cheniere cannot reasonably estimate a range of potential loss, which could affect operating expenses charged to the partnership under its operation and maintenance agreements.

    Oct 30, 2014
  42. 2014-Q2-A

    Cheniere Energy Partners Quarterly Report (Amendment) for Q2 Ended Jun 30, 2014

    Cheniere Energy Partners, L.P. filed this Amendment No. 1 on Form 10-Q/A on August 11, 2014, to amend its Quarterly Report for the period ended June 30, 2014, which was originally filed on July 31, 2014. The amendment adds one item: a compliance disclosure under Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, included in Item 5, Other Information. No other part of the Original Filing is amended, and the amendment does not reflect events after the Original Filing date. The company states that during the quarter ended June 30, 2014, it did not engage in any transactions with Iran or with persons or entities related to Iran. The filing also discloses that Blackstone CQP Holdco LP, an affiliate of The Blackstone Group L.P., holds approximately 29% of the company's outstanding equity interests and has three representatives on the Board of Directors of the general partner. Because of this ownership, Blackstone Group may be deemed an affiliate of the company. Blackstone has reported that its portfolio company Travelport Limited provides certain travel-related GDS and airline IT services to Iran Air and Iran Air Tours, with gross revenues of approximately $161,000 and net profits of approximately $117,000 attributable to those activities in the quarter. Blackstone reported that these activities are either exempt from sanctions or specifically licensed by the Office of Foreign Assets Control. The company states it has not independently verified this disclosure. As of July 17, 2014, the company had 57,078,848 common units, 145,333,334 Class B units and 135,383,831 subordinated units outstanding. The exhibit index references Sabine Pass Liquefaction, LLC financing and construction documents, including supplemental indentures and a senior letter of credit and reimbursement agreement dated April 21, 2014, along with a change order to the Bechtel engineering, procurement and construction agreement dated May 9, 2014.

    Aug 11, 2014
  43. 2014-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2014

    Cheniere Energy Partners, L.P. (NYSE MKT: CQP) reported a net loss of $226.2 million for the three months ended June 30, 2014, compared with a net loss of $47.0 million in the same period of 2013, and a net loss of $296.0 million for the six months ended June 30, 2014, versus $98.7 million a year earlier. The filing attributes the larger loss mainly to derivative loss, net (a $60.2 million loss in the quarter, driven by a decline in long-term LIBOR and an early settlement of interest rate swaps in May 2014) and a $114.3 million loss on early extinguishment of debt tied to the termination of about $2.1 billion of 2013 Liquefaction Credit Facilities commitments. Total revenues were $67.3 million for the quarter, essentially flat with $67.6 million a year earlier, as the company's revenues come mainly from fixed monthly fees under terminal use agreements at the Sabine Pass LNG terminal. The balance sheet expanded considerably as the Liquefaction Project advanced. Long-term debt, net rose to $8.99 billion at June 30, 2014 from $6.58 billion at December 31, 2013, following the May 2014 issuance of $2.0 billion of 5.75% 2024 Sabine Pass Liquefaction Senior Notes and $0.5 billion of additional 5.625% 2023 notes. Property, plant and equipment, net increased to $7.82 billion, and cash and cash equivalents fell to $307.5 million, while restricted cash and cash equivalents totaled roughly $2.2 billion. Total partners' equity declined to $1.29 billion from $1.64 billion, reflecting the net loss and $49.5 million of distributions. Trains 1 and 2 were reported approximately 69% complete and Trains 3 and 4 approximately 36% complete, ahead of contractual schedule, with Train 1 expected to produce LNG as early as late 2015. Investors should also note a new risk factor: four lawsuits filed in Delaware Chancery Court against Cheniere challenge the vote on an amendment to Cheniere's 2011 Incentive Plan. Because the outcome could change operating and maintenance expenses charged to the partnership under its operation and maintenance agreements, Cheniere states it cannot reasonably estimate a range of potential loss.

