Raises 2018 Guidance and Provides 2019
Guidance
Raises Run Rate Production and Financial
Guidance
Announces 24-Year LNG Sale and Purchase
Agreement with PGNiG
Achieves First LNG Production From Train 5 of
SPL Project
Signs EPC Contract with Bechtel for Train 6 of
SPL Project and Issues Limited Notice to Proceed
Cheniere Energy, Inc. (NYSE American: LNG):
Summary of Third Quarter 2018 Results
(in millions, except LNG data)
Three Months Ended September 30, Nine Months Ended
September 30, 2018 2017 %
Change 2018 2017 % Change
Revenues $ 1,819 $ 1,403 30 % $ 5,604 $ 3,855 45 % Net income
(loss)1 $ 65 $ (289 ) $ 404 $ (520 ) Consolidated Adjusted EBITDA2
$ 569 $ 442 29 % $ 2,007 $ 1,297 55 % LNG exported: Number of
cargoes 65 44 48 % 193 135 43 % Volumes (TBtu) 228 160 43 % 691 482
43 % LNG volumes loaded (TBtu) 228 162 41 % 691 483 43 %
Summary Guidance (in billions, except
LNG data)
2018 Full Year
Guidance
2018 Consolidated Adjusted EBITDA2 $ 2.45
- $ 2.55 Distributable Cash Flow2 $ 0.5 - $
0.6
2019 Full Year
Guidance
2019 Consolidated Adjusted EBITDA2 $ 2.9 - $ 3.2
Distributable Cash Flow2 $ 0.6 - $ 0.8
Run Rate
Guidance
Run Rate3 Consolidated Adjusted EBITDA2 $ 4.4 - $ 4.9
Distributable Cash Flow2 $ 2.1 - $ 2.6 Adjusted Nominal Production
Capacity per Train4 (mtpa) 4.4 - 4.9
____________________
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.
3
Run rate start date assumed to be first
full year of operations for Trains 1-5 at the SPL Project and
Trains 1-3 at the CCL Project.
4
Includes expected impacts of planned
maintenance, production reliability, potential overdesign, and
debottlenecking opportunities.
Recent Highlights
Strategic
- In November 2018, we entered into a
24-year LNG Sale and Purchase Agreement (“SPA”) with Polish
state-owned oil and gas company Polskie Gornictwo Naftowe i
Gazownictwo S.A. (“PGNiG”) for the sale of approximately 1.45
million tonnes per annum (“mtpa”) of LNG on a delivered ex-ship
basis. Deliveries will commence in 2019, with the full annual
quantity commencing in 2023. The purchase price for LNG is indexed
to the monthly Henry Hub price, plus a fee.
- In November 2018, Sabine Pass
Liquefaction, LLC (“SPL”) entered into an Engineering, Procurement,
and Construction (“EPC”) contract with Bechtel Oil, Gas and
Chemicals, Inc. (“Bechtel”) for Train 6 of the SPL Project (defined
below). SPL also issued limited notice to proceed to Bechtel to
commence early engineering, procurement, and site works.
- In September 2018, we entered into a
15-year LNG SPA with Vitol Inc. (“Vitol”) for the sale of
approximately 0.7 mtpa of LNG beginning in 2018.
- In August 2018, we entered into a
25-year LNG SPA with CPC Corporation, Taiwan (“CPC”) for the
sale of approximately 2 mtpa of LNG beginning in 2021.
Operational
- As of October 31, 2018, more than 215
cargoes have been produced, loaded, and exported from the SPL
Project year to date. To date, more than 475 cumulative LNG cargoes
have been exported from the SPL Project, with deliveries to 29
countries and regions worldwide.
- In August 2018, feed gas was introduced
to Train 1 of the CCL Project (defined below) as part of the
commissioning process. In September 2018, feed gas was introduced
to Train 5 of the SPL Project as part of the commissioning process,
and first LNG production from Train 5 occurred in October
2018.
Financial
- For the nine months ended September 30,
2018, we achieved Consolidated Adjusted EBITDA of over $2.0 billion
and Distributable Cash Flow of approximately $470 million.
