Cheniere Energy Partners LP Holdings, LLC (“Cheniere Partners
Holdings”) (NYSE American: CQH) reported net income of $122.8
million, or $0.53 per common share, for the three months ended
March 31, 2018, compared to net income of $4.5 million, or $0.02
per common share, for the comparable 2017 period. 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 increase in net income for the three months ended March 31,
2018, compared to the three months ended March 31, 2017, was driven
by increased equity income from our investment in Cheniere Partners
primarily as a result of distributions being 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 March 31, 2018.
Revised 2018 Full
Year Dividend Guidance
Previous
Revised Dividend per Share $ 2.05 - $ 2.25 $ 2.25
- $ 2.35
SPL Project
Update
SPL Project
Liquefaction Train Trains
1-4 Train 5 Train 6
Project Status Operational Under Construction
Permitted Expected Substantial Completion Complete 1H 2019 —
Expected DFCD(1) Window Start Complete 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”) of LNG 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.
Investor Conference Call and
Webcast
Cheniere Energy, Inc. will host a conference call to discuss its
financial and operating results for the first quarter on Friday,
May 4, 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 March 31, 2018.
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 Quarterly Report
on Form 10-Q for the quarter ended March 31, 2018, 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
March 31, 2018 2017 Equity
income from investment in Cheniere Partners $ 119,936 $ 5,084
Expenses General and administrative expense 349 346 General
and administrative expense—affiliate 269 264
Total expenses
618 610 Income before income taxes 119,318 4,474 Income tax
benefit 3,488 — Net income $ 122,806 $ 4,474
Net income per common share—basic and diluted $ 0.53
$ 0.02 Weighted average number of common shares
outstanding—basic and diluted 231,700 231,700 Cash dividends
declared per common share $ 0.510 $ 0.020
____________________________
(1) Please refer to the Cheniere Energy Partners LP Holdings, LLC
Quarterly Report on Form 10-Q for the quarter ended March 31, 2018,
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, 2018 2017 ASSETS
(unaudited) Current assets Cash and cash equivalents $ 1,516
$ 659 Other current assets 344 55 Total current
assets 1,860 714 Deferred tax asset, net 3,812 — Other
non-current assets 73 — Total assets $ 5,745 $
714 LIABILITIES AND SHAREHOLDERS’ EQUITY Current
liabilities Accounts payable and accrued liabilities $ 468 $ 76
Shareholders’ equity
Common shares: unlimited shares
authorized, 231.7 million shares issued and
outstanding at March 31, 2018 and December
31, 2017
664,931 664,931
Director voting share: 1 share authorized,
issued and outstanding at March 31, 2018
and December 31, 2017
— — Additional paid-in-capital (271,757 ) (271,757 ) Accumulated
deficit (387,897 ) (392,536 ) Total shareholders’ equity 5,277
638 Total liabilities and shareholders’ equity $
5,745 $ 714
____________________________
(1) Please refer to the Cheniere Energy Partners LP Holdings, LLC
Quarterly Report on Form 10-Q for the quarter ended March 31, 2018,
filed with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180504005110/en/
Cheniere Energy Partners LP Holdings, LLCInvestors:Randy Bhatia, 713-375-5479Megan Light,
713-375-5492orMedia:Eben
Burnham-Snyder, 713-375-5764
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