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)

3 Months Ended

Mar. 31, 2020

Supplemental Guarantor Information [Abstract]



Condensed Consolidating Balance Sheet
March 31, 2020
(in millions)

	Parent Issuer		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	1,731	$	3	$	—	$	—		$	1,734
Restricted cash	—		—		109		—			109
Accounts and other receivables	—		3		256		—			259
Accounts receivable—affiliate	—		24		38		(24		)	38
Advances to affiliate	—		128		122		(104		)	146
Inventory	—		13		85		—			98
Derivative assets	—		—		13		—			13
Other current assets	—		14		35		—			49
Other current assets—affiliate	—		2		21		(21		)	2
Total current assets	1,731		187		679		(149		)	2,448

Property, plant and equipment, net	79		2,451		13,972		(26		)	16,476
Operating lease assets, net	—		88		20		(16		)	92
Debt issuance costs, net	9		—		11		—			20
Non-current derivative assets	—		—		41		—			41
Investments in subsidiaries	3,168		718		—		(3,886		)	—
Other non-current assets, net	—		18		138		—			156
Total assets	$	4,987	$	3,462	$	14,861	$	(4,077	)	$	19,233

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	3	$	5	$	—		$	8
Accrued liabilities	108		20		441		—			569
Current debt	—		—		1,996		—			1,996
Due to affiliates	3		120		35		(128		)	30
Deferred revenue	—		22		72		—			94
Deferred revenue—affiliate	—		21		—		(21		)	—
Current operating lease liabilities	—		6		—		—			6
Derivative liabilities	—		—		12		—			12
Total current liabilities	111		192		2,561		(149		)	2,715

Long-term debt, net	4,056		—		11,535		—			15,591
Non-current operating lease liabilities	—		81		4		—			85
Non-current derivative liabilities	—		—		2		—			2
Other non-current liabilities	—		1		—		—			1
Other non-current liabilities—affiliate	—		20		15		(16		)	19

Partners’ equity	820		3,168		744		(3,912		)	820
Total liabilities and partners’ equity	$	4,987	$	3,462	$	14,861	$	(4,077	)	$	19,233



Condensed Consolidating Balance Sheet
December 31, 2019
(in millions)

	Parent Issuer		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	1,778	$	3	$	—	$	—		$	1,781
Restricted cash	—		—		181		—			181
Accounts and other receivables	—		5		292		—			297
Accounts receivable—affiliate	—		43		104		(42		)	105
Advances to affiliate	—		145		133		(120		)	158
Inventory	—		13		103		—			116
Derivative assets	—		—		17		—			17
Other current assets	—		15		36		—			51
Other current assets—affiliate	—		1		22		(22		)	1
Total current assets	1,778		225		888		(184		)	2,707

Property, plant and equipment, net	79		2,454		13,861		(26		)	16,368
Operating lease assets, net	—		88		21		(15		)	94
Debt issuance costs, net	9		—		6		—			15
Non-current derivative assets	—		—		32		—			32
Investments in subsidiaries	2,963		508		—		(3,471		)	—
Other non-current assets, net	—		24		144		—			168
Total assets	$	4,829	$	3,299	$	14,952	$	(3,696	)	$	19,384

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	2	$	38	$	—		$	40
Accrued liabilities	56		24		629		—			709
Due to affiliates	3		155		49		(161		)	46
Deferred revenue	—		23		132		—			155
Deferred revenue—affiliate	—		22		—		(21		)	1
Current operating lease liabilities	—		6		—		—			6
Derivative liabilities	—		—		9		—			9
Total current liabilities	59		232		857		(182		)	966

Long-term debt, net	4,055		—		13,524		—			17,579
Non-current operating lease liabilities	—		82		5		—			87
Non-current derivative liabilities	—		—		16		—			16
Other non-current liabilities	—		1		—		—			1
Other non-current liabilities—affiliate	—		21		16		(17		)	20

Partners’ equity	715		2,963		534		(3,497		)	715
Total liabilities and partners’ equity	$	4,829	$	3,299	$	14,952	$	(3,696	)	$	19,384

Condensed Consolidating Statements of Income



Condensed Consolidating Statement of Income
Three Months Ended March 31, 2020
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	1,449		$	—		$	1,449
LNG revenues—affiliate	—			—			188			—			188
Regasification revenues	—			67			—			—			67
Regasification revenues—affiliate	—			67			—			(67		)	—
Other revenues	—			14			—			—			14
Other revenues—affiliate	—			62			—			(62		)	—
Total revenues	—			210			1,637			(129		)	1,718

