HOUSTON, May 4, 2017
/PRNewswire/ --
Summary of First
Quarter 2017 Results (in millions, except LNG data)
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
Revenues
|
$
|
1,211
|
|
|
$
|
69
|
|
Net income
(loss)1
|
$
|
54
|
|
|
$
|
(321)
|
|
Consolidated Adjusted
EBITDA2
|
$
|
483
|
|
|
$
|
(45)
|
|
LNG
Loaded:
|
|
|
|
Number of
cargoes
|
43
|
|
|
1
|
|
TBtu
|
154
|
|
|
4
|
|
Summary 2017 Full
Year Guidance (in billions, except per share
amounts)
|
|
|
|
2017
|
Consolidated Adjusted
EBITDA2
|
$
|
1.4
|
|
-
|
$
|
1.7
|
|
Distributable Cash
Flow2
|
$
|
0.5
|
|
-
|
$
|
0.7
|
|
Distributable Cash
Flow per Share2
|
$
|
2.10
|
|
-
|
$
|
2.80
|
|
Recent Highlights
Strategic
- Year to date, LNG from the SPL Project (defined below) has been
delivered to 6 new countries. As of April
2017, LNG from the SPL Project had reached 20 of the 39 LNG
importing countries around the world.
- We completed a land acquisition and acquired rights to obtain
additional upland and waterfront land adjacent to the CCL Project
(defined below) aggregating more than 500 acres.
- Midship Pipeline Company, LLC ("Midship Pipeline") signed
precedent agreements to support construction of an approximately
200-mile interstate natural gas pipeline with expected capacity of
1.0 Bcf/d, to connect new production in the Anadarko Basin to Gulf
Coast markets.
Operational
- 43 LNG cargoes (154 TBtu) were loaded from the SPL Project in
the first quarter of 2017, and in early April 2017 we reached the milestone of 100
cumulative LNG cargoes exported from the SPL Project.
- Sabine Pass Liquefaction ("SPL") commenced production and
shipment of LNG commissioning cargoes from Train 3 of the SPL
Project in January 2017. In
March 2017, substantial completion
was achieved and operating activities commenced.
- Commissioning activities for Train 4 of the SPL Project began
in March 2017.
Financial
- In February 2017, SPL issued an
aggregate principal amount of $800
million of 5.00% Senior Secured Notes due 2037. Net proceeds
of the offering, after deducting estimated fees and expenses, were
used to repay all of the outstanding borrowings under the 2015 SPL
Credit Facilities, and are being used to pay a portion of the
capital costs in connection with the construction of Trains 1
through 5 of the SPL Project.
- In March 2017, SPL issued an
aggregate principal amount of $1.35
billion of 4.20% Senior Secured Notes due 2028. Net proceeds
of the offering, after deducting the initial purchasers'
commissions and estimated fees and expenses, are being used to pay
a portion of the capital costs in connection with the construction
of Trains 1 through 5 of the SPL Project. In connection with the
offering, SPL terminated the 2015 SPL Credit Facilities.
- In March 2017, we entered into a
$750 million revolving credit
agreement that may be used to fund the development of the CCL
Project and, provided that certain conditions are met, for general
corporate purposes.
- In January 2017, Fitch Ratings
assigned SPL's senior secured debt an investment grade rating of
BBB-.
Liquefaction Projects Update
|
SPL
Project
|
|
CCL
Project
|
Liquefaction
Train
|
Trains
1-3
|
Train
4
|
Train
5
|
Train
6
|
|
Trains
1-2
|
Train
3
|
Project
Status
|
Operational
|
Commissioning
|
Under
Construction
|
Permitted
|
|
Under
Construction
|
Permitted
|
Expected Substantial
Completion
|
—
|
2H 2017
|
2H 2019
|
—
|
|
T1 - 1H
2019
T2 - 2H
2019
|
—
|
Expected DFCD Window
Start(1)
|
T2 - 2H
2017
T3 - 1H
2017
|
1H 2018
|
2H 2019
|
—
|
|
T1 - 1H
2019
T2 - 1H
2020
|
—
|
(1) Date of First
Commercial Delivery ("DFCD") was achieved for the first train of
the SPL Project in November 2016.
|
Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) reported net
income1 of $54 million, or
$0.23 per share (basic and diluted),
for the three months ended March 31,
2017, compared to a net loss1 of $321 million, or $1.41 per share (basic and diluted), for the
comparable 2016 period. The increase in net income was primarily
due to increased income from operations and decreased derivative
loss, partially offset by increased interest expense and loss on
early extinguishment of debt. During the three months ended
March 31, 2017, a total of 43 LNG
cargoes were loaded from the SPL Project, seven of which were
commissioning cargoes.
