Cheniere Energy Partners, L.P. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Supplemental Guarantor Information (Tables)

Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Guarantor Information [Abstract]



Condensed Consolidating Balance Sheet
June 30, 2018
(in millions)

	Parent Issuer		Guarantors		Non-Guarantor		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	—	$	—	$	—		$	—
Restricted cash	663		12		846		—			1,521
Accounts and other receivables	1		4		236		—			241
Accounts receivable—affiliate	—		36		20		(37		)	19
Advances to affiliate	—		90		129		(80		)	139
Inventory	—		11		76		—			87
Other current assets	14		8		32		—			54
Other current assets—affiliate	—		1		21		(21		)	1
Total current assets	678		162		1,360		(138		)	2,062

Property, plant and equipment, net	79		2,145		13,007		(24		)	15,207
Debt issuance costs, net	3		—		15		—			18
Non-current derivative assets	15		—		16		—			31
Investments in subsidiaries	2,531		397		—		(2,928		)	—
Other non-current assets, net	—		35		189		—			224
Total assets	$	3,306	$	2,739	$	14,587	$	(3,090	)	$	17,542

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	4	$	10	$	—		$	14
Accrued liabilities	20		15		537		—			572
Due to affiliates	—		111		43		(115		)	39
Deferred revenue	—		25		73		—			98
Deferred revenue—affiliate	—		21		—		(21		)	—
Derivative liabilities	—		—		7		—			7
Other current liabilities—affiliate	—		1		—		(1		)	—
Total current liabilities	20		177		670		(137		)	730

Long-term debt, net	2,558		—		13,488		—			16,046
Non-current derivative liabilities	—		—		7		—			7
Other non-current liabilities	—		8		—		—			8
Other non-current liabilities—affiliate	—		23		—		—			23

Partners’ equity	728		2,531		422		(2,953		)	728
Total liabilities and partners’ equity	$	3,306	$	2,739	$	14,587	$	(3,090	)	$	17,542



Condensed Consolidating Balance Sheet
December 31, 2017
(in millions)

	Parent Issuer		Guarantors			Non-Guarantor			Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	—		$	—		$	—		$	—
Restricted cash	1,033		12			544			—			1,589
Accounts and other receivables	—		2			189			—			191
Accounts receivable—affiliate	—		36			163			(36		)	163
Advances to affiliate	—		20			26			(10		)	36
Inventory	—		10			85			—			95
Other current assets	8		3			54			—			65
Other current assets—affiliate	—		—			21			(21		)	—
Total current assets	1,041		83			1,082			(67		)	2,139

Property, plant and equipment, net	80		2,164			12,920			(25		)	15,139
Debt issuance costs, net	20		—			18			—			38
Non-current derivative assets	14		—			17			—			31
Investments in subsidiaries	2,076		(63		)	—			(2,013		)	—
Other non-current assets, net	—		37			169			—			206
Total assets	$	3,231	$	2,221		$	14,206		$	(2,105	)	$	17,553

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	4		$	8		$	—		$	12
Accrued liabilities	23		8			606			—			637
Due to affiliates	—		47			66			(45		)	68
Deferred revenue	—		27			84			—			111
Deferred revenue—affiliate	—		22			—			(21		)	1
Other current liabilities—affiliate	—		1			—			(1		)	—
Total current liabilities	23		109			764			(67		)	829

Long-term debt, net	2,569		—			13,477			—			16,046
Non-current deferred revenue	—		1			—			—			1
Non-current derivative liabilities	—		—			3			—			3
Other non-current liabilities	—		10			—			—			10
Other non-current liabilities—affiliate	—		25			—			—			25

Partners’ equity (deficit)	639		2,076			(38		)	(2,038		)	639
Total liabilities and partners’ equity (deficit)	$	3,231	$	2,221		$	14,206		$	(2,105	)	$	17,553

Condensed Consolidating Statements of Operations



Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantor			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	1,155		$	—		$	1,155
LNG revenues—affiliate	—			—			178			—			178
Regasification revenues	—			65			—			—			65
Regasification revenues—affiliate	—			66			—			(66		)	—
Other revenues	—			9			—			—			9
Other revenues—affiliate	—			80			—			(80		)	—
Total revenues	—			220			1,333			(146		)	1,407

