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)

6 Months Ended

Jun. 30, 2019

Supplemental Guarantor Information [Abstract]



Condensed Consolidating Balance Sheet
June 30, 2019
(in millions)

	Parent Issuer		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	1,009	$	7	$	—	$	—		$	1,016
Restricted cash	—		—		596		—			596
Accounts and other receivables	—		3		240		—			243
Accounts receivable—affiliate	1		31		166		(32		)	166
Advances to affiliate	—		134		206		(115		)	225
Inventory	—		13		91		—			104
Derivative assets	—		—		17		—			17
Other current assets	—		13		54		—			67
Other current assets—affiliate	—		1		21		(21		)	1
Total current assets	1,010		202		1,391		(168		)	2,435

Property, plant and equipment, net	79		2,457		13,722		(26		)	16,232
Operating lease assets, net	—		87		21		(16		)	92
Debt issuance costs, net	11		—		9		—			20
Non-current derivative assets	—		—		37		—			37
Investments in subsidiaries	2,947		508		—		(3,455		)	—
Other non-current assets, net	—		25		132		—			157
Total assets	$	4,047	$	3,279	$	15,312	$	(3,665	)	$	18,973

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	7	$	67	$	—		$	74
Accrued liabilities	37		28		1,011		—			1,076
Due to affiliates	1		145		44		(146		)	44
Deferred revenue	—		21		101		—			122
Deferred revenue—affiliate	—		21		—		(21		)	—
Current operating lease liabilities	—		6		—		—			6
Derivative liabilities	—		—		8		—			8
Other current liabilities—affiliate	—		1		—		(1		)	—
Total current liabilities	38		229		1,231		(168		)	1,330

Long-term debt, net	3,208		—		13,512		—			16,720
Non-current operating lease liabilities	—		81		5		—			86
Non-current derivative liabilities	—		—		12		—			12
Other non-current liabilities	—		1		2		—			3
Other non-current liabilities—affiliate	—		21		16		(16		)	21

Partners’ equity	801		2,947		534		(3,481		)	801
Total liabilities and partners’ equity	$	4,047	$	3,279	$	15,312	$	(3,665	)	$	18,973



Condensed Consolidating Balance Sheet
December 31, 2018
(in millions)

	Parent Issuer		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	—	$	—	$	—		$	—
Restricted cash	779		6		756		—			1,541
Accounts and other receivables	1		1		346		—			348
Accounts receivable—affiliate	1		40		113		(40		)	114
Advances to affiliate	—		104		210		(86		)	228
Inventory	—		12		87		—			99
Derivative assets	—		—		6		—			6
Other current assets	—		2		18		—			20
Other current assets—affiliate	—		—		21		(21		)	—
Total current assets	781		165		1,557		(147		)	2,356

Property, plant and equipment, net	79		2,128		13,209		(26		)	15,390
Debt issuance costs, net	1		—		12		—			13
Non-current derivative assets	—		—		31		—			31
Investments in subsidiaries	2,544		440		—		(2,984		)	—
Other non-current assets, net	—		26		158		—			184
Total assets	$	3,405	$	2,759	$	14,967	$	(3,157	)	$	17,974

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	4	$	11	$	—		$	15
Accrued liabilities	39		14		768		—			821
Due to affiliates	—		127		48		(126		)	49
Deferred revenue	—		25		91		—			116
Deferred revenue—affiliate	—		22		—		(21		)	1
Derivative liabilities	—		—		66		—			66
Total current liabilities	39		192		984		(147		)	1,068

Long-term debt, net	2,566		—		13,500		—			16,066
Non-current derivative liabilities	—		—		14		—			14
Other non-current liabilities	—		1		3		—			4
Other non-current liabilities—affiliate	—		22		—		—			22

Partners’ equity	800		2,544		466		(3,010		)	800
Total liabilities and partners’ equity	$	3,405	$	2,759	$	14,967	$	(3,157	)	$	17,974

Condensed Consolidating Statements of Income



Condensed Consolidating Statement of Income
Six Months Ended June 30, 2019
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	2,538		$	—		$	2,538
LNG revenues—affiliate	—			—			760			—			760
Regasification revenues	—			133			—			—			133
Regasification revenues—affiliate	—			131			—			(131		)	—
Other revenues	—			23			—			—			23
Other revenues—affiliate	—			124			—			(124		)	—
Total revenues	—			411			3,298			(255		)	3,454

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			—			1,759			—			1,759
Cost of sales—affiliate	—			—			18			(18		)	—
Operating and maintenance expense	—			52			248			—			300
Operating and maintenance expense—affiliate	—			71			222			(227		)	66
General and administrative expense	2			1			3			—			6
General and administrative expense—affiliate	6			14			36			(8		)	48
Depreciation and amortization expense	1			37			214			—			252
Impairment expense and loss on disposal of assets	—			—			5			—			5
Total operating costs and expenses	9			175			2,505			(253		)	2,436

