| Schedule of Segment Reporting Information, by Segment |
The following table summarizes revenues, net income (loss) from operations and total assets for each of our operating segments (in thousands):
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Segments |
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LNG Terminal |
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LNG & Natural Gas Marketing |
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Corporate and Other (1) |
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Total
Consolidation
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As of or for the Three Months Ended September 30, 2013 |
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Revenues (2) |
$ |
67,558 |
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$ |
16,470 |
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$ |
(16,318 |
) |
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$ |
67,710 |
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Intersegment revenues (losses) (3) (4) |
820 |
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|
15,880 |
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|
(16,700 |
) |
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— |
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Depreciation, depletion and amortization |
14,581 |
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|
251 |
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|
414 |
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|
15,246 |
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Non-cash compensation |
3,148 |
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|
4,594 |
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|
20,197 |
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|
27,939 |
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Income (loss) from operations |
(49,600 |
) |
|
2,919 |
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|
805 |
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|
(45,876 |
) |
Interest expense, net |
(55,378 |
) |
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— |
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|
2,850 |
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(52,528 |
) |
Income (loss) before income taxes and non-controlling interest |
(127,202 |
) |
|
2,515 |
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|
4,013 |
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(120,674 |
) |
Goodwill |
76,819 |
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— |
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— |
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76,819 |
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Total assets |
7,719,551 |
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63,756 |
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342,546 |
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8,125,853 |
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Expenditures for additions to long-lived assets |
852,847 |
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|
61 |
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|
389 |
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853,297 |
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As of or for the Three Months Ended September 30, 2012 |
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Revenues (2) |
$ |
69,868 |
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$ |
2,661 |
|
— |
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$ |
(6,531 |
) |
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$ |
65,998 |
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Intersegment revenues (losses) (3) (4) |
3,929 |
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|
2,953 |
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(6,882 |
) |
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— |
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Depreciation, depletion and amortization |
14,566 |
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|
256 |
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|
411 |
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15,233 |
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Non-cash compensation |
6,505 |
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9,256 |
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36,104 |
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|
51,865 |
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Loss from operations |
(16,446 |
) |
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(16,462 |
) |
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(21,609 |
) |
|
(54,517 |
) |
Interest expense, net |
(55,333 |
) |
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12 |
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9,817 |
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(45,504 |
) |
Income (loss) before income taxes and non-controlling interest |
(71,335 |
) |
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418,655 |
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(459,135 |
) |
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(111,815 |
) |
Goodwill |
76,819 |
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— |
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— |
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76,819 |
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Total assets |
4,136,574 |
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42,308 |
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204,843 |
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4,383,725 |
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Expenditures for additions to long-lived assets |
883,798 |
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(6 |
) |
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696 |
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884,488 |
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For the Nine Months Ended September 30, 2013 |
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Revenues (2) |
$ |
201,408 |
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$ |
27,627 |
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$ |
(28,242 |
) |
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$ |
200,793 |
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Intersegment revenues (losses) (3) (4) |
2,184 |
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|
27,186 |
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(29,370 |
) |
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— |
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Depreciation, depletion and amortization |
43,405 |
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|
751 |
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|
1,377 |
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|
45,533 |
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Non-cash compensation |
22,477 |
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|
36,234 |
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|
152,635 |
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|
211,346 |
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Loss from operations |
(103,655 |
) |
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(39,543 |
) |
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(106,410 |
) |
|
(249,608 |
) |
Interest expense, net |
(156,644 |
) |
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— |
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21,838 |
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|
(134,806 |
) |
Income (loss) before income taxes and non-controlling interest |
128,441 |
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(40,092 |
) |
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(496,613 |
) |
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(408,264 |
) |
Expenditures for additions to long-lived assets |
2,467,210 |
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|
57 |
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1,293 |
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2,468,560 |
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For the Nine Months Ended September 30, 2012 |
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Revenues (2) |
$ |
206,249 |
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$ |
977 |
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$ |
(8,427 |
) |
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$ |
198,799 |
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Intersegment revenues (losses) (3) (4) |
6,973 |
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|
2,618 |
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(9,591 |
) |
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— |
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Depreciation, depletion and amortization |
43,810 |
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1,815 |
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1,376 |
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47,001 |
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Non-cash compensation |
6,964 |
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10,657 |
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38,492 |
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|
56,113 |
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Income (loss) from operations |
7,237 |
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(31,788 |
) |
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(35,366 |
) |
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(59,917 |
) |
Interest expense, net |
(165,251 |
) |
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12 |
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5,520 |
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(159,719 |
) |
Loss before income taxes and non-controlling interest |
(158,016 |
) |
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403,369 |
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(491,875 |
) |
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(246,522 |
) |
Expenditures for additions to long-lived assets |
931,542 |
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|
1,659 |
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1,192 |
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934,393 |
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(1) |
Includes corporate activities, oil and gas exploration, development and exploitation activities and certain intercompany eliminations. Our oil and gas exploration, development and exploitation operating activities have been included in the corporate and other column due to the lack of a material impact that these activities have on our consolidated financial statements. |
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(2) |
Substantially all of the LNG terminal revenues relate to regasification capacity reservation fee payments made by Total Gas & Power North America, Inc. and Chevron U.S.A. Inc. LNG and natural gas marketing and trading revenue consists primarily of the domestic marketing of natural gas imported into the Sabine Pass LNG terminal and international revenue allocations using a cost plus transfer pricing methodology. |
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(3) |
Intersegment revenues related to our LNG terminal business segment are primarily from tug revenues from Cheniere Marketing and the receipt of 80% of gross margins earned by Cheniere Marketing in an effort to utilize the reserved capacity at the Sabine Pass LNG terminal of Cheniere Investments under its terminal use rights assignment and agreement ("TURA") pursuant to which Cheniere Investments has the right to use Sabine Pass Liquefaction's reserved capacity at the Sabine Pass LNG terminal under Sabine Pass Liquefaction's TUA in the three and nine months ended September 30, 2013 and 2012. These LNG terminal business segment intersegment revenues are eliminated with intersegment expenses in our Consolidated Statements of Operations.
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(4) |
Intersegment revenues (losses) related to our LNG and natural gas marketing business segment are primarily from Cheniere Marketing's tug costs and the payment of 80% of gross margins earned by Cheniere Marketing in an effort to utilize the reserved capacity at the Sabine Pass LNG terminal of Cheniere Investments under its TURA in the three and nine months ended September 30, 2013 and 2012. These LNG and natural gas marketing business segment intersegment costs are eliminated with intersegment revenues in our Consolidated Statements of Operations.
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