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			2			695			1			698
Cost of sales—affiliate	—			—			7			(7		)	—
Operating and maintenance expense	—			14			84			—			98
Operating and maintenance expense—affiliate	—			42			107			(119		)	30
Development expense	—			—			1			—			1
General and administrative expense	1			—			1			—			2
General and administrative expense—affiliate	3			7			12			(5		)	17
Depreciation and amortization expense	—			19			87			—			106
Total operating costs and expenses	4			84			994			(130		)	952

Income (loss) from operations	(4		)	136			339			(16		)	455

Other income (expense)
Interest expense, net of capitalized interest	(34		)	(2		)	(148		)	—			(184		)
Derivative gain, net	3			—			—			—			3
Equity earnings of subsidiaries	313			193			—			(506		)	—
Other income	3			2			2			—			7
Total other income (expense)	285			193			(146		)	(506		)	(174		)

Net income	$	281		$	329		$	193		$	(522	)	$	281



Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2017
(in millions)

	Parent Issuer			Guarantors			Non-Guarantor			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	503		$	—		$	503
LNG revenues—affiliate	—			—			422			—			422
Regasification revenues	—			65			—			—			65
Regasification revenues—affiliate	—			47			—			(47		)	—
Other revenues	—			2			—			—			2
Other revenues—affiliate	—			60			—			(60		)	—
Total revenues	—			174			925			(107		)	992

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			2			578			(3		)	577
Cost of sales—affiliate	—			—			6			(6		)	—
Operating and maintenance expense	2			12			68			—			82
Operating and maintenance expense—affiliate	—			29			83			(91		)	21
Development expense	—			—			1			—			1
General and administrative expense	1			1			—			—			2
General and administrative expense—affiliate	3			10			17			(7		)	23
Depreciation and amortization expense	—			19			67			—			86
Total operating costs and expenses	6			73			820			(107		)	792

Income (loss) from operations	(6		)	101			105			—			200

Other income (expense)
Interest expense, net of capitalized interest	(27		)	—			(127		)	—			(154		)
Derivative loss, net	(3		)	—			—			—			(3		)
Equity earnings (losses) of subsidiaries	81			(20		)	—			(61		)	—
Other income	1			—			2			—			3
Total other income (expense)	52			(20		)	(125		)	(61		)	(154		)

Net income (loss)	$	46		$	81		$	(20	)	$	(61	)	$	46



Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantor			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	2,170		$	—		$	2,170
LNG revenues—affiliate	—			—			681			—			681
Regasification revenues	—			130			—			—			130
Regasification revenues—affiliate	—			130			—			(130		)	—
Other revenues	—			19			—			—			19
Other revenues—affiliate	—			135			—			(135		)	—
Total revenues	—			414			2,851			(265		)	3,000

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			2			1,533			—			1,535
Cost of sales—affiliate	—			—			15			(15		)	—
Operating and maintenance expense	—			31			162			—			193
Operating and maintenance expense—affiliate	—			74			210			(228		)	56
Development expense	—			—			1			—			1
General and administrative expense	2			1			3			—			6
General and administrative expense—affiliate	6			11			24			(6		)	35
Depreciation and amortization expense	1			37			173			—			211
Total operating costs and expenses	9			156			2,121			(249		)	2,037

Income (loss) from operations	(9		)	258			730			(16		)	963

Other income (expense)
Interest expense, net of capitalized interest	(68		)	(2		)	(299		)	—			(369		)
Derivative gain, net	11			—			—			—			11
Equity earnings of subsidiaries	676			435			—			(1,111		)	—
Other income	6			1			4			—			11
Total other income (expense)	625			434			(295		)	(1,111		)	(347		)

Net income	$	616		$	692		$	435		$	(1,127	)	$	616



Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2017
(in millions)