Consolidated Adjusted EBITDA2 for the three months
ended March 31, 2017 was $483 million compared to a loss of $45 million for the comparable 2016 period. The
increase in Consolidated Adjusted EBITDA was primarily due to
increased income from operations.
"Today, I am pleased to announce strong first quarter 2017
earnings, which are underpinned by excellent execution by our
Cheniere professionals and LNG sales under our long-term customer
contracts," said Jack Fusco,
Cheniere's President and CEO. "Train 3 of the SPL Project achieved
substantial completion during the quarter, and we commenced
commissioning activities on Train 4. We have now safely and
efficiently placed three trains into commercial operation in less
than a year, and we expect to have Train 4 complete during the
second half of 2017.
"As we look forward toward the rest of 2017, our top priorities
are achieving operational excellence, completing and placing into
service Train 4 at the SPL Project, and delivering on our recently
announced 2017 guidance."
LNG Volume Summary
The following table summarizes the volume of operational and
commissioning LNG cargoes that were loaded from the SPL Project and
recognized on our Consolidated Financial Statements during the
three months ended March 31,
2017:
(in
TBtu)
|
|
Operational
|
|
Commissioning
|
Volume loaded during
the current quarter
|
|
128
|
|
26
|
Volume loaded during
the prior quarter but recognized during the current
quarter
|
|
19
|
|
—
|
Less: volume loaded
during the current quarter and in transit at the end of the
quarter
|
|
(7)
|
|
(8)
|
Total volume
recognized in the current quarter
|
|
140
|
|
18
|
|
|
|
|
|
|
|
|
|
Summary of Financial Performance
First Quarter 2017 Results
Our financial results are reported on a consolidated basis. Our
ownership interest in Cheniere Energy Partners, L.P. ("Cheniere
Partners") (NYSE MKT: CQP) as of March 31, 2017 consisted of
100% ownership of the general partner of Cheniere Partners
and 82.7% ownership interest in Cheniere Energy Partners
LP Holdings, LLC (NYSE MKT: CQH) which owns
a 55.9% limited partner interest in Cheniere
Partners.
Total revenues increased $1,142
million during the three months ended March 31, 2017, compared to the three months
ended March 31, 2016, generally as a
result of the commencement of operations at the SPL Project in
May 2016 upon the substantial
completion of Train 1, followed by the substantial completion of
Trains 2 and 3 in September 2016 and
March 2017, respectively. LNG
revenues in the first quarter of 2017 exceeded $1 billion.
Total operating costs and expenses increased $675 million during the three months ended
March 31, 2017, compared to the three
months ended March 31, 2016,
generally as a result of the commencement of operations at the SPL
Project, as described above. Depreciation and amortization
expense increased during the three months ended March 31, 2017 from the comparable 2016 period as
we began depreciation of our assets related to Trains 1 through 3
of the SPL Project upon reaching substantial completion. Selling,
general and administrative expense during the three months ended
March 31, 2017 decreased from the
comparable 2016 period, primarily due to the implementation of
certain organizational changes to simplify our corporate structure,
improve our operational efficiencies and implement a strategy for
sustainable, long-term stockholder value creation through
financially disciplined development, construction, operation and
investment, and due to a reduction in professional service
fees.
Included in selling, general and administrative expense were
share-based compensation expenses of $12
million for the three months ended March 31, 2017, compared to $5 million for the comparable 2016 period.
Capital Resources
As of March 31, 2017, we had cash and cash equivalents of
$923 million available to Cheniere.
In addition, we had current and non-current restricted cash of
$2.0 billion (which included current
and non-current restricted cash available to us and our
subsidiaries) designated for the following purposes: $1.5 billion for the SPL Project, $143 million for the CCL Project, $225 million for restricted purposes under the
terms of Cheniere Partners' credit facilities and $119 million for other restricted purposes.
