HOUSTON, Oct. 30, 2015
/PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC
("Cheniere Partners Holdings") (NYSE MKT: CQH) reported net income
of $4.6 million, or $0.02 per common share, for each of the three
months ended September 30, 2015 and
2014. Cheniere Partners Holdings reported net income of
$13.6 million, or $0.06 per common share for each of the nine
months ended September 30, 2015 and
2014. Results include the distribution received from our limited
partner interests in Cheniere Energy Partners, L.P. ("Cheniere
Partners"), a publicly traded limited partnership (NYSE MKT:
CQP).
Our only business consists of owning Cheniere Partners common
units, Class B units and subordinated units representing an
aggregate approximately 55.9% limited partner interest in Cheniere
Partners as of September 30, 2015.
Sabine Pass Liquefaction Project Update
Cheniere Partners is developing and constructing natural gas
liquefaction facilities (the "Sabine Pass Liquefaction Project") at
the Sabine Pass LNG terminal adjacent to the existing
regasification facilities through its wholly owned subsidiary,
Sabine Pass Liquefaction, LLC.
Cheniere Partners continues to make progress on its Sabine Pass
Liquefaction Project, which is being developed for up to six
natural gas liquefaction trains ("Trains"), each with an expected
nominal production capacity of approximately 4.5 million tonnes per
annum ("mtpa") of LNG.
The Trains are in various stages of development:
- Construction on Trains 1 and 2 began in August 2012, and as of September 30, 2015,
the overall project completion percentage for Trains 1 and 2 was
approximately 95.2%, which is ahead of the contractual schedule.
Based on Cheniere Partners' current construction schedule, Cheniere
Partners anticipates that Train 1 will produce LNG as early as late
2015.
- Construction on Trains 3 and 4 began in May 2013, and as of September 30, 2015, the
overall project completion percentage for Trains 3 and 4 was
approximately 73.6%, which is ahead of the contractual schedule.
Cheniere Partners expects Trains 3 and 4 to become operational in
late 2016 and 2017, respectively.
- The permitting process for Trains 5 and 6 has been completed.
In April 2015, Cheniere Partners
received U.S. Federal Energy Regulatory Commission ("FERC")
authorization to site, construct, and operate Trains 5 and 6. In
June 2015, Cheniere Partners received
authorization from the U.S. Department of Energy ("DOE") to export
LNG to non-free trade agreement countries.
- Construction on Train 5 began on June
30, 2015, and Cheniere Partners expects Train 5 to commence
operations as early as 2018. Cheniere Partners expects to commence
construction on Train 6 upon entering into acceptable commercial
arrangements and obtaining adequate financing.
Sabine Pass Liquefaction Project Timeline
|
|
|
|
|
|
|
Target
Date
|
Milestone
|
|
Trains 1 - 4
|
|
Trains 5 & 6
|
DOE export
authorization
|
|
Received
|
|
Received
|
Definitive commercial
agreements
|
|
Completed
16.0 mtpa
|
|
T5:
Completed T6:
2015/2016
|
- BG Gulf Coast LNG,
LLC
|
|
5.5 mtpa
|
|
|
- Gas Natural
Fenosa
|
|
3.5 mtpa
|
|
|
- KOGAS
|
|
3.5 mtpa
|
|
|
- GAIL (India)
Ltd.
|
|
3.5 mtpa
|
|
|
- Total Gas &
Power N.A.
|
|
|
|
2.0 mtpa
|
- Centrica
plc
|
|
|
|
1.75 mtpa
|
EPC
contracts
|
|
Completed
|
|
T5:
Completed
T6:
2015/2016
|
Financing
|
|
Completed
|
|
T5:
Completed
T6:
2015/2016
|
FERC
authorization
|
|
Completed
|
|
Completed
|
Issue Notice to
Proceed
|
|
Completed
|
|
T5:
Completed
T6:
2015/2016
|
Commence
operations
|
|
2015 -
2017
|
|
2018/2019
|
Dividends
When Cheniere Partners makes cash distributions to us with
respect to our Cheniere Partners units, we will pay dividends to
our shareholders consisting of the cash that we receive from
Cheniere Partners, less income taxes and reserves established by
our Board of Directors.
