HOUSTON, Aug. 9, 2016 /PRNewswire/ -- Cheniere Energy
Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT:
CQH) reported net income of $4.4
million, or $0.02 per common
share, for the three months ended June 30,
2016, compared to net income of $4.5
million, or $0.02 per common
share, for the comparable 2015 period. For the six months ended
June 30, 2016, Cheniere Partners
Holdings reported net income of $8.9
million, or $0.04 per common
share, compared to net income of $9.1
million, or $0.04 per common
share, during the corresponding period in 2015. 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 June 30, 2016.
Sabine Pass Liquefaction Project Update
Through
Cheniere Partners, we are developing up to six liquefaction trains
("Trains"), each with an expected nominal production capacity of
approximately 4.5 million tonnes per annum ("mtpa") of LNG, at the
Sabine Pass LNG terminal adjacent to the existing regasification
facilities (the "Sabine Pass Liquefaction Project").
The Trains are in various stages of operation, construction, and
development.
- Construction on Trains 1 and 2 began in August 2012, and as of June 30, 2016, the
overall project completion percentage for Trains 1 and 2 was
approximately 99.4%, which is ahead of the contractual schedule.
Train 1 achieved substantial completion in May 2016. Each Train is expected to achieve
substantial completion upon the completion of construction,
commissioning and the satisfaction of certain tests. The
commissioning process on Train 2 has commenced, and based on the
current construction schedule Cheniere Partners expects substantial
completion of Train 2 to be achieved in late September 2016.
- Construction on Trains 3 and 4 began in May 2013, and as of June 30, 2016, the
overall project completion percentage for Trains 3 and 4 was
approximately 87.4%, which is ahead of the contractual schedule.
Based on the current construction schedule, Cheniere Partners
expects Trains 3 and 4 to reach substantial completion in 2017.
- Construction on Train 5 began in June
2015, and as of June 30, 2016, the overall project
completion percentage for Train 5 was approximately 38.3%, which is
ahead of the contractual schedule. Engineering, procurement,
subcontract work and Bechtel direct hire construction were
approximately 77.0%, 58.0%, 37.8% and 2.0% complete, respectively.
Based on the current construction schedule, Cheniere Partners
expects Train 5 to reach substantial completion 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 an engineering,
procurement, and construction contract, entering into acceptable
commercial arrangements and obtaining adequate financing.
|
Sabine Pass
Liquefaction Project
|
Liquefaction
Train
|
Train
1
|
Train
2
|
Trains
3-4
|
Train
5
|
Project
Status
|
Operational
|
Commissioning
|
87% Overall
Completion
|
38% Overall
Completion
|
Expected Substantial
Completion
|
-
|
2H 2016
|
2017
|
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. We will pay a quarterly cash
dividend of $0.020 per common share
on August 26, 2016 to shareholders of
record as of close of business August 16,
2016.
Investor Conference Call and Webcast
Cheniere Energy,
Inc. will host a conference call to discuss its financial and
operating results for the second quarter on Tuesday, August 9, 2016, at 10 a.m. Eastern time / 9
a.m. Central time. A listen-only webcast of the call and an
accompanying slide presentation may be accessed through our website
at www.cheniere.com. Following the call, an archived recording will
be made available on our website. The call and accompanying slide
presentation may include financial and operating results or other
information regarding Cheniere Partners Holdings.
About Cheniere Partners Holdings
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, plans
to construct over time up to six Trains with an expected aggregate
nominal production capacity of approximately 27 mtpa. Cheniere
Partners currently has Train 1 in operations, Train 2 undergoing
commissioning, Trains 3 through 5 under construction, and Train 6
fully permitted.
For additional information, please refer to the Cheniere
Partners Holdings website at www.cheniere.com and Quarterly
Report on Form 10-Q for the quarter ended June 30, 2016, filed
with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains
certain statements that may include "forward-looking statements."
All statements, other than statements of historical fact, 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)
CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(in thousands,
except per share data) (1)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Equity income from
investment in Cheniere Partners
|
$
|
5,085
|
|
|
$
|
5,085
|
|
|
$
|
10,169
|
|
|
$
|
10,169
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
General and
administrative expense
|
387
|
|
|
322
|
|
|
721
|
|
|
600
|
|
General and
administrative expense—affiliate
|
257
|
|
|
254
|
|
|
514
|
|
|
508
|
|
Total
expenses
|
644
|
|
|
576
|
|
|
1,235
|
|
|
1,108
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
4,441
|
|
|
$
|
4,509
|
|
|
$
|
8,934
|
|
|
$
|
9,061
|
|
|
|
|
|
|
|
|
|
Net income per common
share—basic and diluted
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding—basic and diluted
|
231,700
|
|
|
231,700
|
|
|
231,700
|
|
|
231,700
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.020
|
|
|
$
|
0.020
|
|
|
$
|
0.040
|
|
|
$
|
0.039
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form
10-Q for the quarter ended June 30, 2016, filed with the
Securities and Exchange Commission.
|
CHENIERE ENERGY
PARTNERS LP HOLDINGS, LLC
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except share amounts) (1)
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2016
|
|
2015
|
ASSETS
|
|
(unaudited)
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
559
|
|
|
$
|
917
|
|
Receivables
|
|
157
|
|
|
157
|
|
Other current
assets
|
|
169
|
|
|
26
|
|
Total current
assets
|
|
885
|
|
|
1,100
|
|
|
|
|
|
|
Other non-current
assets
|
|
—
|
|
|
95
|
|
Total
assets
|
|
$
|
885
|
|
|
$
|
1,195
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
85
|
|
|
$
|
106
|
|
Accrued
liabilities—affiliate
|
|
51
|
|
|
6
|
|
Total current
liabilities
|
|
136
|
|
|
112
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Common shares:
unlimited shares authorized, 231.7 million shares issued and
outstanding at June 30, 2016 and December 31, 2015
|
|
664,931
|
|
|
664,931
|
|
Director voting
share: 1 share authorized, issued and outstanding at June 30, 2016
and December 31, 2015
|
|
—
|
|
|
—
|
|
Additional
paid-in-capital
|
|
(271,757)
|
|
|
(271,757)
|
|
Accumulated
deficit
|
|
(392,425)
|
|
|
(392,091)
|
|
Total shareholders'
equity
|
|
749
|
|
|
1,083
|
|
Total liabilities and
shareholders' equity
|
|
$
|
885
|
|
|
$
|
1,195
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form
10-Q for the quarter ended June 30, 2016, filed with the
Securities and Exchange Commission.
|
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-second-quarter-2016-results-300311008.html
SOURCE Cheniere Energy Partners LP Holdings, LLC