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srt:ParentCompanyMember us-gaap:ProductAndServiceOtherMember 2020-01-01 2020-03-31 0001383650 srt:ParentCompanyMember cqp:LiquefiedNaturalGasRelatedPartyMember 2020-01-01 2020-03-31 0001383650 srt:NonGuarantorSubsidiariesMember cqp:RegasificationServiceRelatedPartyMember 2020-01-01 2020-03-31 0001383650 srt:NonGuarantorSubsidiariesMember cqp:ProductAndServiceOtherRelatedPartyMember 2020-01-01 2020-03-31 0001383650 srt:ConsolidationEliminationsMember us-gaap:ProductAndServiceOtherMember 2020-01-01 2020-03-31 0001383650 srt:ParentCompanyMember cqp:LiquefiedNaturalGasMember 2020-01-01 2020-03-31 0001383650 cqp:ProductAndServiceOtherRelatedPartyMember 2020-01-01 2020-03-31 0001383650 srt:NonGuarantorSubsidiariesMember cqp:RegasificationServiceMember 2020-01-01 2020-03-31 0001383650 cqp:RegasificationServiceRelatedPartyMember 2020-01-01 2020-03-31 0001383650 srt:ConsolidationEliminationsMember cqp:LiquefiedNaturalGasMember 2020-01-01 2020-03-31 0001383650 srt:ConsolidationEliminationsMember cqp:ProductAndServiceOtherRelatedPartyMember 2020-01-01 2020-03-31 0001383650 srt:GuarantorSubsidiariesMember us-gaap:ProductAndServiceOtherMember 2020-01-01 2020-03-31 0001383650 srt:ConsolidationEliminationsMember cqp:RegasificationServiceRelatedPartyMember 2020-01-01 2020-03-31 0001383650 srt:NonGuarantorSubsidiariesMember 2020-03-31 0001383650 srt:GuarantorSubsidiariesMember 2020-03-31 0001383650 srt:ConsolidationEliminationsMember 2020-03-31 0001383650 srt:ParentCompanyMember 2020-03-31 0001383650 srt:ParentCompanyMember 2019-12-31 0001383650 srt:ConsolidationEliminationsMember 2019-12-31 0001383650 srt:NonGuarantorSubsidiariesMember 2019-12-31 0001383650 srt:GuarantorSubsidiariesMember 2019-12-31 0001383650 srt:ParentCompanyMember cqp:LiquefiedNaturalGasMember 2019-01-01 2019-03-31 0001383650 srt:NonGuarantorSubsidiariesMember cqp:ProductAndServiceOtherRelatedPartyMember 2019-01-01 2019-03-31 0001383650 srt:ParentCompanyMember cqp:RegasificationServiceRelatedPartyMember 2019-01-01 2019-03-31 0001383650 cqp:RegasificationServiceRelatedPartyMember 2019-01-01 2019-03-31 0001383650 cqp:ProductAndServiceOtherRelatedPartyMember 2019-01-01 2019-03-31 0001383650 srt:ParentCompanyMember cqp:LiquefiedNaturalGasRelatedPartyMember 2019-01-01 2019-03-31 0001383650 srt:GuarantorSubsidiariesMember us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-03-31 0001383650 srt:NonGuarantorSubsidiariesMember cqp:RegasificationServiceRelatedPartyMember 2019-01-01 2019-03-31 0001383650 srt:NonGuarantorSubsidiariesMember cqp:LiquefiedNaturalGasRelatedPartyMember 2019-01-01 2019-03-31 0001383650 srt:GuarantorSubsidiariesMember cqp:LiquefiedNaturalGasRelatedPartyMember 2019-01-01 2019-03-31 0001383650 srt:ConsolidationEliminationsMember cqp:RegasificationServiceMember 2019-01-01 2019-03-31 0001383650 srt:NonGuarantorSubsidiariesMember cqp:RegasificationServiceMember 2019-01-01 2019-03-31 0001383650 srt:NonGuarantorSubsidiariesMember us-gaap:ProductAndServiceOtherMember 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cqp:LiquefiedNaturalGasRelatedPartyMember 2019-01-01 2019-03-31 0001383650 srt:GuarantorSubsidiariesMember cqp:RegasificationServiceRelatedPartyMember 2019-01-01 2019-03-31 0001383650 srt:ConsolidationEliminationsMember cqp:ProductAndServiceOtherRelatedPartyMember 2019-01-01 2019-03-31 0001383650 srt:GuarantorSubsidiariesMember cqp:LiquefiedNaturalGasMember 2019-01-01 2019-03-31 cqp:unit xbrli:shares utreg:Rate iso4217:USD cqp:tbtu utreg:mi cqp:Cargo cqp:item cqp:milliontonnes utreg:Y utreg:bcf utreg:D cqp:trains xbrli:pure iso4217:USD xbrli:shares


