Schedule I - Condensed Financial Information of Registrant (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Condensed Financial Statements, Captions [Line Items] |
|
| Schedule of Debt |
As of December 31, 2018 and 2017, our debt consisted of the following (in millions):
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|
|
|
|
|
|
|
|
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|
December 31, |
|
|
2018 |
|
2017 |
Long-term debt: |
|
|
|
|
SPL |
|
|
|
|
|
5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”) |
|
$ |
2,000 |
|
|
$ |
2,000 |
|
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”) |
|
1,500 |
|
|
1,500 |
|
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”) |
|
1,350 |
|
|
1,350 |
|
5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”) |
|
800 |
|
|
800 |
|
Cheniere Partners |
|
|
|
|
5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”) |
|
1,500 |
|
|
1,500 |
|
5.625% Senior Notes due 2026 (“2026 CQP Senior Notes”) |
|
1,100 |
|
|
— |
|
CQP Credit Facilities |
|
— |
|
|
1,090 |
|
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 |
|
|
1,500 |
|
CCH Credit Facility |
|
5,156 |
|
|
2,485 |
|
CCH HoldCo II |
|
|
|
|
11.0% Convertible Senior Secured Notes due 2025 (“2025 CCH HoldCo II Convertible Senior Notes”) |
|
1,455 |
|
|
1,305 |
|
Cheniere |
|
|
|
|
4.875% Convertible Unsecured Notes due 2021 (“2021 Cheniere Convertible Unsecured Notes”) |
|
1,218 |
|
|
1,161 |
|
4.25% Convertible Senior Notes due 2045 (“2045 Cheniere Convertible Senior Notes”) |
|
625 |
|
|
625 |
|
$1.25 billion Cheniere Revolving Credit Facility (“Cheniere Revolving Credit Facility”) |
|
— |
|
|
— |
|
Unamortized premium, discount and debt issuance costs, net |
|
(775 |
) |
|
(730 |
) |
Total long-term debt, net |
|
28,179 |
|
|
25,336 |
|
|
|
|
|
|
Current debt: |
|
|
|
|
$1.2 billion SPL Working Capital Facility (“SPL Working Capital Facility”) |
|
— |
|
|
— |
|
$1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) |
|
168 |
|
|
— |
|
Cheniere Marketing trade finance facilities |
|
71 |
|
|
— |
|
Total current debt |
|
239 |
|
|
— |
|
|
|
|
|
|
Total debt, net |
|
$ |
28,418 |
|
|
$ |
25,336 |
|
|
| 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, 2018 (in millions):
|
|
|
|
|
|
Years Ending December 31, |
|
Principal Payments |
2019 |
|
$ |
239 |
|
2020 |
|
— |
|
2021 |
|
3,218 |
|
2022 |
|
1,000 |
|
2023 |
|
1,500 |
|
Thereafter |
|
23,236 |
|
Total |
|
$ |
29,193 |
|
|
| Schedule of Cash Flow, Supplemental Disclosures |
The following table provides supplemental disclosure of cash flow information (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2016 |
Cash paid during the period for interest, net of amounts capitalized |
|
$ |
707 |
|
|
$ |
305 |
|
|
$ |
66 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
Issuance of stock to acquire additional interest in Cheniere Holdings |
|
702 |
|
|
2 |
|
|
94 |
|
Contribution of assets to equity method investee |
|
— |
|
|
14 |
|
|
— |
|
Acquisition of assets under capital lease |
|
60 |
|
|
— |
|
|
— |
|
|
| Parent Company [Member] |
|
| Condensed Financial Statements, Captions [Line Items] |
|
| Condensed Balance Sheet |
CHENIERE ENERGY, INC.
