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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
 
 
FORM 10-Q
 
 
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to            
Commission file number 001-16383
colorlogoonwhitecmyka41.gif
CHENIERE ENERGY, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
Delaware
95-4352386
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
700 Milam Street, Suite 1900
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713375-5000
(Registrant’s telephone number, including area code)
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $ 0.003 par value
LNG
NYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No   
As of October 25, 2019, the issuer had 254,750,996 shares of Common Stock outstanding.
 



CHENIERE ENERGY, INC.
TABLE OF CONTENTS



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


i


DEFINITIONS
As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms
Bcf
 
billion cubic feet
Bcf/d
 
billion cubic feet per day
Bcf/yr
 
billion cubic feet per year
Bcfe
 
billion cubic feet equivalent
DOE
 
U.S. Department of Energy
EPC
 
engineering, procurement and construction
FERC
 
Federal Energy Regulatory Commission
FTA countries
 
countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAP
 
generally accepted accounting principles in the United States
Henry Hub
 
the final settlement price (in USD per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin
LIBOR
 
London Interbank Offered Rate
LNG
 
liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state
MMBtu
 
million British thermal units, an energy unit
mtpa
 
million tonnes per annum
non-FTA countries
 
countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
SEC
 
U.S. Securities and Exchange Commission
SPA
 
LNG sale and purchase agreement
TBtu
 
trillion British thermal units, an energy unit
Train
 
an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUA
 
terminal use agreement


1


Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of September 30, 2019, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
ceiorgchart63019a01.gif
Unless the context requires otherwise, references to “Cheniere,” the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, Cheniere Partners.
Unless the context requires otherwise, references to the “CCH Group” refer to CCH HoldCo II, CCH HoldCo I, CCH, CCL and CCP, collectively.

2




PART I.
FINANCIAL INFORMATION
ITEM 1.
CONSOLIDATED FINANCIAL STATEMENTS
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (1)
(in millions, except share data)
 
September 30,
 
December 31,
 
2019
 
2018
ASSETS
(unaudited)
 
 
Current assets
 
 
 
Cash and cash equivalents
$
2,539

 
$
981

Restricted cash
578

 
2,175

Accounts and other receivables
507

 
585

Inventory
288

 
316

Derivative assets
140

 
63

Other current assets
133

 
114

Total current assets
4,185

 
4,234

 
 
 
 
Property, plant and equipment, net
29,490

 
27,245

Operating lease assets, net
493

 

Debt issuance costs, net
50

 
72

Non-current derivative assets
123

 
54

Goodwill
77

 
77

Other non-current assets, net
287

 
305

Total assets
$
34,705

 
$
31,987

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

Current liabilities
 

 
 

Accounts payable
$
50

 
$
58

Accrued liabilities
1,199

 
1,169

Current debt
11

 
239

Deferred revenue
171

 
139

Current operating lease liabilities
275

 

Derivative liabilities
181

 
128

Other current liabilities
5

 
9

Total current liabilities
1,892

 
1,742

 
 
 
 
Long-term debt, net
30,795

 
28,179

Non-current operating lease liabilities
203

 

Non-current finance lease liabilities
58

 
57

Non-current derivative liabilities
245

 
22

Other non-current liabilities
26

 
58

 
 
 
 
Commitments and contingencies (see Note 17)


 


 
 
 
 
Stockholders’ equity
 

 
 

Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued

 

Common stock, $0.003 par value, 480.0 million shares authorized
 
 
 

Issued: 270.6 million shares at September 30, 2019 and 269.8 million shares at December 31, 2018


 


Outstanding: 255.0 million shares at September 30, 2019 and 257.0 million shares at December 31, 2018
1

 
1

Treasury stock: 15.6 million shares and 12.8 million shares at September 30, 2019 and December 31, 2018, respectively, at cost
(584
)
 
(406
)
Additional paid-in-capital
4,130

 
4,035

Accumulated deficit
(4,447
)
 
(4,156
)
Total stockholders’ deficit
(900
)
 
(526
)
Non-controlling interest
2,386

 
2,455

Total equity
1,486

 
1,929

Total liabilities and equity
$
34,705

 
$
31,987

 
(1)
Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 8— Non-controlling Interest and Variable Interest Entity. As of September 30, 2019, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $19.0 billion and $18.6 billion, respectively, including $1.7 billion of cash and cash equivalents and $0.2 billion of restricted cash.

The accompanying notes are an integral part of these consolidated financial statements.

3



CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data) 
(unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
LNG revenues
$
2,059

 
$
1,719

 
$
6,375

 
$
5,327

Regasification revenues
66

 
66

 
199

 
196

Other revenues
45

 
34

 
149

 
81

Total revenues
2,170

 
1,819

 
6,723

 
5,604

 
 
 
 
 
 
 
 
Operating costs and expenses
 
 
 
 
 
 
 
Cost of sales (excluding depreciation and amortization expense shown separately below)
1,267

 
1,027

 
3,758

 
3,078

Operating and maintenance expense
308

 
170

 
824

 
457

Development expense
2

 
2

 
6

 
6

Selling, general and administrative expense
72

 
74

 
222

 
214

Depreciation and amortization expense
213

 
113

 
561

 
333

Impairment expense and loss on disposal of assets
1

 
8

 
7

 
8

Total operating costs and expenses
1,863

 
1,394

 
5,378

 
4,096

 
 
 
 
 
 
 
 
Income from operations
307

 
425

 
1,345

 
1,508

 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(395
)
 
(221
)
 
(1,014
)
 
