Cheniere Energy Partners, L.P. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Supplemental Guarantor Information (Tables)

Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2018

Supplemental Guarantor Information [Abstract]



Condensed Consolidating Balance Sheet
September 30, 2018
(in millions)

	Parent Issuer		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	—	$	—	$	—		$	—
Restricted cash	799		9		649		—			1,457
Accounts and other receivables	1		1		222		—			224
Accounts receivable—affiliate	1		46		21		(46		)	22
Advances to affiliate	—		100		174		(85		)	189
Inventory	—		12		76		—			88
Other current assets	19		1		35		—			55
Other current assets—affiliate	—		—		21		(21		)	—
Total current assets	820		169		1,198		(152		)	2,035

Property, plant and equipment, net	79		2,136		13,091		(24		)	15,282
Debt issuance costs, net	1		—		14		—			15
Non-current derivative assets	9		—		16		—			25
Investments in subsidiaries	2,449		347		—		(2,796		)	—
Other non-current assets, net	—		27		152		—			179
Total assets	$	3,358	$	2,679	$	14,471	$	(2,972	)	$	17,536

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	1	$	5	$	7	$	—		$	13
Accrued liabilities	44		20		439		—			503
Due to affiliates	—		132		52		(131		)	53
Deferred revenue	—		24		95		—			119
Deferred revenue—affiliate	—		21		—		(21		)	—
Derivative liabilities	—		—		6		—			6
Total current liabilities	45		202		599		(152		)	694

Long-term debt, net	2,565		—		13,494		—			16,059
Non-current derivative liabilities	—		—		2		—			2
Other non-current liabilities	—		5		5		—			10
Other non-current liabilities—affiliate	—		23		—		—			23

Partners’ equity	748		2,449		371		(2,820		)	748
Total liabilities and partners’ equity	$	3,358	$	2,679	$	14,471	$	(2,972	)	$	17,536



Condensed Consolidating Balance Sheet
December 31, 2017
(in millions)

	Parent Issuer		Guarantors			Non-Guarantors			Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	—		$	—		$	—		$	—
Restricted cash	1,033		12			544			—			1,589
Accounts and other receivables	—		2			189			—			191
Accounts receivable—affiliate	—		36			163			(36		)	163
Advances to affiliate	—		20			26			(10		)	36
Inventory	—		10			85			—			95
Other current assets	8		3			54			—			65
Other current assets—affiliate	—		—			21			(21		)	—
Total current assets	1,041		83			1,082			(67		)	2,139

Property, plant and equipment, net	80		2,164			12,920			(25		)	15,139
Debt issuance costs, net	20		—			18			—			38
Non-current derivative assets	14		—			17			—			31
Investments in subsidiaries	2,076		(63		)	—			(2,013		)	—
Other non-current assets, net	—		37			169			—			206
Total assets	$	3,231	$	2,221		$	14,206		$	(2,105	)	$	17,553

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	4		$	8		$	—		$	12
Accrued liabilities	23		8			606			—			637
Due to affiliates	—		47			66			(45		)	68
Deferred revenue	—		27			84			—			111
Deferred revenue—affiliate	—		22			—			(21		)	1
Other current liabilities—affiliate	—		1			—			(1		)	—
Total current liabilities	23		109			764			(67		)	829

Long-term debt, net	2,569		—			13,477			—			16,046
Non-current derivative liabilities	—		—			3			—			3
Other non-current liabilities	—		11			—			—			11
Other non-current liabilities—affiliate	—		25			—			—			25

Partners’ equity (deficit)	639		2,076			(38		)	(2,038		)	639
Total liabilities and partners’ equity (deficit)	$	3,231	$	2,221		$	14,206		$	(2,105	)	$	17,553

Condensed Consolidating Statements of Operations



Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	1,249		$	—		$	1,249
LNG revenues—affiliate	—			—			205			—			205
Regasification revenues	—			66			—			—			66
Regasification revenues—affiliate	—			64			—			(64		)	—
Other revenues	—			9			—			—			9
Other revenues—affiliate	—			48			—			(48		)	—
Total revenues	—			187			1,454			(112		)	1,529

