Cheniere Energy, Inc. (NYSE American: LNG):
Summary of Fourth Quarter and Full Year 2018 Results (in
millions, except LNG data)
Three Months Ended December 31,
Year Ended December 31, 2018 2017 %
Change 2018 2017 % Change Revenues $ 2,383
$ 1,746 36 % $ 7,987 $ 5,601 43 % Net income (loss)1 $ 67 $ 127 (47
)% $ 471 $ (393 ) nm Consolidated Adjusted EBITDA2 $ 634 $ 523 21 %
$ 2,641 $ 1,824 45 % LNG exported: Number of cargoes 80 70 14 % 273
205 33 % Volumes (TBtu) 285 252 13 % 976 734 33 % LNG volumes
loaded (TBtu) 284 252 13 % 975 735 33 %
Summary Full Year 2019 Guidance (in billions)
2019 Consolidated Adjusted
EBITDA2 $ 2.9
-
$ 3.2 Distributable Cash Flow2 $ 0.6
-
$ 0.8
Recent Highlights
Strategic
- In December 2018, Sabine Pass
Liquefaction, LLC (“SPL”) entered into a 20-year LNG Sale and
Purchase Agreement (“SPA”) with PETRONAS LNG Ltd. for the sale of
approximately 1.1 million tonnes per annum (“mtpa”) of LNG,
commencing on the date of first commercial delivery for Train 6 of
the SPL Project (defined below).
- In November 2018, we entered into a
24-year LNG SPA with Polish state-owned oil and gas company Polskie
Gornictwo Naftowe i Gazownictwo S.A. for the sale of approximately
1.45 mtpa of LNG, with deliveries to commence in 2019 and the full
annual quantity to commence in 2023.
- In November 2018, SPL entered into an
Engineering, Procurement, and Construction (“EPC”) contract with
Bechtel Oil, Gas and Chemicals, Inc. (“Bechtel”) for Train 6 of the
SPL Project. SPL has also issued limited notices to proceed
(“LNTP”) to Bechtel to commence early engineering, procurement, and
site works.
Operational
- As of February 20, 2019, over 575
cumulative LNG cargoes have been produced, loaded and exported from
the SPL Project and the CCL Project (defined below), including more
than 270 cargoes in 2018. LNG from the SPL Project and the CCL
Project has been delivered to 32 countries and regions
worldwide.
- In November 2018 and December 2018, the
first LNG commissioning cargoes were exported from Train 5 of the
SPL Project and Train 1 of the CCL Project, respectively.
Financial
- For the twelve months ended December
31, 2018, we achieved net income1 of over $470 million,
Consolidated Adjusted EBITDA of over $2.6 billion and Distributable
Cash Flow of approximately $600 million.
- In December 2018, we amended and
restated our existing revolving credit facility to, among other
changes, increase total commitments to $1.25 billion, reduce the
interest rate and extend the maturity date to December 2022.
Borrowings will be used to fund the development of the CCL Project
and, provided that certain conditions are met, for general
corporate purposes.
Liquefaction Projects Update
SPL Project CCL Project
Liquefaction Train Train 5
Train 6 Train 1
Train 2 Train 3 Project Status
Commissioning LNTP Issued Commissioning
Under Construction Project Completion Percentage(1)
99.7% — Stage 1 - 96.7% 42.0%(2) Expected Substantial Completion 1Q
2019 — 1Q 2019 2H 2019 2H 2021
Note: Projects update excludes Trains in
operation
(1) Project completion percentages as of
December 31, 2018
(2) Engineering 87.0% complete,
procurement 63.0% complete, and construction 11.7% complete
Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) reported
net income1 of $67 million, or $0.26 per share (basic and diluted),
for the three months ended December 31, 2018, compared to net
income of $127 million, or $0.54 per share (basic and diluted), for
the comparable 2017 period. The decrease in net income was
primarily due to increased derivative loss and interest expense,
net of amounts capitalized, partially offset by increased income
from operations due primarily to increased LNG volumes recognized
in income, driven by additional production at the SPL Project and a
decrease in LNG volumes in transit at the end of the period.