- In September 2018, we closed the
previously announced merger of Cheniere Energy Partners LP
Holdings, LLC (“Cheniere Partners Holdings”) with our wholly owned
subsidiary. As a result of the merger, all of the publicly-held
shares of Cheniere Partners Holdings not owned by us were canceled
and shareholders received 0.4750 shares of our common stock for
each publicly-held share of Cheniere Partners Holdings.
- In September 2018, Cheniere Energy
Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) issued an
aggregate principal amount of $1.1 billion of 5.625% Senior Notes
due 2026 (the “2026 CQP Senior Notes”). Net proceeds of the
offering, after deducting commissions, fees and expenses, were used
to prepay all of the outstanding indebtedness under Cheniere
Partners’ credit facilities (the “CQP Credit Facilities”).
After applying the proceeds from this offering, only a $115 million
revolving credit facility remains as part of the CQP Credit
Facilities, and both the 2026 CQP Senior Notes and Cheniere
Partners’ outstanding $1.5 billion of 5.250% Senior Notes due 2025
became unsecured.
Liquefaction Projects Update
SPL Project CCL
Project Liquefaction Train Train 5
Train 6 Train 1
Train 2 Train 3 Project Status
Commissioning Permitted Commissioning
Under Construction
Under Construction
Project Completion Percentage(1) 98.5% — Stage 1 - 93.9% 36.3%(2)
Expected Substantial Completion 1Q 2019 — 1Q 2019 2H 2019 2H 2021
Note: Projects update excludes Trains in
operation
(1)
Project completion percentages as of
September 30, 2018
(2)
Engineering 79.2% complete, procurement
57.3% complete, and construction 5.9% complete
Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) reported
a net income1 of $65 million, or $0.26 per share (basic and
diluted), for the three months ended September 30, 2018, compared
to a net loss of $289 million, or $1.24 per share (basic and
diluted), for the comparable 2017 period. Cheniere reported net
income1 of $404 million, or $1.67 per share (basic) and $1.65 per
share (diluted), for the nine months ended September 30, 2018
compared to a net loss of $520 million, or $2.24 per share (basic
and diluted), for the comparable 2017 period. The increases in net
income were primarily due to increased income from operations as a
result of additional Trains in operation at the SPL Project,
decreased net income attributable to non-controlling interest,
increased derivative gain, and decreased loss on modification or
extinguishment of debt, partially offset by increased interest
expense, net of amounts capitalized.
Consolidated Adjusted EBITDA2 for the three and nine months
ended September 30, 2018 was $569 million and $2.0 billion,
respectively, compared to $442 million and $1.3 billion for the
comparable 2017 periods. The increase in Consolidated Adjusted
EBITDA was primarily due to increased income from operations.
During the three and nine months ended September 30, 2018, 65
and 193 LNG cargoes, respectively, were exported from the SPL
Project, none of which were commissioning cargoes. One cargo
exported from the SPL Project and sold on a delivered basis was in
transit as of September 30, 2018.
“Our focus on execution and operational excellence, coupled with
favorable LNG supply and demand fundamentals, drove solid financial
results again in the third quarter, and today we are raising our
full year 2018 Consolidated Adjusted EBITDA and Distributable Cash
Flow guidance,” said Jack Fusco, Cheniere’s President and Chief
Executive Officer. “Our commercial momentum continues, with SPAs
recently completed with CPC and Vitol, and today we’re pleased to
announce a long-term SPA with PGNiG. These SPAs support our growth
plans and solidify our position as the leader in U.S. LNG.
“As we look forward to 2019, we expect to build upon our
reputation of superior execution by placing Corpus Christi Trains 1
and 2 and Sabine Pass Train 5 into service safely, ahead of
schedule, and within budget, and continue to leverage our
world-scale infrastructure position to commercialize and grow our
LNG platform. To that end, we have finalized the Sabine Pass Train
6 EPC contract with Bechtel, and we are releasing Bechtel to
commence early engineering, procurement, and construction
activities for Train 6 ahead of making a Final Investment
Decision.