 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
 
 
FORM 10-Q
 
 
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from            to            
Commission file number 001-33366
Cheniere Energy Partners, L.P.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
Delaware
20-5913059
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
700 Milam Street, Suite 1900
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713) 375-5000
(Registrant’s telephone number, including area code)
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Units Representing Limited Partner Interests
CQP
NYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
As of April 24, 2020, the registrant had 348,631,292 common units and 135,383,831 subordinated units outstanding.
 
 
 
 
 



CHENIERE ENERGY PARTNERS, L.P.
TABLE OF CONTENTS


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





i




DEFINITIONS
As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms
Bcf
 
billion cubic feet
Bcf/d
 
billion cubic feet per day
Bcf/yr
 
billion cubic feet per year
Bcfe
 
billion cubic feet equivalent
DOE
 
U.S. Department of Energy
EPC
 
engineering, procurement and construction
FERC
 
Federal Energy Regulatory Commission
FTA countries
 
countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAP
 
generally accepted accounting principles in the United States
Henry Hub
 
the final settlement price (in USD per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin
LIBOR
 
London Interbank Offered Rate
LNG
 
liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state
MMBtu
 
million British thermal units, an energy unit
mtpa
 
million tonnes per annum
non-FTA countries
 
countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
SEC
 
U.S. Securities and Exchange Commission
SPA
 
LNG sale and purchase agreement
TBtu
 
trillion British thermal units, an energy unit
Train
 
an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUA
 
terminal use agreement



1




Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of March 31, 2020, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
cqpa29.jpg

Unless the context requires otherwise, references to “Cheniere Partners,” “the Partnership,” “we,” “us” and “our” refer to Cheniere Energy Partners, L.P. and its consolidated subsidiaries, including SPLNG, SPL and CTPL


2


PART I.
FINANCIAL INFORMATION 
ITEM 1.
CONSOLIDATED FINANCIAL STATEMENTS 
CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except unit data)


 
 
 
 
March 31,
 
December 31,
 
 
2020
 
2019
ASSETS
 
(unaudited)
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
1,734

 
$
1,781

Restricted cash
 
109

 
181

Accounts and other receivables
 
259

 
297

Accounts receivable—affiliate
 
38

 
105

Advances to affiliate
 
146

 
158

Inventory
 
98

 
116

Derivative assets
 
13

 
17

Other current assets
 
49

 
51

Other current assets—affiliate
 
2

 
1

Total current assets
 
2,448

 
2,707

 
 
 
 
 
Property, plant and equipment, net
 
16,476

 
16,368

Operating lease assets, net
 
92

 
94

Debt issuance costs, net
 
20

 
15

Non-current derivative assets
 
41

 
32

Other non-current assets, net
 
156

 
168

Total assets
 
$
19,233

 
$
19,384

 
 
 
 
 
LIABILITIES AND PARTNERS’ EQUITY
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable
 
$
8

 
$
40

Accrued liabilities
 
569

 
709

Current debt
 
1,996

 

Due to affiliates
 
30

 
46

Deferred revenue
 
94

 
155

Deferred revenue—affiliate
 

 
1

Current operating lease liabilities
 
6

 
6

Derivative liabilities
 
12

 
9

Total current liabilities
 
2,715

 
966

 
 
 
 
 
Long-term debt, net
 
15,591

 
17,579

Non-current operating lease liabilities
 
85

 
87

Non-current derivative liabilities
 
2

 
16

Other non-current liabilities
 
1

 
1

Other non-current liabilities—affiliate
 
19

 
20

 
 
 
 
 
Partners’ equity
 
 
 
 
Common unitholders’ interest (348.6 million units issued and outstanding at March 31, 2020 and December 31, 2019)
 
1,879

 
1,792

Subordinated unitholders’ interest (135.4 million units issued and outstanding at March 31, 2020 and December 31, 2019)
 
(962
)
 
(996
)
General partner’s interest (2% interest with 9.9 million units issued and outstanding at March 31, 2020 and December 31, 2019)
 
(97
)
 
(81
)
Total partners’ equity
 
820


715

Total liabilities and partners’ equity
 
$
19,233

 
$
19,384


The accompanying notes are an integral part of these consolidated financial statements.

