Cheniere Energy Partners LP (CQP, Financial) filed Quarterly Report for the period ended 2010-06-30.
Cheniere Energy Partners Lp has a market cap of $462.7 million; its shares were traded at around $17.52 with a P/E ratio of 12.4 and P/S ratio of 1.1. The dividend yield of Cheniere Energy Partners Lp stocks is 9.8%.CQP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Sabine Pass LNG has issued an aggregate principal amount of $2,215.5 million of Senior Notes consisting of $550.0 million of 7¼% Senior Secured Notes due 2013 and $1,665.5 million of 7½% Senior Secured Notes due 2016. Interest on the Senior Notes is payable semi-annually in arrears on May 30 and November 30 of each year. The Senior Notes are secured on a first-priority basis by a security interest in all of Sabine Pass LNG s equity interests and substantially all of its operating assets. Under the Sabine Pass Indenture governing the Senior Notes, except for permitted tax distributions, Sabine Pass LNG may not make distributions until certain conditions are satisfied: there must be on deposit in an interest payment account an amount equal to one-sixth of the semi-annual interest payment multiplied by the number of elapsed months since the last semi-annual interest payment, and there must be on deposit in a permanent debt service reserve fund an amount equal to one semi-annual interest payment of $82.4 million. Distributions are permitted only after satisfying the foregoing funding requirements, a fixed charge coverage ratio test of 2:1 and other conditions specified in the Sabine Pass Indenture. During the three-month periods ended June 30, 2010 and 2009, Sabine Pass LNG made distributions of $105.1 million and $73.0 million, respectively, to us after satisfying all the applicable conditions in the Sabine Pass Indenture. During the three- and six-month periods ended June 30, 2010, Sabine Pass LNG made distributions of $105.1 million and $211.8 million, respectively, to us after satisfying all of the applicable conditions in the Sabine Pass Indenture. During the three- and six-
During the three-month periods ended June 30, 2010 and 2009, we paid an aggregate of $4.7 million and $4.4 million, respectively, under the following service agreements from restricted cash and cash equivalents. During the six-month periods ended June 30, 2010 and 2009, we paid an aggregate of $9.3 million and $9.4 million, respectively, under the following service agreements from restricted cash and cash equivalents.
Our consolidated net income increased $16.4 million, from $42.0 million in the three-month period ended June 30, 2009 to $58.4 million in the three-month period ended June 30, 2010. This increase in net income primarily resulted from the commencement of services under our Chevron TUA beginning on July 1, 2009. This increase was partially offset by increases in operating expenses, development expenses related to our proposed liquefaction project, depreciation expense and interest expense resulting from the completion of construction and placing the Sabine Pass LNG receiving terminal into operation during 2009.
Revenues increased $34.1 million, from $95.7 million in the three-month period ended June 30, 2009 to $129.8 million in the three-month period ended June 30, 2010. This increase primarily resulted from the commencement of services under our Chevron TUA beginning on July 1, 2009.
Operating and maintenance expense (including affiliate expense) increased $0.6 million, from $8.7 million in the three-month period ended June 30, 2009 to $9.3 million in the three-month period ended June 30, 2010. This increase primarily resulted from the achievement of full operability of the Sabine Pass LNG receiving terminal with approximately 4.0 Bcf/d of total sendout capacity and five LNG storage tanks with approximately 16.9 Bcf of aggregate storage capacity in the third quarter of 200
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Cheniere Energy Partners Lp has a market cap of $462.7 million; its shares were traded at around $17.52 with a P/E ratio of 12.4 and P/S ratio of 1.1. The dividend yield of Cheniere Energy Partners Lp stocks is 9.8%.CQP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Operating cash flow increased $0.9 million for the six-month period ended June 30, 2010 compared to the same period in 2009. The increase in operating cash flow was a result of obtaining full TUA reservation fee payments from Total and Chevron in the first six months of 2010 compared to receiving four payments from Total and one payment from Chevron in the first six months of 2009, which resulted in $73.9 million of increased operating cash flow. This increase was offset by a decrease in TUA payments that we received from affiliates. In 2009, Cheniere Marketing began making its TUA payments, on a voluntary basis, quarterly; however, in June 2010, after the assignment of the TUA from Cheniere Marketing to Investments, Investments began making its TUA payment on a monthly basis which are eliminated upon consolidation. This change in the timing of affiliate TUA payments resulted in a decrease in operating cash flow for the six-month period ended June 30, 2010 of $62.8 million compared to the same period in 2009. The remaining changes in operating cash flow resulted primarily from timing in operating and maintenance payments and increased development costs associated with the proposed liquefaction project.Sabine Pass LNG has issued an aggregate principal amount of $2,215.5 million of Senior Notes consisting of $550.0 million of 7¼% Senior Secured Notes due 2013 and $1,665.5 million of 7½% Senior Secured Notes due 2016. Interest on the Senior Notes is payable semi-annually in arrears on May 30 and November 30 of each year. The Senior Notes are secured on a first-priority basis by a security interest in all of Sabine Pass LNG s equity interests and substantially all of its operating assets. Under the Sabine Pass Indenture governing the Senior Notes, except for permitted tax distributions, Sabine Pass LNG may not make distributions until certain conditions are satisfied: there must be on deposit in an interest payment account an amount equal to one-sixth of the semi-annual interest payment multiplied by the number of elapsed months since the last semi-annual interest payment, and there must be on deposit in a permanent debt service reserve fund an amount equal to one semi-annual interest payment of $82.4 million. Distributions are permitted only after satisfying the foregoing funding requirements, a fixed charge coverage ratio test of 2:1 and other conditions specified in the Sabine Pass Indenture. During the three-month periods ended June 30, 2010 and 2009, Sabine Pass LNG made distributions of $105.1 million and $73.0 million, respectively, to us after satisfying all the applicable conditions in the Sabine Pass Indenture. During the three- and six-month periods ended June 30, 2010, Sabine Pass LNG made distributions of $105.1 million and $211.8 million, respectively, to us after satisfying all of the applicable conditions in the Sabine Pass Indenture. During the three- and six-
During the three-month periods ended June 30, 2010 and 2009, we paid an aggregate of $4.7 million and $4.4 million, respectively, under the following service agreements from restricted cash and cash equivalents. During the six-month periods ended June 30, 2010 and 2009, we paid an aggregate of $9.3 million and $9.4 million, respectively, under the following service agreements from restricted cash and cash equivalents.
Our consolidated net income increased $16.4 million, from $42.0 million in the three-month period ended June 30, 2009 to $58.4 million in the three-month period ended June 30, 2010. This increase in net income primarily resulted from the commencement of services under our Chevron TUA beginning on July 1, 2009. This increase was partially offset by increases in operating expenses, development expenses related to our proposed liquefaction project, depreciation expense and interest expense resulting from the completion of construction and placing the Sabine Pass LNG receiving terminal into operation during 2009.
Revenues increased $34.1 million, from $95.7 million in the three-month period ended June 30, 2009 to $129.8 million in the three-month period ended June 30, 2010. This increase primarily resulted from the commencement of services under our Chevron TUA beginning on July 1, 2009.
Operating and maintenance expense (including affiliate expense) increased $0.6 million, from $8.7 million in the three-month period ended June 30, 2009 to $9.3 million in the three-month period ended June 30, 2010. This increase primarily resulted from the achievement of full operability of the Sabine Pass LNG receiving terminal with approximately 4.0 Bcf/d of total sendout capacity and five LNG storage tanks with approximately 16.9 Bcf of aggregate storage capacity in the third quarter of 200
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