HOUSTON, Aug. 8, 2017
/PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC
("Cheniere Partners Holdings") (NYSE American: CQH) reported net
income of $4.5 million, or
$0.02 per common share, for the three
months ended June 30, 2017, compared
to net income of $4.4 million, or
$0.02 per common share, for the
comparable 2016 period. For the six months ended June 30, 2017, Cheniere Partners Holdings
reported net income of $9.0 million,
or $0.04 per common share, compared
to net income of $8.9 million, or
$0.04 per common share, during the
corresponding period in 2016. Results include the distribution
received from our limited partner interests in Cheniere Energy
Partners, L.P. ("Cheniere Partners"), a publicly traded limited
partnership (NYSE American: 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, 2017.
Blackstone CQP Holdco LP owned Class B units representing an
approximately 29% limited partner interest in Cheniere Partners as
of June 30, 2017. Upon the conversion
of the Class B units into common units on August 2, 2017, we and Blackstone CQP Holdco LP
owned a limited partner interest in Cheniere Partners of
approximately 48.6% and 40.3%, respectively.
SPL Project Update
|
SPL
Project
|
Liquefaction
Train
|
Trains
1-3
|
Train
4
|
Train
5
|
Train
6
|
Project
Status
|
Operational
|
Commissioning
|
Under
Construction
|
Permitted
|
Expected Substantial
Completion
|
—
|
2H 2017
|
2H 2019
|
—
|
Expected DFCD
Window
Start
|
Complete(1)
|
1H 2018
|
2H 2019
|
—
|
|
(1) Date of First
Commercial Delivery ("DFCD") was achieved for Train 1 of the SPL
Project (defined below) in November 2016, for Train 2 of the SPL
Project in August 2017, and for Train 3 of the SPL Project in June
2017.
|
Through Cheniere Partners, we are developing up to six Trains at
the Sabine Pass LNG terminal adjacent to the existing
regasification facilities (the "SPL Project"). Each Train is
expected to have a nominal production capacity, which is prior to
adjusting for planned maintenance, production reliability, and
potential overdesign, of approximately 4.5 million tonnes per annum
("mtpa") of LNG. Trains 1, 2, and 3 are operational, Train 4 is
undergoing commissioning, Train 5 is under construction, and Train
6 is being commercialized and has all necessary regulatory
approvals in place.
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 25, 2017 to shareholders of
record as of close of business August 15,
2017.
2017 Full Year Dividend Guidance
|
|
|
2017
|
Dividend per
Share
|
|
|
$
|
0.90 -
1.10
|
The expected increase in dividend per share for 2017 compared to
2016 is driven primarily by an expected increase in distributions
received from Cheniere Partners for 2017.
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 8, 2017, at 11 a.m. Eastern
time / 10 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 an approximately 48.6% limited partner interest in
Cheniere Partners as of August 2,
2017. 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, which is prior to adjusting for
planned maintenance, production reliability, and potential
overdesign, of approximately 27 mtpa. Trains 1, 2 and 3 are
operational, Train 4 is undergoing commissioning, Train 5 is under
construction, and Train 6 is being commercialized and has all
necessary regulatory approvals in place.
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, 2017, 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 or present
facts or conditions, 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 Tables Follow)
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,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Equity income from
investment in Cheniere Partners
|
$
|
5,085
|
|
|
$
|
5,085
|
|
|
$
|
10,169
|
|
|
$
|
10,169
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
General and
administrative expense
|
345
|
|
|
387
|
|
|
691
|
|
|
721
|
|
General and
administrative expense—affiliate
|
263
|
|
|
257
|
|
|
527
|
|
|
514
|
|
Total
expenses
|
608
|
|
|
644
|
|
|
1,218
|
|
|
1,235
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
4,477
|
|
|
$
|
4,441
|
|
|
$
|
8,951
|
|
|
$
|
8,934
|
|
|
|
|
|
|
|
|
|
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
|
|
|
$
|
0.040
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form
10-Q for the quarter ended June 30, 2017, 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,
|
|
|
2017
|
|
2016
|
ASSETS
|
|
(unaudited)
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
453
|
|
|
$
|
219
|
|
Receivables
|
|
—
|
|
|
153
|
|
Other current
assets
|
|
187
|
|
|
51
|
|
Total current
assets
|
|
640
|
|
|
423
|
|
|
|
|
|
|
Total
assets
|
|
$
|
640
|
|
|
$
|
423
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
84
|
|
|
$
|
78
|
|
Accrued
liabilities—affiliate
|
|
528
|
|
|
—
|
|
Total current
liabilities
|
|
612
|
|
|
78
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Common shares:
unlimited shares authorized, 231.7 million shares issued and
outstanding at June 30, 2017 and December 31, 2016
|
|
664,931
|
|
|
664,931
|
|
Director voting
share: 1 share authorized, issued and outstanding at June 30, 2017
and December 31, 2016
|
|
—
|
|
|
—
|
|
Additional
paid-in-capital
|
|
(271,757)
|
|
|
(271,757)
|
|
Accumulated
deficit
|
|
(393,146)
|
|
|
(392,829)
|
|
Total shareholders'
equity
|
|
28
|
|
|
345
|
|
Total liabilities and
shareholders' equity
|
|
$
|
640
|
|
|
$
|
423
|
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy Partners LP Holdings, LLC Quarterly Report on Form
10-Q for the quarter ended June 30, 2017, filed with the
Securities and Exchange Commission.
|
CONTACTS:
|
|
|
Investors
|
|
Randy
Bhatia:
|
713-375-5479
|
Megan
Light:
|
713-375-5492
|
|
|
Media
|
|
Eben
Burnham-Snyder:
|
713-375-5764
|
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SOURCE Cheniere Energy Partners LP Holdings, LLC