3


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per unit data)
(unaudited)
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Revenues
 
 
 
 
LNG revenues
 
$
1,449

 
$
1,367

LNG revenues—affiliate
 
188

 
305

Regasification revenues
 
67

 
66

Other revenues
 
14

 
11

Total revenues
 
1,718

 
1,749

 
 
 
 
 
Operating costs and expenses
 
 
 
 
Cost of sales (excluding items shown separately below)
 
699

 
879

Operating and maintenance expense
 
152

 
138

Operating and maintenance expense—affiliate
 
33

 
29

General and administrative expense
 
2

 
3

General and administrative expense—affiliate
 
25

 
21

Depreciation and amortization expense
 
138

 
114

Impairment expense and loss on disposal of assets
 
5

 
2

Total operating costs and expenses
 
1,054

 
1,186

 
 
 
 
 
Income from operations
 
664

 
563

 
 
 
 
 
Other income (expense)
 
 
 
 
Interest expense, net of capitalized interest
 
(234
)
 
(187
)
Loss on modification or extinguishment of debt
 
(1
)
 

Other income, net
 
6

 
9

Total other expense
 
(229
)
 
(178
)
 
 
 
 
 
Net income
 
$
435

 
$
385

 
 
 
 
 
Basic and diluted net income per common unit
 
$
0.84

 
$
0.75

 
 
 
 
 
Weighted average number of common units outstanding used for basic and diluted net income per common unit calculation
 
348.6

 
348.6






The accompanying notes are an integral part of these consolidated financial statements.

4


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY
(in millions)
(unaudited)
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Unitholders’ Interest
 
Subordinated Unitholder’s Interest
 
General Partner’s Interest
 
Total Partners’ Equity
 
Units
 
Amount
 
Units
 
Amount
 
Units
 
Amount
 
Balance at December 31, 2019
348.6


$
1,792


135.4


$
(996
)

9.9


$
(81
)

$
715

Net income

 
307

 

 
119

 

 
9

 
435

Distributions
 
 
 
 
 
 
 
 
 
 
 
 


Common units, $0.63/unit

 
(220
)
 

 

 

 

 
(220
)
Subordinated units, $0.63/unit

 

 

 
(85
)
 

 

 
(85
)
General partner units

 

 

 

 

 
(25
)
 
(25
)
Balance at March 31, 2020
348.6

 
$
1,879

 
135.4

 
$
(962
)
 
9.9

 
$
(97
)
 
$
820


Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Unitholders’ Interest
 
Subordinated Unitholder’s Interest
 
General Partner’s Interest
 
Total Partners’ Equity
 
Units
 
Amount
 
Units
 
Amount
 
Units
 
Amount
 
Balance at December 31, 2018
348.6

 
$
1,806

 
135.4

 
$
(990
)
 
9.9

 
$
(16
)
 
$
800

Net income

 
272

 

 
105

 

 
8

 
385

Distributions
 
 
 
 
 
 
 
 
 
 
 
 
 
Common units, $0.59/unit

 
(206
)
 

 

 

 

 
(206
)
Subordinated units, $0.59/unit

 

 

 
(80
)
 

 

 
(80
)
General partner units

 

 

 

 

 
(18
)
 
(18
)
Balance at March 31, 2019
348.6

 
$
1,872

 
135.4

 
$
(965
)
 
9.9

 
$
(26
)
 
$
881



The accompanying notes are an integral part of these consolidated financial statements.