“Today we are also raising our run rate Consolidated Adjusted
EBITDA and Distributable Cash Flow guidance. The increase in these
metrics is driven by increased expected run-rate LNG production, as
we have identified significant incremental production potential
from debottlenecking opportunities, maintenance optimization, and
plant overdesign.”
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 nine months ended
September 30, 2018:
Three Months Ended September 30,
2018 Nine Months Ended September 30, 2018 (in TBtu)
Operational Commissioning Operational
Commissioning Volumes loaded during the current
period 228 — 691 — Volumes loaded during the prior period but
recognized during the current period 3 — 43 — Less: volumes loaded
during the current period and in transit at the end of the period
(3 ) — (3 ) — Total volumes recognized in the current period
228 — 731 —
In addition, during the three and nine months ended September
30, 2018, we recognized the financial impact of 23 TBtu of LNG and
44 TBtu of LNG, respectively, on our Consolidated Financial
Statements related to LNG cargoes sourced from third parties.
Summary of Financial
Performance
Third Quarter 2018 Results
Our financial results are reported on a consolidated basis. Our
ownership interest in Cheniere Partners as of September 30,
2018 consisted of 100% ownership of the general partner and a
48.6% limited partner interest.
Total revenues increased $416 million and $1.7 billion during
the three and nine months ended September 30, 2018 as compared to
the respective 2017 periods. Total operating costs and expenses
increased $288 million and $1.2 billion during the three and nine
months ended September 30, 2018, compared to the respective 2017
periods. The increases in revenues and total operating costs and
expenses for the three and nine months ended September 30, 2018,
compared to the respective 2017 periods, 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 $20 million and $58 million for the three
and nine months ended September 30, 2018, respectively, compared to
$13 million and $38 million for the comparable 2017 periods.
Net income attributable to non-controlling interest decreased
$217 million and $230 million during the three and nine months
ended September 30, 2018 as compared to the three and nine months
ended September 30, 2017, primarily due to the non-recurrence of
non-cash amortization of the beneficial conversion feature on
Cheniere Partners’ Class B units that occurred during the
comparable periods in 2017, partially offset by increased
consolidated net income recognized by Cheniere Partners in which
the non-controlling interests are held.
Capital Resources
As of September 30, 2018, we had cash and cash equivalents
of $989 million available to us. In addition, we had current and
non-current restricted cash of $1.9 billion designated for the
following purposes: $649 million for the SPL Project, $220 million
for the CCL Project, $808 million for restricted purposes under the
terms of Cheniere Partners’ credit facilities and $266 million for
other restricted purposes.
Liquefaction Projects
SPL Project and CCL 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”). Trains
1 through 4 are operational, Train 5 is undergoing commissioning,
and Train 6 is being commercialized and has all necessary
regulatory approvals in place.
We are also developing three Trains near Corpus Christi, Texas
(the “CCL Project”). Train 1 is undergoing commissioning, and
Trains 2 and 3 are under construction.
Our Trains are expected to have a nominal production capacity,
which is prior to adjusting for planned maintenance, production
reliability, potential overdesign, and debottlenecking
opportunities, of approximately 4.5 mtpa of LNG per Train, and
average run rate adjusted nominal production capacity of
approximately 4.4 to 4.9 mtpa of LNG per Train.
Corpus Christi Stage 3
We are developing up to seven midscale liquefaction Trains
adjacent to the CCL Project (“Corpus Christi Stage 3”), each with
an expected nominal production capacity, which is prior to
adjusting for planned maintenance, production reliability,
potential overdesign, and debottlenecking opportunities, of
approximately 1.4 mtpa of LNG. The total expected nominal
production capacity of the seven midscale Trains is approximately
9.5 mtpa of LNG. In June 2018, we filed an application with FERC to
site, construct, and operate Corpus Christi Stage 3.
Investor Conference Call and
Webcast
We will host a conference call to discuss our financial and
operating results for the third quarter of 2018 on Thursday,
November 8, 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.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of
liquefied natural gas (LNG) in the United States, reliably
providing a clean, secure, and affordable solution to the growing
global need for natural gas. Cheniere is a full-service LNG
provider, with capabilities that include gas procurement and
transportation, liquefaction, vessel chartering, and LNG delivery.
