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)

9 Months Ended

Sep. 30, 2019

Supplemental Guarantor Information [Abstract]



Condensed Consolidating Balance Sheet
September 30, 2019
(in millions)

	Parent Issuer		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	1,701	$	6	$	—	$	—		$	1,707
Restricted cash	—		—		185		—			185
Accounts and other receivables	—		3		274		—			277
Accounts receivable—affiliate	—		35		66		(34		)	67
Advances to affiliate	—		151		154		(128		)	177
Inventory	—		13		90		—			103
Derivative assets	—		—		8		—			8
Other current assets	1		12		52		—			65
Other current assets—affiliate	—		—		22		(22		)	—
Total current assets	1,702		220		851		(184		)	2,589

Property, plant and equipment, net	79		2,454		13,831		(26		)	16,338
Operating lease assets, net	—		86		21		(16		)	91
Debt issuance costs, net	10		—		7		—			17
Non-current derivative assets	—		—		29		—			29
Investments in subsidiaries	2,931		495		—		(3,426		)	—
Other non-current assets, net	—		25		132		—			157
Total assets	$	4,722	$	3,280	$	14,871	$	(3,652	)	$	19,221

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	—	$	5	$	12	$	—		$	17
Accrued liabilities	77		36		544		—			657
Due to affiliates	—		158		45		(163		)	40
Deferred revenue	—		21		148		—			169
Deferred revenue—affiliate	—		21		—		(21		)	—
Current operating lease liabilities	—		6		—		—			6
Derivative liabilities	—		—		29		—			29
Total current liabilities	77		247		778		(184		)	918

Long-term debt, net	4,053		—		13,518		—			17,571
Non-current operating lease liabilities	—		79		5		—			84
Non-current derivative liabilities	—		—		32		—			32
Other non-current liabilities	—		3		1		—			4
Other non-current liabilities—affiliate	—		20		16		(16		)	20

Partners’ equity	592		2,931		521		(3,452		)	592
Total liabilities and partners’ equity	$	4,722	$	3,280	$	14,871	$	(3,652	)	$	19,221



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
Derivative assets	—		—		6		—			6
Other current assets	—		2		18		—			20
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 Statements of Income



Condensed Consolidating Statement of Income
Three Months Ended September 30, 2019
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	1,140		$	—		$	1,140
LNG revenues—affiliate	—			—			257			—			257
Regasification revenues	—			66			—			—			66
Regasification revenues—affiliate	—			65			—			(65		)	—
Other revenues	—			13			—			—			13
Other revenues—affiliate	—			36			—			(36		)	—
Total revenues	—			180			1,397			(101		)	1,476

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			—			742			—			742
Cost of sales—affiliate	—			6			17			(17		)	6
Operating and maintenance expense	—			22			150			—			172
Operating and maintenance expense—affiliate	—			5			113			(84		)	34
General and administrative expense	1			1			1			—			3
General and administrative expense—affiliate	4			8			28			(6		)	34
Depreciation and amortization expense	1			21			117			(1		)	138
Impairment expense and loss on disposal of assets	—			—			1			—			1
Total operating costs and expenses	6			63			1,169			(108		)	1,130

Income (loss) from operations	(6		)	117			228			7			346

Other income (expense)
Interest expense, net of capitalized interest	(47		)	(1		)	(183		)	—			(231		)
Loss on modification or extinguishment of debt	(13		)	—			—			—			(13		)
Equity earnings of subsidiaries	170			48			—			(218		)	—
Other income (expense)	6			(1		)	3			—			8
Total other income (expense)	116			46			(180		)	(218		)	(236		)

Net income	$	110		$	163		$	48		$	(211	)	$	110



Condensed Consolidating Statement of Income
Three Months Ended September 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	1,249		$	—		$	1,249
LNG revenues—affiliate	—			—			205			—			205
Regasification revenues	—			66			—			—			66
Regasification revenues—affiliate	—			64			—			(64		)	—
Other revenues	—			9			—			—			9
Other revenues—affiliate	—			48			—			(48		)	—
Total revenues	—			187			1,454			(112		)	1,529

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			—			758			(2		)	756
Cost of sales—affiliate	—			—			8			(8		)	—
Operating and maintenance expense	—			17			96			—			113
Operating and maintenance expense—affiliate	—			39			107			(115		)	31
Development expense	—			1			—			—			1
General and administrative expense	1			1			1			—			3
General and administrative expense—affiliate	3			6			12			(3		)	18
Depreciation and amortization expense	1			19			88			(1		)	107
Other	—			8			—			—			8
Total operating costs and expenses	5			91			1,070			(129		)	1,037

Income (loss) from operations	(5		)	96			384			17			492

Other income (expense)
Interest expense, net of capitalized interest	(36		)	(1		)	(146		)	—			(183		)
Loss on early extinguishment of debt	(12		)	—			—			—			(12		)
Derivative gain, net	2			—			—			—			2
Equity earnings of subsidiaries	354			243			—			(597		)	—
Other income (expense)	4			(1		)	5			—			8
Total other income (expense)	312			241			(141		)	(597		)	(185		)

Net income	$	307		$	337		$	243		$	(580	)	$	307



Condensed Consolidating Statement of Income
Nine Months Ended September 30, 2019
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	3,678		$	—		$	3,678
LNG revenues—affiliate	—			—			1,017			—			1,017
Regasification revenues	—			199			—			—			199
Regasification revenues—affiliate	—			196			—			(196		)	—
Other revenues	—			36			—			—			36
Other revenues—affiliate	—			160			—			(160		)	—
Total revenues	—			591			4,695			(356		)	4,930

