2019 Form 10-K Financial Statement

#000138365020000006 Filed on February 25, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018 Q3
Revenue $6.838B $1.897B $1.529B
YoY Change 6.41% 24.97% 69.32%
Cost Of Revenue $4.222B $1.245B $756.0M
YoY Change 24.07% 45.27% 54.29%
Gross Profit $2.616B $652.0M $773.0M
YoY Change -13.46% -1.36% 87.17%
Gross Profit Margin 38.26% 34.37% 50.56%
Selling, General & Admin $113.0M $22.00M $21.00M
YoY Change 34.52% 15.79% -8.7%
% of Gross Profit 4.32% 3.37% 2.72%
Research & Development $0.00 $0.00 $1.000M
YoY Change -100.0% -100.0% 0.0%
% of Gross Profit 0.0% 0.0% 0.13%
Depreciation & Amortization $527.0M $106.0M $107.0M
YoY Change 24.29% 6.0% 22.99%
% of Gross Profit 20.15% 16.26% 13.84%
Operating Expenses $4.798B $128.0M $1.037B
YoY Change 7.89% 5.79% 46.88%
Operating Profit $2.040B $524.0M $492.0M
YoY Change 3.08% -2.96% 149.75%
Interest Expense $885.0M -$180.0M $183.0M
YoY Change 20.74% 5.26% 19.61%
% of Operating Profit 43.38% -34.35% 37.2%
Other Income/Expense, Net -$865.0M $7.000M -$185.0M
YoY Change 22.7% 40.0% 6.32%
Pretax Income $1.175B $351.0M $307.0M
YoY Change -7.77% -6.15% 1234.78%
Income Tax
% Of Pretax Income
Net Earnings $1.175B $351.0M $307.0M
YoY Change -7.77% -6.15% 1234.78%
Net Earnings / Revenue 17.18% 18.5% 20.08%
Basic Earnings Per Share
Diluted Earnings Per Share $2.428M $725.2K $634.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.781B $0.00 $0.00
YoY Change
Cash & Equivalents $1.781B $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $250.0M $20.00M $55.00M
YoY Change -84.05% -69.23% 57.14%
Inventory $116.0M $99.00M $88.00M
Prepaid Expenses
Receivables $546.0M $672.0M $424.0M
Other Receivables $14.00M $18.00M $11.00M
Total Short-Term Assets $2.707B $2.356B $2.035B
YoY Change 14.9% 10.14% 16.02%
LONG-TERM ASSETS
Property, Plant & Equipment $16.46B $15.39B $15.28B
YoY Change 6.97% 1.66% 1.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $61.00M $184.0M $179.0M
YoY Change -14.08% -10.68% -15.96%
Total Long-Term Assets $16.68B $15.62B $15.50B
YoY Change 6.78% 1.32% 0.41%
TOTAL ASSETS
Total Short-Term Assets $2.707B $2.356B $2.035B
Total Long-Term Assets $16.68B $15.62B $15.50B
Total Assets $19.38B $17.97B $17.54B
YoY Change 7.84% 2.4% 2.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.00M $15.00M $13.00M
YoY Change 166.67% 25.0% -45.83%
Accrued Expenses $715.0M $821.0M $503.0M
YoY Change -12.91% 28.89% 20.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $966.0M $1.068B $694.0M
YoY Change -9.55% 28.83% 8.95%
LONG-TERM LIABILITIES
Long-Term Debt $17.58B $16.07B $16.06B
YoY Change 9.42% 0.12% 0.12%
Other Long-Term Liabilities $124.0M $4.000M $10.00M
YoY Change 210.0% -63.64% -65.52%
Total Long-Term Liabilities $17.70B $16.07B $16.07B
YoY Change 9.92% 0.08% 0.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $966.0M $1.068B $694.0M
Total Long-Term Liabilities $17.70B $16.07B $16.07B
Total Liabilities $18.67B $17.14B $16.76B
YoY Change 8.71% 1.49% 0.52%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $715.0M $800.0M $748.0M
YoY Change
Total Liabilities & Shareholders Equity $19.38B $17.97B $17.54B
YoY Change 7.84% 2.4% 2.01%