Cheniere has one of the largest liquefaction platforms in the
world, consisting of the Sabine Pass and Corpus Christi
liquefaction facilities on the U.S. Gulf Coast, with expected
aggregate nominal production capacity of 36 million tonnes per
annum of LNG operating or under construction. Cheniere is also
pursuing liquefaction expansion opportunities and other projects
along the LNG value chain. Cheniere is headquartered in Houston,
Texas, and has additional offices in London, Singapore, Beijing,
Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Quarterly Report on Form 10-Q for the
quarter ended September 30, 2018, 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 financial and operational guidance, 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 Nine Months Ended
September 30, September 30, 2018
2017 2018 2017
Revenues LNG revenues $ 1,719 $ 1,332 $ 5,327 $ 3,646
Regasification revenues 66 65 196 195 Other revenues 30 5 73 12
Other—related party 4 1 8 2 Total
revenues 1,819 1,403 5,604 3,855 Operating costs and
expenses Cost of sales (excluding depreciation and amortization
expense shown separately below) 1,027 824 3,078 2,140 Operating and
maintenance expense 170 114 457 309 Development expense 2 3 6 7
Selling, general and administrative expense 74 64 214 179
Depreciation and amortization expense 113 92 333 252 Restructuring
expense — — — 6 Impairment expense and loss on disposal of assets 8
9 8 15 Total operating costs and
expenses 1,394 1,106 4,096 2,908
Income from operations 425 297 1,508 947 Other income
(expense) Interest expense, net of capitalized interest (221 ) (186
) (653 ) (539 ) Loss on modification or extinguishment of debt (12
) (25 ) (27 ) (100 ) Derivative gain (loss), net 23 (2 ) 132 (37 )
Other income 15 4 32 11 Total other
expense (195 ) (209 ) (516 ) (665 ) Income before income
taxes and non-controlling interest 230 88 992 282 Income tax
benefit (provision) (3 ) 2 (15 ) 1 Net income 227 90
977 283 Less: net income attributable to non-controlling interest
162 379 573 803 Net income (loss)
attributable to common stockholders $ 65 $ (289 ) $ 404
$ (520 ) Net income (loss) per share attributable to
common stockholders—basic $ 0.26 $ (1.24 ) $ 1.67 $
(2.24 ) Net income (loss) per share attributable to common
stockholders—diluted 0.26 (1.24 ) $ 1.65 $ (2.24 )
Weighted average number of common shares outstanding—basic
247.2 232.6 241.9 232.5 Weighted average number of common shares
outstanding—diluted 250.2 232.6 244.6 232.5
____________________________
(1)
Please refer to the Cheniere Energy,
Inc. Quarterly Report on Form 10-Q for the quarter ended
September 30, 2018, filed with the Securities and Exchange
Commission.
Cheniere Energy, Inc.
Consolidated Balance Sheets
(in millions, except share
data)(1)
September 30, December 31, 2018
2017 ASSETS
(unaudited) Current assets Cash and cash
equivalents $ 989 $ 722 Restricted cash 1,943 1,880 Accounts and
other receivables 243 369 Accounts receivable—related party 3 2
Inventory 298 243 Derivative assets 63 57 Other current assets 131
96 Total current assets 3,670 3,369
Non-current restricted cash — 11 Property, plant and equipment, net
26,499 23,978 Debt issuance costs, net 78 149 Non-current
derivative assets 121 34 Goodwill 77 77 Other non-current assets,
net 295 288 Total assets $ 30,740 $ 27,906
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities Accounts payable $ 80 $ 25 Accrued liabilities 987
1,078 Current debt 66 — Deferred revenue 120 111 Derivative
liabilities 96 37 Other current liabilities 1 — Total
current liabilities 1,350 1,251 Long-term debt, net 27,438
25,336 Non-current capital lease obligations 29 — Non-current
derivative liabilities 16 19 Other non-current liabilities 76 60
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 September 30, 2018 and December 31, 2017 Issued:
269.7 million shares and 250.1 million shares at September 30, 2018
and December 31, 2017, respectively Outstanding: 257.1 million
shares and 237.6 million shares at September 30, 2018 and December
31, 2017, respectively 1 1 Treasury stock: 12.6 million shares and
12.5 million shares at September 30, 2018 and December 31, 2017,
respectively, at cost (396 ) (386 ) Additional paid-in-capital
4,009 3,248 Accumulated deficit (4,223 ) (4,627 ) Total
stockholders’ deficit (609 ) (1,764 ) Non-controlling interest
2,440 3,004 Total equity 1,831 1,240
Total liabilities and equity $ 30,740 $ 27,906
______________________
(1)
Please refer to the Cheniere Energy, Inc.
