HOUSTON, May 5, 2016 /PRNewswire/ -- Cheniere Energy
Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT:
CQH) reported net income of $4.5
million, or $0.02 per common
share, for each of the three months ended March 31, 2016 and 2015. Results include the
distribution received from our limited partner interests in
Cheniere Energy Partners, L.P. ("Cheniere Partners"), a publicly
traded limited partnership (NYSE MKT: CQP).
Our only business consists of owning Cheniere Partners common
units, Class B units and subordinated units representing an
aggregate approximately 55.9% limited partner interest in Cheniere
Partners as of March 31, 2016.
Sabine Pass Liquefaction Project Update
Through
Cheniere Partners, we are developing up to six Trains, each with an
expected nominal production capacity of approximately 4.5 million
tonnes per annum ("mtpa") of LNG, at the Sabine Pass LNG terminal
adjacent to the existing regasification facilities (the "Sabine
Pass Liquefaction Project").
The Trains are in various stages of construction and
development. In February, the first commissioning cargo with LNG
produced from Train 1 at the Sabine Pass Liquefaction Project was
successfully loaded and exported. A total of four LNG commissioning
cargoes were loaded and exported during the three months ended
March 31, 2016, and a total of seven
LNG commissioning cargoes have been loaded and exported to date.
Train 1 is expected to reach substantial completion imminently,
after which Cheniere Partners expects to take over care, custody
and control. Train 2 is undergoing the commissioning process. A
Train is expected to achieve substantial completion upon the
completion of construction, commissioning and successfully
satisfying certain tests. Once a Train achieves substantial
completion, results from LNG sales will be reflected in the
statement of operations.
- Construction on Trains 1 and 2 began in August 2012, and as of March 31, 2016, the overall project completion
percentage for Trains 1 and 2 was approximately 98.3%, which is
ahead of the contractual schedule. Cheniere Partners expects
substantial completion of Train 1 to be achieved in May 2016. The commissioning process on Train 2
has commenced, and Cheniere Partners expects substantial completion
of Train 2 to be achieved in September
2016.
- Construction on Trains 3 and 4 began in May 2013, and as of March
31, 2016, the overall project completion percentage for
Trains 3 and 4 was approximately 83.8%, which is ahead of the
contractual schedule. Cheniere Partners expects Trains 3 and 4 to
reach substantial completion in 2017.
- Construction on Train 5 began in June
2015, and as of March 31,
2016, the overall project completion percentage for Train 5
was approximately 28.8%, which is ahead of the contractual
schedule. Engineering, procurement, subcontract work and Bechtel
direct hire construction were approximately 59.1%, 45.1%, 24.2% and
0.4% complete, respectively. Cheniere Partners expects Train 5 to
reach substantial completion in 2019.
- Train 6 is currently under development, with all necessary
regulatory approvals in place. Cheniere Partners expects to make a
final investment decision and commence construction on Train 6
upon, among other things, entering into an EPC contract, entering
into acceptable commercial arrangements and obtaining adequate
financing.
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Sabine Pass
Liquefaction Project
|
|
Liquefaction
Train
|
Train
1
|
Train
2
|
Trains
3-4
|
Train
5
|
|
Project
Status
|
Commissioning /
Producing LNG
|
Commissioning
|
84% Overall
Completion
|
29% Overall
Completion
|
|
Expected Substantial
Completion
|
1H 2016
|
2H 2016
|
2017
|
2019
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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, plans to construct over time up to six Trains with an
expected aggregate nominal production capacity of approximately 27
mtpa. Cheniere Partners currently has Trains 1 and 2 undergoing
commissioning, Trains 3 through 5 are under construction and Train
6 is fully permitted.
For additional information, please refer to the Cheniere
Partners Holdings website at www.cheniere.com and Quarterly Report
on Form 10-Q for the quarter ended March 31, 2016, 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.
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(Financial Table
Follows)
|
|
|
|
|
CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
(in thousands,
except per share data) (1)
|
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2016
|
|
2015
|
|
Equity income from
investment in Cheniere Partners
|
$
|
5,084
|
|
$
|
5,084
|
|
|
|
|
|
Expenses
|
|
|
|
|
General and
administrative expense
|
334
|
|
278
|
|
General and
administrative expense—affiliate
|
257
|
|
254
|
|
Total
expenses
|
591
|
|
532
|
|
|
|
|
|
Net income
(loss)
|
$
|
4,493
|
|
$
|
4,552
|
|
|
|
|
|
Net income (loss) per
common share—basic and diluted
|
$
|
0.02
|
|
$
|
0.02
|
|
|
|
|
|
Weighted average
number of common shares outstanding—basic and diluted
|
231,700
|
|
231,700
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.020
|
|
$
|
0.019
|
|
|
|
|
|
(1)
Please refer to the Cheniere Energy Partners LP Holdings, LLC
Quarterly Report on Form 10-Q for the quarter ended March 31,
2016, filed with the Securities and Exchange Commission.
|
|
CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(in thousands,
except share amounts) (1)
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
ASSETS
|
|
(unaudited)
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
696
|
|
|
$
|
917
|
|
|
Receivables
|
|
157
|
|
|
157
|
|
|
Other current
assets
|
|
236
|
|
|
26
|
|
|
Total current
assets
|
|
1,089
|
|
|
1,100
|
|
|
|
|
|
|
|
|
Other non-current
assets
|
|
—
|
|
|
95
|
|
|
Total
assets
|
|
$
|
1,089
|
|
|
$
|
1,195
|
|
|
|
|
|
|
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LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
97
|
|
|
$
|
106
|
|
|
Accrued
liabilities—affiliate
|
|
50
|
|
|
6
|
|
|
Total current
liabilities
|
|
147
|
|
|
112
|
|
|
|
|
|
|
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Shareholders'
equity
|
|
|
|
|
|
Common shares:
unlimited shares authorized, 231.7 million shares issued and
outstanding at March 31, 2016 and December 31, 2015
|
|
664,931
|
|
|
664,931
|
|
|
Director voting
share: 1 share authorized, issued and outstanding at March 31, 2016
and December 31, 2015
|
|
—
|
|
|
—
|
|
|
Additional
paid-in-capital
|
|
(271,757)
|
|
|
(271,757)
|
|
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Accumulated
deficit
|
|
(392,232)
|
|
|
(392,091)
|
|
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Total shareholders'
equity
|
|
942
|
|
|
1,083
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,089
|
|
|
$
|
1,195
|
|
|
|
|
|
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(1)
Please refer to the Cheniere Energy Partners LP Holdings, LLC
Quarterly Report on Form 10-Q for the quarter ended March 31,
2016, filed with the Securities and Exchange Commission.
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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-first-quarter-2016-results-300264030.html
SOURCE Cheniere Energy Partners LP Holdings, LLC