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Cheniere Partners Holdings Reports Second Quarter 2014 Results

HOUSTON, July 31, 2014 /PRNewswire/ -- Cheniere Energy Partners LP Holdings, LLC ("Cheniere Partners Holdings") (NYSE MKT: CQH) reported net income of $4.6 million and $8.9 million, or $0.02 and $0.04 per common share, for the three and six months ended June 30, 2014, respectively. Results include distributions 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 of approximately 55.9% of the outstanding Cheniere Partners units as of June 30, 2014. We completed our initial public offering in December 2013.

Cheniere Partners' Sabine Pass Liquefaction Project Update

Cheniere Partners is developing and constructing natural gas liquefaction facilities (the "Liquefaction Project") at the Sabine Pass LNG terminal adjacent to the existing regasification facilities through its wholly owned subsidiary, Sabine Pass Liquefaction, LLC ("Sabine Pass Liquefaction").

Cheniere Partners continues to make progress on its Liquefaction Project, which is being developed for up to six natural gas liquefaction trains ("Trains"), each with a nominal production capacity of approximately 4.5 mtpa.

The Trains are in various stages of development.

  • Construction on Trains 1 and 2 began in August 2012, and as of June 30, 2014, the overall project for Trains 1 and 2 was approximately 69% complete, which is ahead of the contractual schedule. Based on Cheniere Partners' current construction schedule, Cheniere Partners anticipates that Train 1 will produce liquefied natural gas ("LNG") as early as late 2015.
  • Construction on Trains 3 and 4 began in May 2013, and as of June 30, 2014, the overall project for Trains 3 and 4 was approximately 36% complete, which is ahead of the contractual schedule. Cheniere Partners expects Trains 3 and 4 to become operational in late 2016 and 2017, respectively.
  • Trains 5 and 6 are under development. Cheniere Partners has entered into SPAs for approximately 3.75 mtpa in aggregate that commence with the date of first commercial delivery for Train 5. Cheniere Partners has received authorizations from the Department of Energy ("DOE") to export 503 Bcf per year of LNG volumes from Trains 5 and 6 to free trade agreement ("FTA") countries. Authorization to export LNG to non-FTA countries is pending. Federal Energy Regulatory Commission ("FERC") authorization is also pending. Cheniere Partners will contemplate making a final investment decision to commence construction on Trains 5 and 6 based upon, among other things, entering into acceptable commercial arrangements, receiving all regulatory approvals and obtaining financing.

 

Liquefaction Project Timeline








Target Date


Milestone


Trains

1 & 2


Trains

3 & 4


Trains

5 & 6


DOE export authorization


Received


Received


Received FTA

Pending Non-FTA


Definitive commercial agreements


Completed 7.7 mtpa


Completed 8.3 mtpa


T5: Completed

T6: 2014


- BG Gulf Coast LNG, LLC


4.2 mtpa


1.3 mtpa




- Gas Natural Fenosa


3.5 mtpa






- KOGAS




3.5 mtpa




- GAIL (India) Ltd.




3.5 mtpa




- Total Gas & Power N.A.






2.0 mtpa


- Centrica plc






1.75 mtpa


EPC contract


Completed


Completed


2015


Financing






2015


- Equity


Completed


Completed




- Debt commitments


Received


 Received




FERC authorization








- FERC Order


Received


Received


2014/2015


- Certificate to commence construction


Received


Received




Issue Notice to Proceed


Completed


Completed


2015


Commence operations


2015/2016


2016/2017


2018/2019


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.

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, currently has natural gas liquefaction facilities under construction. Additional information is available on the Cheniere Partners Holdings website located at www.chenierepartnersholdings.com.

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 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

STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)






Three Months Ended


Six Months Ended


June 30, 2014


June 30, 2014

Equity income from investment in Cheniere Partners

$

5,085



$

10,169








Expenses






General and administrative expense

308



721


General and administrative expense—affiliate

218



507


Total expenses

526



1,228








Other income

4



4








Net income

$

4,563



$

8,945








Net income per common share—basic and diluted

$

0.02



$

0.04








Weighted average number of common shares outstanding—basic and diluted

231,700



231,700








Cash dividends declared per common share

$

0.019



$

0.036


 

CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC

BALANCE SHEETS

(in thousands, except share amounts)








June 30,


December 31,



2014



2013


ASSETS


(unaudited)




Current assets







Cash and cash equivalents


$

601



$


Accounts receivable


114



161


Accounts receivable—affiliate




70


Prepaid expenses and other


106




Total current assets


821



231









Other non-current assets


78



122


Total assets


$

899



$

353









LIABILITIES AND SHAREHOLDERS' EQUITY







Current liabilities







Accrued liabilities


$

74



$

95


Accrued liabilities—affiliates


2



39


Total current liabilities


76



134









Commitments and contingencies














Shareholders' equity







Common shares: unlimited shares authorized, 231.7 million shares issued and outstanding at June 30, 2014 and December 31, 2013


664,931



664,931


Director voting share: 1 share authorized, issued and outstanding at June 30, 2014 and December 31, 2013





Additional paid-in-capital


(271,757)



(271,757)


Accumulated deficit


(392,351)



(392,955)


Total shareholders' equity


823



219


Total liabilities and shareholders' equity


$

899



$

353


CONTACTS:

Investors: Randy Bhatia:  713-375-5479       Christina Burke: 713-375-5104

Media: Diane Haggard: 713-375-5259

SOURCE Cheniere Energy Partners LP Holdings, LLC

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