Annual report pursuant to Section 13 and 15(d)

Schedule I - Condensed Financial Information of Registrant

v3.8.0.1
Schedule I - Condensed Financial Information of Registrant
12 Months Ended
Dec. 31, 2017
Parent Company [Member]  
Condensed Financial Statements, Captions [Line Items]  
Schedule I - Condensed Financial Information of Registrant
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CHENIERE ENERGY PARTNERS, L.P.

CONDENSED BALANCE SHEETS
(in millions) 
 
 
December 31,
 
 
2017
 
2016
ASSETS
 
 

 
 

Current assets
 
 

 
 

Cash and cash equivalents
 
$

 
$

Restricted cash
 
1,033

 
234

Prepaid expenses and other
 
8

 

Total current assets
 
1,041

 
234

 
 
 
 
 
Property, plant and equipment, net
 
80

 
79

Debt issuance and deferred financing costs, net
 
20

 
63

Investment in affiliates
 
2,076

 
2,617

Non-current derivative assets
 
14

 
16

Total assets
 
$
3,231

 
$
3,009

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND PARTNERS’ EQUITY
 
 
 
 
Current liabilities
 
 
 
 
Accrued interest costs and related debt fees
 
$
23

 
$
1

Derivative liabilities
 

 
3

Other current liabilities
 

 
2

Total current liabilities
 
23

 
6

 
 
 
 
 
Long-term debt, net
 
2,569

 
2,560

 
 
 
 
 
Partners’ equity
 
639

 
443

Total liabilities and partners’ equity
 
$
3,231

 
$
3,009























The accompanying notes are an integral part of these condensed financial statements.
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CHENIERE ENERGY PARTNERS, L.P.

CONDENSED STATEMENTS OF OPERATIONS
(in millions) 
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Operating costs and expenses
 
 
 
 
 
 
Operating and maintenance expense
 
$
4

 
$
5

 
$
3

Operating and maintenance expense—affiliate
 
6

 

 

General and administrative expense
 
4

 
4

 
3

General and administrative expense—affiliate
 
11

 
12

 
11

Depreciation and amortization expense
 
2

 
1

 

Total operating costs and expenses
 
27

 
22

 
17

 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
Interest expense, net of capitalized interest
 
(111
)
 
(23
)
 

Loss on early extinguishment of debt
 
(25
)
 

 

Derivative gain, net
 
6

 
12

 

Other income
 
4

 

 

Equity income (loss) of affiliates
 
643

 
(138
)
 
(302
)
Total other income (expense)
 
517

 
(149
)
 
(302
)
 
 
 
 
 
 
 
Net income (loss)
 
$
490

 
$
(171
)
 
$
(319
)






























The accompanying notes are an integral part of these condensed financial statements.
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CHENIERE ENERGY PARTNERS, L.P.

CONDENSED STATEMENTS OF CASH FLOWS
(in millions) 
 
Year Ended December 31,
 
2017
 
2016
 
2015
Cash used in operating activities
$
(101
)
 
$
(53
)
 
$
(43
)
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
Property, plant and equipment, net

 

 
(1
)
Investments in subsidiaries
(245
)
 
(2,429
)
 
13

Distributions received from affiliates, net
1,431

 
218

 
18

Net cash provided by (used in) investing activities
1,186

 
(2,211
)
 
30

 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 

Proceeds from issuance of debt
1,500

 
2,560

 

Repayments of debt
(1,470
)
 

 

Debt issuance and deferred financing costs
(22
)
 
(73
)
 

Distributions to owners
(294
)
 
(99
)
 
(99
)
Net cash provided by (used in) financing activities
(286
)
 
2,388

 
(99
)
 
 
 
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
799

 
124

 
(112
)
Cash, cash equivalents and restricted cash—beginning of period
234

 
110

 
222

Cash, cash equivalents and restricted cash—end of period
$
1,033

 
$
234

 
$
110




Balances per Condensed Balance Sheets:
 
December 31
 
2017
 
2016
Cash and cash equivalents
$

 
$

Restricted cash
1,033

 
234

Total cash, cash equivalents and restricted cash
$
1,033

 
$
234




















The accompanying notes are an integral part of these condensed financial statements.
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CHENIERE ENERGY PARTNERS, L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
The Condensed Financial Statements represent the financial information required by Securities and Exchange Commission Regulation S-X 5-04 for Cheniere Partners.
 
A substantial amount of Cheniere Partners’ operating, investing and financing activities are conducted by its affiliates. In the Condensed Financial Statements, Cheniere Partners’ investments in affiliates are presented under the equity method of accounting. Under this method, the assets and liabilities of affiliates are not consolidated. The investments in net assets of the affiliates are recorded on the Condensed Balance Sheets. The gain (loss) from operations of the affiliates is reported on a net basis as equity loss of affiliates.

The Condensed Financial Statements should be read in conjunction with Cheniere Partners’ Consolidated Financial Statements.

NOTE 2—DEBT

As of December 31, 2017 and 2016, our debt consisted of the following (in millions):
 
 
December 31,
 
 
2017
 
2016
Long-term debt:
 
 
 
 
5.250% Senior Notes due 2025
 
$
1,500

 
$

2016 CQP Credit Facilities
 
1,090

 
2,560

Unamortized debt issuance costs
 
(21
)
 

Total long-term debt, net
 
$
2,569

 
$
2,560



Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2017 (in millions): 
Years Ending December 31,
 
Principal Payments
2018
 
$

2019
 
55

2020
 
1,035

2021
 

2022
 

Thereafter
 
1,500

Total
 
$
2,590



 NOTE 3—SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides supplemental disclosure of cash flow information (in millions): 
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Non-cash capital distributions (contributions) (1)
 
$
643

 
$
(138
)
 
$
(302
)
 
(1)
Amounts represent equity income (loss) of affiliates not funded by Cheniere Partners.