Cheniere reported net income1 of $471 million, or $1.92 per
share (basic) and $1.90 per share (diluted), for the twelve months
ended December 31, 2018 compared to a net loss of $393 million, or
$1.68 per share (basic and diluted), for the comparable 2017
period. The increase in net income was primarily due to increased
income from operations as a result of additional Trains in
operation at the SPL Project, decreased loss on modification or
extinguishment of debt, increased derivative gain and decreased net
income attributable to non-controlling interest, partially offset
by increased interest expense, net of amounts capitalized.
Consolidated Adjusted EBITDA2 for the three and twelve months
ended December 31, 2018 was $634 million and $2.6 billion,
respectively, compared to $523 million and $1.8 billion for the
comparable 2017 periods. The increase in Consolidated Adjusted
EBITDA was primarily due to increased income from operations.
During the three and twelve months ended December 31, 2018, 80
and 273 LNG cargoes, respectively, were exported from the SPL
Project and the CCL Project, six of which were commissioning
cargoes. Eight cargoes exported from the SPL Project and the CCL
Project and sold on a delivered basis were in transit as of
December 31, 2018, one of which was a commissioning cargo.
“2018 was an exceptional year for Cheniere, underscored by our
positive final investment decision on Corpus Christi Train 3, the
execution of seven long-term LNG SPAs for more than seven mtpa of
LNG, and financial results at or above the top end of our guidance
ranges for the year,” said Jack Fusco, Cheniere’s President and
Chief Executive Officer. “With our relentless focus on execution
continuing to drive results at both project sites, we have cemented
our reputation as a reliable full-service LNG operator which
delivers on its promises to customers, while leveraging our
infrastructure platform and LNG portfolio to support future growth
and value for our stakeholders.
“We look forward to leveraging forward momentum for continued
success in 2019. We are focused on progressing Sabine Pass Train 6
and expect to make a positive final investment decision on that
project in the coming months. We expect to place Sabine Pass Train
5 and Corpus Christi Train 1 into service imminently, furthering
our track record of placing Trains into operation ahead of schedule
and within budget. The commissioning process recently began on
Corpus Christi Train 2, and we expect that Train to reach
substantial completion in the second half of this year.”
LNG Volume Summary
The following table summarizes the volumes of operational and
commissioning LNG that were loaded from the SPL Project and the CCL
Project and for which the financial impact was recognized on our
Consolidated Financial Statements during the three and twelve
months ended December 31, 2018:
Three Months Ended December 31,
2018 Year Ended December 31, 2018 (in TBtu)
Operational Commissioning
Operational Commissioning Volumes
loaded during the current period 264 20 955 20 Volumes loaded
during the prior period but recognized during the current period 3
— 43 — Less: volumes loaded during the current period and in
transit at the end of the period (25 ) (3 ) (25 ) (3 ) Total
volumes recognized in the current period 242 17 973
17
In addition, during the three and twelve months ended December
31, 2018, we recognized the financial impact of 40 TBtu of LNG and
84 TBtu of LNG, respectively, on our Consolidated Financial
Statements related to LNG cargoes sourced from third parties.
Summary of Financial
Performance
Fourth Quarter and Full Year 2018 Results
Our financial results are reported on a consolidated basis. Our
ownership interest in Cheniere Energy Partners, L.P. (“Cheniere
Partners”) (NYSE American: CQP) as of December 31, 2018
consisted of 100% ownership of the general partner and a 48.6%
limited partner interest.
Total revenues increased $637 million, and total operating costs
and expenses increased $562 million during the three months ended
December 31, 2018 as compared to the comparable 2017 period. The
increases in revenues and operating costs and expenses for the
three months ended December 31, 2018 were driven by increases in
the average sales price and cost of LNG sold, respectively, as well
as increased LNG volumes recognized in income, driven by additional
production at the SPL Project and a decrease in LNG volumes in
transit at the end of the period.
