Schedule I - Condensed Financial Information of Registrant (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Condensed Financial Statements, Captions [Line Items] |
|
| Schedule of Debt Instruments |
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: |
|
|
|
|
SPL |
|
|
|
|
5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”), net of unamortized premium of $6 and $7 |
|
$ |
2,006 |
|
|
$ |
2,007 |
|
6.25% Senior Secured Notes due 2022 (“2022 SPL Senior Notes”) |
|
1,000 |
|
|
1,000 |
|
5.625% Senior Secured Notes due 2023 (“2023 SPL Senior Notes”), net of unamortized premium of $5 and $6 |
|
1,505 |
|
|
1,506 |
|
5.75% Senior Secured Notes due 2024 (“2024 SPL Senior Notes”) |
|
2,000 |
|
|
2,000 |
|
5.625% Senior Secured Notes due 2025 (“2025 SPL Senior Notes”) |
|
2,000 |
|
|
2,000 |
|
5.875% Senior Secured Notes due 2026 (“2026 SPL Senior Notes”) |
|
1,500 |
|
|
1,500 |
|
5.00% Senior Secured Notes due 2027 (“2027 SPL Senior Notes”) |
|
1,500 |
|
|
1,500 |
|
4.200% Senior Secured Notes due 2028 (“2028 SPL Senior Notes”), net of unamortized discount of $1 and zero |
|
1,349 |
|
|
— |
|
5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”) |
|
800 |
|
|
— |
|
2015 SPL Credit Facilities |
|
— |
|
|
314 |
|
Cheniere Partners |
|
|
|
|
5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”) |
|
1,500 |
|
|
— |
|
2016 CQP Credit Facilities |
|
1,090 |
|
|
2,560 |
|
Unamortized debt issuance costs |
|
(204 |
) |
|
(178 |
) |
Total long-term debt, net |
|
16,046 |
|
|
14,209 |
|
|
|
|
|
|
Current debt: |
|
|
|
|
$1.2 billion SPL Working Capital Facility (“SPL Working Capital Facility”) |
|
— |
|
|
224 |
|
|
|
|
|
|
Total debt, net |
|
$ |
16,046 |
|
|
$ |
14,433 |
|
|
| Schedule of Maturities of Long-term Debt |
Below is a schedule of future principal payments that we are obligated to make, based on current construction schedules, 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 |
|
2,000 |
|
2022 |
|
1,000 |
|
Thereafter |
|
12,150 |
|
Total |
|
$ |
16,240 |
|
|
| Schedule of Cash Flow, Supplemental Disclosures |
The following table provides supplemental disclosure of cash flow information (in millions):
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|
|
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|
|
|
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|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2015 |
Cash paid during the period for interest, net of amounts capitalized |
$ |
510 |
|
|
$ |
242 |
|
|
$ |
136 |
|
Non-cash conveyance of assets |
— |
|
|
— |
|
|
13 |
|
|
| Parent Company [Member] |
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| Condensed Financial Statements, Captions [Line Items] |
|
| Condensed Balance Sheets |
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 |
|
|
| Condensed Statement of Operations |
CHENIERE ENERGY PARTNERS, L.P.
CONDENSED STATEMENTS OF OPERATIONS
(in millions)
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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 |
) |
|
| Condensed Statements of Cash Flows |
CHENIERE ENERGY PARTNERS, L.P.
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
|
|
|
|
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|
|
|
|
|
|
|
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|
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 |
|
|
| Schedule of Debt Instruments |
As of December 31, 2017 and 2016, our debt consisted of the following (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| Schedule of Maturities of Long-term Debt |
Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2017 (in millions):
|
|
|
|
|
|
Years Ending December 31, |
|
Principal Payments |
2018 |
|
$ |
— |
|
2019 |
|
55 |
|
2020 |
|
1,035 |
|
2021 |
|
— |
|
2022 |
|
— |
|
Thereafter |
|
1,500 |
|
Total |
|
$ |
2,590 |
|
|
| Schedule of Cash Flow, Supplemental Disclosures |
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. |
|