Schedule I - Condensed Financial Information of Registrant (Tables)
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12 Months Ended |
Dec. 31, 2017 |
|---|
| Condensed Financial Statements, Captions [Line Items] |
|
| Schedule of Debt Instruments |
As of December 31, 2017 and 2016, our debt consisted of the following (in millions):
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December 31, |
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|
2017 |
|
2016 |
Long-term debt: |
|
|
|
|
SPL |
|
|
|
|
|
5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”), net of unamortized premium of $6 and $7 |
|
$ |
2,006 |
|
|
$ |
2,007 |
|
6.25% Senior Secured Notes due 2022 (“2022 SPL Senior Notes”) |
|
1,000 |
|
|
1,000 |
|
5.625% Senior Secured Notes due 2023 (“2023 SPL Senior Notes”), net of unamortized premium of $5 and $6 |
|
1,505 |
|
|
1,506 |
|
5.75% Senior Secured Notes due 2024 (“2024 SPL Senior Notes”) |
|
2,000 |
|
|
2,000 |
|
5.625% Senior Secured Notes due 2025 (“2025 SPL Senior Notes”) |
|
2,000 |
|
|
2,000 |
|
5.875% Senior Secured Notes due 2026 (“2026 SPL Senior Notes”) |
|
1,500 |
|
|
1,500 |
|
5.00% Senior Secured Notes due 2027 (“2027 SPL Senior Notes”) |
|
1,500 |
|
|
1,500 |
|
4.200% Senior Secured Notes due 2028 (“2028 SPL Senior Notes”), net of unamortized discount of $1 and zero |
|
1,349 |
|
|
— |
|
5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”) |
|
800 |
|
|
— |
|
2015 SPL Credit Facilities |
|
— |
|
|
314 |
|
Cheniere Partners |
|
|
|
|
5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”) |
|
1,500 |
|
|
— |
|
2016 CQP Credit Facilities |
|
1,090 |
|
|
2,560 |
|
CCH |
|
|
|
|
7.000% Senior Secured Notes due 2024 (“2024 CCH Senior Notes”) |
|
1,250 |
|
|
1,250 |
|
5.875% Senior Secured Notes due 2025 (“2025 CCH Senior Notes”) |
|
1,500 |
|
|
1,500 |
|
5.125% Senior Secured Notes due 2027 (“2027 CCH Senior Notes”) |
|
1,500 |
|
|
— |
|
2015 CCH Credit Facility |
|
2,485 |
|
|
2,381 |
|
CCH HoldCo II |
|
|
|
|
11.0% Convertible Senior Notes due 2025 (“2025 CCH HoldCo II Convertible Senior Notes”) |
|
1,305 |
|
|
1,171 |
|
Cheniere |
|
|
|
|
4.875% Convertible Unsecured Notes due 2021 (“2021 Cheniere Convertible Unsecured Notes”), net of unamortized discount of $121 and $146 |
|
1,040 |
|
|
960 |
|
4.25% Convertible Senior Notes due 2045 (“2045 Cheniere Convertible Senior Notes”), net of unamortized discount of $314 and $317 |
|
311 |
|
|
308 |
|
$750 million Cheniere Revolving Credit Facility (“Cheniere Revolving Credit Facility”) |
|
— |
|
|
— |
|
Unamortized debt issuance costs |
|
(305 |
) |
|
(269 |
) |
Total long-term debt, net |
|
25,336 |
|
|
21,688 |
|
|
|
|
|
|
Current debt: |
|
|
|
|
$1.2 billion SPL Working Capital Facility (“SPL Working Capital Facility”) |
|
— |
|
|
224 |
|
$350 million CCH Working Capital Facility (“CCH Working Capital Facility”) |
|
— |
|
|
— |
|
Cheniere Marketing trade finance facilities |
|
— |
|
|
23 |
|
Total current debt |
|
— |
|
|
247 |
|
|
|
|
|
|
Total debt, net |
|
$ |
25,336 |
|
|
$ |
21,935 |
|
|
| Schedule of Maturities of Long-term Debt |
Below is a schedule of future principal payments that we are obligated to make, based on current construction schedules, on our outstanding debt at December 31, 2017 (in millions):
|
|
|
|
|
|
Years Ending December 31, |
|
Principal Payments |
2018 |
|
$ |
— |
|
2019 |
|
55 |
|
2020 |
|
1,035 |
|
2021 |
|
3,161 |
|
2022 |
|
3,485 |
|
Thereafter |
|
18,330 |
|
Total |
|
$ |
26,066 |
|
Below is a schedule of future principal payments that we are obligated to make, based on current construction schedules, on our outstanding debt at December 31, 2017 (in millions):
|
|
|
|
|
|
Years Ending December 31, |
|
Principal Payments |
2018 |
|
$ |
— |
|
2019 |
|
55 |
|
2020 |
|
1,035 |
|
2021 |
|
3,161 |
|
2022 |
|
3,485 |
|
Thereafter |
|
18,330 |
|
Total |
|
$ |
26,066 |
|
|
| Schedule of Cash Flow, Supplemental Disclosures |
The following table provides supplemental disclosure of cash flow information (in millions):
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|
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|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2017 |
|
2016 |
|
2015 |
Cash paid during the period for interest, net of amounts capitalized |
|
$ |
305 |
|
|
$ |
66 |
|
|
$ |
123 |
|
Contribution of assets to equity method investee |
|
14 |
|
|
— |
|
|
— |
|
Non-cash conveyance of assets |
|
— |
|
|
— |
|
|
13 |
|
|
| Parent Company [Member] |
|
| Condensed Financial Statements, Captions [Line Items] |
|
| Condensed Balance Sheets |
CHENIERE ENERGY, INC.
