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Name | Symbol | Market | Type |
---|---|---|---|
Cheniere Energy Partners LP | AMEX:CQP | AMEX | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 51.88 | 0 | 01:00:00 |
In the news release, Cheniere Energy Partners, L.P. Reports First Quarter 2016 Results, issued 05-May-2016 by Cheniere Energy Partners, L.P. over PR Newswire, we are advised by the company that there are inaccurate prior year totals in the statement of operations financial table. The complete, corrected release follows:
Cheniere Energy Partners, L.P. Reports First Quarter 2016 Results - First LNG commissioning cargo exported in February marking transition towards operationsHOUSTON, May 5, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) reported a net loss of $74.9 million for the three months ended March 31, 2016, compared to a net loss of $178.7 million for the same period in 2015.
Significant items for the three months ended March 31, 2016 totaled a loss of $22.3 million, compared to a loss of $126.1 million for the comparable 2015 period. Significant items for the three months ended March 31, 2016 related to derivative loss primarily as a result of a decrease in the forward LIBOR curve over the period and loss on early extinguishment of debt associated with the write-off of debt issuance costs by Cheniere Creole Trail Pipeline, L.P. ("CTPL") as a result of the prepayment of its outstanding term loan. Significant items for the three months ended March 31, 2015 related to loss on early extinguishment of debt related to the write-off of debt issuance costs by Sabine Pass Liquefaction, LLC ("SPL") in connection with the refinancing of a portion of its credit facilities and derivative loss due primarily to contingent interest rate derivatives entered into and changes in long-term LIBOR during the period.
2016 Highlights
Sabine Pass LNG Terminal
We are developing up to six Trains, each with an expected nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa") of LNG, at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project").
The Trains are in various stages of construction and development. Train 1 is expected to reach substantial completion imminently, after which we expect to take over care, custody and control. Train 2 is undergoing the commissioning process. A Train is expected to achieve substantial completion upon the completion of construction, commissioning and successfully satisfying certain tests. Once a Train achieves substantial completion, results from LNG sales will be reflected in the statement of operations.
Sabine Pass Liquefaction Project | |||||||
Liquefaction Train |
Train 1 |
Train 2 |
Trains 3-4 |
Train 5 | |||
Project Status |
Commissioning / |
Commissioning |
84% Overall |
29% Overall | |||
Expected Substantial Completion |
1H 2016 |
2H 2016 |
2017 |
2019 | |||
Distributions to Unitholders
We will pay a cash distribution per common unit of $0.425 to unitholders of record as of May 2, 2016, and the related general partner distribution on May 13, 2016.
We estimate that the annualized distribution to common unitholders for fiscal year 2016 will be $1.70 per unit.
Through our wholly-owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two docks that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly-owned subsidiary Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, SPL, is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Trains 1 and 2 are undergoing commissioning, Trains 3 through 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 mtpa of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed with the Securities and Exchange Commission.
