Cheniere Energy, Inc. (NYSE American: LNG):
Summary of Fourth Quarter and Full Year
2017 Results (in millions, except LNG data)
Three Months Ended
Year Ended December 31, December 31,
2017 2016 2017
2016 Revenues $ 1,746 $ 572 $ 5,601 $ 1,283 Net income
(loss)1 $ 127 $ 110 $ (393 ) $ (610 ) Consolidated Adjusted EBITDA2
$ 523 $ 136 $ 1,824 $ 155 Weighted average number of common shares
outstanding—basic and diluted 235.1 229.7 233.1 228.8 LNG exported:
Number of cargoes 70 23 205 56 Volumes (TBtu) 252 81 734 195 LNG
volumes loaded (TBtu) 252 82 735 196
Revised 2018 Full Year Guidance (in
billions)
Previous Revised Consolidated
Adjusted EBITDA2
$1.9 - $2.1
$2.0 - $2.2
Distributable Cash Flow2
$0.2 - $0.4
$0.2 - $0.4
Recent Highlights
Strategic
- We took several steps to advance the
commercialization and development of Train 3 at the CCL Project
(defined below) and progress toward a final investment decision
(“FID”), including:
- In February 2018, we entered into two
LNG Sale and Purchase Agreements (“SPAs”) with PetroChina
International Company Limited, a subsidiary of China National
Petroleum Corporation (“CNPC”), for the sale of approximately 1.2
million tonnes per annum (“mtpa”) of LNG through 2043, with a
portion of the supply beginning in 2018 and the balance beginning
in 2023.
- In January 2018, we entered into a
15-year LNG SPA with Trafigura Pte Ltd (“Trafigura”) for the sale
of approximately 1 mtpa of LNG beginning in 2019.
- In December 2017, Corpus Christi
Liquefaction, LLC entered into an amended and restated EPC contract
with Bechtel Oil, Gas and Chemicals, Inc. (“Bechtel”) for Train 3
of the CCL Project. Corpus Christi Liquefaction, LLC also issued
limited notice to proceed to Bechtel, and procurement and early
site work has commenced.
- We entered into additional term
agreements for a portion of the LNG volumes expected to be
available to our marketing function. To date, we have contracted
for approximately 2 million tonnes of LNG from 2018-2020.
- In October 2017, we began the process
of amending our filing with the Federal Energy Regulatory
Commission for the Corpus Christi Expansion Project (defined below)
to incorporate midscale liquefaction technology.
Operational
- Substantial completion of Train 4 of
the SPL Project (defined below) was achieved in October 2017, more
than five months ahead of the guaranteed completion date.
- Over 200 cargoes were produced, loaded,
and exported from the SPL Project in 2017. To date, approximately
300 cumulative LNG cargoes have been exported from the SPL Project,
with deliveries to 25 countries and regions worldwide.
- Over 1,100 TBtu of natural gas
feedstock has been nominated to the SPL Project since startup, with
99.9% scheduling efficiency.
Financial
- For full year 2017, we achieved
Consolidated Adjusted EBITDA of $1.8 billion, within our guidance
range of $1.8-$1.9 billion, and Distributable Cash Flow of $0.6
billion, within our guidance range of $0.5-0.7 billion.
- The date of first commercial delivery
(“DFCD”) was reached under the 20-year SPA with Korea Gas
Corporation related to Train 3 of the SPL Project in June 2017, and
under the respective 20-year SPAs with Gas Natural Fenosa LNG GOM,
Limited and BG Gulf Coast LNG, LLC relating to Train 2 of the SPL
Project in August 2017. DFCD under the 20-year SPA with GAIL
(India) Limited related to Train 4 of the SPL Project is expected
to be reached in March 2018.
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 Operational
UnderConstruction
Permitted
UnderConstruction
Permitted Expected Substantial Completion Complete
Complete 1H 2019 — T1 - 1H 2019
T2 - 2H 2019
— Expected DFCD Window Start Complete 1H 2018 2H 2019 — T1 - 1H
2019
T2 - 1H 2020
—
Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) reported
net income1 of $127 million, or $0.54 per share (basic and
diluted), for the three months ended December 31, 2017, compared to
net income of $110 million, or $0.48 per share (basic and diluted),
for the comparable 2016 period. The increase in net income was
primarily due to increased income from operations as a result of
additional Trains in operation at the SPL Project and decreased
loss on early extinguishment of debt, partially offset by decreased
derivative gain associated with interest rate derivative activity,
increased allocation of net income to non-controlling interest, and
increased interest expense, net of amounts capitalized.
