HOUSTON, Nov. 14, 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 September 30, 2017, compared to net income of $4.3 million, or $0.02 per common share, for the comparable 2016 period. For the nine months ended September 30, 2017, Cheniere Partners Holdings reported net income of $13.5
million, or $0.06 per common share, compared to net income of $13.3
million, or $0.06 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 and subordinated units representing an aggregate
approximately 48.6% limited partner interest in Cheniere Partners as of September 30, 2017.
Revised 2017 Full Year Dividend Guidance
|
|
|
2017
|
Dividend per Share
|
$
|
0.94
|
-
|
$
|
1.02
|
2018 Full Year Dividend Guidance
|
|
|
2018
|
Dividend per Share
|
$
|
2.05
|
-
|
$
|
2.25
|
SPL Project Update
|
|
|
SPL Project
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Liquefaction Train
|
Trains 1-3
|
Train 4
|
Train 5
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Train 6
|
Project Status
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Operational
|
Operational
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Under Construction
|
Permitted
|
Expected Substantial Completion
|
Complete
|
Complete
|
2H 2019
|
—
|
Expected DFCD(1) Window Start
|
Complete
|
1H 2018
|
2H 2019
|
—
|
|
(1) Date of First Commercial Delivery ("DFCD")
|
Construction operations at the SPL Project (defined below) have returned to productivity levels achieved prior to Hurricane
Harvey.
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 through 4 are operational, 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 $0.45 per common
share on November 30, 2017 to shareholders of record as of close of business November 20, 2017.
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 Tuesday, November 14, 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
September 30, 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 through 4 are operational, 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 September 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
|
|
Nine Months Ended
|
|
September 30,
|
|
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Equity income from investment in Cheniere Partners
|
$
|
5,084
|
|
$
|
5,084
|
|
$
|
15,253
|
|
$
|
15,253
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
General and administrative expense
|
295
|
|
484
|
|
986
|
|
1,205
|
General and administrative expense—affiliate
|
264
|
|
258
|
|
791
|
|
772
|
Total expenses
|
559
|
|
742
|
|
1,777
|
|
1,977
|
|
|
|
|
|
|
|
|
Other income
|
2
|
|
—
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
Net income
|
$
|
4,527
|
|
$
|
4,342
|
|
$
|
13,478
|
|
$
|
13,276
|
|
|
|
|
|
|
|
|
Net income per common share—basic and diluted
|
$
|
0.02
|
|
$
|
0.02
|
|
$
|
0.06
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
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
|
|
$
|
0.060
|
|
$
|
0.060
|
______________________
|
(1)
|
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly
Report on Form 10-Q for the quarter ended September 30, 2017, filed with the Securities and Exchange
Commission.
|
CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC
|
CONSOLIDATED BALANCE SHEETS
|
(in thousands, except share amounts) (1)
|
|
|
|
September 30,
|
|
December 31,
|
|
|
2017
|
|
2016
|
ASSETS
|
|
(unaudited)
|
|
|
Current assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
671
|
|
$
|
219
|
Receivables
|
|
—
|
|
153
|
Other current assets
|
|
117
|
|
51
|
Total current assets
|
|
788
|
|
423
|
|
|
|
|
|
Total assets
|
|
$
|
788
|
|
$
|
423
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
Current liabilities
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
76
|
|
$
|
78
|
Accrued liabilities—affiliate
|
|
791
|
|
—
|
Total current liabilities
|
|
867
|
|
78
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
Common shares: unlimited shares authorized, 231.7 million shares issued and
outstanding at September 30, 2017 and December 31, 2016
|
|
664,931
|
|
664,931
|
Director voting share: 1 share authorized, issued and outstanding at
September 30, 2017 and December 31, 2016
|
|
—
|
|
—
|
Additional paid-in-capital
|
|
(271,757)
|
|
(271,757)
|
Accumulated deficit
|
|
(393,253)
|
|
(392,829)
|
Total shareholders' equity (deficit)
|
|
(79)
|
|
345
|
Total liabilities and shareholders' equity (deficit)
|
|
$
|
788
|
|
$
|
423
|
______________________
|
(1)
|
Please refer to the Cheniere Energy Partners LP Holdings, LLC Quarterly
Report on Form 10-Q for the quarter ended September 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