Cheniere Partners Holdings owns a 55.9% limited partner interest
in Cheniere Partners. Cheniere Partners Holdings' only business
consists of owning Cheniere Partners units and, accordingly, its
results of operations and financial condition are dependent on the
performance of Cheniere Partners. Cheniere Partners owns and
operates LNG regasification facilities and, adjacent to these
facilities, is developing up to six natural gas liquefaction Trains
with an expected aggregate nominal production capacity of
approximately 27 mtpa. Cheniere Partners currently has under
construction five natural gas liquefaction Trains with an expected
aggregate nominal production capacity of approximately 22.5
mtpa.
For additional information, please refer to the Cheniere
Partners Holdings website at www.cheniere.com and Quarterly Report
on Form 10-Q for the quarter ended September 30, 2015, filed
with the Securities and Exchange Commission.
This press release contains certain statements that may include
"forward-looking statements." All statements, other than statements
of historical facts, included herein are "forward-looking
statements." Included among "forward-looking statements" are, among
other things, (i) statements regarding Cheniere Partners' and
Cheniere Partners Holdings' business strategy, plans and
objectives, including the development, construction and operation
of liquefaction facilities, (ii) statements regarding expectations
regarding regulatory authorizations and approvals, (iii) statements
expressing beliefs and expectations regarding the development of
Cheniere Partners' LNG terminal and liquefaction business, (iv)
statements regarding the business operations and prospects of third
parties, (v) statements regarding potential financing arrangements,
and (vi) statements regarding future discussions and entry into
contracts. Although Cheniere Partners Holdings believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Cheniere Partners
Holdings' actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in Cheniere Partners
Holdings' periodic reports that are filed with and available from
the Securities and Exchange Commission. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Other than as required under the
securities laws, Cheniere Partners Holdings does not assume a duty
to update these forward-looking statements.
(Financial Tables Follow)
CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(in thousands,
except per share data) (1)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Equity income from
investment in Cheniere Partners
|
$
|
5,084
|
|
|
$
|
5,084
|
|
|
$
|
15,253
|
|
|
$
|
15,253
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
General and
administrative expense
|
275
|
|
|
199
|
|
|
875
|
|
|
916
|
|
General and
administrative expense—affiliate
|
253
|
|
|
254
|
|
|
761
|
|
|
761
|
|
Total
expenses
|
528
|
|
|
453
|
|
|
1,636
|
|
|
1,677
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
4,556
|
|
|
$
|
4,631
|
|
|
$
|
13,617
|
|
|
$
|
13,576
|
|
|
|
|
|
|
|
|
|
Net income per common
share—basic and diluted
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding—basic and diluted
|
231,700
|
|
|
231,700
|
|
|
231,700
|
|
|
231,700
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.020
|
|
|
$
|
0.019
|
|
|
$
|
0.059
|
|
|
$
|
0.055
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form
10-Q for the quarter ended September 30, 2015, filed with the
Securities and Exchange Commission.
|
CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except share amounts) (1)
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
ASSETS
|
|
(unaudited)
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
980
|
|
|
$
|
1,261
|
|
Accounts
receivable
|
|
157
|
|
|
114
|
|
Other current
assets
|
|
78
|
|
|
21
|
|
Total current
assets
|
|
1,215
|
|
|
1,396
|
|
|
|
|
|
|
Other non-current
assets
|
|
71
|
|
|
157
|
|
Total
assets
|
|
$
|
1,286
|
|
|
$
|
1,553
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
125
|
|
|
$
|
248
|
|
Accrued
liabilities—affiliate
|
|
—
|
|
|
91
|
|
Total current
liabilities
|
|
125
|
|
|
339
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Common shares:
unlimited shares authorized, 231.7 million shares issued and
outstanding at September 30, 2015 and December 31, 2014
|
|
664,931
|
|
|
664,931
|
|
Director voting
share: 1 share authorized, issued and outstanding at September 30,
2015 and December 31, 2014
|
|
—
|
|
|
—
|
|
Additional
paid-in-capital
|
|
(271,757)
|
|
|
(271,757)
|
|
Accumulated
deficit
|
|
(392,013)
|
|
|
(391,960)
|
|
Total shareholders'
equity
|
|
1,161
|
|
|
1,214
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,286
|
|
|
$
|
1,553
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form
10-Q for the quarter ended September 30, 2015, filed with the
Securities and Exchange Commission.
|
CONTACTS:
Investors: Randy Bhatia:
713-375-5479, Katy Cox:
713-375-5079
Media: Faith Parker:
713-375-5663
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cheniere-energy-partners-lp-holdings-llc-reports-third-quarter-2015-results-300169341.html
SOURCE Cheniere Energy Partners LP Holdings, LLC