Cheniere reported net loss of $393 million, or $1.68 per share
(basic and diluted), for the twelve months ended December 31, 2017,
compared to net loss of $610 million, or $2.67 per share (basic and
diluted), for the comparable 2016 period. The decrease in net loss
was primarily due to increased income from operations as a result
of additional Trains in operation at the SPL Project, partially
offset by increased allocation of net income to non-controlling
interest and increased interest expense, net of amounts
capitalized.
Consolidated Adjusted EBITDA2 for the three and twelve months
ended December 31, 2017 was $523 million and $1.8 billion,
respectively, compared to $136 million and $155 million for the
comparable 2016 periods. The increases in Consolidated Adjusted
EBITDA during the respective periods were primarily due to
increased income from operations.
During the three and twelve months ended December 31, 2017, 70
and 205 LNG cargoes, respectively, were exported from the SPL
Project, of which 2 and 14, respectively, were commissioning
cargoes. Twelve cargoes exported from the SPL Project and sold on a
delivered basis were in transit as of December 31, 2017.
“2017 was a breakthrough year for Cheniere, with milestone
achievements throughout the company, and with 2018 off to a robust
start, we are raising our full year guidance,” said Jack Fusco,
Cheniere’s President and CEO. “In 2017, we demonstrated our
commitment to execution and operational excellence by bringing the
third and fourth Trains at Sabine Pass online ahead of schedule and
on budget, fulfilling our obligations to our foundation customers,
and successfully marketing and delivering portfolio LNG volumes.
Financially, we delivered on revised guidance and strengthened the
balance sheets across our structure. Strategically, we have made
significant recent progress toward FID for Train 3 at Corpus
Christi by entering into three long-term SPAs, two with CNPC and
one with Trafigura, and by issuing Bechtel a limited notice to
proceed under the EPC Contract for Train 3.
“As we begin 2018, we are committed to capitalizing on these
successes by continuing to supply LNG safely and reliably to our
customers, progressing construction on Train 5 at Sabine Pass and
Trains 1 and 2 at Corpus Christi, and delivering on our growth
plans by expanding our liquefaction platform beyond seven
Trains.”
LNG Volume Summary
The following table summarizes the volumes of operational and
commissioning LNG that were loaded from the SPL Project and for
which the financial impact was recognized on our Consolidated
Financial Statements during the three and twelve months ended
December 31, 2017:
Three Months Ended
December 31, 2017 Year Ended December 31, 2017 (in TBtu)
Operational Commissioning
Operational Commissioning Volumes loaded
during the current period 245 7 684 51 Volumes loaded during the
prior period but recognized during the current period 7 4 19 —
Less: volumes loaded during the current period and in transit at
the end of the period (43 ) —
(43
)
— Total volumes recognized in the current period 209 11 660
51
In addition, during the three and twelve months ended December
31, 2017, we recognized the financial impact of volumes of 34 and
98 TBtu, respectively, on our Consolidated Financial Statements
related to LNG cargoes sourced from third parties.
Summary of Financial
Performance
Fourth Quarter and Full Year 2017 Results
Our financial results are reported on a consolidated basis. Our
ownership interest in Cheniere Energy Partners, L.P. (“Cheniere
Partners”) (NYSE American: CQP) as of December 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 American: CQH) which owned
a 48.6% limited partner interest in Cheniere Partners on
December 31, 2017.
Total revenues increased $1.2 billion and $4.3 billion during
the three and twelve months ended December 31, 2017 as compared to
the three and twelve months ended December 31, 2016, respectively.
Total operating costs and expenses increased $855 million and $2.9
billion during the three and twelve months ended December 31, 2017,
respectively, compared to the three and twelve months ended
December 31, 2016.
Variances in results of operations for the three and twelve
months ended December 31, 2017, compared to the three and twelve
months ended December 31, 2016, were primarily driven by the timing
of completion of Trains at the SPL Project and the length of each
Train’s operations within the periods being compared.