This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' 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 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' 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' 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 does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
Cheniere Energy Partners, L.P. | |||||
Consolidated Statements of Operations | |||||
(in thousands, except per unit data) (1) | |||||
(unaudited) | |||||
Three Months Ended | |||||
March 31, | |||||
2016 |
2015 | ||||
Revenues |
|||||
Regasification revenues |
$ |
65,384 |
$ |
66,718 | |
Regasification revenues—affiliate |
1,635 |
812 | |||
LNG revenues |
— |
— | |||
Other revenues |
28 |
— | |||
Total revenues |
67,047 |
67,530 | |||
Operating costs and expenses |
|||||
Cost of sales (excluding depreciation and amortization expense shown separately below) |
3,904 |
693 | |||
Operating and maintenance expense |
17,385 |
30,540 | |||
Operating and maintenance expense—affiliate |
10,830 |
4,773 | |||
Development expense |
66 |
1,151 | |||
Development expense—affiliate |
129 |
204 | |||
General and administrative expense |
2,610 |
3,515 | |||
General and administrative expense—affiliate |
22,198 |
21,597 | |||
Depreciation and amortization expense |
19,388 |
14,879 | |||
Total operating costs and expenses |
76,510 |
77,352 | |||
Loss from operations |
(9,463) |
(9,822) | |||
Other income (expense) |
|||||
Interest expense, net of amounts capitalized |
(43,452) |
(42,845) | |||
Loss on early extinguishment of debt |
(1,457) |
(88,992) | |||
Derivative loss, net |
(20,808) |
(37,138) | |||
Other income |
274 |
121 | |||
Total other expense |
(65,443) |
(168,854) | |||
Net loss |
$ |
(74,906) |
$ |
(178,676) | |
Basic and diluted net loss per common unit |
$ |
(0.08) |
$ |
(0.61) | |
Weighted average number of common units outstanding used for basic and diluted net loss per common unit calculation |
57,084 |
57,080 | |||
(1) Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed with the Securities and Exchange Commission. |
Cheniere Energy Partners, L.P. | |||||
Consolidated Balance Sheets | |||||
(in thousands, except per unit data) (1) | |||||
March 31, |
December 31, | ||||
2016 |
2015 | ||||
ASSETS |
(unaudited) |
||||
Current assets |
|||||
Cash and cash equivalents |
$ |
9,815 |
$ |
146,221 | |
Restricted cash |
401,972 |
274,557 | |||
Accounts receivable—affiliate |
14,544 |
1,271 | |||
Advances to affiliate |
29,356 |
39,836 | |||
Inventory |
28,543 |
16,667 | |||
Other current assets |
17,986 |
14,923 | |||
Total current assets |
502,216 |
493,475 | |||
Non-current restricted cash |
13,650 |
13,650 | |||
Property, plant and equipment, net |
12,713,379 |
11,931,602 | |||
Debt issuance costs, net |
172,959 |
132,091 | |||
Non-current derivative assets |
28,210 |
30,304 | |||
Other non-current assets |
220,631 |
232,031 | |||
Total assets |
$ |
13,651,045 |
$ |
12,833,153 | |
LIABILITIES AND PARTNERS' EQUITY |
|||||
Current liabilities |
|||||
Accounts payable |
$ |
17,131 |
$ |
16,407 | |
Accrued liabilities |
332,288 |
224,292 | |||
Current debt, net |
1,785,318 |
1,673,379 | |||
Due to affiliates |
78,159 |
115,123 | |||
Deferred revenue |
26,669 |
26,669 | |||
Deferred revenue—affiliate |
717 |
717 | |||
Derivative liabilities |
11,818 |
6,430 | |||
Other current liabilities |
93 |
— | |||
Total current liabilities |
2,252,193 |
2,063,017 | |||
Long-term debt, net |
10,734,069 |
10,018,325 | |||
Non-current deferred revenue |
8,500 |
9,500 | |||
Non-current derivative liabilities |
16,210 |
2,884 | |||
Other non-current liabilities |
172 |
175 | |||
Other non-current liabilities—affiliate |
26,632 |
26,321 | |||
Partners' equity |
|||||
Common unitholders' interest (57.1 million units issued and outstanding at March 31, 2016 and December 31, 2015) |
259,168 |
305,747 | |||
Class B unitholders' interest (145.3 million units issued and outstanding at March 31, 2016 and December 31, 2015) |
(35,588) |
(37,429) | |||
Subordinated unitholders' interest (135.4 million units issued and outstanding at March 31, 2016 and December 31, 2015) |
375,104 |
428,035 | |||
General partner's interest (2% interest with 6.9 million units issued and outstanding at March 31, 2016 and December 31, 2015) |
14,585 |
16,578 | |||
Total partners' equity |
613,269 |
712,931 | |||
Total liabilities and partners' equity |
$ |
13,651,045 |
$ |
12,833,153 | |
(1) Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed with the Securities and Exchange Commission. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cheniere-energy-partners-lp-reports-first-quarter-2016-results-300264029.html
SOURCE Cheniere Energy Partners, L.P.
Copyright 2016 PR Newswire
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