Total revenues increased $2.4 billion, and total operating costs
and expenses increased $1.8 billion during the twelve months ended
December 31, 2018 as compared to the comparable 2017 period. The
increases in revenues and total operating costs and expenses for
the twelve months ended December 31, 2018 were primarily driven by
the timing of completion of Trains at the SPL Project and the
length of each Train’s operations within the periods being
compared.
Selling, general and administrative expense included share-based
compensation expenses of $16 million and $74 million for the three
and twelve months ended December 31, 2018, respectively, compared
to $17 million and $55 million for the comparable 2017 periods.
Net income attributable to non-controlling interest decreased
$227 million during the twelve months ended December 31, 2018 as
compared to the twelve months ended December 31, 2017, primarily
due to the non-recurrence of non-cash amortization of the
beneficial conversion feature on Cheniere Partners’ Class B units
that occurred during 2017, partially offset by increased
consolidated net income recognized by Cheniere Partners in which
the non-controlling interests are held.
Capital Resources
As of December 31, 2018, we had cash and cash equivalents
of $981 million available to us. In addition, we had current
restricted cash of $2.2 billion designated for the following
purposes: $756 million for the SPL Project, $289 million for the
CCL Project, $785 million for restricted purposes under the terms
of Cheniere Partners’ credit facilities and $345 million for other
restricted purposes.
Liquefaction Projects
SPL Project and CCL Project
Through Cheniere Partners, we are developing six natural gas
liquefaction Trains at the Sabine Pass LNG terminal adjacent to the
existing regasification facilities (the “SPL Project”). Trains 1
through 4 are operational, Train 5 is undergoing commissioning, and
Train 6 is being commercialized and has all necessary regulatory
approvals in place.
We are also developing three Trains near Corpus Christi, Texas
(the “CCL Project”). Trains 1 and 2 are undergoing commissioning,
and Train 3 is under construction.
Our Trains are expected to have a nominal production capacity,
which is prior to adjusting for planned maintenance, production
reliability, potential overdesign, and debottlenecking
opportunities, of approximately 4.5 mtpa of LNG per Train, and
average run rate adjusted nominal production capacity of
approximately 4.4 to 4.9 mtpa of LNG per Train.
Corpus Christi Stage 3
We are developing up to seven midscale liquefaction Trains
adjacent to the CCL Project (“Corpus Christi Stage 3”), each with
an expected nominal production capacity, which is prior to
adjusting for planned maintenance, production reliability,
potential overdesign, and debottlenecking opportunities, of
approximately 1.4 mtpa of LNG. The total expected nominal
production capacity of the seven midscale Trains is approximately
9.5 mtpa of LNG. In June 2018, we filed an application with FERC to
site, construct, and operate Corpus Christi Stage 3, and we are in
the process of obtaining all necessary regulatory approvals for
Corpus Christi Stage 3.
Investor Conference Call and
Webcast
We will host a conference call to discuss our financial and
operating results for the fourth quarter and full year 2018 on
Tuesday, February 26, 2019, at 10 a.m. Eastern time / 9 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.
1 Net income (loss) as used herein refers to Net income (loss)
attributable to common stockholders on our Consolidated Statements
of Operations.
2 Non-GAAP financial measure. See “Reconciliation of Non-GAAP
Measures” for further details.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of
liquefied natural gas (LNG) in the United States, reliably
providing a clean, secure, and affordable solution to the growing
global need for natural gas. Cheniere is a full-service LNG
provider, with capabilities that include gas procurement and
transportation, liquefaction, vessel chartering, and LNG delivery.