Income (loss) from operations	(9		)	236			793			(2		)	1,018

Other income (expense)
Interest expense, net of capitalized interest	(73		)	(3		)	(341		)	—			(417		)
Equity earnings of subsidiaries	690			458			—			(1,148		)	—
Other income	9			1			6			—			16
Total other income (expense)	626			456			(335		)	(1,148		)	(401		)

Net income	$	617		$	692		$	458		$	(1,150	)	$	617



Condensed Consolidating Statement of Income
Six Months Ended June 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	2,170		$	—		$	2,170
LNG revenues—affiliate	—			—			681			—			681
Regasification revenues	—			130			—			—			130
Regasification revenues—affiliate	—			130			—			(130		)	—
Other revenues	—			19			—			—			19
Other revenues—affiliate	—			135			—			(135		)	—
Total revenues	—			414			2,851			(265		)	3,000

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			2			1,533			—			1,535
Cost of sales—affiliate	—			—			15			(15		)	—
Operating and maintenance expense	—			31			162			—			193
Operating and maintenance expense—affiliate	—			74			210			(228		)	56
Development expense	—			—			1			—			1
General and administrative expense	2			1			3			—			6
General and administrative expense—affiliate	6			11			24			(6		)	35
Depreciation and amortization expense	1			37			173			—			211
Total operating costs and expenses	9			156			2,121			(249		)	2,037

Income (loss) from operations	(9		)	258			730			(16		)	963

Other income (expense)
Interest expense, net of capitalized interest	(68		)	(2		)	(299		)	—			(369		)
Derivative gain, net	11			—			—			—			11
Equity earnings of subsidiaries	676			435			—			(1,111		)	—
Other income	6			1			4			—			11
Total other income (expense)	625			434			(295		)	(1,111		)	(347		)

Net income	$	616		$	692		$	435		$	(1,127	)	$	616

Condensed Consolidating Statements of Cash Flows



Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2019
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by operating activities	$	621		$	723		$	450		$	(1,154	)	$	640

Cash flows from investing activities
Property, plant and equipment, net	—			(21		)	(567		)	3			(585		)
Investments in subsidiaries	(908		)	(806		)	—			1,714			—
Return of capital	503			390			—			(893		)	—
Other	—			—			(1		)	—			(1		)
Net cash used in investing activities	(405		)	(437		)	(568		)	824			(586		)

Cash flows from financing activities
Proceeds from issuances of debt	649			—			—			—			649
Debt issuance and deferred financing costs	(19		)	—			—						(19		)
Distributions to parent	—			(1,196		)	(848		)	2,044			—
Contributions from parent	—			908			806			(1,714		)	—
Distributions to owners	(616		)	—			—			—			(616		)
Other	—			3			—			—			3
Net cash provided by (used in) financing activities	14			(285		)	(42		)	330			17

Net increase (decrease) in cash, cash equivalents and restricted cash	230			1			(160		)	—			71
Cash, cash equivalents and restricted cash—beginning of period	779			6			756			—			1,541
Cash, cash equivalents and restricted cash—end of period	$	1,009		$	7		$	596		$	—		$	1,612

Balances per Condensed Consolidating Balance Sheet:



	June 30, 2019
	Parent Issuer		Guarantors		Non-Guarantors		Eliminations		Consolidated
Cash and cash equivalents	$	1,009	$	7	$	—	$	—	$	1,016
Restricted cash	—		—		596		—		596
Total cash, cash equivalents and restricted cash	$	1,009	$	7	$	596	$	—	$	1,612



Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(7	)	$	266		$	604		$	(58	)	$	805

Cash flows from investing activities
Property, plant and equipment, net	—			(18		)	(327		)	—			(345		)
Investments in subsidiaries	(112		)	(25		)	—			137			—
Return of capital	—			—			—			—			—
Distributions received from affiliates, net	277			—			—			(277		)	—
Net cash provided by (used in) investing activities	165			(43		)	(327		)	(140		)	(345		)

Cash flows from financing activities
Debt issuance and deferred financing costs	(1		)	—			—			—			(1		)
Distributions to parent	—			(335		)	—			335			—
Contributions from parent	—			112			25			(137		)	—
Distributions to owners	(527		)	—			—			—			(527		)
Net cash provided by (used in) financing activities	(528		)	(223		)	25			198			(528		)

Net increase (decrease) in cash, cash equivalents and restricted cash	(370		)	—			302			—			(68		)
Cash, cash equivalents and restricted cash—beginning of period	1,033			12			544			—			1,589
Cash, cash equivalents and restricted cash—end of period	$	663		$	12		$	846		$	—		$	1,521