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

Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2019



Condensed Consolidating Balance Sheet
March 31, 2019
(in millions)

	Parent Issuer		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	—	$	—	$	—		$	—
Restricted cash	661		15		621		—			1,297
Accounts and other receivables	1		2		205		—			208
Accounts receivable—affiliate	1		22		112		(22		)	113
Advances to affiliate	—		130		296		(110		)	316
Inventory	—		13		96		—			109
Other current assets	—		4		42		—			46
Other current assets—affiliate	—		1		21		(21		)	1
Total current assets	663		187		1,393		(153		)	2,090

Property, plant and equipment, net	79		2,117		13,446		(27		)	15,615
Operating lease assets, net	—		89		20		(16		)	93
Debt issuance costs, net	1		—		10		—			11
Non-current derivative assets	—		—		36		—			36
Investments in subsidiaries	2,779		680		—		(3,459		)	—
Other non-current assets, net	—		23		137		—			160
Total assets	$	3,522	$	3,096	$	15,042	$	(3,655	)	$	18,005

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	5	$	26	$	—		$	31
Accrued liabilities	74		27		624		—			725
Due to affiliates	—		132		51		(132		)	51
Deferred revenue	—		22		84		—			106
Deferred revenue—affiliate	—		21		—		(21		)	—
Current operating lease liabilities	—		5		—		—			5
Derivative liabilities	—		—		10		—			10
Total current liabilities	74		212		795		(153		)	928

Long-term debt, net	2,567		—		13,506		—			16,073
Non-current operating lease liabilities	—		83		4		—			87
Non-current derivative liabilities	—		—		10		—			10
Other non-current liabilities	—		1		3		—			4
Other non-current liabilities—affiliate	—		21		17		(16		)	22

Partners’ equity	881		2,779		707		(3,486		)	881
Total liabilities and partners’ equity	$	3,522	$	3,096	$	15,042	$	(3,655	)	$	18,005



Condensed Consolidating Balance Sheet
December 31, 2018
(in millions)

	Parent Issuer		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	—	$	—	$	—		$	—
Restricted cash	779		6		756		—			1,541
Accounts and other receivables	1		1		346		—			348
Accounts receivable—affiliate	1		40		113		(40		)	114
Advances to affiliate	—		104		210		(86		)	228
Inventory	—		12		87		—			99
Other current assets	—		2		24		—			26
Other current assets—affiliate	—		—		21		(21		)	—
Total current assets	781		165		1,557		(147		)	2,356

Property, plant and equipment, net	79		2,128		13,209		(26		)	15,390
Debt issuance costs, net	1		—		12		—			13
Non-current derivative assets	—		—		31		—			31
Investments in subsidiaries	2,544		440		—		(2,984		)	—
Other non-current assets, net	—		26		158		—			184
Total assets	$	3,405	$	2,759	$	14,967	$	(3,157	)	$	17,974

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	4	$	11	$	—		$	15
Accrued liabilities	39		14		768		—			821
Due to affiliates	—		127		48		(126		)	49
Deferred revenue	—		25		91		—			116
Deferred revenue—affiliate	—		22		—		(21		)	1
Derivative liabilities	—		—		66		—			66
Total current liabilities	39		192		984		(147		)	1,068

Long-term debt, net	2,566		—		13,500		—			16,066
Non-current derivative liabilities	—		—		14		—			14
Other non-current liabilities	—		1		3		—			4
Other non-current liabilities—affiliate	—		22		—		—			22

Partners’ equity	800		2,544		466		(3,010		)	800
Total liabilities and partners’ equity	$	3,405	$	2,759	$	14,967	$	(3,157	)	$	17,974



Condensed Consolidating Statement of Income
Three Months Ended March 31, 2019
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	1,367		$	—		$	1,367
LNG revenues—affiliate	—			—			305			—			305
Regasification revenues	—			66			—			—			66
Regasification revenues—affiliate	—			66			—			(66		)	—
Other revenues	—			11			—			—			11
Other revenues—affiliate	—			59			—			(59		)	—
Total revenues	—			202			1,672			(125		)	1,749