(653
)
Loss on modification or extinguishment of debt
(27
)
 
(12
)
 
(27
)
 
(27
)
Derivative gain (loss), net
(78
)
 
23

 
(187
)
 
132

Other income (expense)
(70
)
 
15

 
(38
)
 
32

Total other expense
(570
)
 
(195
)
 
(1,266
)
 
(516
)
 
 
 
 
 
 
 
 
Income (loss) before income taxes and non-controlling interest
(263
)

230


79


992

Income tax benefit (provision)
3


(3
)



(15
)
Net income (loss)
(260
)

227


79


977

Less: net income attributable to non-controlling interest
58


162


370


573

Net income (loss) attributable to common stockholders
$
(318
)

$
65


$
(291
)

$
404













Net income (loss) per share attributable to common stockholders—basic (1)
$
(1.25
)

$
0.26


$
(1.13
)

$
1.67

Net income (loss) per share attributable to common stockholders—diluted (1)
$
(1.25
)
 
$
0.26

 
$
(1.13
)
 
$
1.65

 











Weighted average number of common shares outstanding—basic
256.0

 
247.2

 
256.8

 
241.9

Weighted average number of common shares outstanding—diluted
256.0

 
250.2

 
256.8

 
244.6


 
(1) 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.






The accompanying notes are an integral part of these consolidated financial statements.

4



CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
Three and Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Stockholders’ Equity
 
 
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Accumulated Deficit
 
Non-controlling Interest
 
Total
Equity
 
Shares
 
Par Value Amount
 
Shares
 
Amount
 
 
 
 
Balance at December 31, 2018
257.0


$
1


12.8


$
(406
)

$
4,035


$
(4,156
)

$
2,455


$
1,929

Vesting of restricted stock units
0.6

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 
28

 

 

 
28

Shares withheld from employees related to share-based compensation, at cost
(0.2
)
 

 
0.2

 
(12
)
 

 

 

 
(12
)
Net income attributable to non-controlling interest

 

 

 

 

 

 
196

 
196

Distributions and dividends to non-controlling interest

 

 

 

 

 

 
(144
)
 
(144
)
Net income

 

 

 

 

 
141

 

 
141

Balance at March 31, 2019
257.4

 
1

 
13.0

 
(418
)
 
4,063

 
(4,015
)
 
2,507

 
2,138

Vesting of restricted stock units
0.1

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 
33

 

 

 
33

Shares withheld from employees related to share-based compensation, at cost

 

 

 
(2
)
 

 

 

 
(2
)
Shares repurchased, at cost

 

 

 
(3
)
 

 

 

 
(3
)
Net income attributable to non-controlling interest

 

 

 

 

 

 
116

 
116

Equity portion of convertible notes, net

 

 

 

 
1

 

 

 
1

Distributions and dividends to non-controlling interest

 

 

 

 

 

 
(146
)
 
(146
)
Net loss

 

 

 

 

 
(114
)
 

 
(114
)
Balance at June 30, 2019
257.5

 
1

 
13.0

 
(423
)
 
4,097

 
(4,129
)
 
2,477

 
2,023

Vesting of restricted stock units
0.1

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 
33

 

 

 
33

Shares withheld from employees related to share-based compensation, at cost
(0.1
)
 

 
0.1

 
(5
)
 

 

 

 
(5
)
Shares repurchased, at cost
(2.5
)
 

 
2.5

 
(156
)
 

 

 

 
(156
)
Net income attributable to non-controlling interest

 

 

 

 

 

 
58

 
58

Distributions and dividends to non-controlling interest

 

 

 

 

 

 
(149
)
 
(149
)
Net loss

 

 

 

 

 
(318
)
 

 
(318
)
Balance at September 30, 2019
255.0

 
$
1

 
15.6

 
$
(584
)
 
$
4,130

 
$
(4,447
)
 
$
2,386

 
$
1,486




The accompanying notes are an integral part of these consolidated financial statements.

5



CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY—CONTINUED
(in millions)
(unaudited)
Three and Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Stockholders’ Equity
 
 
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Accumulated Deficit
 
Non-controlling Interest
 
Total
Equity
 
Shares
 
Par Value Amount
 
Shares
 
Amount
 
 
 
 
Balance at December 31, 2017
237.6

 
$
1

 
12.5

 
$
(386
)
 
$
3,248

 
$
(4,627
)
 
$
3,004

 
$
1,240

Vesting of restricted stock units
0.3

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 
16

 

 

 
16

Shares withheld from employees related to share-based compensation, at cost

 

 
0.1

 
(6
)
 

 

 

 
(6
)
Net income attributable to non-controlling interest

 

 

 

 

 

 
243

 
243

Distributions and dividends to non-controlling interest

 

 

 

 

 

 
(143
)
 
(143
)
Net income

 

 

 

 

 
357

 

 
357

Balance at March 31, 2018
237.9

 
1

 
12.6

 
(392
)
 
3,264

 
(4,270
)
 
3,104

 
1,707

Issuance of stock to acquire additional interest in Cheniere Holdings
10.3

 

 

 

 
376

 

 
(376
)
 

Share-based compensation

 

 

 

 
23

 

 

 
23

Shares withheld from employees related to share-based compensation, at cost
(0.1
)
 

 

 
(2
)
 

 

 

 
(2
)
Net income attributable to non-controlling interest

 

 

 

 

 

 
168

 
168

Equity portion of convertible notes, net

 

 

 

 
1

 

 

 
1

Distributions and dividends to non-controlling interest

 

 

 

</