Cheniere has one of the largest liquefaction platforms in the
world, consisting of the Sabine Pass and Corpus Christi
liquefaction facilities on the U.S. Gulf Coast, with expected
aggregate nominal production capacity of 36 million tonnes per
annum of LNG operating or under construction. Cheniere is also
pursuing liquefaction expansion opportunities and other projects
along the LNG value chain. Cheniere is headquartered in Houston,
Texas, and has additional offices in London, Singapore, Beijing,
Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Annual Report on Form 10-K for the fiscal
year ended December 31, 2018, filed with the Securities and
Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include
“forward-looking statements” within the meanings of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. 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’s financial and operational guidance, 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’s LNG terminal and pipeline businesses,
including liquefaction facilities, (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 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’s 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’s 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 does not assume a duty
to update these forward-looking statements.
(Financial Tables Follow)
Cheniere Energy, Inc.
Consolidated Statements of
Operations
(in millions, except per share
data)
(Unaudited) Three Months Ended Year
Ended December 31, December 31, (1)
2018 2017 2018 2017
Revenues LNG revenues $ 2,245 $ 1,671 $ 7,572 $ 5,317
Regasification revenues 65 65 261 260 Other revenues 69 9 142 21
Other—related party 4 1 12 3 Total
revenues 2,383 1,746 7,987 5,601 Operating costs and
expenses Cost of sales (excluding depreciation and amortization
expense shown separately below) 1,519 980 4,597 3,120 Operating and
maintenance expense 156 137 613 446 Development expense 1 3 7 10
Selling, general and administrative expense 75 77 289 256
Depreciation and amortization expense 116 104 449 356 Restructuring
expense — — — 6 Impairment expense and loss on disposal of assets —
4 8 19 Total operating costs and
expenses 1,867 1,305 5,963 4,213
Income from operations 516 441 2,024 1,388 Other income
(expense) Interest expense, net of capitalized interest (222 ) (208
) (875 ) (747 ) Loss on modification or extinguishment of debt — —
(27 ) (100 ) Derivative gain (loss), net (75 ) 44 57 7 Other income
16 7 48 18 Total other expense (281 )
(157 ) (797 ) (822 ) Income before income taxes and
non-controlling interest 235 284 1,227 566 Income tax provision (12
) (4 ) (27 ) (3 ) Net income 223 280 1,200 563 Less: net income
attributable to non-controlling interest 156 153 729
956 Net income (loss) attributable to common
stockholders $ 67 $ 127 $ 471 $ (393 )
Net income (loss) per share attributable to common
stockholders—basic (2) $ 0.26 $ 0.54 $ 1.92 $
(1.68 ) Net income (loss) per share attributable to common
stockholders—diluted (2) 0.26 0.54 $ 1.90 $
(1.68 ) Weighted average number of common shares
outstanding—basic 256.7 235.1 245.6 233.1 Weighted average number
of common shares outstanding—diluted 258.0 235.1 248.0 233.1
_______________________
(1) Please refer to the Cheniere Energy, Inc. Annual Report
on Form 10-K for the fiscal year ended December 31, 2018, filed
with the Securities and Exchange Commission. (2) Earnings per share
in the table may not recalculate exactly due to rounding because it
is calculated based on whole numbers, not the rounded numbers
presented.
Cheniere Energy, Inc.
Consolidated Balance Sheets
(in millions, except share
data)(1)
December 31, 2018
2017 ASSETS Current assets Cash and cash equivalents $ 981 $
722 Restricted cash 2,175 1,880 Accounts and other receivables 581
369 Accounts receivable—related party 4 2 Inventory 316 243
Derivative assets 63 57 Other current assets 114 96
Total current assets 4,234 3,369 Non-current restricted cash
— 11 Property, plant and equipment, net 27,245 23,978 Debt issuance
costs, net 72 149 Non-current derivative assets 54 34 Goodwill 77
77 Other non-current assets, net 305 288 Total assets
$ 31,987 $ 27,906 LIABILITIES AND
STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 58 $ 25
Accrued liabilities 1,169 1,078 Current debt 239 — Deferred revenue
139 111 Derivative liabilities 128 37 Other current liabilities 9
— Total current liabilities 1,742 1,251
Long-term debt, net 28,179 25,336 Non-current capital lease
obligations 57 — Non-current derivative liabilities 22 19 Other
non-current liabilities 58 60 Commitments and contingencies
Stockholders’ equity Preferred stock, $0.0001 par value, 5.0
million shares authorized, none issued — — Common stock, $0.003 par
value Authorized: 480.0 million shares at December 31, 2018 and
2017 Issued: 269.8 million shares and 250.1 million shares at
December 31, 2018 and 2017, respectively Outstanding: 257.0 million
shares and 237.6 million shares at December 31, 2018 and 2017,
respectively 1 1 Treasury stock: 12.8 million shares and 12.5
million shares at December 31, 2018 and 2017, respectively, at cost
(406 ) (386 ) Additional paid-in-capital 4,035 3,248 Accumulated
deficit (4,156 ) (4,627 ) Total stockholders’ deficit (526 ) (1,764
) Non-controlling interest 2,455 3,004 Total equity
1,929 1,240 Total liabilities and equity $ 31,987
$ 27,906
_________________________
(1)
Please refer to the Cheniere Energy, Inc.