    Jul 31, 2014
  44. 2014-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2014

    Cheniere Energy Partners, L.P. (NYSE MKT: CQP) reported a net loss of $69.7 million for the three months ended March 31, 2014, compared with a net loss of $51.7 million in the prior-year period. The increase was primarily driven by a derivative loss, net, of $34.7 million (versus $17.5 million a year earlier), which reflects changes in the fair value of interest rate derivatives hedging floating-rate payments under the 2013 Liquefaction Credit Facilities, and higher general and administrative expense (including affiliate) of $27.2 million. Total revenues were $67.2 million, largely from fixed monthly fees under terminal use agreements at the Sabine Pass LNG terminal. Operating cash flow was negative $0.5 million for the quarter. The balance sheet shows the company's focus on building the Liquefaction Project. Property, plant and equipment, net rose to $7.03 billion from $6.38 billion at December 31, 2013, driven by LNG terminal construction-in-process of $5.10 billion. Cash and cash equivalents were $325.3 million, and current and non-current restricted cash totaled $500.2 million, designated for the Liquefaction Project, CTPL and interest payments on the Sabine Pass LNG Senior Notes. Long-term debt, net, was $6.58 billion, and total partners' equity declined to $1.55 billion from $1.64 billion after the net loss and $24.8 million of distributions. Management states that Trains 1 and 2 were 63% complete and Trains 3 and 4 were 27% complete as of March 31, 2014, both ahead of the contractual schedule, with Train 1 expected to produce LNG as early as late 2015. In April 2014, Sabine Pass Liquefaction entered into a $325.0 million letter of credit agreement for working capital needs, and the partnership declared a $0.425 per common unit distribution payable May 1, 2014.

    May 1, 2014
  45. 2013-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2013

    Cheniere Energy Partners, L.P. (CQP) reported a net loss of $98.1 million for the three months ended September 30, 2013, compared with a net loss of $51.4 million a year earlier, and a nine-month net loss of $196.9 million versus $106.8 million. Management attributes the larger loss mainly to higher derivative losses, operating and maintenance expense, and general and administrative expense (including affiliate expense) in the quarter, and to a $80.5 million loss on early extinguishment of debt in the nine months. Total revenues were $67.4 million for the quarter and $201.2 million for the nine months. Development expense fell as Trains 1 through 4 of the Liquefaction Project met the criteria for capitalization. The balance sheet reflects heavy construction financing. Property, plant and equipment, net rose to $5.64 billion from $3.22 billion at year-end 2012, and long-term debt, net of discount, rose to $5.57 billion from $2.17 billion. Cash and cash equivalents were $339.9 million, and restricted cash and cash equivalents totaled $1,038.4 million. Major financing included $2.0 billion of 5.625% Sabine Pass Liquefaction Senior Notes due 2021, $1.0 billion of 5.625% notes due 2023, $5.9 billion of 2013 Liquefaction Credit Facilities, and a $400.0 million CTPL Credit Facility. The partnership also acquired the Creole Trail Pipeline Business from Cheniere for $480.0 million in May 2013. Project progress is reported as approximately 45% complete for Trains 1 and 2 and approximately 10% complete for Trains 3 and 4, both described as ahead of contractual schedule. Management expects Train 1 to produce LNG as early as late 2015, with commercial operations expected in February 2016. Estimated capital costs for Trains 1 through 4 are $9.0 billion to $10.0 billion before financing costs, and $12.0 billion to $13.0 billion after financing costs.