Liquefaction Projects
SPL Project
Through Cheniere Partners, we are developing up to six Trains at
the Sabine Pass LNG terminal adjacent to the existing
regasification facilities (the "SPL Project"). Each Train is
expected to have a nominal production capacity, which is prior to
adjusting for planned maintenance, production reliability, and
potential overdesign, of approximately 4.5 million tonnes per annum
("mtpa") of LNG. Trains 1, 2, and 3 are operational, Train 4 is
undergoing commissioning, Train 5 is under construction, and Train
6 is being commercialized and has all necessary regulatory
approvals in place.
CCL Project
We are developing up to three Trains near Corpus Christi, Texas (the "CCL Project").
Each Train is expected to have a nominal production capacity, which
is prior to adjusting for planned maintenance, production
reliability, and potential overdesign, of approximately 4.5 mtpa of
LNG. Trains 1 and 2 are under construction, and Train 3 is being
commercialized and has all necessary regulatory approvals in place.
Additionally, we are developing two additional trains adjacent to
the CCL Project and have initiated the regulatory approval process
with respect to those Trains.
Investor Conference Call and Webcast
We will host a conference call to discuss our financial and
operating results for the first quarter on Thursday, May 4,
2017, at 11 a.m. Eastern time /
10 a.m. Central time. A listen-only
webcast of the call and an accompanying slide presentation may be
accessed through our website at www.cheniere.com. Following the
call, an archived recording will be made available on our
website.
___________________________
|
1
|
Reported as Net
income (loss) attributable to common stockholders on our
Consolidated Statements of Operations.
|
2
|
Non-GAAP financial
measure. See "Reconciliation of Non-GAAP Measures" for further
details.
|
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged
in LNG-related businesses, owns and operates the Sabine Pass LNG
terminal in Louisiana. Directly
and through its subsidiary, Cheniere Energy Partners, L.P.,
Cheniere is developing, constructing, and operating liquefaction
projects near Corpus Christi,
Texas and at the Sabine Pass LNG terminal, respectively.
Cheniere is also exploring a limited number of opportunities
directly related to its existing LNG business.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Quarterly Report on Form 10-Q for the
quarter ended March 31, 2017, filed with the Securities and
Exchange Commission.
Forward-Looking Statements
This press release contains
certain statements that may include "forward-looking statements"
within the meanings of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical or present facts or
conditions, included herein are "forward-looking statements."
Included among "forward-looking statements" are, among other
things, (i) statements regarding Cheniere's business strategy,
plans and objectives, including the development, construction and
operation of liquefaction facilities, (ii) statements regarding
expectations regarding regulatory authorizations and approvals,
(iii) statements expressing beliefs and expectations regarding the
development of Cheniere's LNG terminal and pipeline businesses,
including liquefaction facilities, (iv) statements regarding the
business operations and prospects of third parties, (v) statements
regarding potential financing arrangements and (vi) statements
regarding future discussions and entry into contracts. Although
Cheniere believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. Cheniere's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in Cheniere's periodic reports that are filed with and
available from the Securities and Exchange Commission. You should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Other than as
required under the securities laws, Cheniere does not assume a duty
to update these forward-looking statements.
(Financial Tables Follow)
Cheniere Energy,
Inc.