Annual Report on Form 10-K for the fiscal year ended
December 31, 2018, filed with the Securities and Exchange
Commission.
Reconciliation of Non-GAAP Measures
Regulation G Reconciliations
In addition to disclosing financial results in accordance with
U.S. GAAP, the accompanying news release contains non-GAAP
financial measures. Consolidated Adjusted EBITDA and Distributable
Cash Flow are non-GAAP financial measures that we use to facilitate
comparisons of operating performance across periods. These non-GAAP
measures should be viewed as a supplement to and not a substitute
for our U.S. GAAP measures of performance and the financial results
calculated in accordance with U.S. GAAP and reconciliations from
these results should be carefully evaluated.
Consolidated Adjusted EBITDA represents net income (loss)
attributable to Cheniere before net income attributable to the
non-controlling interest, interest, taxes, depreciation and
amortization, adjusted for certain non-cash items, other
non-operating income or expense items, and other items not
otherwise predictive or indicative of ongoing operating
performance, as detailed in the following reconciliation.
Consolidated Adjusted EBITDA is not intended to represent cash
flows from operations or net income (loss) as defined by U.S. GAAP
and is not necessarily comparable to similarly titled measures
reported by other companies.
We believe Consolidated Adjusted EBITDA provides relevant and
useful information to management, investors and other users of our
financial information in evaluating the effectiveness of our
operating performance in a manner that is consistent with
management’s evaluation of business performance. We believe
Consolidated Adjusted EBITDA is widely used by investors to measure
a company’s operating performance without regard to items such as
interest expense, taxes, depreciation and amortization which vary
substantially from company to company depending on capital
structure, the method by which assets were acquired and
depreciation policies. Further, the exclusion of certain non-cash
items, other non-operating income or expense items, and items not
otherwise predictive or indicative of ongoing operating performance
enables comparability to prior period performance and trend
analysis.
Consolidated Adjusted EBITDA is calculated by taking net income
(loss) attributable to common stockholders before net income
attributable to non-controlling interest, interest expense, net of
capitalized interest, changes in the fair value and settlement of
our interest rate derivatives, taxes, depreciation and
amortization, and adjusting for the effects of certain non-cash
items, other non-operating income or expense items, and other items
not otherwise predictive or indicative of ongoing operating
performance, including the effects of modification or
extinguishment of debt, impairment expense and loss on disposal of
assets, changes in the fair value of our commodity and foreign
currency exchange (“FX”) derivatives and non-cash compensation
expense. We believe the exclusion of these items enables investors
and other users of our financial information to assess our
sequential and year-over-year performance and operating trends on a
more comparable basis and is consistent with management’s own
evaluation of performance.
Distributable Cash Flow is defined as cash received, or expected
to be received, from Cheniere’s ownership and interests in CQP and
Cheniere Corpus Christi Holdings, LLC, cash received (used) by
Cheniere’s integrated marketing function (other than cash for
capital expenditures) less interest, taxes and maintenance capital
expenditures associated with Cheniere and not the underlying
entities. Management uses this measure and believes it provides
users of our financial statements a useful measure reflective of
our business’s ability to generate cash earnings to supplement the
comparable GAAP measure.
