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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 |
HOUSTON, May 5, 2016 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) reported net income of $4.5 million, or $0.02 per common share, for each of the three months ended March 31, 2016 and 2015. Results include the distribution received from our limited partner interests in Cheniere Energy Partners, L.P. ("Cheniere Partners"), a publicly traded limited partnership (NYSE MKT: CQP).
Our only business consists of owning Cheniere Partners common units, Class B units and subordinated units representing an aggregate approximately 55.9% limited partner interest in Cheniere Partners as of March 31, 2016.
Sabine Pass Liquefaction Project Update
Through Cheniere Partners, 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. In February, the first commissioning cargo with LNG produced from Train 1 at the Sabine Pass Liquefaction Project was successfully loaded and exported. A total of four LNG commissioning cargoes were loaded and exported during the three months ended March 31, 2016, and a total of seven LNG commissioning cargoes have been loaded and exported to date. Train 1 is expected to reach substantial completion imminently, after which Cheniere Partners expects 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 / Producing LNG |
Commissioning |
84% Overall Completion |
29% Overall Completion |
Expected Substantial Completion |
1H 2016 |
2H 2016 |
2017 |
2019 |
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.
Cheniere Partners Holdings owns a 55.9% limited partner interest in Cheniere Partners. 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 of approximately 27 mtpa. Cheniere Partners currently has Trains 1 and 2 undergoing commissioning, Trains 3 through 5 are under construction and Train 6 is fully permitted.
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 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' 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 Table Follows) | |||||||
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | |||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||
(in thousands, except per share data) (1) | |||||||
(unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2016 |
2015 | ||||||
Equity income from investment in Cheniere Partners |
$ |
5,084 |
$ |
5,084 | |||
Expenses |
|||||||
General and administrative expense |
334 |
278 | |||||
General and administrative expense—affiliate |
257 |
254 | |||||
Total expenses |
591 |
532 | |||||
Net income (loss) |
$ |
4,493 |
$ |
4,552 | |||
Net income (loss) per common share—basic and diluted |
$ |
0.02 |
$ |
0.02 | |||
Weighted average number of common shares outstanding—basic and diluted |
231,700 |
231,700 | |||||
Cash dividends declared per common share |
$ |
0.020 |
$ |
0.019 |
(1) Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed with the Securities and Exchange Commission. |
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except share amounts) (1) | ||||||||
March 31, |
December 31, | |||||||
2016 |
2015 | |||||||
ASSETS |
(unaudited) |
|||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
696 |
$ |
917 |
||||
Receivables |
157 |
157 |
||||||
Other current assets |
236 |
26 |
||||||
Total current assets |
1,089 |
1,100 |
||||||
Other non-current assets |
— |
95 |
||||||
Total assets |
$ |
1,089 |
$ |
1,195 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable and accrued liabilities |
$ |
97 |
$ |
106 |
||||
Accrued liabilities—affiliate |
50 |
6 |
||||||
Total current liabilities |
147 |
112 |
||||||
Shareholders' equity |
||||||||
Common shares: unlimited shares authorized, 231.7 million shares issued and outstanding at March 31, 2016 and December 31, 2015 |
664,931 |
664,931 |
||||||
Director voting share: 1 share authorized, issued and outstanding at March 31, 2016 and December 31, 2015 |
— |
— |
||||||
Additional paid-in-capital |
(271,757) |
(271,757) |
||||||
Accumulated deficit |
(392,232) |
(392,091) |
||||||
Total shareholders' equity |
942 |
1,083 |
||||||
Total liabilities and shareholders' equity |
$ |
1,089 |
$ |
1,195 |
(1) Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed with the Securities and Exchange Commission. |
CONTACTS:
Investors: Randy Bhatia: 713-375-5479, Katy Cox: 713-375-5079
Media: Faith Parker: 713-375-5663
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cheniere-energy-partners-lp-holdings-llc-reports-first-quarter-2016-results-300264030.html
SOURCE Cheniere Energy Partners LP Holdings, LLC
Copyright 2016 PR Newswire
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