|
Consolidated
Statements of Operations
|
(in millions,
except per share data)(1)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
Revenues
|
|
|
|
LNG
revenues
|
$
|
1,143
|
|
|
$
|
3
|
|
Regasification
revenues
|
68
|
|
|
65
|
|
Other
revenues
|
—
|
|
|
1
|
|
Total
revenues
|
1,211
|
|
|
69
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
Cost of sales
(excluding depreciation and amortization expense shown separately
below)
|
624
|
|
|
15
|
|
Operating and
maintenance expense
|
78
|
|
|
36
|
|
Development
expense
|
3
|
|
|
2
|
|
Selling, general and
administrative expense
|
54
|
|
|
66
|
|
Depreciation and
amortization expense
|
70
|
|
|
24
|
|
Restructuring
expense
|
6
|
|
|
7
|
|
Impairment
expense
|
—
|
|
|
10
|
|
Total operating costs
and expenses
|
835
|
|
|
160
|
|
|
|
|
|
Income (loss) from
operations
|
376
|
|
|
(91)
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
Interest expense, net
of capitalized interest
|
(165)
|
|
|
(76)
|
|
Loss on early
extinguishment of debt
|
(42)
|
|
|
(1)
|
|
Derivative gain
(loss), net
|
1
|
|
|
(181)
|
|
Other
income
|
2
|
|
|
1
|
|
Total other
expense
|
(204)
|
|
|
(257)
|
|
|
|
|
|
Income (loss) before
income taxes and non-controlling interest
|
172
|
|
|
(348)
|
|
Income tax
provision
|
—
|
|
|
(1)
|
|
Net income
(loss)
|
172
|
|
|
(349)
|
|
Less: net income
(loss) attributable to non-controlling interest
|
118
|
|
|
(28)
|
|
Net income (loss)
attributable to common stockholders
|
$
|
54
|
|
|
$
|
(321)
|
|
|
|
|
|
Net income (loss) per
share attributable to common stockholders—basic and
diluted
|
$
|
0.23
|
|
|
$
|
(1.41)
|
|
|
|
|
|
Weighted average
number of common shares outstanding—basic
|
232.4
|
|
|
228.1
|
|
Weighted average
number of common shares outstanding—diluted
|
232.7
|
|
|
228.1
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter
ended March 31, 2017, filed with the Securities and Exchange
Commission.
|
Cheniere Energy,
Inc.
|
Consolidated
Balance Sheets
|
(in millions,
except share data)(1)
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
ASSETS
|
(unaudited)
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
923
|
|
|
$
|
876
|
|
Restricted
cash
|
1,000
|
|
|
860
|
|
Accounts and other
receivables
|
290
|
|
|
218
|
|
Inventory
|
113
|
|
|
160
|
|
Derivative
assets
|
19
|
|
|
24
|
|
Other current
assets
|
74
|
|
|
100
|
|
Total current
assets
|
2,419
|
|
|
2,238
|
|
|
|
|
|
Non-current
restricted cash
|
1,018
|
|
|
91
|
|
Property, plant and
equipment, net
|
22,016
|
|
|
20,635
|
|
Debt issuance costs,
net
|
244
|
|
|
277
|
|
Non-current
derivative assets
|
44
|
|
|
83
|
|
Goodwill
|
77
|
|
|
77
|
|
Other non-current
assets, net
|
238
|
|
|
302
|
|
Total
assets
|
$
|
26,056
|
|
|
$
|
23,703
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
54
|
|
|
$
|
49
|
|
Accrued
liabilities
|
683
|
|
|
637
|
|
Current debt,
net
|
24
|
|
|
247
|
|
Deferred
revenue
|
63
|
|
|
73
|
|
Derivative
liabilities
|
47
|
|
|
71
|
|
Total current
liabilities
|
871
|
|
|
1,077
|
|
|
|
|
|
Long-term debt,
net
|
24,088
|
|
|
21,688
|
|
Non-current deferred
revenue
|
5
|
|
|
5
|
|
Non-current
derivative liabilities
|
38
|
|
|
45
|
|
Other non-current
liabilities
|
59
|
|
|
49
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
Preferred stock,
$0.0001 par value, 5.0 million shares authorized, none
issued
|
—
|
|
|
—
|
|
Common stock, $0.003
par value
|
|
|
|
Authorized: 480.0
million shares at March 31, 2017 and December 31, 2016
|
|
|
|
Issued: 250.1 million
shares at March 31, 2017 and December 31, 2016
|
|
|
|
Outstanding: 237.9
million shares and 238.0 million shares at March 31, 2017 and
December 31, 2016, respectively
|
1
|
|
|
1
|
|
Treasury stock: 12.2
million shares at March 31, 2017 and December 31, 2016, at
cost
|
(375)
|
|
|
(374)
|
|
Additional
paid-in-capital
|
3,218
|
|
|
3,211
|
|
Accumulated
deficit
|
(4,180)
|
|
|
(4,234)
|
|
Total stockholders'
deficit
|
(1,336)
|
|
|
(1,396)
|
|
Non-controlling
interest
|
2,331
|
|
|
2,235
|
|
Total
equity
|
995
|
|
|
839
|
|
Total liabilities and
equity
|
$
|
26,056
|
|
|
$
|
23,703
|
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter
ended March 31, 2017, filed with the Securities and Exchange
Commission.