5


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
Cash flows from operating activities
 
 
 
Net income
$
435

 
$
385

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization expense
138

 
114

Amortization of debt issuance costs, premium and discount
9

 
6

Loss on modification or extinguishment of debt
1

 

Total gains on derivatives, net
(21
)
 
(77
)
Net cash provided by settlement of derivative instruments
5

 
5

Impairment expense and loss on disposal of assets
5

 
2

Other
3

 
2

Changes in operating assets and liabilities:
 
 
 
Accounts and other receivables
38

 
105

Accounts receivable—affiliate
67

 
1

Advances to affiliate
17

 
(26
)
Inventory
19

 
(9
)
Accounts payable and accrued liabilities
(100
)
 
(131
)
Due to affiliates
(13
)
 
(14
)
Deferred revenue
(61
)
 
(10
)
Other, net
(3
)
 
(7
)
Other, net—affiliate
(4
)
 
(2
)
Net cash provided by operating activities
535

 
344

 
 
 
 
Cash flows from investing activities
 

 
 

Property, plant and equipment, net
(317
)
 
(283
)
Other

 
(1
)
Net cash used in investing activities
(317
)
 
(284
)
 
 
 
 
Cash flows from financing activities
 

 
 

Debt issuance and other financing costs
(7
)
 

Distributions to owners
(330
)
 
(304
)
Net cash used in financing activities
(337
)
 
(304
)
 
 
 
 
Net decrease in cash, cash equivalents and restricted cash
(119
)
 
(244
)
Cash, cash equivalents and restricted cash—beginning of period
1,962

 
1,541

Cash, cash equivalents and restricted cash—end of period
$
1,843

 
$
1,297



Balances per Consolidated Balance Sheet:
 
March 31,
 
2020
Cash and cash equivalents
$
1,734

Restricted cash
109

Total cash, cash equivalents and restricted cash
$
1,843




The accompanying notes are an integral part of these consolidated financial statements.

6


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)



 
NOTE 1—NATURE OF OPERATIONS AND BASIS OF PRESENTATION

The Sabine Pass LNG terminal is located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Through our subsidiary, SPL, we are currently operating five natural gas liquefaction Trains and are constructing one additional Train for a total production capacity of approximately 30 mtpa of LNG (the “Liquefaction Project”) at the Sabine Pass LNG terminal. Through our subsidiary, SPLNG, we own and operate regasification facilities at the Sabine Pass LNG terminal, which includes pre-existing infrastructure of five LNG storage tanks, two marine berths and vaporizers. We also own a 94-mile pipeline through our subsidiary, CTPL, that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines (the “Creole Trail Pipeline”).

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cheniere Partners have been prepared in accordance with GAAP for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the year ended December 31, 2019.

Results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2020.

We are not subject to either federal or state income tax, as our partners are taxed individually on their allocable share of our taxable income.

Recent Accounting Standards

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing debt agreements expected to arise from the market transition from LIBOR to alternative reference rates. The optional expedients were available to be used upon issuance of this guidance but we have not yet applied the guidance because we have not yet modified any of our existing contracts for reference rate reform. Once we apply an optional expedient to a modified contract and adopt this standard, the guidance will be applied to all subsequent applicable contract modifications until December 31, 2022, at which time the optional expedients are no longer available.

NOTE 2—UNITHOLDERS’ EQUITY
 
The common units and subordinated units represent limited partner interests in us. The holders of the units are entitled to participate in partnership distributions and exercise the rights and privileges available to limited partners under our partnership agreement. Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash (as defined in our partnership agreement). Generally, our available cash is our cash on hand at the end of a quarter less the amount of any reserves established by our general partner. All distributions paid to date have been made from accumulated operating surplus as defined in the partnership agreement.

The holders of common units have the right to receive initial quarterly distributions of $0.425 per common unit, plus any arrearages thereon, before any distribution is made to the holders of the subordinated units. The holders of subordinated units will receive distributions only to the extent we have available cash above the initial quarterly distribution requirement for our common unitholders and general partner and certain reserves.  Subordinated units will convert into common units on a one-for-one basis when we meet financial tests specified in the partnership agreement. Although common and subordinated unitholders are not obligated to fund losses of the Partnership, their capital accounts, which would be considered in allocating the net assets of the Partnership were it to be liquidated, continue to share in losses.

The general partner interest is entitled to at least 2% of all distributions made by us. In addition, the general partner holds incentive distribution rights (“IDRs”), which allow the general partner to receive a higher percentage of quarterly distributions of

7


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

available cash from operating surplus after the initial quarterly distributions have been achieved and as additional target levels are met, but may transfer these rights separately from its general partner interest. The higher percentages range from 15% to 50%, inclusive of the general partner interest.
 
