| Schedule I - Condensed Financial Information of Registrant |
CHENIERE ENERGY PARTNERS, L.P.
CONDENSED STATEMENTS OF INCOME
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
| |
|
2023 |
|
2022 |
|
2021 |
| Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative expense |
|
$ |
(4) |
|
|
$ |
(4) |
|
|
$ |
(3) |
|
| General and administrative expense—affiliate |
|
(16) |
|
|
(15) |
|
|
(14) |
|
| Amortization of capitalized interest associated to investment in subsidiaries |
|
(3) |
|
|
(3) |
|
|
(3) |
|
| Total operating costs and expenses |
|
(23) |
|
|
(22) |
|
|
(20) |
|
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
|
|
| Interest expense, net of capitalized interest |
|
(218) |
|
|
(176) |
|
|
(199) |
|
| Loss on modification or extinguishment of debt |
|
— |
|
|
— |
|
|
(97) |
|
|
|
|
|
|
|
|
| Other income |
|
32 |
|
|
14 |
|
|
1 |
|
| Equity income of subsidiaries |
|
4,463 |
|
|
2,682 |
|
|
1,946 |
|
| Total other income |
|
4,277 |
|
|
2,520 |
|
|
1,651 |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
4,254 |
|
|
$ |
2,498 |
|
|
$ |
1,631 |
|
CHENIERE ENERGY PARTNERS, L.P.
CONDENSED BALANCE SHEETS
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, |
| |
|
2023 |
|
2022 |
| ASSETS |
|
|
|
|
| Current assets |
|
|
|
|
| Cash and cash equivalents |
|
$ |
572 |
|
|
$ |
899 |
|
| Trade receivables—affiliates |
|
1 |
|
|
— |
|
| Other current assets |
|
1 |
|
|
1 |
|
| Total current assets |
|
574 |
|
|
900 |
|
|
|
|
|
|
| Capitalized interest associated to investment in subsidiaries, net of accumulated amortization |
|
74 |
|
|
75 |
|
| Debt issuance costs, net of accumulated amortization |
|
7 |
|
|
3 |
|
| Investment in subsidiaries |
|
4,204 |
|
|
1,106 |
|
|
|
|
|
|
| Total assets |
|
$ |
4,859 |
|
|
$ |
2,084 |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND PARTNERS’ DEFICIT |
|
|
|
|
| Current liabilities |
|
|
|
|
| Accrued liabilities |
|
$ |
97 |
|
|
$ |
53 |
|
| Due to affiliates |
|
4 |
|
|
3 |
|
|
|
|
|
|
| Total current liabilities |
|
101 |
|
|
56 |
|
|
|
|
|
|
| Long-term debt, net of debt issuance costs |
|
5,542 |
|
|
4,159 |
|
|
|
|
|
|
| Partners’ deficit |
|
(784) |
|
|
(2,131) |
|
| Total liabilities and partners’ deficit |
|
$ |
4,859 |
|
|
$ |
2,084 |
|
CHENIERE ENERGY PARTNERS, L.P.
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended December 31, |
| |
2023 |
|
2022 |
|
2021 |
| Cash flows provided by operating activities |
$ |
2,682 |
|
|
$ |
2,514 |
|
|
$ |
1,732 |
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
| Capitalized interest associated to investment in subsidiaries |
(2) |
|
|
(1) |
|
|
(1) |
|
| Investments in subsidiaries |
(1,470) |
|
|
(454) |
|
|
(1,009) |
|
|
|
|
|
|
|
| Distributions received from subsidiaries |
— |
|
|
601 |
|
|
403 |
|
| Payments of financing costs of subsidiary |
(2) |
|
|
— |
|
|
— |
|
| Net cash provided by (used in) investing activities |
(1,474) |
|
|
146 |
|
|
(607) |
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
| Proceeds from issuance of debt |
1,397 |
|
|
— |
|
|
2,700 |
|
| Redemptions and repayments of debt |
— |
|
|
— |
|
|
(2,600) |
|
| Debt issuance and other financing costs |
(25) |
|
|
— |
|
|
(35) |
|
| Debt extinguishment costs |
— |
|
|
— |
|
|
(73) |
|
| Distributions to owners |
(2,907) |
|
|
(2,635) |
|
|
(1,451) |
|
|
|
|
|
|
|
| Net cash used in financing activities |
(1,535) |
|
|
(2,635) |
|
|
(1,459) |
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
(327) |
|
|
25 |
|
|
(334) |
|
| Cash and cash equivalents—beginning of period |
899 |
|
|
874 |
|
|
1,208 |
|
| Cash and cash equivalents—end of period |
$ |
572 |
|
|
$ |
899 |
|
|
$ |
874 |
|
NOTE 1—BASIS OF PRESENTATION
The Condensed Financial Statements represent the financial information required by Securities and Exchange Commission Regulation S-X 5-04 for CQP.
In the Condensed Financial Statements, CQP’s investments in subsidiaries are presented at the net amount attributable to CQP under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded on the Condensed Balance Sheets. Our share of net income or loss from operations of the subsidiaries is reported as equity income or loss of subsidiaries. In our Condensed Statements of Cash Flows, we apply the cumulative earnings approach when determining whether distributions received from subsidiaries shall be treated as returns of or returns on investment. Under this approach, all distributions received by CQP are deemed returns on investment and classified as cash inflows from operating activities unless the cumulative distributions received exceed the cumulative equity earnings recognized by CQP, in which the excess distributions received are deemed returns of investment and classified as cash inflows from investing activities.
A substantial amount of CQP’s operating, investing and financing activities are conducted by its subsidiaries. The Condensed Financial Statements should be read in conjunction with CQP’s Consolidated Financial Statements.
NOTE 2—DEBT
Our debt consisted of the following (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
| Senior notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.500% due 2029 |
|
$ |
1,500 |
|
|
$ |
1,500 |
|
4.000% due 2031 |
|
1,500 |
|
|
1,500 |
|
3.25% due 2032 |
|
1,200 |
|
|
1,200 |
|
5.950% due 2033 |
|
1,400 |
|
|
— |
|
| Total senior notes |
|
5,600 |
|
|
4,200 |
|
Credit facilities |
|
— |
|
|
— |
|
| Revolving credit and guaranty agreement |
|
— |
|
|
— |
|
| Total debt |
|
5,600 |
|
|
4,200 |
|
|
|
|
|
|
|
|
|
|
|
| Unamortized debt issuance costs |
|
(58) |
|
|
(41) |
|
| Total long-term debt, net of debt issuance costs |
|
$ |
5,542 |
|
|
$ |
4,159 |
|
All of our future principal payments that we are obligated to make on our outstanding debt at December 31, 2023 are due 2029 and thereafter.
NOTE 3—SUPPLEMENTAL CASH FLOW INFORMATION
The following table provides supplemental disclosure of cash flow information, excluding any non-cash contributions from affiliates of Cheniere to our subsidiaries for which the contribution passed through us (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
| |
|
2023 |
|
2022 |
|
2021 |
| Cash paid during the period for interest, net of amounts capitalized |
|
$ |
168 |
|
|
$ |
163 |
|
|
$ |
197 |
|
|
|
|
|
|
|
|
| Cash distributions from subsidiaries |
|
2,838 |
|
|
3,282 |
|
|
2,349 |
|
|