|
Reconciliation of Non-GAAP Measures
Regulation G Reconciliations
In addition to disclosing financial results in accordance with
U.S. GAAP, the accompanying news release contains non-GAAP
financial measures. Consolidated Adjusted EBITDA, Distributable
Cash Flow and Distributable Cash Flow per Share are non-GAAP
financial measures that we use to facilitate comparisons of
operating performance across periods. These non-GAAP measures
should be viewed as a supplement to and not a substitute for our
U.S. GAAP measures of performance and the financial results
calculated in accordance with U.S. GAAP and reconciliations from
these results should be carefully evaluated.
Consolidated Adjusted EBITDA represents net income (loss)
attributable to Cheniere before net income (loss) attributable to
the non-controlling interest, interest, taxes, depreciation and
amortization, adjusted for certain non-cash items, other
non-operating income or expense items, and other items not
otherwise predictive or indicative of ongoing operating
performance, as detailed in the following reconciliation.
Consolidated Adjusted EBITDA is not intended to represent cash
flows from operations or net income (loss) as defined by U.S. GAAP
and is not necessarily comparable to similarly titled measures
reported by other companies.
We believe Consolidated Adjusted EBITDA provides relevant and
useful information to management, investors and other users of our
financial information in evaluating the effectiveness of our
operating performance in a manner that is consistent with
management's evaluation of business performance. We believe
Consolidated Adjusted EBITDA is widely used by investors to measure
a company's operating performance without regard to items such as
interest expense, taxes, depreciation and amortization which vary
substantially from company to company depending on capital
structure, the method by which assets were acquired and
depreciation policies. Further, the exclusion of certain non-cash
items, other non-operating income or expense items, and items not
otherwise predictive or indicative of ongoing operating performance
enables comparability to prior period performance and trend
analysis.
Consolidated Adjusted EBITDA is calculated by taking net income
(loss) attributable to common stockholders before net income (loss)
attributable to non-controlling interest, interest expense, net of
capitalized interest, changes in the fair value and settlement of
our interest rate derivatives, taxes, depreciation and
amortization, and adjusting for the effects of certain non-cash
items, other non-operating income or expense items, and other items
not otherwise predictive or indicative of ongoing operating
performance, including the effects of modification or
extinguishment of debt, impairment expense, changes in the fair
value of our commodity and foreign currency exchange ("FX")
derivatives and non-cash compensation expense. We believe the
exclusion of these items enables investors and other users of our
financial information to assess our sequential and year-over-year
performance and operating trends on a more comparable basis and is
consistent with management's own evaluation of performance.
Distributable Cash Flow is defined as cash received, or expected
to be received, from its ownership and interests in CQP, CQH and
Cheniere Corpus Christi Holdings, LLC, cash received (used) by its
integrated marketing function (other than cash for capital
expenditures) less interest, taxes and maintenance capital
expenditures associated with Cheniere and not the underlying
entities. Management uses this measure and believes it provides
users of our financial statements a useful measure reflective of
our business's ability to generate cash earnings to supplement the
comparable GAAP measure.
Distributable Cash Flow per Share is calculated by dividing
Distributable Cash Flow by the weighted average number of common
shares outstanding.
We believe Distributable Cash Flow is a useful performance
measure for management, investors and other users of our financial
information to evaluate our performance and to measure and estimate
the ability of our assets to generate cash earnings after servicing
our debt, paying cash taxes and expending sustaining capital, that
could be used for discretionary purposes such as common stock
dividends, stock repurchases, retirement of debt, or expansion
capital expenditures. Management uses this measure and believes it
provides users of our financial statements a useful measure
reflective of our business's ability to generate cash earnings to
supplement the comparable GAAP measure. Distributable Cash Flow is
not intended to represent cash flows from operations or net income
(loss) as defined by U.S. GAAP and is not necessarily comparable to
similarly titled measures reported by other companies.