	Parent Issuer			Guarantors			Non-Guarantor			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	995		$	—		$	995
LNG revenues—affiliate	—			—			753			—			753
Regasification revenues	—			130			—			—			130
Regasification revenues—affiliate	—			80			—			(80		)	—
Other revenues	—			4			—			—			4
Other revenues—affiliate	—			111			—			(110		)	1
Total revenues	—			325			1,748			(190		)	1,883

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			2			1,088			—			1,090
Cost of sales—affiliate	—			—			10			(10		)	—
Operating and maintenance expense	3			22			107			—			132
Operating and maintenance expense—affiliate	—			63			142			(166		)	39
Development expense	—			—			1			—			1
General and administrative expense	2			1			2			—			5
General and administrative expense—affiliate	6			13			34			(8		)	45
Depreciation and amortization expense	—			38			114			—			152
Total operating costs and expenses	11			139			1,498			(184		)	1,464

Income (loss) from operations	(11		)	186			250			(6		)	419

Other income (expense)
Interest expense, net of capitalized interest	(52		)	—			(232		)	—			(284		)
Loss on modification or extinguishment of debt	—			—			(42		)	—			(42		)
Derivative loss, net	(1		)	—			(2		)	—			(3		)
Equity earnings (losses) of subsidiaries	156			(24		)	—			(132		)	—
Other income	1			—			2			—			3
Total other income (expense)	104			(24		)	(274		)	(132		)	(326		)

Net income (loss)	$	93		$	162		$	(24	)	$	(138	)	$	93

Condensed Consolidating Statements of Cash Flows



Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantor			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(7	)	$	266		$	604		$	(58	)	$	805

Cash flows from investing activities
Property, plant and equipment, net	—			(18		)	(327		)	—			(345		)
Investments in subsidiaries	(112		)	(25		)	—			137			—
Distributions received from affiliates, net	277			—			—			(277		)	—
Net cash provided by (used in) investing activities	165			(43		)	(327		)	(140		)	(345		)

Cash flows from financing activities
Debt issuance and deferred financing costs	(1		)	—			—			—			(1		)
Distributions to parent	—			(335		)	—			335			—
Contributions from parent	—			112			25			(137		)	—
Distributions to owners	(527		)	—			—			—			(527		)
Net cash provided by (used in) financing activities	(528		)	(223		)	25			198			(528		)

Net increase (decrease) in cash, cash equivalents and restricted cash	(370		)	—			302			—			(68		)
Cash, cash equivalents and restricted cash—beginning of period	1,033			12			544			—			1,589
Cash, cash equivalents and restricted cash—end of period	$	663		$	12		$	846		$	—		$	1,521

Balances per Condensed Consolidating Balance Sheet:



	June 30, 2018
	Parent Issuer		Guarantors		Non-Guarantor		Eliminations		Consolidated
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—
Restricted cash	663		12		846		—		1,521
Total cash, cash equivalents and restricted cash	$	663	$	12	$	846	$	—	$	1,521



Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2017
(in millions)

	Parent Issuer			Guarantors			Non-Guarantor			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(55	)	$	163		$	221		$	(5	)	$	324

Cash flows from investing activities
Property, plant and equipment, net	—			(12		)	(891		)	5			(898		)
Investments in subsidiaries	(170		)	(7		)	—			177			—
Distributions received from affiliates, net	319			—			—			(319		)	—
Net cash provided by (used in) investing activities	149			(19		)	(891		)	(137		)	(898		)

Cash flows from financing activities
Proceeds from issuances of debt	—			—			2,314			—			2,314
Repayments of debt	—			—			(703		)	—			(703		)
Debt issuance and deferred financing costs	—			—			(29		)	—			(29		)
Distributions to parent	—			(319		)	—			319			—
Contributions from parent	—			170			7			(177		)	—
Distributions to owners	(50		)	—			—			—			(50		)
Net cash provided by (used in) financing activities	(50		)	(149		)	1,589			142			1,532

Net increase (decrease) in cash, cash equivalents and restricted cash	44			(5		)	919			—			958
Cash, cash equivalents and restricted cash—beginning of period	234			13			358			—			605
Cash, cash equivalents and restricted cash—end of period	$	278		$	8		$	1,277		$	—		$	1,563