CONDENSED BALANCE SHEETS
(in millions)
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2018 |
|
2017 |
ASSETS |
|
|
|
|
Cash and cash equivalents |
$ |
— |
|
|
$ |
— |
|
Restricted cash |
— |
|
|
— |
|
Other current assets |
1 |
|
|
— |
|
Property, plant and equipment, net |
14 |
|
|
15 |
|
Debt issuance and deferred financing costs, net |
21 |
|
|
12 |
|
Investments in affiliates |
883 |
|
|
(435 |
) |
Total assets |
$ |
919 |
|
|
$ |
(408 |
) |
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
Current liabilities |
$ |
9 |
|
|
$ |
8 |
|
|
|
|
|
Long-term debt, net |
1,436 |
|
|
1,348 |
|
|
|
|
|
Stockholders’ deficit |
(526 |
) |
|
(1,764 |
) |
Total liabilities and stockholders’ deficit |
$ |
919 |
|
|
$ |
(408 |
) |
|
| Condensed Statements of Operations and Comprehensive Loss |
CHENIERE ENERGY, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2016 |
General and administrative expense |
$ |
8 |
|
|
$ |
7 |
|
|
$ |
6 |
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
Interest expense, net |
(128 |
) |
|
(118 |
) |
|
(104 |
) |
Interest expense, net—affiliates |
— |
|
|
— |
|
|
(7 |
) |
Interest income—affiliates |
— |
|
|
— |
|
|
24 |
|
Equity income (loss) of affiliates |
607 |
|
|
(268 |
) |
|
(517 |
) |
Total other income (expense) |
479 |
|
|
(386 |
) |
|
(604 |
) |
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
$ |
471 |
|
|
$ |
(393 |
) |
|
$ |
(610 |
) |
|
| Condensed Statements of Cash Flows |
CHENIERE ENERGY, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2016 |
Net cash provided by (used in) operating activities |
$ |
48 |
|
|
$ |
(4 |
) |
|
$ |
(102 |
) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Investments in affiliates |
568 |
|
|
209 |
|
|
202 |
|
Net cash provided by investing activities |
568 |
|
|
209 |
|
|
202 |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Debt issuance and deferred financing costs |
(13 |
) |
|
(15 |
) |
|
— |
|
Distribution and dividends to non-controlling interest |
(576 |
) |
|
(185 |
) |
|
(80 |
) |
Payments related to tax withholdings for share-based compensation |
(20 |
) |
|
(12 |
) |
|
(20 |
) |
Other |
(7 |
) |
|
— |
|
|
— |
|
Net cash used in financing activities |
(616 |
) |
|
(212 |
) |
|
(100 |
) |
|
|
|
|
|
|
Net decrease in cash, cash equivalents and restricted cash |
— |
|
|
(7 |
) |
|
— |
|
Cash, cash equivalents and restricted cash—beginning of period |
— |
|
|
7 |
|
|
7 |
|
Cash, cash equivalents and restricted cash—end of period |
$ |
— |
|
|
$ |
— |
|
|
$ |
7 |
|
Balances per Condensed Balance Sheets:
|
|
|
|
|
|
|
|
|
|
December 31 |
|
2018 |
|
2017 |
Cash and cash equivalents |
$ |
— |
|
|
$ |
— |
|
Restricted cash |
— |
|
|
— |
|
Total cash, cash equivalents and restricted cash |
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Debt |
As of December 31, 2018 and 2017, our debt consisted of the following (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2018 |
|
2017 |
Long-term debt: |
|
|
|
|
4.875% Convertible Unsecured Notes due 2021 |
|
$ |
1,218 |
|
|
$ |
1,161 |
|
4.25% Convertible Senior Notes due 2045 |
|
625 |
|
|
625 |
|
$1.25 billion Cheniere Revolving Credit Facility |
|
— |
|
|
— |
|
Unamortized premium, discount and debt issuance costs, net |
|
(407 |
) |
|
(438 |
) |
Total long-term debt, net |
|
$ |
1,436 |
|
|
$ |
1,348 |
|
|
| 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, 2018 (in millions):
|
|
|
|
|
|
Years Ending December 31, |
|
Principal Payments |
2019 |
|
$ |
— |
|
2020 |
|
— |
|
2021 |
|
1,218 |
|
2022 |
|
— |
|
2023 |
|
— |
|
Thereafter |
|
625 |
|
Total |
|
$ |
1,843 |
|
|
| Schedule of Cash Flow, Supplemental Disclosures |
The following table provides supplemental disclosure of cash flow information (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2016 |
Cash paid during the period for interest, net of amounts capitalized |
|
$ |
32 |
|
|
$ |
31 |
|
|
$ |
20 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
Non-cash capital distribution (contributions) (1) |
|
607 |
|
|
(268 |
) |
|
(517 |
) |
Issuance of stock to acquire additional interest in Cheniere Holdings |
|
702 |
|
|
2 |
|
|
94 |
|
Non-cash capital contribution from subsidiaries for forgiveness of debt |
|
— |
|
|
— |
|
|
151 |
|
Non-cash capital distribution to subsidiaries for forgiveness of debt |
|
— |
|
|
— |
|
|
(868 |
) |
|
|
(1) |
Amounts represent equity income (losses) of affiliates. |
|