Operating costs and expenses
Cost of sales (excluding items shown separately below)	—			—			699			—			699
Cost of sales—affiliate	—			—			12			(12		)	—
Operating and maintenance expense	—			13			139			—			152
Operating and maintenance expense—affiliate	—			33			113			(113		)	33
General and administrative expense	1			—			1			—			2
General and administrative expense—affiliate	4			7			18			(4		)	25
Depreciation and amortization expense	1			20			117			—			138
Impairment expense and loss on disposal of assets	—			5			—			—			5
Total operating costs and expenses	6			78			1,099			(129		)	1,054

Income (loss) from operations	(6		)	132			538			—			664

Other income (expense)
Interest expense, net of capitalized interest	(54		)	(2		)	(178		)	—			(234		)
Loss on modification or extinguishment of debt	—			—			(1		)	—			(1		)
Equity earnings of subsidiaries	490			360			—			(850		)	—
Other income, net	5			—			1			—			6
Total other income (expense)	441			358			(178		)	(850		)	(229		)

Net income	$	435		$	490		$	360		$	(850	)	$	435



Condensed Consolidating Statement of Income
Three Months Ended March 31, 2019
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	1,367		$	—		$	1,367
LNG revenues—affiliate	—			—			305			—			305
Regasification revenues	—			66			—			—			66
Regasification revenues—affiliate	—			66			—			(66		)	—
Other revenues	—			11			—			—			11
Other revenues—affiliate	—			59			—			(59		)	—
Total revenues	—			202			1,672			(125		)	1,749

Operating costs and expenses
Cost of sales (excluding items shown separately below)	—			—			879			—			879
Cost of sales—affiliate	—			—			9			(9		)	—
Operating and maintenance expense	—			28			110			—			138
Operating and maintenance expense—affiliate	—			33			107			(111		)	29
General and administrative expense	1			1			1			—			3
General and administrative expense—affiliate	3			6			15			(3		)	21
Depreciation and amortization expense	1			17			96			—			114
Impairment expense and loss on disposal of assets	—			—			2			—			2
Total operating costs and expenses	5			85			1,219			(123		)	1,186

Income (loss) from operations	(5		)	117			453			(2		)	563

Other income (expense)
Interest expense, net of capitalized interest	(36		)	(1		)	(150		)	—			(187		)
Equity earnings of subsidiaries	422			308			—			(730		)	—
Other income, net	4			—			5			—			9
Total other income (expense)	390			307			(145		)	(730		)	(178		)

Net income	$	385		$	424		$	308		$	(732	)	$	385

Condensed Consolidating Statements of Cash Flows



Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2020
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by operating activities	$	490		$	521		$	374		$	(850	)	$	535

Cash flows from investing activities
Property, plant and equipment, net	—			(24		)	(293		)	—			(317		)
Investments in subsidiaries	(286		)	(225		)	—			511			—
Return of capital	79			11			—			(90		)	—
Net cash used in investing activities	(207		)	(238		)	(293		)	421			(317		)

Cash flows from financing activities
Debt issuance and other financing costs	—			—			(7		)	—			(7		)
Distributions to parent	—			(568		)	(371		)	939			—
Contributions from parent	—			285			225			(510		)	—
Distributions to owners	(330		)	—			—			—			(330		)
Net cash used in financing activities	(330		)	(283		)	(153		)	429			(337		)

Net decrease in cash, cash equivalents and restricted cash	(47		)	—			(72		)	—			(119		)
Cash, cash equivalents and restricted cash—beginning of period	1,778			3			181			—			1,962
Cash, cash equivalents and restricted cash—end of period	$	1,731		$	3		$	109		$	—		$	1,843

Balances per Condensed Consolidating Balance Sheet:



	March 31, 2020
	Parent Issuer		Guarantors		Non-Guarantors		Eliminations		Consolidated
Cash and cash equivalents	$	1,731	$	3	$	—	$	—	$	1,734
Restricted cash	—		—		109		—		109
Total cash, cash equivalents and restricted cash	$	1,731	$	3	$	109	$	—	$	1,843



Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2019
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by operating activities	$	404		$	364		$	213		$	(637	)	$	344

Cash flows from investing activities
Property, plant and equipment, net	—			(5		)	(280		)	2			(283		)
Investments in subsidiaries	(218		)	(164		)	—			382			—
Other	—			—			(1		)	—			(1		)
Net cash used in investing activities	(218		)	(169		)	(281		)	384			(284		)

Cash flows from financing activities
Distributions to parent	—			(404		)	(231		)	635			—
Contributions from parent	—			218			164			(382		)	—
Distributions to owners	(304		)	—			—			—			(304		)
Net cash used in financing activities	(304		)	(186		)	(67		)	253			(304		)

Net increase (decrease) in cash, cash equivalents and restricted cash	(118		)	9			(135		)	—			(244		)
Cash, cash equivalents and restricted cash—beginning of period	779			6			756			—			1,541
Cash, cash equivalents and restricted cash—end of period	$	661		$	15		$	621		$	—		$	1,297