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			—			2,501			—			2,501
Cost of sales—affiliate	—			6			35			(35		)	6
Operating and maintenance expense	—			74			398			—			472
Operating and maintenance expense—affiliate	—			76			335			(311		)	100
General and administrative expense	3			2			4			—			9
General and administrative expense—affiliate	10			22			64			(14		)	82
Depreciation and amortization expense	2			58			331			(1		)	390
Impairment expense and loss on disposal of assets	—			—			6			—			6
Total operating costs and expenses	15			238			3,674			(361		)	3,566

Income (loss) from operations	(15		)	353			1,021			5			1,364

Other income (expense)
Interest expense, net of capitalized interest	(120		)	(4		)	(524		)	—			(648		)
Loss on modification or extinguishment of debt	(13		)	—			—			—			(13		)
Equity earnings of subsidiaries	860			506			—			(1,366		)	—
Other income	15			—			9			—			24
Total other income (expense)	742			502			(515		)	(1,366		)	(637		)

Net income	$	727		$	855		$	506		$	(1,361	)	$	727



Condensed Consolidating Statement of Income
Nine Months Ended September 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated

Revenues
LNG revenues	$	—		$	—		$	3,419		$	—		$	3,419
LNG revenues—affiliate	—			—			886			—			886
Regasification revenues	—			196			—			—			196
Regasification revenues—affiliate	—			194			—			(194		)	—
Other revenues	—			28			—			—			28
Other revenues—affiliate	—			183			—			(183		)	—
Total revenues	—			601			4,305			(377		)	4,529

Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	—			2			2,291			(2		)	2,291
Cost of sales—affiliate	—			—			23			(23		)	—
Operating and maintenance expense	—			48			258			—			306
Operating and maintenance expense—affiliate	—			113			317			(343		)	87
Development expense	—			1			1			—			2
General and administrative expense	3			2			4			—			9
General and administrative expense—affiliate	9			17			36			(9		)	53
Depreciation and amortization expense	2			56			261			(1		)	318
Impairment expense and loss on disposal of assets	—			8			—			—			8
Total operating costs and expenses	14			247			3,191			(378		)	3,074

Income (loss) from operations	(14		)	354			1,114			1			1,455

Other income (expense)
Interest expense, net of capitalized interest	(104		)	(3		)	(445		)	—			(552		)
Loss on modification or early extinguishment of debt	(12		)	—			—			—			(12		)
Derivative gain, net	13			—			—			—			13
Equity earnings of subsidiaries	1,030			678			—			(1,708		)	—
Other income	10			—			9			—			19
Total other income (expense)	937			675			(436		)	(1,708		)	(532		)

Net income	$	923		$	1,029		$	678		$	(1,707	)	$	923

Condensed Consolidating Statements of Cash Flows



Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2019
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by operating activities	$	782		$	907		$	656		$	(1,368	)	$	977

Cash flows from investing activities
Property, plant and equipment, net	—			(35		)	(1,123		)	2			(1,156		)
Investments in subsidiaries	(1,109		)	(949		)	—			2,058			—
Return of capital	721			546			—			(1,267		)	—
Other	—			—			(1		)	—			(1		)
Net cash used in investing activities	(388		)	(438		)	(1,124		)	793			(1,157		)

Cash flows from financing activities
Proceeds from issuances of debt	2,230			—			—			—			2,230
Repayments of debt	(730		)	—			—			—			(730		)
Debt issuance and deferred financing costs	(33		)	—			—			—			(33		)
Debt extinguishment costs	(4		)	—			—			—			(4		)
Distributions to parent	—			(1,581		)	(1,052		)	2,633			—
Contributions from parent	—			1,109			949			(2,058		)	—
Distributions to owners	(935		)	—			—			—			(935		)
Other	—			3			—			—			3
Net cash provided by (used in) financing activities	528			(469		)	(103		)	575			531

Net increase (decrease) in cash, cash equivalents and restricted cash	922			—			(571		)	—			351
Cash, cash equivalents and restricted cash—beginning of period	779			6			756			—			1,541
Cash, cash equivalents and restricted cash—end of period	$	1,701		$	6		$	185		$	—		$	1,892

Balances per Condensed Consolidating Balance Sheet:



	September 30, 2019
	Parent Issuer		Guarantors		Non-Guarantors		Eliminations		Consolidated
Cash and cash equivalents	$	1,701	$	6	$	—	$	—	$	1,707
Restricted cash	—		—		185		—		185
Total cash, cash equivalents and restricted cash	$	1,701	$	6	$	185	$	—	$	1,892



Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2018
(in millions)

	Parent Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated
Cash flows provided by operating activities	$	339		$	408		$	928		$	(411	)	$	1,264

Cash flows from investing activities
Property, plant and equipment, net	—			(24		)	(554		)	—			(578		)
Investments in subsidiaries	(202		)	(81		)	—			283			—
Distributions received from affiliates, net	447			350			—			(797		)	—
Net cash provided by (used in) investing activities	245			245			(554		)	(514		)	(578		)

Cash flows from financing activities
Proceeds from issuances of debt	1,100			—			—			—			1,100
Repayments of debt	(1,090		)	—			—			—			(1,090		)
Debt issuance and deferred financing costs	(8		)	—			—			—			(8		)
Debt extinguishment costs	(6		)	—			—			—			(6		)
Distributions to parent	—			(858		)	(350		)	1,208			—
Contributions from parent	—			202			81			(283		)	—
Distributions to owners	(814		)	—			—			—			(814		)
Net cash used in financing activities	(818		)	(656		)	(269		)	925			(818		)

Net increase (decrease) in cash, cash equivalents and restricted cash	(234		)	(3		)	105			—			(132		)
Cash, cash equivalents and restricted cash—beginning of period	1,033			12			544			—			1,589
Cash, cash equivalents and restricted cash—end of period	$	799		$	9		$	649		$	—		$	1,457