HOUSTON, Feb. 19, 2016
/PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC
("Cheniere Partners Holdings") (NYSE MKT: CQH) reported net income
of $4.6 million, or $0.02 per common share, for the three months
ended December 31, 2015, compared to
$4.6 million, or $0.02 per common share, for the same period in
2014. For the twelve months ended December 31, 2015, Cheniere Partners Holdings
reported net income of $18.2 million,
or $0.08 per common share, compared
to net income of $18.1 million, or
$0.08 per common share, during the
corresponding period in 2014. Results include the distribution
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, 2015.
Sabine Pass Liquefaction Project Update
Cheniere Partners is developing and constructing natural gas
liquefaction facilities (the "Sabine Pass Liquefaction Project") at
the Sabine Pass LNG terminal adjacent to the existing
regasification facilities through its wholly owned subsidiary,
Sabine Pass Liquefaction, LLC.
Cheniere Partners continues to make progress on its Sabine Pass
Liquefaction Project, which is being developed for up to six
natural gas liquefaction trains ("Trains"), each with an expected
nominal production capacity of approximately 4.5 million tonnes per
annum ("mtpa") of LNG.
The Trains are in various stages of development, with
construction of the first Train complete and the commissioning
process underway. Train 1 has begun producing LNG, and the first
LNG commissioning cargo is expected to be exported late February /
March. Commissioning for Train 2 is expected to commence in
the upcoming months. The remaining Trains are expected to commence
commissioning on a staggered basis thereafter.
- Construction on Trains 1 and 2 began in August 2012, and as of December 31, 2015, the overall project completion
percentage for Trains 1 and 2 was approximately 97.4%, which is
ahead of the contractual schedule. Based on the recently updated
construction and commissioning schedule, Cheniere Partners expects
to export the first LNG commissioning cargo in late February or
March 2016.
- Construction on Trains 3 and 4 began in May 2013, and as of December 31, 2015, the overall project completion
percentage for Trains 3 and 4 was approximately 79.5%, which is
ahead of the contractual schedule. Cheniere Partners expects Trains
3 and 4 to become operational in 2017.
- Construction on Train 5 began in June
2015, and as of December 31,
2015, the overall project completion percentage for Train 5
was approximately 14.9%, which is ahead of the contractual
schedule. Engineering, procurement and construction were
approximately 41.9%, 20.5% and 0.1% complete, respectively.
Cheniere Partners expects Train 5 to become operational in
2019.
- Train 6 is currently under development, with all necessary
regulatory approvals in place. Cheniere Partners expects to make a
final investment decision and commence construction on Train 6
upon, among other things, entering into acceptable commercial
arrangements and obtaining adequate financing.
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Sabine Pass
Liquefaction Project Timeline
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Target
Date
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Milestone
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Trains 1 - 5
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Train 6
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DOE export
authorization
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Received
|
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Received
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Definitive commercial
agreements
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Completed
19.75 mtpa
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2016/2017
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- BG Gulf Coast LNG,
LLC
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5.5 mtpa
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- Gas Natural
Fenosa
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3.5 mtpa
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|
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- KOGAS
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3.5 mtpa
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- GAIL (India)
Ltd.
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3.5 mtpa
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|
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- Total Gas &
Power N.A.
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2.0 mtpa
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|
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- Centrica
plc
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1.75 mtpa
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EPC
contracts
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Completed
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2016/2017
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Financing
|
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Completed
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2016/2017
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FERC
authorization
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Completed
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Completed
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Issue Notice to
Proceed
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Completed
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2016/2017
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Commence
operations
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2016 -
2019
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2019/2020
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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 9, 2016 we announced that our Board of
Directors declared a quarterly cash dividend of $0.020 per common share representing limited
liability company interests in Cheniere Partners Holdings. The
dividend will be payable on February 29, 2016 to shareholders
of record as of the close of business on February 19, 2016.
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, is developing up to six Trains with an expected
aggregate nominal production capacity of approximately 27 mtpa.
