SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CHENIERE ENERGY PARTNERS, L.P.
CONDENSED BALANCE SHEETS
(in millions)
|
|
|
|
|
|
|
|
|
|
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|
December 31, |
|
|
2017 |
|
2016 |
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
— |
|
|
$ |
— |
|
Restricted cash |
|
1,033 |
|
|
234 |
|
Prepaid expenses and other |
|
8 |
|
|
— |
|
Total current assets |
|
1,041 |
|
|
234 |
|
|
|
|
|
|
Property, plant and equipment, net |
|
80 |
|
|
79 |
|
Debt issuance and deferred financing costs, net |
|
20 |
|
|
63 |
|
Investment in affiliates |
|
2,076 |
|
|
2,617 |
|
Non-current derivative assets |
|
14 |
|
|
16 |
|
Total assets |
|
$ |
3,231 |
|
|
$ |
3,009 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS’ EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Accrued interest costs and related debt fees |
|
$ |
23 |
|
|
$ |
1 |
|
Derivative liabilities |
|
— |
|
|
3 |
|
Other current liabilities |
|
— |
|
|
2 |
|
Total current liabilities |
|
23 |
|
|
6 |
|
|
|
|
|
|
Long-term debt, net |
|
2,569 |
|
|
2,560 |
|
|
|
|
|
|
Partners’ equity |
|
639 |
|
|
443 |
|
Total liabilities and partners’ equity |
|
$ |
3,231 |
|
|
$ |
3,009 |
|
The accompanying notes are an integral part of these condensed financial statements.
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CHENIERE ENERGY PARTNERS, L.P.
CONDENSED STATEMENTS OF OPERATIONS
(in millions)
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|
|
|
|
|
|
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|
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|
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|
Year Ended December 31, |
|
|
2017 |
|
2016 |
|
2015 |
Operating costs and expenses |
|
|
|
|
|
|
Operating and maintenance expense |
|
$ |
4 |
|
|
$ |
5 |
|
|
$ |
3 |
|
Operating and maintenance expense—affiliate |
|
6 |
|
|
— |
|
|
— |
|
General and administrative expense |
|
4 |
|
|
4 |
|
|
3 |
|
General and administrative expense—affiliate |
|
11 |
|
|
12 |
|
|
11 |
|
Depreciation and amortization expense |
|
2 |
|
|
1 |
|
|
— |
|
Total operating costs and expenses |
|
27 |
|
|
22 |
|
|
17 |
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
Interest expense, net of capitalized interest |
|
(111 |
) |
|
(23 |
) |
|
— |
|
Loss on early extinguishment of debt |
|
(25 |
) |
|
— |
|
|
— |
|
Derivative gain, net |
|
6 |
|
|
12 |
|
|
— |
|
Other income |
|
4 |
|
|
— |
|
|
— |
|
Equity income (loss) of affiliates |
|
643 |
|
|
(138 |
) |
|
(302 |
) |
Total other income (expense) |
|
517 |
|
|
(149 |
) |
|
(302 |
) |
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
490 |
|
|
$ |
(171 |
) |
|
$ |
(319 |
) |
The accompanying notes are an integral part of these condensed financial statements.
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CHENIERE ENERGY PARTNERS, L.P.
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2015 |
Cash used in operating activities |
$ |
(101 |
) |
|
$ |
(53 |
) |
|
$ |
(43 |
) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Property, plant and equipment, net |
— |
|
|
— |
|
|
(1 |
) |
Investments in subsidiaries |
(245 |
) |
|
(2,429 |
) |
|
13 |
|
Distributions received from affiliates, net |
1,431 |
|
|
218 |
|
|
18 |
|
Net cash provided by (used in) investing activities |
1,186 |
|
|
(2,211 |
) |
|
30 |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from issuance of debt |
1,500 |
|
|
2,560 |
|
|
— |
|
Repayments of debt |
(1,470 |
) |
|
— |
|
|
— |
|
Debt issuance and deferred financing costs |
(22 |
) |
|
(73 |
) |
|
— |
|
Distributions to owners |
(294 |
) |
|
(99 |
) |
|
(99 |
) |
Net cash provided by (used in) financing activities |
(286 |
) |
|
2,388 |
|
|
(99 |
) |
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
799 |
|
|
124 |
|
|
(112 |
) |
Cash, cash equivalents and restricted cash—beginning of period |
234 |
|
|
110 |
|
|
222 |
|
Cash, cash equivalents and restricted cash—end of period |
$ |
1,033 |
|
|
$ |
234 |
|
|
$ |
110 |
|
Balances per Condensed Balance Sheets:
|
|
|
|
|
|
|
|
|
|
December 31 |
|
2017 |
|
2016 |
Cash and cash equivalents |
$ |
— |
|
|
$ |
— |
|
Restricted cash |
1,033 |
|
|
234 |
|
Total cash, cash equivalents and restricted cash |
$ |
1,033 |
|
|
$ |
234 |
|
The accompanying notes are an integral part of these condensed financial statements.
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
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.
A substantial amount of Cheniere Partners’ operating, investing and financing activities are conducted by its affiliates. In the Condensed Financial Statements, Cheniere Partners’ investments in affiliates are presented under the equity method of accounting. 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 (loss) from operations of the affiliates is reported on a net basis as equity loss of affiliates.
The Condensed Financial Statements should be read in conjunction with Cheniere Partners’ Consolidated Financial Statements.
NOTE 2—DEBT
As of December 31, 2017 and 2016, our debt consisted of the following (in millions):
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December 31, |
|
|
2017 |
|
2016 |
Long-term debt: |
|
|
|
|
5.250% Senior Notes due 2025 |
|
$ |
1,500 |
|
|
$ |
— |
|
2016 CQP Credit Facilities |
|
1,090 |
|
|
2,560 |
|
Unamortized debt issuance costs |
|
(21 |
) |
|
— |
|
Total long-term debt, net |
|
$ |
2,569 |
|
|
$ |
2,560 |
|
Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2017 (in millions):
|
|
|
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|
Years Ending December 31, |
|
Principal Payments |
2018 |
|
$ |
— |
|
2019 |
|
55 |
|
2020 |
|
1,035 |
|
2021 |
|
— |
|
2022 |
|
— |
|
Thereafter |
|
1,500 |
|
Total |
|
$ |
2,590 |
|
NOTE 3—SUPPLEMENTAL CASH FLOW INFORMATION
The following table provides supplemental disclosure of cash flow information (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2017 |
|
2016 |
|
2015 |
Non-cash capital distributions (contributions) (1) |
|
$ |
643 |
|
|
$ |
(138 |
) |
|
$ |
(302 |
) |
|
|
(1) |
Amounts represent equity income (loss) of affiliates not funded by Cheniere Partners. |