CONDENSED BALANCE SHEETS
(in millions)
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December 31, |
|
2017 |
|
2016 |
ASSETS |
|
|
|
|
Cash and cash equivalents |
$ |
— |
|
|
$ |
— |
|
Non-current restricted cash |
— |
|
|
7 |
|
Property, plant and equipment, net |
15 |
|
|
15 |
|
Debt issuance and deferred financing costs, net |
12 |
|
|
— |
|
Investments in affiliates |
(435 |
) |
|
(145 |
) |
Total assets |
$ |
(408 |
) |
|
$ |
(123 |
) |
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
Current liabilities
|
$ |
8 |
|
|
$ |
8 |
|
|
|
|
|
Long-term debt, net |
1,348 |
|
|
1,265 |
|
|
|
|
|
Stockholders’ deficit |
(1,764 |
) |
|
(1,396 |
) |
Total liabilities and stockholders’ deficit |
$ |
(408 |
) |
|
$ |
(123 |
) |
|
| Condensed Statements of Operations |
CHENIERE ENERGY, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in millions)
|
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|
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|
|
|
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|
|
|
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|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2015 |
General and administrative expense |
$ |
7 |
|
|
$ |
6 |
|
|
$ |
— |
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
Interest expense, net |
(118 |
) |
|
(104 |
) |
|
(93 |
) |
Interest expense, net—affiliates |
— |
|
|
(7 |
) |
|
(9 |
) |
Interest income—affiliates |
— |
|
|
24 |
|
|
34 |
|
Equity loss of affiliates |
(268 |
) |
|
(517 |
) |
|
(907 |
) |
Total other expense |
(386 |
) |
|
(604 |
) |
|
(975 |
) |
|
|
|
|
|
|
Net loss attributable to common stockholders |
$ |
(393 |
) |
|
$ |
(610 |
) |
|
$ |
(975 |
) |
|
| Condensed Statements of Cash Flows |
CHENIERE ENERGY, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
|
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|
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|
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|
|
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|
|
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|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2015 |
Net cash used in operating activities |
$ |
(4 |
) |
|
$ |
(102 |
) |
|
$ |
(176 |
) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Investments in affiliates |
209 |
|
|
202 |
|
|
(181 |
) |
Net cash provided by (used in) investing activities |
209 |
|
|
202 |
|
|
(181 |
) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
— |
|
|
— |
|
|
500 |
|
Debt issuance and deferred financing costs |
(15 |
) |
|
— |
|
|
(4 |
) |
Distribution and dividends to non-controlling interest |
(185 |
) |
|
(80 |
) |
|
(80 |
) |
Proceeds from exercise of stock options |
— |
|
|
— |
|
|
2 |
|
Payments related to tax withholdings for share-based compensation |
(12 |
) |
|
(20 |
) |
|
(61 |
) |
Other |
— |
|
|
— |
|
|
1 |
|
Net cash provided by (used in) financing activities |
(212 |
) |
|
(100 |
) |
|
358 |
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
(7 |
) |
|
— |
|
|
1 |
|
Cash, cash equivalents and restricted cash—beginning of period |
7 |
|
|
7 |
|
|
6 |
|
Cash, cash equivalents and restricted cash—end of period |
$ |
— |
|
|
$ |
7 |
|
|
$ |
7 |
|
Balances per Condensed Balance Sheets:
|
|
|
|
|
|
|
|
|
|
December 31 |
|
2017 |
|
2016 |
Cash and cash equivalents |
$ |
— |
|
|
$ |
— |
|
Non-current restricted cash |
— |
|
|
7 |
|
Total cash, cash equivalents and restricted cash |
$ |
— |
|
|
$ |
7 |
|
|
| Schedule of Debt Instruments |
As of December 31, 2017 and 2016, our debt consisted of the following (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2017 |
|
2016 |
Long-term debt: |
|
|
|
|
4.875% Convertible Unsecured Notes due 2021, net of unamortized discount of $121 and $146 |
|
$ |
1,040 |
|
|
$ |
960 |
|
4.25% Convertible Senior Notes due 2045, net of unamortized discount of $314 and $317 |
|
311 |
|
|
308 |
|
$750 million Cheniere Revolving Credit Facility |
|
— |
|
|
— |
|
Unamortized debt issuance costs |
|
(3 |
) |
|
(3 |
) |
Total long-term debt, net |
|
$ |
1,348 |
|
|
$ |
1,265 |
|
|
| Schedule of Maturities of Long-term Debt |
Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2017 (in millions):
|
|
|
|
|
|
Years Ending December 31, |
|
Principal Payments |
2018 |
|
$ |
— |
|
2019 |
|
— |
|
2020 |
|
— |
|
2021 |
|
1,161 |
|
2022 |
|
— |
|
Thereafter |
|
625 |
|
Total |
|
$ |
1,786 |
|
|
| Schedule of Cash Flow, Supplemental Disclosures |
The following table provides supplemental disclosure of cash flow information (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2017 |
|
2016 |
|
2015 |
Non-cash capital contributions (1) |
|
$ |
(268 |
) |
|
$ |
(517 |
) |
|
$ |
(907 |
) |
Non-cash capital contribution from subsidiaries for forgiveness of debt |
|
— |
|
|
151 |
|
|
— |
|
Non-cash capital distribution to subsidiaries for forgiveness of debt |
|
— |
|
|
(868 |
) |
|
— |
|
Issuance of stock to acquire additional interest in Cheniere Holdings |
|
2 |
|
|
94 |
|
|
— |
|
|
|
(1) |
Amounts represent equity losses of affiliates. |
|