Selling, general and administrative expense included share-based
compensation expenses of $17 million and $55 million for the three
and twelve months ended December 31, 2017, respectively, compared
to $7 million and $38 million for the comparable 2016 periods.
Although we realized net income before non-controlling interest
during the twelve months ended December 31, 2017, we realized a net
loss attributable to common stockholders during the period as a
result of the amortization of the beneficial conversion feature on
Cheniere Partners’ Class B units impacting net income attributed to
non-controlling interest. The impact to net income (loss)
attributable to non-controlling interest due to the non-cash
amortization of the beneficial conversion feature was $748 million
during the twelve months ended December 31, 2017 compared to $34
million during the twelve months ended December 31, 2016. Although
the amortization of the beneficial conversion feature on Cheniere
Partners’ Class B units ceased upon the conversion of these units
into common units on August 2, 2017, the share of Cheniere
Partners’ net income (loss) that is attributed to non-controlling
interest holders has increased from that date as a result of the
increased ownership percentage by non-controlling interest holders
subsequent to the conversion.
Capital Resources
As of December 31, 2017, we had cash and cash equivalents
of $722 million available to us. In addition, we had current and
non-current restricted cash of $1.9 billion designated for the
following purposes: $544 million for the SPL Project, $227 million
for the CCL Project, $1.1 billion for restricted purposes under the
terms of Cheniere Partners’ credit facilities and $75 million for
other restricted purposes.
Liquefaction Projects
SPL Project
Through Cheniere Partners, we are developing up to six natural
gas liquefaction 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 mtpa and an adjusted
nominal production capacity of approximately 4.3 to 4.6 mtpa of
LNG. Trains 1 through 4 are operational, Train 5 is under
construction, and Train 6 is being commercialized and has all
necessary regulatory approvals in place.
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.
Corpus Christi Expansion Project
We are developing up to seven midscale liquefaction trains
adjacent to the CCL Project (the “Corpus Christi Expansion
Project”), each with an expected nominal production capacity, which
is prior to adjusting for planned maintenance, production
reliability, and potential overdesign, of approximately 1.4 mtpa of
LNG. The total expected nominal production capacity of the seven
midscale Trains is approximately 9.5 mtpa. We have initiated the
regulatory approval process with respect to the Corpus Christi
Expansion Project.
Investor Conference Call and
Webcast
We will host a conference call to discuss our financial and
operating results for the fourth quarter and full year on
Wednesday, February 21, 2018, at 10 a.m. Eastern time / 9 a.m.
Central time. A listen-only webcast of the call and an accompanying
slide presentation may be accessed through our website at
www.cheniere.com. Following the call, an archived recording will be
made available on our website.
1 Net income (loss) as used herein refers to Net income (loss)
attributable to common stockholders on our Consolidated Statements
of Operations.
2 Non-GAAP financial measure. See “Reconciliation of Non-GAAP
Measures” for further details.
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily
engaged in LNG-related businesses, owns and operates the Sabine
Pass LNG terminal in Louisiana. Directly and through its
subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing,
constructing, and operating liquefaction projects near Corpus
Christi, Texas and at the Sabine Pass LNG terminal, respectively.