    Nov 8, 2013
  46. 2013-Q2-A

    Cheniere Energy Partners Quarterly Report (Amendment) for Q2 Ended Jun 30, 2013

    Cheniere Energy Partners, L.P. (CQP) filed Amendment No. 1 to its Form 10-Q for the quarter ended June 30, 2013, to add a compliance disclosure under Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (ITRA) in Item 5, Other Information. The amendment states that the original 10-Q, filed August 2, 2013, is otherwise unchanged and does not reflect events after that date. The filing reports that during the quarter the company did not engage in any transactions with Iran or with persons or entities related to Iran. As of July 20, 2013, the company had 57,078,848 common units, 145,333,334 Class B units and 135,383,831 subordinated units outstanding. The amendment also discloses information that Blackstone reported about its portfolio companies. Blackstone CQP HoldCo LP holds 29% of CQP's outstanding equity interests and has three representatives on the Board of Directors, so Blackstone and certain of its portfolio companies may be deemed affiliates under SEC rules. Blackstone reported that Hilton-branded hotels had activities involving Iran-related and sanctioned parties, including a hotel in Malaysia that provided rooms to crew members of Mahan Air, for which Hilton received revenue and net profit of approximately $430. Blackstone also reported that Travelport provided services to Iran Air and Iran Air Tours, with gross revenues of approximately $248,000 and net profits of approximately $176,000 during the reporting period. CQP states it has not independently verified these disclosures. The amendment's exhibit index lists agreements and amendments, including an amended and restated operation and maintenance services agreement and a management services agreement with Cheniere Creole Trail Pipeline, L.P., change orders to the Sabine Pass LNG liquefaction and Stage 2 engineering, procurement and construction agreements with Bechtel, and a letter agreement with Blackstone CQP Holdco LP. Some of these change order exhibits have portions omitted under requests for confidential treatment.

    Aug 9, 2013
  47. 2013-Q2

    Cheniere Energy Partners Quarterly Report for Q2 Ended Jun 30, 2013

    Cheniere Energy Partners, L.P. reported a consolidated net loss of $47.0 million for the three months ended June 30, 2013, compared with a net loss of $30.4 million a year earlier, and a six-month net loss of $98.7 million versus $55.4 million. The filing attributes the larger loss mainly to an $80.5 million loss on early extinguishment of debt from amending and restating the 2012 Liquefaction Credit Facility, along with higher general and administrative expense (including affiliate expense) tied to managing construction of Trains 1 through 4 of the Liquefaction Project. Derivative gains of $95.5 million in the quarter, driven by interest rate derivatives, partly offset these costs. Total revenues were $67.6 million for the quarter, and net cash used in operating activities was $24.7 million for the six months. The balance sheet expanded substantially as the partnership financed the Liquefaction Project. Restricted cash and equivalents rose to about $2.31 billion at June 30, 2013, against unrestricted cash of $355.3 million, and long-term debt, net of discount, increased to $5.57 billion from $2.17 billion at December 31, 2012. Partners' equity was $1.85 billion. In May 2013 the partnership acquired the Creole Trail Pipeline Business from Cheniere for $480.0 million, paying net cash of $313.9 million after issuing 12.0 million Class B units, and it sold 17.6 million common units for net proceeds of $372.4 million. Project milestones include Train 1 and Train 2 construction reported at approximately 38% overall completion as of June 30, 2013, with Train 1 expected to produce LNG as early as late 2015. The partnership has six fixed-price, 20-year SPAs covering about 19.75 mtpa, or approximately 88% of the nominal capacity of Trains 1 through 5, and expects Trains 1 through 4 capital costs of $9.0 billion to $10.0 billion before financing costs. The company also declared a $0.425 per common unit distribution for the April 1 to June 30, 2013 period.

    Aug 2, 2013
  48. 2013-Q1-A

    Cheniere Energy Partners Quarterly Report (Amendment) for Q1 Ended Mar 31, 2013

    Cheniere Energy Partners, L.P. filed Amendment No. 1 (Form 10-Q/A) to its Quarterly Report for the period ended March 31, 2013, originally filed on May 3, 2013. The amendment does not change the financial statements or other parts of the original filing. It adds a compliance disclosure under Item 5 (Other Information) as required by Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, and it does not reflect events after the original filing date. As of April 17, 2013, the registrant had 57,078,848 common units, 133,333,334 Class B units and 135,383,831 subordinated units outstanding. The company states that during the first quarter of 2013 it did not engage in any transactions with Iran or with persons or entities related to Iran. The filing also reports, based on information from Blackstone, that Blackstone CQP HoldCo LP holds approximately 30% of the outstanding equity interests of Cheniere Partners and has two board representatives plus the right to appoint a third. Because of this, Blackstone and certain of its portfolio companies may be deemed affiliates of Cheniere Partners. Cheniere Partners states that it has not independently verified the Blackstone-reported disclosures, which cover Travelport, SunGard and Hilton Worldwide activities involving Iranian or sanctioned parties. The amendment's exhibit index lists an amendment to an LNG Sale and Purchase Agreement dated April 3, 2013 between Sabine Pass Liquefaction, LLC and Gas Natural Aprovisionamientos SDG S.A., and change orders to the Sabine Pass LNG liquefaction facility Lump Sum Turnkey Agreement with Bechtel Oil, Gas and Chemicals, Inc. dated February 28, 2013 and March 14, 2013. Portions of the Bechtel exhibit were omitted and filed separately under a request for confidential treatment.