Cheniere Partners currently has under construction five Trains with
an expected aggregate nominal production capacity of approximately
22.5 mtpa.
For additional information, please refer to the Cheniere
Partners Holdings website at www.cheniere.com and Annual Report on
Form 10-K for the fiscal year ended December 31, 2015, filed
with the Securities and Exchange Commission.
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 development, 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)
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CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
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CONSOLIDATED
STATEMENTS OF INCOME
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(in thousands,
except per share data) (1)
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|
|
|
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Three Months
Ended
|
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Year
Ended
|
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December
31,
|
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December
31,
|
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2015
|
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2014
|
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2015
|
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2014
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Equity income from
investment in Cheniere Partners
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$
|
5,085
|
|
$
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5,085
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$
|
20,338
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|
$
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20,338
|
|
|
|
|
|
|
|
|
|
|
|
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Expenses
|
|
General and
administrative expense
|
275
|
|
266
|
|
1,150
|
|
1,182
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General and
administrative expense—affiliate
|
254
|
|
254
|
|
1,015
|
|
1,015
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Total
expenses
|
529
|
|
520
|
|
2,165
|
|
2,197
|
|
|
|
|
|
|
|
|
|
|
|
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Net income
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$
|
4,556
|
|
$
|
4,565
|
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$
|
18,173
|
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$
|
18,141
|
|
|
|
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Net income per common
share—basic and diluted
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$
|
0.02
|
|
$
|
0.02
|
|
$
|
0.08
|
|
$
|
0.08
|
|
|
|
|
Weighted average
number of common shares outstanding—basic and diluted
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231,700
|
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231,700
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|
231,700
|
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231,700
|
|
|
|
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Cash dividends
declared per common share
|
$
|
0.020
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|
$
|
0.019
|
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$
|
0.079
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$
|
0.074
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(1)
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Please refer to the
Cheniere Energy Partners LP Holdings, LLC Annual Report on Form
10-K for the fiscal year ended December 31, 2015, filed with
the Securities and Exchange Commission.
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CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
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CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except share amounts) (1)
|
|
|
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December
31,
|
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
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Current
assets
|
|
|
|
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Cash and cash
equivalents
|
|
$
|
917
|
|
|
$
|
1,261
|
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Accounts
receivable
|
|
157
|
|
|
114
|
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Other current
assets
|
|
26
|
|
|
21
|
|
Total current
assets
|
|
1,100
|
|
|
1,396
|
|
|
|
|
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Other non-current
assets
|
|
95
|
|
|
157
|
|
Total
assets
|
|
$
|
1,195
|
|
|
$
|
1,553
|
|
|
|
|
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LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
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Current
liabilities
|
|
|
|
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Accounts payable and
accrued liabilities
|
|
$
|
106
|
|
|
$
|
248
|
|
Accrued
liabilities—affiliate
|
|
6
|
|
|
91
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Total current
liabilities
|
|
112
|
|
|
339
|
|
|
|
|
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Shareholders'
equity
|
|
|
|
|
Common shares:
unlimited shares authorized, 231.7 million shares issued and
outstanding at December 31, 2015 and 2014
|
|
664,931
|
|
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664,931
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|
Director voting
share: 1 share authorized, issued and outstanding at December 31,
2015 and 2014
|
|
—
|
|
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—
|
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Additional
paid-in-capital
|
|
(271,757)
|
|
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(271,757)
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Accumulated
deficit
|
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(392,091)
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|
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(391,960)
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Total shareholders'
equity
|
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1,083
|
|
|
1,214
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Total liabilities and
shareholders' equity
|
|
$
|
1,195
|
|
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$
|
1,553
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|
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(1)
|
Please refer to the
Cheniere Energy Partners LP Holdings, LLC Annual Report on Form
10-K for the fiscal year ended December 31, 2015, filed with
the Securities and Exchange Commission.
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CONTACTS:
Investors: Randy Bhatia:
713-375-5479, Katy Cox:
713-375-5079
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-2015-results-300222825.html
SOURCE Cheniere Energy Partners LP Holdings, LLC