| Schedule I - Condensed Financial Information of Registrant |
CHENIERE ENERGY PARTNERS, L.P.
CONDENSED STATEMENTS OF INCOME
(in millions)
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
| Operating costs and expenses |
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| General and administrative expense |
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$ |
(4) |
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$ |
(3) |
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$ |
(3) |
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| General and administrative expense—affiliate |
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(15) |
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(14) |
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(14) |
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| Amortization of capitalized interest associated to investment in subsidiaries |
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(3) |
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(3) |
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(3) |
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| Total operating costs and expenses |
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(22) |
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(20) |
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(20) |
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| Other income (expense) |
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| Interest expense, net of capitalized interest |
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(176) |
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(199) |
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(217) |
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| Loss on modification or extinguishment of debt |
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— |
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(97) |
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— |
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| Other income |
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14 |
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1 |
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7 |
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| Equity income of affiliates |
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2,682 |
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1,946 |
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1,413 |
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| Total other income |
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2,520 |
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1,651 |
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1,203 |
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| Net income |
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$ |
2,498 |
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$ |
1,631 |
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$ |
1,183 |
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CHENIERE ENERGY PARTNERS, L.P.
CONDENSED BALANCE SHEETS
(in millions)
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December 31, |
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2022 |
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2021 |
| ASSETS |
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| Current assets |
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| Cash and cash equivalents |
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$ |
899 |
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$ |
874 |
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| Other current assets |
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1 |
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1 |
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| Total current assets |
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900 |
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875 |
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| Capitalized interest associated to investment in subsidiaries, net of amortization |
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75 |
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77 |
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| Debt issuance costs, net of accumulated amortization |
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3 |
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5 |
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| Investment in affiliates |
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1,106 |
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3,966 |
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| Total assets |
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$ |
2,084 |
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$ |
4,923 |
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| LIABILITIES AND PARTNERS’ EQUITY |
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| Current liabilities |
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| Accrued liabilities |
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$ |
53 |
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$ |
47 |
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| Due to affiliates |
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3 |
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3 |
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| Total current liabilities |
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56 |
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50 |
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| Long-term debt, net of debt issuance costs |
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4,159 |
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4,154 |
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| Partners’ equity |
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(2,131) |
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|
719 |
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| Total liabilities and partners’ equity |
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$ |
2,084 |
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$ |
4,923 |
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CHENIERE ENERGY PARTNERS, L.P.
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
| Cash flows provided by operating activities |
$ |
2,514 |
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$ |
1,732 |
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$ |
1,190 |
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| Cash flows from investing activities |
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| Capitalized interest associated to investment in subsidiaries |
(1) |
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(1) |
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(3) |
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| Investments in subsidiaries |
(454) |
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(1,009) |
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(689) |
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| Distributions received from affiliates |
601 |
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403 |
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291 |
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| Net cash provided by (used in) investing activities |
146 |
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(607) |
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(401) |
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| Cash flows from financing activities |
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| Proceeds from issuance of debt |
— |
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2,700 |
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— |
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| Redemptions and repayments of debt |
— |
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(2,600) |
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— |
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| Debt issuance and other financing costs |
— |
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(35) |
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— |
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| Debt extinguishment costs |
— |
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(73) |
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— |
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| Distributions to owners |
(2,635) |
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(1,451) |
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(1,359) |
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| Net cash used in financing activities |
(2,635) |
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(1,459) |
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(1,359) |
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| Net increase (decrease) in cash, cash equivalents |
25 |
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(334) |
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(570) |
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| Cash, cash equivalents—beginning of period |
874 |
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1,208 |
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1,778 |
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| Cash and cash equivalents—end of period |
$ |
899 |
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$ |
874 |
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$ |
1,208 |
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NOTE 1—BASIS OF PRESENTATION
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
NOTE 2—DEBT
Our debt consisted of the following (in millions):
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December 31, |
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2022 |
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2021 |
| Senior Secured Notes: |
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4.500% due 2029 |
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1,500 |
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1,500 |
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4.000% due 2031 |
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1,500 |
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1,500 |
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3.25% due 2032 |
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1,200 |
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1,200 |
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| Total CQP Senior Notes |
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4,200 |
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4,200 |
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CQP Credit Facilities executed in 2019 |
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— |
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— |
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| Total debt |
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4,200 |
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4,200 |
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| Unamortized debt issuance costs |
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(41) |
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(46) |
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| Total long-term debt, net of premium and debt issuance costs |
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$ |
4,159 |
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$ |
4,154 |
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Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2022 (in millions):
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| Years Ending December 31, |
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Principal Payments |
| 2023 |
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$ |
— |
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| 2024 |
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— |
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| 2025 |
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— |
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| 2026 |
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— |
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| 2027 |
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— |
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| Thereafter |
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4,200 |
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| Total |
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$ |
4,200 |
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NOTE 3—SUPPLEMENTAL CASH FLOW INFORMATION
The following table provides supplemental disclosure of cash flow information, excluding any contributions to the parent that were immediately contributed to the subsidiaries (in millions):
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Year Ended December 31, |
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2022 |
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2021 |
|
2020 |
| Cash paid during the period for interest, net of amounts capitalized |
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$ |
163 |
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$ |
197 |
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$ |
213 |
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| Non-cash capital distributions (1) |
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2,682 |
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1,946 |
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1,413 |
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(1)Amounts represent equity income of affiliates.
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