Cheniere is also exploring a limited number of opportunities
directly related to its existing LNG business.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Annual Report on Form 10-K for the fiscal
year ended December 31, 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)
(Unaudited) Three
Months Ended Year Ended December 31, December
31, (1) 2017 2016 2017 2016
Revenues LNG revenues $ 1,671 $ 504 $ 5,317 $ 1,016 Regasification
revenues 65 65 260 259 Other revenues 9 3 21 8 Other—related party
1 — 3 — Total revenues 1,746 572 5,601
1,283 Operating costs and expenses Cost of sales (excluding
depreciation and amortization expense shown separately below) 980
229 3,120 582 Operating and maintenance expense 137 73 446 216
Development expense 3 2 10 7 Selling, general and administrative
expense 77 63 256 260 Depreciation and amortization expense 104 68
356 174 Restructuring expense — 12 6 61 Impairment expense and loss
on disposal of assets 4 3 19 13 Total
operating costs and expenses 1,305 450 4,213
1,313 Income (loss) from operations 441 122 1,388 (30
) Other income (expense) Interest expense, net of
capitalized interest (208 ) (158 ) (747 ) (488 ) Loss on early
extinguishment of debt — (52 ) (100 ) (135 ) Derivative gain
(loss), net 44 232 7 (10 ) Other income 7 6 18
— Total other income (expense) (157 ) 28 (822 ) (633
) Income (loss) before income taxes and non-controlling
interest 284 150 566 (663 ) Income tax provision (4 ) — (3 )
(2 ) Net income (loss) 280 150 563 (665 ) Less: net income (loss)
attributable to non-controlling interest 153 40 956
(55 ) Net income (loss) attributable to common stockholders
$ 127 $ 110 $ (393 ) $ (610 ) Net income
(loss) per share attributable to common stockholders—basic and
diluted (2) $ 0.54 $ 0.48 $ (1.68 ) $ (2.67 )
Weighted average number of common shares outstanding—basic and
diluted 235.1 229.7 233.1 228.8
______________
(1) Please refer to the Cheniere Energy, Inc. Annual Report on
Form 10-K for the fiscal year ended December 31, 2017, filed
with the Securities and Exchange Commission.
(2) Earnings per share in the table may not recalculate exactly
due to rounding because it is calculated based on whole numbers,
not the rounded numbers presented.
Cheniere Energy, Inc.
Consolidated Balance Sheets
(in millions, except share
data)(1)
December 31,
2017 2016 ASSETS Current assets Cash and cash
equivalents $ 722 $ 876 Restricted cash 1,880 860 Accounts and
other receivables 369 218 Accounts receivable—related party 2 —
Inventory 243 160 Derivative assets 57 24 Other current assets 96
100 Total current assets 3,369 2,238
Non-current restricted cash 11 91 Property, plant and equipment,
net 23,978 20,635 Debt issuance costs, net 149 277 Non-current
derivative assets 34 83 Goodwill 77 77 Other non-current assets,
net 288 302 Total assets $ 27,906 $ 23,703
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities Accounts payable $ 25 $ 49 Accrued liabilities 1,078
637 Current debt — 247 Deferred revenue 111 73 Derivative
liabilities 37 71 Total current liabilities 1,251
1,077 Long-term debt, net 25,336 21,688 Non-current deferred
revenue 1 5 Non-current derivative liabilities 19 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 December 31, 2017 and
2016 Issued: 250.1 million shares at December 31, 2017 and 2016
Outstanding: 237.6 million shares and 238.0 million shares at
December 31, 2017 and 2016, respectively 1 1 Treasury stock: 12.5
million shares and 12.2 million shares at December 31, 2017 and
2016, respectively, at cost (386 ) (374 ) Additional
paid-in-capital 3,248 3,211 Accumulated deficit (4,627 ) (4,234 )
Total stockholders’ deficit (1,764 ) (1,396 ) Non-controlling
interest 3,004 2,235 Total equity 1,240 839
Total liabilities and equity $ 27,906 $ 23,703
______________
(1) Please refer to the Cheniere Energy, Inc. Annual Report
on Form 10-K for the fiscal year ended December 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 and Distributable
Cash Flow 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 and loss on disposal of
assets, changes in the fair value of our commodity and foreign
currency exchange (“FX”) derivatives and non-cash compensation
expense. We believe the exclusion of these items enables investors
and other users of our financial information to assess our
sequential and year-over-year performance and operating trends on a
more comparable basis and is consistent with management’s own
evaluation of performance.
Distributable Cash Flow is defined as cash received, or expected
to be received, from Cheniere’s ownership and interests in CQP, CQH
and Cheniere Corpus Christi Holdings, LLC, cash received (used) by
Cheniere’s integrated marketing function (other than cash for
capital expenditures) less interest, taxes and maintenance capital
expenditures associated with Cheniere and not the underlying
entities. Management uses this measure and believes it provides
users of our financial statements a useful measure reflective of
our business’s ability to generate cash earnings to supplement the
comparable GAAP measure.