As of March 31, 2020, Cheniere, Blackstone CQP Holdco LP (“Blackstone CQP Holdco”) and the public owned a 48.6%, 41.2% and 8.2% interest in us, respectively. Cheniere’s ownership percentage includes its subordinated units and Blackstone CQP Holdco’s ownership percentage excludes any common units that may be deemed to be beneficially owned by Blackstone Group, an affiliate of Blackstone CQP Holdco.

NOTE 3—RESTRICTED CASH
 
Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019, we had $109 million and $181 million of current restricted cash, respectively.

Pursuant to the accounts agreement entered into with the collateral trustee for the benefit of SPL’s debt holders, SPL is required to deposit all cash received into reserve accounts controlled by the collateral trustee.  The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Project and other restricted payments.

NOTE 4—ACCOUNTS AND OTHER RECEIVABLES

As of March 31, 2020 and December 31, 2019, accounts and other receivables consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2020
 
2019
SPL trade receivable
 
$
248

 
$
283

Other accounts receivable
 
11

 
14

Total accounts and other receivables
 
$
259

 
$
297



NOTE 5—INVENTORY

As of March 31, 2020 and December 31, 2019, inventory consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2020
 
2019
Natural gas
 
$
11

 
$
9

LNG
 
7

 
27

Materials and other
 
80

 
80

Total inventory
 
$
98

 
$
116



NOTE 6—PROPERTY, PLANT AND EQUIPMENT
 
As of March 31, 2020 and December 31, 2019, property, plant and equipment, net consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2020
 
2019
LNG terminal costs
 
 
 
 
LNG terminal and interconnecting pipeline facilities
 
$
16,917

 
$
16,894

LNG terminal construction-in-process
 
1,495

 
1,275

Accumulated depreciation
 
(1,943
)
 
(1,807
)
Total LNG terminal costs, net
 
16,469

 
16,362

Fixed assets
 
 

 
 

Fixed assets
 
29

 
27

Accumulated depreciation
 
(22
)
 
(21
)
Total fixed assets, net
 
7

 
6

Property, plant and equipment, net
 
$
16,476

 
$
16,368

 


8


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

Depreciation expense was $137 million and $113 million during the three months ended March 31, 2020 and 2019, respectively.

We realized offsets to LNG terminal costs of $48 million during the three months ended March 31, 2019 that were related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Project, during the testing phase for its construction. We did not realize any offsets to LNG terminal costs during the three months ended March 31, 2020.
NOTE 7—DERIVATIVE INSTRUMENTS

We have entered into commodity derivatives consisting of natural gas supply contracts for the commissioning and operation of the Liquefaction Project (“Physical Liquefaction Supply Derivatives”) and associated economic hedges (collectively, the “Liquefaction Supply Derivatives”).
We recognize our derivative instruments as either assets or liabilities and measure those instruments at fair value. None of our derivative instruments are designated as cash flow or fair value hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Income to the extent not utilized for the commissioning process.

The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, which are classified as derivative assets, non-current derivative assets, derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in millions).
 
Fair Value Measurements as of
 
March 31, 2020
 
December 31, 2019
 
Quoted Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Quoted Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Liquefaction Supply Derivatives asset (liability)
$
(1
)
 
$
(8
)
 
$
49

 
$
40

 
$
3

 
$
(3
)
 
$
24

 
$
24



We value our Liquefaction Supply Derivatives using a market-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data.

The fair value of our Physical Liquefaction Supply Derivatives is predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated events deriving fair value, including evaluating whether the respective market is available as pipeline infrastructure is developed. The fair value of our Physical Liquefaction Supply Derivatives incorporates risk premiums related to the satisfaction of conditions precedent, such as completion and placement into service of relevant pipeline infrastructure to accommodate marketable physical gas flow. As of March 31, 2020 and December 31, 2019, some of our Physical Liquefaction Supply Derivatives existed within markets for which the pipeline infrastructure was under development to accommodate marketable physical gas flow.

We include a portion of our Physical Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity, volatility and contract duration.


