Cheniere Energy Partners LP Holdings, LLC (“Cheniere Partners
Holdings”) (NYSE American: CQH) reported net income of $105.0
million, or $0.45 per common share, for the three months ended
December 31, 2017, compared to net income of $4.5 million, or $0.02
per common share, for the comparable 2016 period. For the twelve
months ended December 31, 2017, Cheniere Partners Holdings reported
net income of $118.5 million, or $0.51 per common share, compared
to net income of $17.8 million, or $0.08 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).
The increases in net income for the three and twelve months
ended December 31, 2017, compared to the three and twelve months
ended December 31, 2016, were driven by increased equity income
from our investment in Cheniere Partners primarily as a result of
distributions paid to our subordinated units, an increase in common
units held by us subsequent to the conversion of Class B units into
common units on August 2, 2017, and an increase in quarterly
distributions per unit received from Cheniere Partners.
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 December 31, 2017.
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 1H 2019 —
Expected DFCD(1) Window Start
Complete 1H 2018 2H 2019 —
(1) Date of First Commercial Delivery
Through Cheniere Partners, we are developing up to six natural
gas liquefaction Trains (“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”) 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.
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
$0.51 per common share on March 1, 2018 to shareholders of record
as of close of business February 16, 2018.
Investor Conference Call and
Webcast
Cheniere Energy, Inc. will host a conference call to discuss its
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. 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 December 31, 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 is constructing and operating
natural gas liquefaction facilities at the Sabine Pass LNG
terminal. Cheniere Partners plans to construct up to six natural
gas liquefaction Trains, which are in various stages of
development, construction, and operations. 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.
Each liquefaction 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 and an adjusted nominal production capacity of
approximately 4.3 to 4.6 mtpa of LNG. Cheniere Partners also owns
and operates regasification facilities at the Sabine Pass LNG
terminal and the Creole Trail Pipeline, which interconnects the
Sabine Pass LNG terminal with a number of large interstate
pipelines.
For additional information, please refer to the Cheniere
Partners Holdings 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.” 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) (Unaudited) Three Months
Ended Year Ended December 31, December 31,
(1) 2017 2016 2017
2016 Equity income from investment in Cheniere Partners $
105,544 $ 5,085 $ 120,797 $ 20,338 Expenses General and
administrative expense 298 306 1,284 1,511 General and
administrative expense—affiliate 264 257 1,055
1,029 Total expenses 562 563 2,339 2,540 Other income
1 — 3 — Net income $ 104,983 $ 4,522 $
118,461 $ 17,798 Net income per common share—basic and
diluted $ 0.45 $ 0.02 $ 0.51 $ 0.08 Weighted average number
of common shares outstanding—basic and diluted 231,700 231,700
231,700 231,700 Cash dividends declared per common share $
0.450 $ 0.020 $ 0.510 $ 0.080
_______________
(1)
Please refer to the Cheniere Energy
Partners LP Holdings, LLC Annual Report on Form 10-K for the fiscal
year ended December 31, 2017, filed with the Securities and
Exchange Commission.
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC
CONSOLIDATED BALANCE SHEETS
(in thousands, except share
amounts) (1)
December 31, 2017
2016 ASSETS Current assets Cash and cash
equivalents $ 659 $ 219 Receivables — 153 Other current assets
55 51 Total current assets 714 423
Total assets $ 714 $ 423 LIABILITIES
AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable and
accrued liabilities $ 76 $ 78 Shareholders’ equity Common
shares: unlimited shares authorized, 231.7 million shares issued
and outstanding at December 31, 2017 and 2016 664,931 664,931
Director voting share: 1 share authorized, issued and outstanding
at December 31, 2017 and 2016 — — Additional paid-in-capital
(271,757 ) (271,757 ) Accumulated deficit (392,536 )
(392,829 ) Total shareholders’ equity 638 345
Total liabilities and shareholders’ equity $ 714 $
423
_______________
(1) Please refer to the Cheniere Energy Partners LP
Holdings, LLC Annual Report on Form 10-K for the fiscal year ended
December 31, 2017, filed with the Securities and Exchange
Commission.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180221005191/en/
Cheniere Energy Partners LP Holdings, LLCInvestors:Randy Bhatia, 713-375-5479Megan Light,
713-375-5492orMedia:Eben
Burnham-Snyder, 713-375-5764
CHENIERE ENERGY PARTNERS LP HOLD (AMEX:CQH)
Historical Stock Chart
From Jun 2024 to Jul 2024
CHENIERE ENERGY PARTNERS LP HOLD (AMEX:CQH)
Historical Stock Chart
From Jul 2023 to Jul 2024