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			—			879			—			879
Cost of sales—affiliate	—			—			9			(9		)	—
Operating and maintenance expense	—			28			110			—			138
Operating and maintenance expense—affiliate	—			33			107			(111		)	29
General and administrative expense	1			1			1			—			3
General and administrative expense—affiliate	3			6			15			(3		)	21
Depreciation and amortization expense	1			17			96			—			114
Impairment expense and loss on disposal of assets	—			—			2			—			2
Total operating costs and expenses	5			85			1,219			(123		)	1,186

Income (loss) from operations	(5		)	117			453			(2		)	563

Other income (expense)
Interest expense, net of capitalized interest	(36		)	(1		)	(150		)	—			(187		)
Equity earnings of subsidiaries	422			308			—			(730		)	—
Other income	4			—			5			—			9
Total other income (expense)	390			307			(145		)	(730		)	(178		)

Net income	$	385		$	424		$	308		$	(732	)	$	385



Condensed Consolidating Statement of Income
Three Months Ended March 31, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	1,015		$	—		$	1,015
LNG revenues—affiliate	—			—			503			—			503
Regasification revenues	—			65			—			—			65
Regasification revenues—affiliate	—			64			—			(64		)	—
Other revenues	—			10			—			—			10
Other revenues—affiliate	—			55			—			(55		)	—
Total revenues	—			194			1,518			(119		)	1,593

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			—			838			(1		)	837
Cost of sales—affiliate	—			—			8			(8		)	—
Operating and maintenance expense	—			17			78			—			95
Operating and maintenance expense—affiliate	—			32			103			(109		)	26
General and administrative expense	1			1			2			—			4
General and administrative expense—affiliate	3			4			12			(1		)	18
Depreciation and amortization expense	1			18			86			—			105
Total operating costs and expenses	5			72			1,127			(119		)	1,085

Income (loss) from operations	(5		)	122			391			—			508

Other income (expense)
Interest expense, net of capitalized interest	(34		)	—			(151		)	—			(185		)
Derivative gain, net	8			—			—			—			8
Equity earnings of subsidiaries	363			242			—			(605		)	—
Other income (expense)	3			(1		)	2			—			4
Total other income (expense)	340			241			(149		)	(605		)	(173		)

Net income	$	335		$	363		$	242		$	(605	)	$	335



Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2019
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by operating activities	$	404		$	364		$	213		$	(637	)	$	344

Cash flows from investing activities
Property, plant and equipment, net	—			(5		)	(280		)	2			(283		)
Investments in subsidiaries	(218		)	(164		)	—			382			—
Other	—			—			(1		)	—			(1		)
Net cash used in investing activities	(218		)	(169		)	(281		)	384			(284		)

Cash flows from financing activities
Distributions to parent	—			(404		)	(231		)	635			—
Contributions from parent	—			218			164			(382		)	—
Distributions to owners	(304		)	—			—			—			(304		)
Net cash used in financing activities	(304		)	(186		)	(67		)	253			(304		)

Net increase (decrease) in cash, cash equivalents and restricted cash	(118		)	9			(135		)	—			(244		)
Cash, cash equivalents and restricted cash—beginning of period	779			6			756			—			1,541
Cash, cash equivalents and restricted cash—end of period	$	661		$	15		$	621		$	—		$	1,297

Balances per Condensed Consolidating Balance Sheet:



	March 31, 2019
	Parent Issuer		Guarantors		Non-Guarantors		Eliminations		Consolidated
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—
Restricted cash	661		15		621		—		1,297
Total cash, cash equivalents and restricted cash	$	661	$	15	$	621	$	—	$	1,297



Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(10	)	$	135		$	206		$	—		$	331

Cash flows from investing activities
Property, plant and equipment, net	—			(5		)	(189		)	—			(194		)
Investments in subsidiaries	(38		)	—			—			38			—
Distributions received from affiliates, net	167			—			—			(167		)	—
Net cash provided by (used in) investing activities	129			(5		)	(189		)	(129		)	(194		)

Cash flows from financing activities
Distributions to parent	—			(167		)	—			167			—
Contributions from parent	—			38			—			(38		)	—
Distributions to owners	(249		)	—			—			—			(249		)
Net cash used in financing activities	(249		)	(129		)	—			129			(249		)

Net increase (decrease) in cash, cash equivalents and restricted cash	(130		)	1			17			—			(112		)
Cash, cash equivalents and restricted cash—beginning of period	1,033			12			544			—			1,589
Cash, cash equivalents and restricted cash—end of period	$	903		$	13		$	561		$	—		$	1,477