9


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

The Level 3 fair value measurements of natural gas positions within our Physical Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas prices. The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of March 31, 2020:
 
 
Net Fair Value Asset
(in millions)
 
Valuation Approach
 
Significant Unobservable Input
 
Range of Significant Unobservable Inputs / Weighted Average (1)
Physical Liquefaction Supply Derivatives
 
$49
 
Market approach incorporating present value techniques
 
Henry Hub basis spread
 
$(0.380) - $0.054 / 0.007
 
(1)    Unobservable inputs were weighted by the relative fair value of the instruments.

Increases or decreases in basis, in isolation, would decrease or increase, respectively, the fair value of our Physical Liquefaction Supply Derivatives.

The following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives during the three months ended March 31, 2020 and 2019 (in millions):
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Balance, beginning of period
 
$
24

 
$
(25
)
Realized and mark-to-market gains:
 
 
 
 
Included in cost of sales
 
25

 
9

Purchases and settlements:
 
 
 
 
Purchases
 
1

 

Settlements
 
(3
)
 
45

Transfers out of Level 3 (1)
 
2

 

Balance, end of period
 
$
49

 
$
29

Change in unrealized gains relating to instruments still held at end of period
 
$
25

 
$
9


 

(1)    Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements.

Derivative assets and liabilities arising from our derivative contracts with the same counterparty are reported on a net basis, as all counterparty derivative contracts provide for the unconditional right of set-off in the event of default. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments in instances when our derivative instruments are in an asset position. Additionally, counterparties are at risk that we will be unable to meet our commitments in instances where our derivative instruments are in a liability position. We incorporate both our own nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees.

Liquefaction Supply Derivatives

SPL has entered into primarily index-based physical natural gas supply contracts and associated economic hedges to purchase natural gas for the commissioning and operation of the Liquefaction Project. The remaining terms of the physical natural gas supply contracts range up to 10 years, some of which commence upon the satisfaction of certain events or states of affairs.

The notional natural gas position of our Liquefaction Supply Derivatives was approximately 5,231 TBtu and 3,663 TBtu as of March 31, 2020 and December 31, 2019, respectively, of which 91 TBtu and zero TBtu, respectively, were for a natural gas supply contract that SPL has with a related party.
 

10


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

The following table shows the fair value and location of our Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in millions):
 
 
Fair Value Measurements as of (1)
Consolidated Balance Sheet Location
 
March 31, 2020
 
December 31, 2019
Derivative assets
 
$
13

 
$
17

Non-current derivative assets
 
41

 
32

Total derivative assets
 
54

 
49

 
 
 
 
 
Derivative liabilities
 
(12
)
 
(9
)
Non-current derivative liabilities
 
(2
)
 
(16
)
Total derivative liabilities
 
(14
)
 
(25
)
 
 
 
 
 
Derivative asset, net
 
$
40

 
$
24

 
(1)
Does not include collateral posted with counterparties by us of $6 million and $2 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019, respectively. Includes a natural gas supply contract that SPL has with a related party, which had a fair value of zero as of March 31, 2020.

The following table shows the changes in the fair value, settlements and location of our Liquefaction Supply Derivatives recorded on our Consolidated Statements of Income during the three months ended March 31, 2020 and 2019 (in millions):
 
 
 
Three Months Ended March 31,
 
 Consolidated Statement of Income Location (1)
 
2020
 
2019
Liquefaction Supply Derivatives gain
LNG revenues
 
$

 
$
1

Liquefaction Supply Derivatives gain
Cost of sales
 
21

 
76


 

(1)
Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

Consolidated Balance Sheet Presentation

Our derivative instruments are presented on a net basis on our Consolidated Balance Sheets as described above. The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions):
 
 
Gross Amounts Recognized
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts Presented in the Consolidated Balance Sheets
Offsetting Derivative Assets (Liabilities)
 
 
 
As of March 31, 2020
 
 
 
 
 
 
Liquefaction Supply Derivatives
 
$
56

 
$
(2
)
 
$
54

Liquefaction Supply Derivatives
 
(15
)
 
1

 
(14
)
As of December 31, 2019
 
 
 
 
 
 
Liquefaction Supply Derivatives
 
$
51

 
$
(2
)
 
$
49

Liquefaction Supply Derivatives
 
(27
)
 
2

 
(25
)



11


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

NOTE 8—OTHER NON-CURRENT ASSETS

As of March 31, 2020 and December 31, 2019, other non-current assets, net consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2020
 