We believe Distributable Cash Flow is a useful performance
measure for management, investors and other users of our financial
information to evaluate our performance and to measure and estimate
the ability of our assets to generate cash earnings after servicing
our debt, paying cash taxes and expending sustaining capital, that
could be used for discretionary purposes such as common stock
dividends, stock repurchases, retirement of debt, or expansion
capital expenditures. Management uses this measure and believes it
provides users of our financial statements a useful measure
reflective of our business’s ability to generate cash earnings to
supplement the comparable GAAP measure. Distributable Cash Flow is
not intended to represent cash flows from operations or net income
(loss) as defined by U.S. GAAP and is not necessarily comparable to
similarly titled measures reported by other companies.
Non-GAAP measures have limitations as an analytical tool and
should not be considered in isolation or in lieu of an analysis of
our results as reported under GAAP, and should be evaluated only on
a supplementary basis.
Consolidated Adjusted EBITDA
The following table reconciles our Consolidated Adjusted EBITDA
to U.S. GAAP results for the three and twelve months ended December
31, 2018 and 2017 (in millions):
Three Months Ended Year
Ended December 31, December 31, 2018
2017 2018 2017 Net
income (loss) attributable to common stockholders $ 67 $ 127 $ 471
$ (393 ) Net income attributable to non-controlling interest 156
153 729 956 Income tax provision 12 4 27 3 Interest expense, net of
capitalized interest 222 208 875 747 Loss on modification or
extinguishment of debt — — 27 100 Derivative loss (gain), net 75
(44 ) (57 ) (7 ) Other income (16 ) (7 ) (48 ) (18 ) Income from
operations $ 516 $ 441 $ 2,024 $ 1,388
Adjustments to reconcile income from operations to Consolidated
Adjusted EBITDA: Depreciation and amortization expense 116 104 449
356 Loss (gain) from changes in fair value of commodity and FX
derivatives, net (19 ) (34 ) 77 33 Total non-cash compensation
expense 21 8 76 28 Impairment expense and loss on disposal of
assets — 4 8 19 Legal settlement expense — — 7
— Consolidated Adjusted EBITDA $ 634 $ 523 $
2,641 $ 1,824
Consolidated Adjusted EBITDA and Distributable Cash
Flow
The following table reconciles our actual Consolidated Adjusted
EBITDA and Distributable Cash Flow to Net income attributable to
common stockholders for the three and twelve months ended December
31, 2018 and forecast amounts for full year 2019 (in billions):
Three Months Twelve Months Ended Ended
December 31, 2018
December 31, 2018
Full Year 2019 Net income attributable to
common stockholders $ 0.07 $ 0.47 $ 0.0 - $ 0.3 Net income
attributable to non-controlling interest 0.16 0.73 0.6 - 0.6 Income
tax provision 0.01 0.03 0.0 Interest expense, net of capitalized
interest 0.22 0.88 1.5 Depreciation and amortization expense 0.12
0.45 0.8 Other expense, financing costs, and certain non-cash
operating expenses 0.06 0.09
0.1
Consolidated Adjusted EBITDA
$ 0.63 $ 2.64
$ 2.9 $
3.2 Distributions to CQP non-controlling interest
(0.14 ) (0.58 ) (0.6 ) SPL and CQP cash retained and interest
expense (0.36 ) (1.44 ) (1.5 ) Cheniere interest expense, income
tax and other (0.01 ) (0.03 )
(0.3 )
Cheniere Distributable Cash Flow $
0.13 $ 0.60
$ 0.6 $ 0.8
__________________________
Note: Totals may not sum due to
rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190226005159/en/
Cheniere Energy, Inc.InvestorsRandy Bhatia, 713-375-5479Megan
Light, 713-375-5492orMedia RelationsEben Burnham-Snyder,
713-375-5764
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