Cashflow Statement

Concept 2019 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $1.175B $351.0M $307.0M
YoY Change -7.77% -6.15% 1234.78%
Depreciation, Depletion And Amortization $527.0M $106.0M $107.0M
YoY Change 24.29% 6.0% 22.99%
Cash From Operating Activities $1.547B $610.0M $459.0M
YoY Change -17.45% 31.47% 142.86%
INVESTING ACTIVITIES
Capital Expenditures $1.331B -$226.0M -$233.0M
YoY Change 65.55% 137.89% -21.55%
Acquisitions
YoY Change
Other Investing Activities $1.000M $0.00
YoY Change
Cash From Investing Activities -$1.332B -$226.0M -$233.0M
YoY Change 65.67% 137.89% -21.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $206.0M -300.0M -290.0M
YoY Change -118.43% 34.53% 2316.67%
NET CHANGE
Cash From Operating Activities $1.547B 610.0M 459.0M
Cash From Investing Activities -$1.332B -226.0M -233.0M
Cash From Financing Activities $206.0M -300.0M -290.0M
Net Change In Cash $421.0M 84.00M -64.00M
YoY Change -977.08% -42.47% -46.67%
FREE CASH FLOW
Cash From Operating Activities $1.547B $610.0M $459.0M
Capital Expenditures $1.331B -$226.0M -$233.0M
Free Cash Flow $216.0M $836.0M $692.0M
YoY Change -79.81% 49.55% 42.39%