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			—			758			(2		)	756
Cost of sales—affiliate	—			—			8			(8		)	—
Operating and maintenance expense	—			17			96			—			113
Operating and maintenance expense—affiliate	—			39			107			(115		)	31
Development expense	—			1			—			—			1
General and administrative expense	1			1			1			—			3
General and administrative expense—affiliate	3			6			12			(3		)	18
Depreciation and amortization expense	1			19			88			(1		)	107
Impairment expense and loss on disposal of assets	—			8			—			—			8
Total operating costs and expenses	5			91			1,070			(129		)	1,037

Income (loss) from operations	(5		)	96			384			17			492

Other income (expense)
Interest expense, net of capitalized interest	(36		)	(1		)	(146		)	—			(183		)
Loss on modification or extinguishment of debt	(12		)	—			—			—			(12		)
Derivative gain, net	2			—			—			—			2
Equity earnings of subsidiaries	354			243			—			(597		)	—
Other income (expense)	4			(1		)	5			—			8
Total other income (expense)	312			241			(141		)	(597		)	(185		)

Net income	$	307		$	337		$	243		$	(580	)	$	307



Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2017
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	723		$	—		$	723
LNG revenues—affiliate	—			—			111			—			111
Regasification revenues	—			65			—			—			65
Regasification revenues—affiliate	—			48			—			(48		)	—
Other revenues	—			3			—			—			3
Other revenues—affiliate	—			51			—			(50		)	1
Total revenues	—			167			834			(98		)	903

Operating costs and expenses
Cost (cost recovery) of sales (excluding depreciation and amortization expense shown separately below)	—			(1		)	488			3			490
Cost of sales—affiliate	—			—			5			(5		)	—
Operating and maintenance expense	1			7			65			—			73
Operating and maintenance expense—affiliate	6			33			82			(90		)	31
Development expense	—			—			1			—			1
General and administrative expense	1			1			3			—			5
General and administrative expense—affiliate	3			6			12			(3		)	18
Depreciation and amortization expense	1			17			69			—			87
Other	—			1			—			—			1
Total operating costs and expenses	12			64			725			(95		)	706

Income (loss) from operations	(12		)	103			109			(3		)	197

Other income (expense)
Interest expense, net of capitalized interest	(29		)	—			(124		)	—			(153		)
Loss on modification or extinguishment of debt	(25		)	—			—			—			(25		)
Derivative gain, net	1			—			—			—			1
Equity earnings (losses) of subsidiaries	88			(12		)	—			(76		)	—
Other income	—			—			3			—			3
Total other income (expense)	35			(12		)	(121		)	(76		)	(174		)

Net income (loss)	$	23		$	91		$	(12	)	$	(79	)	$	23



Condensed Consolidating Statement of Operations
Nine Months Ended September 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	3,419		$	—		$	3,419
LNG revenues—affiliate	—			—			886			—			886
Regasification revenues	—			196			—			—			196
Regasification revenues—affiliate	—			194			—			(194		)	—
Other revenues	—			28			—			—			28
Other revenues—affiliate	—			183			—			(183		)	—
Total revenues	—			601			4,305			(377		)	4,529

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			2			2,291			(2		)	2,291
Cost of sales—affiliate	—			—			23			(23		)	—
Operating and maintenance expense	—			48			258			—			306
Operating and maintenance expense—affiliate	—			113			317			(343		)	87
Development expense	—			1			1			—			2
General and administrative expense	3			2			4			—			9
General and administrative expense—affiliate	9			17			36			(9		)	53
Depreciation and amortization expense	2			56			261			(1		)	318
Impairment expense and loss on disposal of assets	—			8			—			—			8
Total operating costs and expenses	14			247			3,191			(378		)	3,074

Income (loss) from operations	(14		)	354			1,114			1			1,455

Other income (expense)
Interest expense, net of capitalized interest	(104		)	(3		)	(445		)	—			(552		)
Loss on modification or extinguishment of debt	(12		)	—			—			—			(12		)
Derivative gain, net	13			—			—			—			13
Equity earnings of subsidiaries	1,030			678			—			(1,708		)	—
Other income	10			—			9			—			19
Total other income (expense)	937			675			(436		)	(1,708		)	(532		)

Net income	$	923		$	1,029		$	678		$	(1,707	)	$	923



Condensed Consolidating Statement of Operations
Nine Months Ended September 30, 2017
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	1,718		$	—		$	1,718
LNG revenues—affiliate	—			—			864			—			864
Regasification revenues	—			195			—			—			195
Regasification revenues—affiliate	—			128			—			(128		)	—
Other revenues	—			7			—			—			7
Other revenues—affiliate	—			162			—			(160		)	2
Total revenues	—			492			2,582			(288		)	2,786

