Annual report pursuant to Section 13 and 15(d)

Schedule I - Condensed Financial Information of Registrant

v3.20.4
Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Registrant
CHENIERE ENERGY PARTNERS, L.P.

CONDENSED STATEMENTS OF INCOME
(in millions) 
  Year Ended December 31,
  2020 2019 2018
Operating costs and expenses
General and administrative expense $ 3  $ 3  $ 4 
General and administrative expense—affiliate 14  13  12 
Depreciation and amortization expense 3  3  2 
Total operating costs and expenses 20  19  18 
Other income
Interest expense, net of capitalized interest (217) (174) (139)
Loss on modification or extinguishment of debt —  (13) (12)
Derivative gain, net —  —  14 
Other income 7  21  13 
Equity income of affiliates 1,413  1,360  1,416 
Total other income 1,203  1,194  1,292 
Net income $ 1,183  $ 1,175  $ 1,274 

































The accompanying notes are an integral part of these condensed financial statements.
CHENIERE ENERGY PARTNERS, L.P.

CONDENSED BALANCE SHEETS
(in millions) 
  December 31,
  2020 2019
ASSETS    
Current assets    
Cash and cash equivalents $ 1,208  $ 1,778 
Other current assets 1  — 
Total current assets 1,209  1,778 
Property, plant and equipment, net 79  79 
Debt issuance costs, net 7  9 
Investment in affiliates 3,359  2,963 
Total assets $ 4,654  $ 4,829 
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accrued liabilities $ 52  $ 56 
Due to affiliates 3  3 
Total current liabilities 55  59 
Long-term debt, net 4,060  4,055 
Partners’ equity 539  715 
Total liabilities and partners’ equity $ 4,654  $ 4,829 


























The accompanying notes are an integral part of these condensed financial statements.
CHENIERE ENERGY PARTNERS, L.P.

CONDENSED STATEMENTS OF CASH FLOWS
(in millions) 
  Year Ended December 31,
  2020 2019 2018
Cash flows provided by operating activities $ 1,190  $ 1,220  $ 714 
Cash flows from investing activities
Property, plant and equipment, net (3) (2) — 
Investments in subsidiaries (689) (1,273) (304)
Distributions received from affiliates 291  853  454 
Net cash provided by (used in) investing activities (401) (422) 150 
Cash flows from financing activities  
Proceeds from issuance of debt —  2,230  1,100 
Repayments of debt —  (730) (1,090)
Debt issuance and deferred financing costs —  (35) (8)
Debt extinguishment costs —  —  (7)
Distributions to owners (1,359) (1,260) (1,113)
Other —  (4) — 
Net cash provided by (used in) financing activities (1,359) 201  (1,118)
Net increase (decrease) in cash, cash equivalents and restricted cash (570) 999  (254)
Cash, cash equivalents and restricted cash—beginning of period 1,778  779  1,033 
Cash and cash equivalents—end of period $ 1,208  $ 1,778  $ 779 




























The accompanying notes are an integral part of these condensed financial statements.
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.
 
In the Condensed Financial Statements, Cheniere Partners’ investments in affiliates are presented at the net amount attributable to Cheniere Partners. 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 from operations of the affiliates is reported on a net basis as equity income of affiliates.

A substantial amount of Cheniere Partners’ operating, investing and financing activities are conducted by its affiliates. The Condensed Financial Statements should be read in conjunction with Cheniere Partners’ Consolidated Financial Statements.

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—DEBT

As of December 31, 2020 and 2019, our debt consisted of the following (in millions):
December 31,
2020 2019
Long-term debt:
4.500% to 5.625% senior notes due between 2025 and 2029 and credit facilities (“2019 CQP Credit Facilities”)
 $ 4,100  $ 4,100 
Unamortized debt issuance costs (40) (45)
Total long-term debt, net $ 4,060  $ 4,055 

Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2020 (in millions): 
Years Ending December 31, Principal Payments
2021 $ — 
2022 — 
2023 — 
2024 — 
2025 1,500 
Thereafter 2,600 
Total $ 4,100 
CHENIERE ENERGY PARTNERS, L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS—CONTINUED
 
NOTE 3—SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides supplemental disclosure of cash flow information (in millions): 
  Year Ended December 31,
  2020 2019 2018
Cash paid during the period for interest, net of amounts capitalized $ 213  $ 151  $ 115 
Non-cash capital distributions (1) 1,413  1,360  1,416 
(1)Amounts represent equity income of affiliates.