Annual report pursuant to Section 13 and 15(d)

Schedule I - Condensed Financial Information of Registrant

v3.22.0.1
Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2021
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,
  2021 2020 2019
Operating costs and expenses
General and administrative expense $ 3  $ 3  $ 3 
General and administrative expense—affiliate 14  14  13 
Depreciation and amortization expense 3  3  3 
Total operating costs and expenses 20  20  19 
Other income (expense)
Interest expense, net of capitalized interest (199) (217) (174)
Loss on modification or extinguishment of debt (97) —  (13)
Other income 1  7  21 
Equity income of affiliates 1,946  1,413  1,360 
Total other income 1,651  1,203  1,194 
Net income $ 1,631  $ 1,183  $ 1,175 


































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

CONDENSED BALANCE SHEETS
(in millions) 
  December 31,
  2021 2020
ASSETS    
Current assets    
Cash and cash equivalents $ 874  $ 1,208 
Other current assets 1  1 
Total current assets 875  1,209 
Property, plant and equipment, net of accumulated depreciation 77  79 
Debt issuance costs, net of accumulated amortization 5  7 
Investment in affiliates 3,966  3,359 
Total assets $ 4,923  $ 4,654 
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accrued liabilities $ 47  $ 52 
Due to affiliates 3  3 
Total current liabilities 50  55 
Long-term debt, net of debt issuance costs 4,154  4,060 
Partners’ equity 719  539 
Total liabilities and partners’ equity $ 4,923  $ 4,654 


























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,
  2021 2020 2019
Cash flows provided by operating activities $ 1,732  $ 1,190  $ 1,220 
Cash flows from investing activities
Property, plant and equipment (1) (3) (2)
Investments in subsidiaries (1,009) (689) (1,273)
Distributions received from affiliates 403  291  853 
Net cash used in investing activities (607) (401) (422)
Cash flows from financing activities  
Proceeds from issuance of debt 2,700  —  2,230 
Redemptions and repayments of debt (2,600) —  (730)
Debt issuance and other financing costs (35) —  (35)
Debt extinguishment costs (73) —  — 
Distributions to owners (1,451) (1,359) (1,260)
Other —  —  (4)
Net cash provided by (used in) financing activities (1,459) (1,359) 201 
Net increase (decrease) in cash, cash equivalents (334) (570) 999 
Cash, cash equivalents—beginning of period 1,208  1,778  779 
Cash and cash equivalents—end of period $ 874  $ 1,208  $ 1,778 




























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 CQP.
 
In the Condensed Financial Statements, CQP’s investments in affiliates are presented at the net amount attributable to CQP. 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 CQP’s operating, investing and financing activities are conducted by its affiliates. The Condensed Financial Statements should be read in conjunction with CQP’s 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 contracts 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, 2021 and 2020, our debt consisted of the following (in millions):
December 31,
2021 2020
Senior Secured Notes:
5.250% due 2025
 $ —  $ 1,500 
5.625% due 2026
 —  1,100 
4.500% due 2029
 1,500  1,500 
4.000% due 2031
 1,500  — 
3.25% due 2032
 1,200  — 
Total CQP Senior Notes 4,200  4,100 
CQP Credit Facilities executed in 2019
 —  — 
Total debt 4,200  4,100 
Unamortized debt issuance costs (46) (40)
Total long-term debt, net of premium, discount and debt issuance costs $ 4,154  $ 4,060 
CHENIERE ENERGY PARTNERS, L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS—CONTINUED

Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2021 (in millions): 
Years Ending December 31, Principal Payments
2022 $ — 
2023 — 
2024 — 
2025 — 
2026 — 
Thereafter 4,200 
Total $ 4,200 

NOTE 3—SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides supplemental disclosure of cash flow information (in millions): 
  Year Ended December 31,
  2021 2020 2019
Cash paid during the period for interest, net of amounts capitalized $ 197  $ 213  $ 151 
Non-cash capital distributions (1) 1,946  1,413  1,360 
(1)Amounts represent equity income of affiliates.