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183000000 USD
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210000000 USD
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39000000 USD
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3000000 USD
CY2017 us-gaap Increase Decrease In Deferred Revenue
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34000000 USD
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36000000 USD
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12000000 USD
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5000000 USD
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2000000 USD
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977000000 USD
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2230000000 USD
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CY2018Q4 us-gaap Restricted Cash Current
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CY2019 us-gaap Nature Of Operations
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ORGANIZATION AND NATURE OF OPERATIONS<div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We are a publicly traded Delaware limited partnership formed by Cheniere in 2006. The Sabine Pass LNG terminal is located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Through our subsidiary, SPL, we are currently operating </span><span style="font-family:inherit;font-size:10pt;"><span>five</span></span><span style="font-family:inherit;font-size:10pt;"> natural gas liquefaction Trains and are constructing </span><span style="font-family:inherit;font-size:10pt;"><span>one</span></span><span style="font-family:inherit;font-size:10pt;"> additional Train for a </span><span style="font-family:inherit;font-size:10pt;">total production capacity</span><span style="font-family:inherit;font-size:10pt;"> of approximately </span><span style="font-family:inherit;font-size:10pt;"><span>30</span></span><span style="font-family:inherit;font-size:10pt;"> mtpa of LNG </span><span style="font-family:inherit;font-size:10pt;">(the “Liquefaction Project”)</span><span style="font-family:inherit;font-size:10pt;"> at the Sabine Pass LNG terminal. Through our subsidiary, SPLNG, we own and operate regasification facilities at</span><span style="font-family:inherit;font-size:10pt;color:#231f20;"> the Sabine Pass LNG terminal, which includes pre-existing infrastructure of </span><span style="font-family:inherit;font-size:10pt;color:#231f20;"><span>five</span></span><span style="font-family:inherit;font-size:10pt;color:#231f20;"> LNG storage tanks, </span><span style="font-family:inherit;font-size:10pt;color:#231f20;"><span>two</span></span><span style="font-family:inherit;font-size:10pt;color:#231f20;"> marine berths and vaporizers. We also own</span><span style="font-family:inherit;font-size:10pt;"> a </span><span style="font-family:inherit;font-size:10pt;"><span>94</span></span><span style="font-family:inherit;font-size:10pt;">-mile pipeline through our subsidiary, CTPL, that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines </span><span style="font-family:inherit;font-size:10pt;">(the “Creole Trail Pipeline”)</span><span style="font-family:inherit;font-size:10pt;">.</span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As of December 31, 2019, Cheniere owned </span><span style="font-family:inherit;font-size:10pt;"><span>48.6%</span></span><span style="font-family:inherit;font-size:10pt;"> of our limited partner interest in the form of </span><span style="font-family:inherit;font-size:10pt;"><span>104.5 million</span></span><span style="font-family:inherit;font-size:10pt;"> of our common units and </span><span style="font-family:inherit;font-size:10pt;"><span>135.4 million</span></span><span style="font-family:inherit;font-size:10pt;"> of our subordinated units. Cheniere also owns </span><span style="font-family:inherit;font-size:10pt;"><span>100%</span></span><span style="font-family:inherit;font-size:10pt;"> of our general partner interest and our incentive distribution rights.</span></div>
CY2019 us-gaap Use Of Estimates
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<div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions regularly, including those related to fair value measurements, revenue recognition, property, plant and equipment, derivative instruments, leases and asset retirement obligations </span><span style="font-family:inherit;font-size:10pt;">(“AROs”)</span><span style="font-family:inherit;font-size:10pt;">, as further discussed under the respective sections within this note. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates.</span></div>
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CY2019 us-gaap Concentration Risk Credit Risk
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<div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentration of Credit Risk</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject us to a concentration of credit risk consist principally of cash and cash equivalents, restricted cash, derivative instruments and accounts receivable. We maintain cash balances at financial institutions, which may at times be in excess of federally insured levels. We have not incurred losses related to these balances to date.</span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments. Certain of our commodity derivative transactions are executed through over-the-counter contracts which are subject to nominal credit risk as these transactions are settled on a daily margin basis with investment grade financial institutions. Collateral deposited for such contracts is recorded within other current assets. Our interest rate derivative instruments are placed with investment grade financial institutions whom we believe are acceptable credit risks. We monitor counterparty creditworthiness on an ongoing basis; however, we cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, we may be limited in our ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, we may not realize the benefit of some of our derivative instruments.</span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">SPL has entered into fixed price long-term SPAs generally with terms of </span><span style="font-family:inherit;font-size:10pt;"><span>20</span></span><span style="font-family:inherit;font-size:10pt;"> years with </span><span style="font-family:inherit;font-size:10pt;"><span>eight</span></span><span style="font-family:inherit;font-size:10pt;"> third parties and has entered into agreements with Cheniere Marketing. SPL is dependent on the respective customers’ creditworthiness and their willingness to perform under their respective SPAs. See </span><a href="#s8BB857D3C7E60EA86E545C7583F0E3A4" style="font-family:inherit;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Note 17—Customer Concentration</span></a><span style="font-family:inherit;font-size:10pt;"> for additional details about our customer concentration.</span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">SPLNG has entered into </span><span style="font-family:inherit;font-size:10pt;"><span>two</span></span><span style="font-family:inherit;font-size:10pt;"> long-term TUAs with third parties for regasification capacity at the Sabine Pass LNG terminal. SPLNG is dependent on the respective customers’ creditworthiness and their willingness to perform under their respective TUAs. SPLNG has mitigated this credit risk by securing TUAs for a significant portion of its regasification capacity with creditworthy third-party customers with a minimum Standard &amp; Poor’s rating of A. </span></div>
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Revenues
1529000000 USD
CY2018Q4 us-gaap Revenues
Revenues
1897000000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
508000000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
455000000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
492000000 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
524000000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
335000000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
281000000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
307000000 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
351000000 USD
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.67
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.55
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.60
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.69

Files In Submission

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0001383650-20-000006-index.html Edgar Link pending
0001383650-20-000006.txt Edgar Link pending
0001383650-20-000006-xbrl.zip Edgar Link pending
chart-159432ac684e9ba82e6a02.jpg Edgar Link pending
chart-cd8780c837f112fab73.jpg Edgar Link pending
chart-d20eda2d6a6dadb561ca02.jpg Edgar Link pending
cqp-20191231.xsd Edgar Link pending
cqp-20191231_cal.xml Edgar Link unprocessable
cqp-20191231_def.xml Edgar Link unprocessable
cqp-20191231_lab.xml Edgar Link unprocessable
cqp-20191231_pre.xml Edgar Link unprocessable
cqp2019form10k.htm Edgar Link pending
cqp2019form10k_htm.xml Edgar Link completed
cqpa28.jpg Edgar Link pending
cqpcapstructure2019a01.jpg Edgar Link pending
exhibit1021cqp2019form.htm Edgar Link pending
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