2019
Advances made to municipalities for water system enhancements
 
$
86

 
$
87

Advances and other asset conveyances to third parties to support LNG terminal
 
35

 
35

Tax-related prepayments and receivables
 
17

 
17

Information technology service prepayments
 
5

 
6

Advances made under EPC and non-EPC contracts
 
7

 
15

Other
 
6

 
8

Total other non-current assets, net
 
$
156

 
$
168



NOTE 9—ACCRUED LIABILITIES
 
As of March 31, 2020 and December 31, 2019, accrued liabilities consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2020
 
2019
Interest costs and related debt fees
 
$
251

 
$
241

Accrued natural gas purchases
 
224

 
325

LNG terminal and related pipeline costs
 
81

 
135

Other accrued liabilities
 
13

 
8

Total accrued liabilities
 
$
569

 
$
709




12


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

NOTE 10—DEBT
 
As of March 31, 2020 and December 31, 2019, our debt consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2020
 
2019
Long-term debt:
 
 
 
 
SPL
 
 
 
 
5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”)
 
$

 
$
2,000

6.25% Senior Secured Notes due 2022 (“2022 SPL Senior Notes”)
 
1,000

 
1,000

5.625% Senior Secured Notes due 2023 (“2023 SPL Senior Notes”)
 
1,500

 
1,500

5.75% Senior Secured Notes due 2024 (“2024 SPL Senior Notes”)
 
2,000

 
2,000

5.625% Senior Secured Notes due 2025 (“2025 SPL Senior Notes”)
 
2,000

 
2,000

5.875% Senior Secured Notes due 2026 (“2026 SPL Senior Notes”)
 
1,500

 
1,500

5.00% Senior Secured Notes due 2027 (“2027 SPL Senior Notes”)
 
1,500

 
1,500

4.200% Senior Secured Notes due 2028 (“2028 SPL Senior Notes”)
 
1,350

 
1,350

5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”)
 
800

 
800

$1.2 billion SPL Working Capital Facility executed in 2020 (“2020 SPL Working Capital Facility”)

 

 

Cheniere Partners
 
 
 
 
5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”)
 
1,500

 
1,500

5.625% Senior Notes due 2026 (“2026 CQP Senior Notes”)
 
1,100

 
1,100

4.500% Senior Notes due 2029 (“2029 CQP Senior Notes”)
 
1,500

 
1,500

CQP Credit Facilities executed in 2019 (“2019 CQP Credit Facilities”)
 

 

Unamortized premium, discount and debt issuance costs, net
 
(159
)
 
(171
)
Total long-term debt, net
 
15,591


17,579

 
 
 
 
 
Current debt:
 
 
 
 
2021 SPL Senior Notes
 
2,000

 

$1.2 billion SPL Working Capital Facility executed in 2015 (“2015 SPL Working Capital Facility”)
 

 

Unamortized premium, discount and debt issuance costs, net
 
(4
)
 

Total current debt
 
1,996

 

 
 
 
 
 
Total debt, net
 
$
17,587

 
$
17,579



2020 Material Debt Activities

2020 SPL Working Capital Facility

In March 2020, SPL entered into the 2020 SPL Working Capital Facility with aggregate commitments of $1.2 billion, which replaced the 2015 SPL Working Capital Facility. The 2020 SPL Working Capital Facility is intended to be used for loans to SPL (“SPL Revolving Loans”), swing line loans to SPL (“SPL Swing Line Loans”) and the issuance of letters of credit on behalf of SPL, primarily for (1) the refinancing of the 2015 SPL Working Capital Facility, (2) fees and expenses related to the 2020 SPL Working Capital Facility, (3) SPL’s gas purchase obligations and (4) SPL and certain of its future subsidiaries’ general corporate purposes. SPL may, from time to time, request increases in the commitments under the 2020 SPL Working Capital Facility of up to $800 million.
Loans under the 2020 SPL Working Capital Facility accrue interest at a variable rate per annum equal to LIBOR or the base rate (equal to the highest of the senior facility agent’s published prime rate, the federal funds rate, as published by the Federal Reserve Bank of New York, plus 0.50% and one month LIBOR plus 0.50%), plus the applicable margin. The applicable margin for LIBOR loans under the 2020 SPL Working Capital Facility is 1.125% to 1.750% per annum (depending on the then-current rating of SPL), and the applicable margin for base rate loans under the 2020 SPL Working Capital Facility is 0.125% to 0.750% per annum (depending on the then-current rating of SPL). Interest on LIBOR loans is due and payable at the end of each applicable LIBOR period, and interest on base rate loans is due and payable at the end of each fiscal quarter.