    May 10, 2013
  49. 2013-Q1

    Cheniere Energy Partners Quarterly Report for Q1 Ended Mar 31, 2013

    Cheniere Energy Partners, L.P. reported a net loss of $42.5 million for the three months ended March 31, 2013, compared with a net loss of $19.3 million in the same period of 2012. Total revenues were $66.1 million versus $69.3 million a year earlier. The increase in net loss was primarily driven by higher general and administrative expense (including affiliate expense), a larger derivative loss of $17.5 million, and higher operating and maintenance expense, partially offset by lower development expense. Net income per common unit was $0.10, compared with $0.23 in the prior-year quarter. The balance sheet expanded substantially as the company financed construction of Train 1 and Train 2 of the Liquefaction Project. Restricted cash and cash equivalents rose to a combined $1.72 billion, cash and cash equivalents were $456.9 million, and long-term debt, net of discount, increased to $3.67 billion from $2.17 billion at December 31, 2012. The increase reflects the February 2013 issuance of $1.5 billion of 5.625% Senior Secured Notes due 2021 by Sabine Pass Liquefaction, LLC, and a sale of 17.6 million common units netting $372.4 million. Total partners' capital rose to $1.70 billion. In April 2013, Sabine Pass Liquefaction issued an additional $500.0 million of the 2021 notes and $1.0 billion of 5.625% Senior Secured Notes due 2023, and terminated approximately $1.4 billion of commitments under the Liquefaction Credit Facility, which will result in an approximately $75 million write-off of debt issuance costs. The company stated that Train 1 and Train 2 were approximately 26% complete as of March 31, 2013, and that Train 1 is expected to produce LNG as early as the end of 2015. The company also declared a $0.425 per common unit distribution for the first quarter of 2013.

    May 3, 2013
  50. 2012-Q3

    Cheniere Energy Partners Quarterly Report for Q3 Ended Sep 30, 2012

    Cheniere Energy Partners, L.P. reported a net loss of $42.4 million for the three months ended September 30, 2012, compared with a net loss of $14.5 million in the prior-year quarter, and a net loss of $86.6 million for the nine months ended September 30, 2012 versus $23.6 million a year earlier. The filing attributes the widening loss primarily to increased costs incurred to manage construction of LNG trains 1 and 2 of the Liquefaction Project, partially offset by lower development expense after those trains met the criteria for capitalization in June 2012. Total revenues were $66.3 million for the quarter and $197.0 million for the nine months, both lower than the prior-year periods. Operating income fell to $0.8 million in the quarter. The balance sheet changed substantially as the company financed the Liquefaction Project. Cash and cash equivalents rose to $369.1 million at September 30, 2012 from $81.4 million at December 31, 2011, and restricted cash and equivalents totaled $390.5 million. Property, plant and equipment, net increased to $2.41 billion from $1.51 billion, with LNG terminal construction-in-process of $927.7 million. Total long-term debt was $2.30 billion, including $100.0 million drawn under the $3.6 billion Liquefaction Credit Facility. Total partners' capital was $930.5 million, compared with a deficit of $545.0 million at year-end 2011, driven by unit sales including 100 million Class B units issued at $15.00 per unit for $1.5 billion gross proceeds. For investors, the filing shows a partnership in a construction-funding phase. Liquidity was supported by equity raises and the credit facility, while the company stated that cash available for distribution will depend on operations until the first two LNG trains commence commercial operations, which it does not expect until at least 2016. The company declared a $0.425 per common unit distribution on October 22, 2012, and disclosed subsequent events including Blackstone's additional $300.0 million Class B purchase and the repurchase of approximately 97% of Sabine Pass LNG's 2013 Notes funded by $420.0 million of new 6.50% notes due 2020.

    Nov 2, 2012