PR Newswire
HOUSTON, Nov. 3, 2016
HOUSTON, Nov. 3, 2016 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) reported a net loss of $81.5 million and $256.5 million for the three and nine months ended September 30, 2016, respectively, compared to a net loss of $24.1 million and $262.9 million for the same periods in 2015, respectively. Adjusted EBITDA1 for the three and nine months ended September 30, 2016 was $100.3 million and $163.5 million, respectively, compared to $20.2 million and $37.9 million for the comparable 2015 periods, respectively.
During the three months ended September 30, 2016, Train 2 of the Sabine Pass Liquefaction Project (defined below) achieved substantial completion. Prior to substantial completion, amounts received from the sale of commissioning cargoes were offset against LNG terminal construction-in-process because these amounts were earned during the testing phase for the construction of Trains 1 and 2 of the Sabine Pass Liquefaction Project. We expect sales of LNG cargoes from future liquefaction trains ("Trains") to be reported in the same manner. During the three months ended September 30, 2016, a total of 18 cargoes were loaded and exported from the Sabine Pass Liquefaction Project, 3 of which were Train 2 commissioning cargoes.
Total operating costs and expenses increased $251.9 million and $317.6 million during the three and nine months ended September 30, 2016 compared to the three and nine months ended September 30, 2015, respectively, generally as a result of the commencement of operations of Train 1 and Train 2 of the Sabine Pass Liquefaction Project in May and September 2016, respectively. Depreciation and amortization expense increased during the three and nine months ended September 30, 2016 as we began depreciation of our assets related to Train 1 and Train 2 of the Sabine Pass Liquefaction Project upon reaching substantial completion. General and administrative expense-affiliate decreased during the three and nine months ended September 30, 2016, partially due to a decrease in the amount payable under our service agreements with affiliates and partially due to a reallocation of resources from general and administrative activities to operating and maintenance activities following commencement of operations at the Sabine Pass Liquefaction Project.
For the three and nine months ended September 30, 2016, Adjusted EBITDA excludes the impact of loss on early extinguishment of debt associated with the write-off of debt issuance costs by Sabine Pass Liquefaction, LLC ("SPL") in connection with the refinancing of a portion of its credit facilities and by Cheniere Creole Trail Pipeline, L.P. as a result of the prepayment of its outstanding term loan, derivative loss (gain) primarily as a result of changes in the forward LIBOR curve over the period as well as an increase in the notional amount of interest rate swaps related to our new credit facilities entered into in February 2016, and changes in the fair value of commodity derivatives. For the three and nine months ended September 30, 2015, Adjusted EBITDA excludes the impact of losses on early extinguishment of debt related primarily to the write-off of debt issuance costs by SPL in connection with the refinancing of a portion of its credit facilities, derivative loss due primarily to the termination of certain interest rate derivatives, and changes in the fair value of commodity derivatives.
Third Quarter 2016 Highlights
Sabine Pass Liquefaction Project Update
We are developing up to six 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.
| Sabine Pass Liquefaction Project | |||
Liquefaction Train | Train 1 | Train 2 | Trains 3-4 | Train 5 |
Project Status | Operational | Operational | 92% Overall Completion | 43% Overall Completion |
Expected Substantial Completion | - | - | 2017 | 2019 |
Recent Developments
Distributions to Unitholders
We will pay a cash distribution per common unit of $0.425 to unitholders of record as of November 1, 2016, and the related general partner distribution on November 11, 2016.
We estimate that the annualized distribution to common unitholders for fiscal year 2016 will be $1.70 per unit.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the third quarter on Thursday, November 3, 2016, 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.
About Cheniere Partners
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns 100% of the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two marine berths that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P., Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
Cheniere Partners, through its subsidiary, SPL, is developing and constructing natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development and construction. Trains 1 and 2 have commenced commercial operations, Train 3 is undergoing commissioning, Trains 4 and 5 are under construction and Train 6 is fully permitted. Each liquefaction train is expected to have a nominal production capacity of approximately 4.5 mtpa of LNG. SPL has entered into six third-party LNG sale and purchase agreements ("SPAs") that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with the date of first commercial delivery of Trains 1 through 5 as specified in the respective SPAs.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 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' 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 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' 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' 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 does not assume a duty to update these forward-looking statements.
(Financial Table Follows)
Cheniere Energy Partners, L.P. | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
(in thousands, except per unit data) (1) | |||||||||||||||
(unaudited) | |||||||||||||||
| |||||||||||||||
| Three Months Ended | | Nine Months Ended | ||||||||||||
| September 30, | | September 30, | ||||||||||||
| 2016 | | 2015 | | 2016 | | 2015 | ||||||||
Revenues | | | | | | | | ||||||||
Regasification revenues | $ | 66,262 | | | $ | 66,596 | | | $ | 196,768 | | | $ | 199,804 | |
Regasification revenues—affiliate | 716 | | | 941 | | | 3,068 | | | 2,952 | | ||||
LNG revenues | 248,195 | | | — | | | 333,555 | | | — | | ||||
LNG revenues—affiliate | 16,236 | | | — | | | 16,236 | | | — | | ||||
Total revenues | 331,409 | | | 67,537 | | | 549,627 | | | 202,756 | | ||||
| | | | | | | | ||||||||
Operating costs and expenses | | | | | | | | ||||||||
Cost (cost recovery) of sales (excluding depreciation and amortization expense shown separately below) | 158,663 | | | (31,774) | | | 211,861 | | | (30,990) | | ||||
Cost of sales—affiliate | 1,430 | | | — | | | 1,430 | | | — | | ||||
Operating and maintenance expense | 37,613 | | | 8,992 | | | 79,556 | | | 48,830 | | ||||
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