Quarterly Report on Form 10-Q for the quarter ended
September 30, 2018, 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 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
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 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 nine months ended September
30, 2018 and 2017 (in millions):
Three Months Ended
Nine Months Ended September 30, September 30,
2018 2017 2018
2017 Net income (loss) attributable to common
stockholders $ 65 $ (289 ) $ 404 $ (520 ) Net income attributable
to non-controlling interest 162 379 573 803 Income tax provision
(benefit) 3 (2 ) 15 (1 ) Interest expense, net of capitalized
interest 221 186 653 539 Loss on modification or extinguishment of
debt 12 25 27 100 Derivative loss (gain), net (23 ) 2 (132 ) 37
Other income (15 ) (4 ) (32 ) (11 ) Income from operations $ 425
$ 297 $ 1,508 $ 947 Adjustments to
reconcile income from operations to Consolidated Adjusted EBITDA:
Depreciation and amortization expense 113 92 333 252 Loss (gain)
from changes in fair value of commodity and FX derivatives, net (6
) 35 96 63 Total non-cash compensation expense 22 9 55 20
Impairment expense and loss on disposal of assets 8 9 8 15 Legal
settlement expense 7 — 7 — Consolidated
Adjusted EBITDA $ 569 $ 442 $ 2,007 $ 1,297
Consolidated Adjusted EBITDA and Distributable Cash
Flow
The following table reconciles our actual Consolidated Adjusted
EBITDA and Distributable Cash Flow to Net income (loss)
attributable to common stockholders for the three and nine months
ended September 30, 2018 and forecast amounts for full year 2018
and full year 2019 (in billions):
Three Months Nine Months Ended Ended
September 30, 2018
September 30, 2018
Full Year 2018 Full Year 2019
Net income attributable to common stockholders $ 0.07 $ 0.40 $ 0.4
- $ 0.5 $ 0.0 - $ 0.2 Net income attributable to non-controlling
interest 0.16 0.57 0.7 - 0.7 0.6 - 0.6 Income tax provision 0.00
0.02 0.0 0.0 Interest expense, net of capitalized interest 0.22
0.65 0.9 1.5 Depreciation and amortization expense 0.11 0.33 0.5
0.8 Other expense, financing costs, and certain non-cash operating
expenses 0.01 0.03 0.0
0.1
Consolidated
Adjusted EBITDA $ 0.57 $
2.01 $ 2.45 - $
2.55 $ 2.9
$ 3.2 Distributions to
CQP non-controlling interest (0.14 ) (0.43 ) (0.6 ) (0.6 ) SPL and
CQP cash retained and interest expense (0.31 ) (1.08 ) (1.3 ) (1.5
) Cheniere interest expense, income tax and other (0.01 ) (0.03 )
(0.1 ) (0.3
)
Cheniere Distributable Cash Flow $ 0.11
$ 0.47 $ 0.5
- $ 0.6 $
0.6 $ 0.8
____________________
Note: Totals may not sum due to
rounding.
We have not made any forecast of net income on a run rate basis,
which would be the most directly comparable financial measure under
GAAP, and we are unable to reconcile differences between run rate
Consolidated Adjusted EBITDA and Distributable Cash Flow and net
income.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181108005382/en/
Cheniere Energy, Inc.InvestorsRandy Bhatia, 713-375-5479Megan
Light, 713-375-5492orMedia RelationsEben Burnham-Snyder,
713-375-5764
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