We believe Distributable Cash Flow is a useful performance
measure for management, investors and other users of our financial
information to evaluate our performance and to measure and estimate
the ability of our assets to generate cash earnings after servicing
our debt, paying cash taxes and expending sustaining capital, that
could be used for discretionary purposes such as common stock
dividends, stock repurchases, retirement of debt, or expansion
capital expenditures. Management uses this measure and believes it
provides users of our financial statements a useful measure
reflective of our business’s ability to generate cash earnings to
supplement the comparable GAAP measure. Distributable Cash Flow is
not intended to represent cash flows from operations or net income
(loss) as defined by U.S. GAAP and is not necessarily comparable to
similarly titled measures reported by other companies.
Non-GAAP measures have limitations as an analytical tool and
should not be considered in isolation or in lieu of an analysis of
our results as reported under GAAP, and should be evaluated only on
a supplementary basis.
Consolidated Adjusted EBITDA
The following table reconciles our Consolidated Adjusted EBITDA
to U.S. GAAP results for the three and twelve months ended December
31, 2017 and 2016 (in millions):
Three
Months Ended Year Ended December 31, December
31, 2017 2016 2017 2016 Net income
(loss) attributable to common stockholders $ 127 $ 110 $ (393 ) $
(610 ) Net income (loss) attributable to non-controlling interest
153 40 956 (55 ) Income tax provision 4 — 3 2 Interest expense, net
of capitalized interest 208 158 747 488 Loss on early
extinguishment of debt — 52 100 135 Derivative loss (gain), net (44
) (232 ) (7 ) 10 Other income (7 ) (6 ) (18 ) — Income
(loss) from operations $ 441 $ 122 $ 1,388 $
(30 ) Adjustments to reconcile income (loss) from operations to
Consolidated Adjusted EBITDA: Depreciation and amortization expense
104 68 356 174 Loss (gain) from changes in fair value of commodity
and FX derivatives, net (34 ) (60 ) 33 (37 ) Total non-cash
compensation expense 8 3 28 35 Impairment expense and loss on
disposal of assets 4 3 19 13
Consolidated Adjusted EBITDA $ 523 $ 136 $ 1,824
$ 155
Consolidated Adjusted EBITDA and Distributable Cash
Flow
The following table reconciles our actual Consolidated Adjusted
EBITDA and Distributable Cash Flow to Net loss attributable to
common stockholders for 2017 and forecast amounts for 2018 (in
billions):
2017 Prior
2018 Revised 2018 Net income (loss) attributable to
common stockholders $ (0.4 ) $ (0.1 ) - $ 0.1 $ 0.1
- $ 0.1 Net income attributable to
non-controlling interest 1.0 0.6 - 0.6 0.6 - 0.7 Income tax
provision (benefit) 0.0
(0.0
) 0.0 Interest expense, net of capitalized interest 0.7 0.9 0.9
Loss on early extinguishment of debt 0.1 0.0 0.0 Derivative loss
(gain), net (0.0 ) 0.0 0.0 Other expense (income) (0.0 ) 0.0
(0.0 ) Income from operations $ 1.4 $ 1.4
- $ 1.6 $ 1.5
- $ 1.7
Adjustments to reconcile income from operations to Consolidated
Adjusted EBITDA: Depreciation and amortization expense 0.4 0.5 0.5
Loss from changes in fair value of commodity and FX derivatives,
net 0.0 0.0 0.0 Total non-cash compensation expense 0.0 0.0 0.0
Impairment expense and loss on disposal of assets 0.0
0.0 0.0
Consolidated Adjusted EBITDA
$ 1.8 $ 1.9 -
$ 2.1 $ 2.0 -
$ 2.2 Distributions and dividends to CQP / CQH
non-controlling interest (0.3 ) (0.6 ) (0.6 ) SPL and CQP cash
retained / SPL interest expense / other (0.7 ) (0.9 ) (1.0 ) CQP
interest expense (0.1 ) (0.1 ) (0.2 ) CEI interest expense (0.0 )
(0.0 ) (0.0 )
CEI Distributable Cash Flow
$ 0.6 $ 0.2 -
$ 0.4 $ 0.2 -
$ 0.4
______________
Note: Totals may not sum due to rounding
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180221005304/en/
Cheniere Energy, Inc.InvestorsRandy
Bhatia, 713-375-5479Megan Light, 713-375-5492orMediaEben Burnham-Snyder, 713-375-5764
Cheniere Energy (AMEX:LNG)
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