HOUSTON, Feb. 20, 2015
/PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC
("Cheniere Partners Holdings") (NYSE MKT: CQH) reported net income
of $4.6 million and $18.1 million, or $0.02 and $0.08 per
common share, for the three months and year ended December 31, 2014, respectively, compared to
$0.1 million or $0.00 per common share, for the three months and
period from July 29, 2013 (date of
inception) through December 31, 2013,
respectively. Results include distributions received from our
limited partner interests in Cheniere Energy Partners, L.P.
("Cheniere Partners"), a publicly traded limited partnership (NYSE
MKT: CQP).
Our only business consists of owning Cheniere Partners common
units, Class B units and subordinated units representing an
aggregate approximately 55.9% limited partner interest in Cheniere
Partners as of December 31, 2014. We completed our initial
public offering in December 2013.
Cheniere Partners' Sabine Pass Liquefaction Project
Update
Cheniere Partners is developing and constructing natural gas
liquefaction facilities (the "Liquefaction Project") at the Sabine
Pass LNG terminal adjacent to the existing regasification
facilities through its wholly owned subsidiary, Sabine Pass
Liquefaction, LLC ("Sabine Pass Liquefaction").
Cheniere Partners continues to make progress on its Liquefaction
Project, which is being developed for up to six natural gas
liquefaction trains ("Trains"), each with a nominal production
capacity of approximately 4.5 million tonnes per annum
("mtpa").
The Trains are in various stages of development.
- Construction on Trains 1 and 2 began in August 2012, and as of December 31, 2014,
the overall project for Trains 1 and 2 was approximately 81%
complete, which is ahead of the contractual schedule. Based on
Cheniere Partners' current construction schedule, Cheniere Partners
anticipates that Train 1 will produce liquefied natural gas ("LNG")
as early as late 2015.
- Construction on Trains 3 and 4 began in May 2013, and as of December 31, 2014, the
overall project for Trains 3 and 4 was approximately 54% complete,
which is ahead of the contractual schedule. Cheniere Partners
expects Trains 3 and 4 to become operational in late 2016 and 2017,
respectively.
- Trains 5 and 6 are under development. Cheniere Partners has
entered into LNG sale and purchase agreements for approximately
3.75 mtpa in aggregate that commence with the date of first
commercial delivery for Train 5. Cheniere Partners has received
authorizations from the U.S. Department of Energy ("DOE") to export
503 Bcf per year of LNG volumes from Trains 5 and 6 to free trade
agreement ("FTA") countries. Authorization to export LNG to non-FTA
countries is pending. In December
2014, the Federal Energy Regulatory Commission ("FERC")
published the final Environmental Assessment, and final FERC
authorization is subject to commissioner approvals.
Cheniere Partners will contemplate making a final investment
decision to commence construction of Train 5 and Train 6 based
upon, among other things, entering into engineering, procurement
and construction ("EPC") contracts, entering into acceptable
commercial arrangements, receiving all regulatory approvals and
obtaining financing.
Liquefaction Project Timeline
|
|
|
|
|
|
|
Target
Date
|
|
|
Trains
|
|
Trains
|
Milestone
|
|
1 -
4
|
|
5 &
6
|
DOE export
authorization
|
|
Received
|
|
Received
FTA
|
|
|
|
|
Pending
Non-FTA
|
|
|
Completed
|
|
T5:
Completed
|
Definitive commercial
agreements
|
|
16.0 mtpa
|
|
T6: 2015
|
- BG Gulf Coast LNG,
LLC
|
|
5.5 mtpa
|
|
|
- Gas Natural
Fenosa
|
|
3.5 mtpa
|
|
|
- KOGAS
|
|
3.5 mtpa
|
|
|
- GAIL (India)
Ltd.
|
|
3.5
mtpa
|
|
|
- Total Gas &
Power N.A.
|
|
|
|
2.0 mtpa
|
- Centrica
plc
|
|
|
|
1.75 mtpa
|
EPC
contracts
|
|
Completed
|
|
2015
|
Financing
|
|
Completed
|
|
2015
|
- Equity
commitments
|
|
|
|
|
- Debt
commitments
|
|
|
|
|
FERC
authorization
|
|
Completed
|
|
|
- FERC
Order
|
|
|
|
2015
|
- Certificate to
commence construction
|
|
|
|
2015
|
Issue Notice to
Proceed
|
|
Completed
|
|
2015
|
Commence
operations
|
|
2015 -
2017
|
|
2018/2019
|
Dividends
When Cheniere Partners makes cash distributions to us with
respect to our Cheniere Partners units, we will pay dividends to
our shareholders consisting of the cash that we receive from
Cheniere Partners, less income taxes and reserves established by
our Board of Directors.