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			1			1,576			3			1,580
Cost of sales—affiliate	—			—			15			(15		)	—
Operating and maintenance expense	4			29			172			—			205
Operating and maintenance expense—affiliate	6			96			224			(256		)	70
Development expense	—			—			2			—			2
General and administrative expense	3			2			5			—			10
General and administrative expense—affiliate	9			19			46			(11		)	63
Depreciation and amortization expense	1			55			183			—			239
Other	—			1			—			—			1
Total operating costs and expenses	23			203			2,223			(279		)	2,170

Income (loss) from operations	(23		)	289			359			(9		)	616

Other income (expense)
Interest expense, net of capitalized interest	(81		)	—			(356		)	—			(437		)
Loss on modification or extinguishment of debt	(25		)	—			(42		)	—			(67		)
Derivative loss, net	—			—			(2		)	—			(2		)
Equity earnings (losses) of subsidiaries	244			(36		)	—			(208		)	—
Other income	1			—			5			—			6
Total other income (expense)	139			(36		)	(395		)	(208		)	(500		)

Net income (loss)	$	116		$	253		$	(36	)	$	(217	)	$	116

Condensed Consolidating Statements of Cash Flows



Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by operating activities	$	339		$	408		$	928		$	(411	)	$	1,264

Cash flows from investing activities
Property, plant and equipment, net	—			(24		)	(554		)	—			(578		)
Investments in subsidiaries	(202		)	(81		)	—			283			—
Distributions received from affiliates, net	447			350			—			(797		)	—
Net cash provided by (used in) investing activities	245			245			(554		)	(514		)	(578		)

Cash flows from financing activities
Proceeds from issuances of debt	1,100			—			—			—			1,100
Repayments of debt	(1,090		)	—			—			—			(1,090		)
Debt issuance and deferred financing costs	(8		)	—			—			—			(8		)
Debt extinguishment costs	(6		)	—			—			—			(6		)
Distributions to parent	—			(858		)	(350		)	1,208			—
Contributions from parent	—			202			81			(283		)	—
Distributions to owners	(814		)	—			—			—			(814		)
Net cash used in financing activities	(818		)	(656		)	(269		)	925			(818		)

Net increase (decrease) in cash, cash equivalents and restricted cash	(234		)	(3		)	105			—			(132		)
Cash, cash equivalents and restricted cash—beginning of period	1,033			12			544			—			1,589
Cash, cash equivalents and restricted cash—end of period	$	799		$	9		$	649		$	—		$	1,457

Balances per Condensed Consolidating Balance Sheet:



	September 30, 2018
	Parent Issuer		Guarantors		Non-Guarantors		Eliminations		Consolidated
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—
Restricted cash	799		9		649		—		1,457
Total cash, cash equivalents and restricted cash	$	799	$	9	$	649	$	—	$	1,457



Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2017
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(89	)	$	293		$	317		$	(8	)	$	513

Cash flows from investing activities
Property, plant and equipment, net	—			(16		)	(1,187		)	8			(1,195		)
Investments in subsidiaries	(216		)	(7		)	—			223			—
Distributions received from affiliates, net	929			450			—			(1,379		)	—
Net cash provided by (used in) investing activities	713			427			(1,187		)	(1,148		)	(1,195		)

Cash flows from financing activities
Proceeds from issuances of debt	1,500			—			2,314			—			3,814
Repayments of debt	(1,470		)	—			(703		)	—			(2,173		)
Debt issuance and deferred financing costs	(18		)	—			(29		)	—			(47		)
Distributions to parent	—			(929		)	(450		)	1,379			—
Contributions from parent	—			216			7			(223		)	—
Distributions to owners	(74		)	—			—			—			(74		)
Net cash provided by (used in) financing activities	(62		)	(713		)	1,139			1,156			1,520

Net increase in cash, cash equivalents and restricted cash	562			7			269			—			838
Cash, cash equivalents and restricted cash—beginning of period	234			13			358			—			605
Cash, cash equivalents and restricted cash—end of period	$	796		$	20		$	627		$	—		$	1,443