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Cheniere Energy Partners LP Reports Operating Results (10-Q)

August 03, 2012 | About:
10qk

10qk

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Cheniere Energy Partners LP (CQP) filed Quarterly Report for the period ended 2012-06-30.

Cheniere Energy Partners, L.p. has a market cap of $789.5 million; its shares were traded at around $24.43 with a P/E ratio of 229.6 and P/S ratio of 2.8. The dividend yield of Cheniere Energy Partners, L.p. stocks is 6.7%.

Highlight of Business Operations:

In January 2011, we initiated an at-the-market program to sell up to 1.0 million common units the proceeds from which are used primarily to fund development costs associated with our Liquefaction Project. During the year ended December 31, 2011, we sold 0.5 million common units with net proceeds of $9.0 million. During the six months ended June 30, 2012, we sold 0.4 million common units with net proceeds of $8.8 million. We paid $0.3 million in commissions to Miller Tabak + Co., Inc., as sales agent, in connection with the at-the-market program during the six months ended June 30, 2012.

Our net loss increased $18.0 million, from a net loss of $6.9 million in the three months ended June 30, 2011 to a net loss of $24.9 million in the three months ended June 30, 2012. This increase in net loss primarily resulted from decreased revenues, increased development expense and increased operating and maintenance expense.

Revenues (including affiliate revenues) decreased $12.2 million, from $73.6 million in the three months ended June 30, 2011 to $61.4 million in the three months ended June 30, 2012. This decrease is primarily a result of decreased LNG cargo export loading fee revenue, decreased revenues earned under the VCRA, and a provision for loss on a firm purchase commitment for LNG inventory that will be used to restore the heating value of vaporized LNG to conform to natural gas pipeline specifications.

Our net loss increased $35.1 million, from a net loss of $9.1 million in the six months ended June 30, 2011 to a net loss of $44.2 million in the six months ended June 30, 2012. This increase in net loss primarily resulted from decreased revenues, increased development expense and increased operating and maintenance expense.

Revenues (including affiliate revenues) decreased $17.4 million, from $148.1 million in the six months ended June 30, 2011 to $130.7 million in the six months ended June 30, 2012. This decrease is primarily a result of decreased LNG cargo export loading fee revenue, decreased revenues earned under the VCRA, and a provision for loss on a firm purchase commitment for LNG inventory that will be used to restore the heating value of vaporized LNG to conform to natural gas pipeline specifications.

Read the The complete Report

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