Non-GAAP measures have limitations as an analytical tool and
should not be considered in isolation or in lieu of an analysis of
our results as reported under GAAP, and should be evaluated only on
a supplementary basis.
Consolidated Adjusted EBITDA
The following table reconciles our Consolidated Adjusted EBITDA
to U.S. GAAP results for the three months ended March 31, 2017 and 2016 (in millions):
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
Net income (loss)
attributable to common stockholders
|
$
|
54
|
|
|
$
|
(321)
|
|
Net income (loss)
attributable to non-controlling interest
|
118
|
|
|
(28)
|
|
Income tax
provision
|
—
|
|
|
1
|
|
Interest expense, net
of capitalized interest
|
165
|
|
|
76
|
|
Loss on early
extinguishment of debt
|
42
|
|
|
1
|
|
Derivative loss
(gain), net
|
(1)
|
|
|
181
|
|
Other
income
|
(2)
|
|
|
(1)
|
|
Income (loss) from
operations
|
$
|
376
|
|
|
$
|
(91)
|
|
Adjustments to
reconcile income (loss) from operations to Consolidated Adjusted
EBITDA:
|
|
|
|
Depreciation and
amortization expense
|
70
|
|
|
24
|
|
Loss from changes in
fair value of commodity and FX derivatives, net
|
33
|
|
|
—
|
|
Total non-cash
compensation expense
|
4
|
|
|
12
|
|
Impairment
expense
|
—
|
|
|
10
|
|
Consolidated Adjusted
EBITDA
|
$
|
483
|
|
|
$
|
(45)
|
|
Distributable Cash Flow
The following table reconciles our forecast Consolidated
Adjusted EBITDA and Distributable Cash Flow to forecast Net income
(loss) attributable to common stockholders for 2017 (in billions,
except per share data):
|
2017
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.5)
|
|
-
|
$
|
(0.3)
|
|
Net income (loss)
attributable to non-controlling interest
|
0.8
|
|
-
|
0.9
|
|
Income tax provision
(benefit)
|
|
|
(0.0)
|
|
Interest expense, net
of capitalized interest
|
|
|
0.7
|
|
Loss on early
extinguishment of debt
|
|
|
0.0
|
|
Derivative loss
(gain), net
|
|
|
0.0
|
|
Other
income
|
|
|
(0.0)
|
|
Income (loss) from
operations
|
$
|
1.1
|
|
-
|
$
|
1.3
|
|
Adjustments to
reconcile income (loss) from operations to Consolidated Adjusted
EBITDA:
|
|
|
|
Depreciation and
amortization expense
|
|
|
0.3
|
|
Loss from changes in
fair value of commodity and FX derivatives, net
|
|
|
0.0
|
|
Total non-cash
compensation expense
|
|
|
0.0
|
|
Impairment
expense
|
|
|
0.0
|
|
Consolidated
Adjusted EBITDA
|
$
|
1.4
|
|
-
|
$
|
1.7
|
|
CQP/CQH minority
interest
|
(0.3)
|
|
-
|
(0.4)
|
|
SPL and CQP cash
retained / interest expense / other
|
(0.6)
|
|
-
|
(0.6)
|
|
CQP interest
expense
|
|
|
(0.1)
|
|
CEI interest
expense
|
|
|
(0.0)
|
|
CEI Distributable
Cash Flow
|
$
|
0.5
|
|
-
|
$
|
0.7
|
|
Weighted average
number of shares outstanding (in millions)
|
|
|
238
|
|
CEI Distributable
Cash Flow per Share
|
$
|
2.10
|
|
|
$
|
2.80
|
|
|
|
|
|
|
|
|
|
Note: Totals may not
sum due to rounding
|
Logo -
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CONTACT:
Investors
|
|
Randy
Bhatia:
|
713-375-5479
|
Megan
Light:
|
713-375-5492
|
|
|
Media
|
|
Eben
Burnham-Snyder:
|
713-375-5764
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cheniere-reports-strong-1q-2017-results-reconfirms-full-year-guidance-300451172.html
SOURCE Cheniere Energy, Inc.