Cheniere Energy Partners LP (CQP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Cheniere Energy Partners Lp has a market cap of $373.7 million; its shares were traded at around $14.15 with a P/E ratio of 12.5 and P/S ratio of 0.9. The dividend yield of Cheniere Energy Partners Lp stocks is 12.1%.CQP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Sabine Pass LNG has issued an aggregate principal amount of $2,215.5 million of Senior Notes consisting of $550.0 million of 7¼% Senior Secured Notes due 2013 and $1,665.5 million of 7½% Senior Secured Notes due 2016. Interest on the Senior Notes is payable semi-annually in arrears on May 30 and November 30 of each year. The Senior Notes are secured on a first-priority basis by a security interest in all of Sabine Pass LNG s equity interests and substantially all of its operating assets. Under the Sabine Pass Indenture governing the Senior Notes, except for permitted tax distributions, Sabine Pass LNG may not make distributions until certain conditions are satisfied: there must be on deposit in an interest payment account an amount equal to one-sixth of the semi-annual interest payment multiplied by the number of elapsed months since the last semi-annual interest payment, and there must be on deposit in a permanent debt service reserve fund an amount equal to one semi-annual interest payment of approximately $82.4 million. Distributions are permitted only after satisfying the foregoing funding requirements, a fixed charge coverage ratio test of 2:1 and other conditions specified in the Sabine Pass Indenture. During the three-month periods ended March 31, 2010 and 2009, Sabine Pass LNG made distributions of $106.7 million and $76.3 million, respectively, to us after satisfying all the applicable conditions in the Sabine Pass Indenture.
Operating and maintenance expense (including affiliate expense) increased $4.5 million, from $6.6 million in the three-month period ended March 31, 2009 to $11.1 million in the three-month period ended March 31, 2010. This increase was primarily related to an increase in operating expense as a result of the achievement of full operability of the Sabine Pass LNG receiving terminal with approximately 4.0 Bcf/d of total sendout capacity and five LNG storage tanks with approximately 16.9 Bcf of aggregate storage capacity in the third quarter of 2009.
Depreciation expense increased $4.0 million, from $6.6 million in the three-month period ended March 31, 2009 to $10.6 million in the three-month period ended March 31, 2010. This increase in depreciation expense was related to beginning depreciation on the costs associated with the achievement of full operability of the Sabine Pass LNG receiving terminal in the third quarter of 2009.
Interest expense, net of amounts capitalized, increased $10.6 million, from $32.9 million in the three-month period ended March 31, 2009 to $43.5 million in the three-month period ended March 31, 2010. This increase was related to the achievement of full operability of the Sabine Pass LNG receiving terminal in the third quarter of 2009 that reduced the amount of interest expense that could be capitalized.
As of March 31, 2010, Cheniere Marketing, on behalf of Sabine Pass LNG, had entered into a total of 247,032 million British thermal units (“MMBtu”) of NYMEX natural gas swaps through May 2010, for which we will receive fixed prices of $3.925 to $5.374 per MMBtu. At March 31, 2010, the value of the derivatives was an asset of less than $0.1 million.
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Cheniere Energy Partners Lp has a market cap of $373.7 million; its shares were traded at around $14.15 with a P/E ratio of 12.5 and P/S ratio of 0.9. The dividend yield of Cheniere Energy Partners Lp stocks is 12.1%.CQP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
As of March 31, 2010, we had $118.4 million of cash and cash equivalents and $137.3 million of restricted cash and cash equivalents. Of this amount, $85.4 million of cash and cash equivalents was held in our subsidiary, Sabine Pass LNG. The restricted cash and cash equivalents of $137.3 million was held by Sabine Pass LNG to pay interest on the Senior Notes described below.Sabine Pass LNG has issued an aggregate principal amount of $2,215.5 million of Senior Notes consisting of $550.0 million of 7¼% Senior Secured Notes due 2013 and $1,665.5 million of 7½% Senior Secured Notes due 2016. Interest on the Senior Notes is payable semi-annually in arrears on May 30 and November 30 of each year. The Senior Notes are secured on a first-priority basis by a security interest in all of Sabine Pass LNG s equity interests and substantially all of its operating assets. Under the Sabine Pass Indenture governing the Senior Notes, except for permitted tax distributions, Sabine Pass LNG may not make distributions until certain conditions are satisfied: there must be on deposit in an interest payment account an amount equal to one-sixth of the semi-annual interest payment multiplied by the number of elapsed months since the last semi-annual interest payment, and there must be on deposit in a permanent debt service reserve fund an amount equal to one semi-annual interest payment of approximately $82.4 million. Distributions are permitted only after satisfying the foregoing funding requirements, a fixed charge coverage ratio test of 2:1 and other conditions specified in the Sabine Pass Indenture. During the three-month periods ended March 31, 2010 and 2009, Sabine Pass LNG made distributions of $106.7 million and $76.3 million, respectively, to us after satisfying all the applicable conditions in the Sabine Pass Indenture.
Operating and maintenance expense (including affiliate expense) increased $4.5 million, from $6.6 million in the three-month period ended March 31, 2009 to $11.1 million in the three-month period ended March 31, 2010. This increase was primarily related to an increase in operating expense as a result of the achievement of full operability of the Sabine Pass LNG receiving terminal with approximately 4.0 Bcf/d of total sendout capacity and five LNG storage tanks with approximately 16.9 Bcf of aggregate storage capacity in the third quarter of 2009.
Depreciation expense increased $4.0 million, from $6.6 million in the three-month period ended March 31, 2009 to $10.6 million in the three-month period ended March 31, 2010. This increase in depreciation expense was related to beginning depreciation on the costs associated with the achievement of full operability of the Sabine Pass LNG receiving terminal in the third quarter of 2009.
Interest expense, net of amounts capitalized, increased $10.6 million, from $32.9 million in the three-month period ended March 31, 2009 to $43.5 million in the three-month period ended March 31, 2010. This increase was related to the achievement of full operability of the Sabine Pass LNG receiving terminal in the third quarter of 2009 that reduced the amount of interest expense that could be capitalized.
As of March 31, 2010, Cheniere Marketing, on behalf of Sabine Pass LNG, had entered into a total of 247,032 million British thermal units (“MMBtu”) of NYMEX natural gas swaps through May 2010, for which we will receive fixed prices of $3.925 to $5.374 per MMBtu. At March 31, 2010, the value of the derivatives was an asset of less than $0.1 million.
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