13


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

SPL pays a commitment fee equal to an annual rate of 0.1% to 0.3% (depending on the then-current rating of SPL), which accrues on the daily amount of the total commitment less the sum of (1) the outstanding principal amount of SPL Revolving Loans, (2) letters of credit issued and (3) the outstanding principal amount of SPL Swing Line Loans. If draws are made upon a letter of credit issued under the 2020 SPL Working Capital Facility and SPL does not elect for such draw to be deemed an SPL LC Loan (an “SPL LC Draw”), SPL is required to pay the full amount of the SPL LC Draw on or prior to noon eastern time on the business day of the SPL LC Draw. An SPL LC Draw accrues interest at the base rate plus the applicable margin. As of March 31, 2020, no SPL LC Draws had been made upon any letters of credit issued under the 2020 SPL Working Capital Facility.

The 2020 SPL Working Capital Facility matures on March 19, 2025, but may be extended with consent of the lenders. The 2020 SPL Working Capital Facility provides for mandatory prepayments under customary circumstances.

The 2020 SPL Working Capital Facility contains customary conditions precedent for extensions of credit, as well as customary affirmative and negative covenants. SPL is restricted from making certain distributions under agreements governing its indebtedness generally until, among other requirements, satisfaction of a 12-month forward-looking and backward-looking 1.25:1.00 debt service reserve ratio test. The obligations of SPL under the 2020 SPL Working Capital Facility are secured by substantially all of the assets of SPL as well as a pledge of all of the membership interests in SPL and certain future subsidiaries of SPL on a pari passu basis by a first priority lien with the SPL Senior Notes.

Credit Facilities

Below is a summary of our credit facilities outstanding as of March 31, 2020 (in millions):
 
 
2020 SPL Working Capital Facility
 
2019 CQP Credit Facilities
Original facility size
 
$
1,200

 
$
1,500

Less:
 
 
 
 
Outstanding balance
 

 

Commitments prepaid or terminated
 

 
750

Letters of credit issued
 
414

 

Available commitment
 
$
786

 
$
750

 
 
 
 
 
Interest rate on available balance
 
LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750%
 
LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125%
Weighted average interest rate of outstanding balance
 
n/a
 
n/a
Maturity date
 
March 19, 2025
 
May 29, 2024


Restrictive Debt Covenants

As of March 31, 2020, we and SPL were in compliance with all covenants related to our respective debt agreements.

Interest Expense

Total interest expense consisted of the following (in millions):
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Total interest cost
 
$
254

 
$
235

Capitalized interest
 
(20
)
 
(48
)
Total interest expense, net
 
$
234


$
187



14


CHENIERE ENERGY PARTNERS, L.P. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our debt (in millions):
 
 
March 31, 2020
 
December 31, 2019
 
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
Senior notes (1)
 
$
16,950

 
$
15,762

 
$
16,950

 
$
18,320

2037 SPL Senior Notes (2)
 
800

 
709

 
800

 
934

Credit facilities (3)
 

 

 

 

 
(1)
Includes the SPL Senior Notes except the 2037 SPL Senior Notes and the CQP Senior Notes. The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments.
(2)
The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market.
(3)
Includes 2015 SPL Working Capital Facility, 2020 SPL Working Capital Facility and 2019 CQP Credit Facilities. The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. 

NOTE 11—REVENUES FROM CONTRACTS WITH CUSTOMERS

The following table represents a disaggregation of revenue earned from contracts with customers during the three months ended March 31, 2020 and 2019 (in millions):
 
 
Three Months Ended March 31,
 
 
2020
 
2019
LNG revenues (1)
 
$
1,449

 
$
1,366

LNG revenues—affiliate
 
188

 
305

Regasification revenues
 
67

 
66

Other revenues
 
14

 
11

Total revenues from customers
 
1,718

 
1,748

Net derivative gains (2)
 

 
1

Total revenues
 
$
1,718