On February 6, 2015 we announced
that our Board of Directors declared a quarterly cash dividend of
$0.019 per common share representing
limited liability company interests in Cheniere Partners Holdings.
The dividend will be payable on February 27,
2015 to shareholders of record as of the close of business
on February 17, 2015.
Cheniere Partners Holdings owns a 55.9% limited partner interest
in Cheniere Partners. Cheniere Partners Holdings' only business
consists of owning Cheniere Partners units and, accordingly, its
results of operations and financial condition are dependent on the
performance of Cheniere Partners. Cheniere Partners owns and
operates LNG regasification facilities and, adjacent to these
facilities, currently has natural gas liquefaction facilities under
construction. Additional information is available on the Cheniere
Partners Holdings website located at www.cheniere.com.
This press release contains certain statements that may include
"forward-looking statements." All statements, other than statements
of historical facts, included herein are "forward-looking
statements." Included among "forward-looking statements" are, among
other things, (i) statements regarding Cheniere Partners' and
Cheniere Partners Holdings' business strategy, plans and
objectives, including the construction and operation of
liquefaction facilities, (ii) statements regarding expectations
regarding regulatory authorizations and approvals, (iii) statements
expressing beliefs and expectations regarding the development of
Cheniere Partners' LNG terminal and liquefaction business, (iv)
statements regarding the business operations and prospects of third
parties, (v) statements regarding potential financing arrangements,
and (vi) statements regarding future discussions and entry into
contracts. Although Cheniere Partners Holdings believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Cheniere Partners
Holdings' actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in Cheniere Partners
Holdings' periodic reports that are filed with and available from
the Securities and Exchange Commission. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Other than as required under the
securities laws, Cheniere Partners Holdings does not assume a duty
to update these forward-looking statements.
(Financial Table Follows)
|
CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
STATEMENTS OF
OPERATIONS
(in thousands,
except per share data)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Period from July
29, 2013 (Date of Inception) Through
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
2013
|
Equity income from
investment in Cheniere Partners
|
$
|
5,085
|
|
|
$
|
—
|
|
|
$
|
20,338
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
General and
administrative expense
|
266
|
|
|
15
|
|
|
1,182
|
|
15
|
General and
administrative expense—affiliate
|
254
|
|
|
39
|
|
|
1,015
|
|
39
|
Total
expenses
|
520
|
|
|
54
|
|
|
2,197
|
|
54
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
4,565
|
|
|
$
|
(54)
|
|
|
$
|
18,141
|
|
$
|
(54)
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share—basic and diluted
|
$
|
0.02
|
|
|
$
|
—
|
|
|
$
|
0.08
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding—basic and diluted
|
231,700
|
|
|
231,700
|
|
|
231,700
|
|
231,700
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.019
|
|
|
$
|
—
|
|
|
$
|
0.074
|
|
$
|
—
|
|
CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
BALANCE
SHEETS
(in thousands,
except share amounts)
|
|
|
|
December
31,
|
|
|
2014
|
|
|
2013
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,261
|
|
|
$
|
—
|
Accounts
receivable
|
|
114
|
|
|
161
|
Accounts
receivable—affiliate
|
|
—
|
|
|
70
|
Prepaid expenses and
other
|
|
21
|
|
|
—
|
Total current
assets
|
|
1,396
|
|
|
231
|
|
|
|
|
|
|
Other non-current
assets
|
|
157
|
|
|
122
|
Total
assets
|
|
$
|
1,553
|
|
|
$
|
353
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
$
|
28
|
|
|
$
|
—
|
Accrued
liabilities
|
|
220
|
|
|
95
|
Accrued
liabilities—affiliates
|
|
91
|
|
|
39
|
Total current
liabilities
|
|
339
|
|
|
134
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Common shares:
unlimited shares authorized, 231.7 million shares issued and
outstanding at December 31, 2014 and 2013
|
|
664,931
|
|
|
664,931
|
Director voting
share: 1 share authorized, issued and outstanding at December 31,
2014 and 2013
|
|
—
|
|
|
—
|
Additional
paid-in-capital
|
|
(271,757)
|
|
|
(271,757)
|
Accumulated
deficit
|
|
(391,960)
|
|
|
(392,955)
|
Total shareholders'
equity
|
|
1,214
|
|
|
219
|
Total liabilities and
shareholders' equity
|
|
$
|
1,553
|
|
|
$
|
353
|
CONTACTS:
|
|
Investors: Randy
Bhatia: 713-375-5479
|
Christina Burke:
713-375-5104
|
Media: Faith Parker:
713-375-5663
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cheniere-energy-partners-lp-holdings-llc-reports-fourth-quarter-and-full-year-2014-results-300038903.html
SOURCE Cheniere Energy Partners LP Holdings, LLC