HOUSTON, Nov. 14, 2017 /PRNewswire/ -- Cheniere
Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings")
(NYSE American: CQH) reported net income of $4.5 million, or $0.02 per common share, for the three months
ended September 30, 2017, compared to
net income of $4.3 million, or
$0.02 per common share, for the
comparable 2016 period. For the nine months ended September 30, 2017, Cheniere Partners Holdings
reported net income of $13.5 million,
or $0.06 per common share, compared
to net income of $13.3 million, or
$0.06 per common share, during the
corresponding period in 2016. Results include the distribution
received from our limited partner interests in Cheniere Energy
Partners, L.P. ("Cheniere Partners"), a publicly traded limited
partnership (NYSE American: CQP).
Our only business consists of owning Cheniere Partners common
units and subordinated units representing an aggregate
approximately 48.6% limited partner interest in Cheniere Partners
as of September 30, 2017.
Revised 2017 Full
Year Dividend Guidance
|
|
|
2017
|
Dividend per
Share
|
$
|
0.94
|
-
|
$
|
1.02
|
2018 Full Year
Dividend Guidance
|
|
|
2018
|
Dividend per
Share
|
$
|
2.05
|
-
|
$
|
2.25
|
SPL Project
Update
|
|
|
SPL
Project
|
Liquefaction
Train
|
Trains
1-3
|
Train
4
|
Train
5
|
Train
6
|
Project
Status
|
Operational
|
Operational
|
Under
Construction
|
Permitted
|
Expected Substantial
Completion
|
Complete
|
Complete
|
2H 2019
|
—
|
Expected
DFCD(1) Window Start
|
Complete
|
1H 2018
|
2H 2019
|
—
|
|
(1) Date of First
Commercial Delivery ("DFCD")
|
Construction operations at the SPL Project (defined below) have
returned to productivity levels achieved prior to Hurricane
Harvey.
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 through 4 are operational, Train 5 is
under construction, and Train 6 is being commercialized and has all
necessary regulatory approvals in place.
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. We will pay a quarterly cash
dividend of $0.45 per common share on
November 30, 2017 to shareholders of
record as of close of business November 20,
2017.
Investor Conference Call and Webcast
Cheniere Energy,
Inc. will host a conference call to discuss its financial and
operating results for the third quarter on Tuesday,
November 14, 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. The call and accompanying slide
presentation may include financial and operating results or other
information regarding Cheniere Partners Holdings.
About Cheniere Partners Holdings
Cheniere Partners
Holdings owns an approximately 48.6% limited partner interest in
Cheniere Partners as of September 30, 2017. 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,
which is prior to adjusting for planned maintenance, production
reliability, and potential overdesign, of approximately 27 mtpa.
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.
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, 2017, filed
with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains
certain statements that may include "forward-looking statements."
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 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,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Equity income from
investment in Cheniere Partners
|
$
|
5,084
|
|
$
|
5,084
|
|
$
|
15,253
|
|
$
|
15,253
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
General and
administrative expense
|
295
|
|
484
|
|
986
|
|
1,205
|
General and
administrative expense—affiliate
|
264
|
|
258
|
|
791
|
|
772
|
Total
expenses
|
559
|
|
742
|
|
1,777
|
|
1,977
|
|
|
|
|
|
|
|
|
Other
income
|
2
|
|
—
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
Net income
|
$
|
4,527
|
|
$
|
4,342
|
|
$
|
13,478
|
|
$
|
13,276
|
|
|
|
|
|
|
|
|
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
|
|
$
|
0.020
|
|
$
|
0.060
|
|
$
|
0.060
|
______________________
|
(1)
|
Please refer to the
Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form
10-Q for the quarter ended September 30, 2017, 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,
|
|
|
2017
|
|
2016
|
ASSETS
|
|
(unaudited)
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
671
|
|
$
|
219
|
Receivables
|
|
—
|
|
153
|
Other current
assets
|
|
117
|
|
51
|
Total current
assets
|
|
788
|
|
423
|
|
|
|
|
|
Total
assets
|
|
$
|
788
|
|
$
|
423
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
76
|
|
$
|
78
|
Accrued
liabilities—affiliate
|
|
791
|
|
—
|
Total current
liabilities
|
|
867
|
|
78
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Common shares:
unlimited shares authorized, 231.7 million shares issued and
outstanding at September 30, 2017 and December 31, 2016
|
|
664,931
|
|
664,931
|
Director voting
share: 1 share authorized, issued and outstanding at September 30,
2017 and December 31, 2016
|
|
—
|
|
—
|
Additional
paid-in-capital
|
|
(271,757)
|
|
(271,757)
|
Accumulated
deficit
|
|
(393,253)
|
|
(392,829)
|
Total shareholders'
equity (deficit)
|
|
(79)
|
|
345
|
Total liabilities and
shareholders' equity (deficit)
|
|
$
|
788
|
|
$
|
423
|
______________________
|
(1)
|
Please refer to the
Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form
10-Q for the quarter ended September 30, 2017, filed with the
Securities and Exchange Commission.
|
CONTACTS
Investors:
|
|
Randy
Bhatia
|
713-375-5479
|
Megan
Light
|
713-375-5492
|
|
|
Media:
|
|
Eben
Burnham-Snyder
|
713-375-5764
|
View original
content:http://www.prnewswire.com/news-releases/cheniere-partners-holdings-reports-third-quarter-2017-results-revises-full-year-2017-guidance-and-provides-full-year-2018-dividend-guidance-300555006.html
SOURCE Cheniere Energy Partners LP Holdings, LLC