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CORPORATE PRESENTATION – Cheniere Energy Partners Lp.

Cheniere Energy Partners Lp. · Jun 24, 2014 · 42 slides

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Slides

  1. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 1
    Cheniere Energy June 2014
  2. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 2
    Summary Organizational Structure Cheniere Energy, Inc. (NYSE: LNG) 84.5% Interest 100% Interest 100% Interest 100% Interest Cheniere Energy Partners Cheniere Corpus Christi Public Cheniere Energy 15.5% LP Holdings, LLC…
  3. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 3
    Projected Global LNG Demand Growth Regional LNG Import Outlook (mtpa) Europe 60 98 28 2015 2020 2030 Asia 377 Americas 256 200 20 16 19 2015 2020 2030 2015 2020 2030 Middle East/N. Africa 6 10 38 2015 2020 2030…
  4. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 4
    Chenieres LNG Export Facilities Offer Attractive Pricing for Global LNG Buyers Worldwide LNG Prices = 11% to 15% of Crude Oil /MMBtu Regional Natural Gas & LNG Prices June 2014 Example Prices 20 Henry Hub: 4.00 / MMBtu 18…
  5. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 5
    Cheniere Liquefaction Projects 9 Trains, 31B investment, 40.5 MTPA LNG Exports (5.5Bcf/d) Sabine Pass Corpus Christi Sabine Pass Corpus T14 T12 T56 Christi T3 Estimated Cost(1) 12B 10B 6B 3B Volume (MTPA) 18.0 9.0 9.0 4.5 3rd…
  6. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 6
    Brownfield LNG Export Project: Sabine Pass Liquefaction Utilizes Existing Assets, Trains 14 Fully Contracted, Under Construction Current Facility 1,000 acres in Cameron Parish, LA 40 ft ship channel 3.7 miles from coast 2 berths;…
  7. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 7
    LNG Sale and Purchase Agreements (SPAs) Sabine Pass Liquefaction 20 mtpa takeorpay style commercial agreements 2.9B annual fixed fee revenue for 20 years BG Gulf Coast LNG Gas Natural Fenosa Korea Gas Corporation GAIL (India)…
  8. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 8
    SPL Construction Completion Schedules Trains 14 2012 2013 2014 2015 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54…
  9. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 9
    Aerial View of SPL Construction April 2014 10
  10. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 10
    Corpus Christi Liquefaction Project Proposed 3 Train Facility 1,000 acres owned and/or controlled HoustonNew Orleans 2 berths, 3 LNG storage tanks (10.1 Bcfe of storage) Corpus Christi Gulf of Mexico Key Project Attributes 45…
  11. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 11
    LNG Sale and Purchase Agreements (SPAs) Corpus Christi Liquefaction SPA progress: 5.3 mtpa takeorpay style commercial agreements 965MM annual fixed fee revenue for 20 years PT Pertamina (Persero) Endesa S.A. Iberdrola S.A. Gas…
  12. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 12
    Regulatory Approvals Needed for Corpus Christi and SPL Trains 56 Scheduling Notices received for both Corpus Christi and SPL Trains 56 Corpus Christi Trains 13 FERC: Scheduling Notice received 2/2014, final EIS expected October 8,…
  13. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 13
    FERC Applications Filed for Liquefaction Projects LNG Export Projects Prefiling Date Application Date FERC Scheduling EIS / EA Scheduled Date Recd Notice Issued for EIS or EA Approval Sabine Pass Liquefaction T14 July 26, 2010…
  14. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 14
    Timeline & Milestones Target Date SPL Corpus SPL Milestone T12 T34 Christi T56 Initiate permitting process (FERC & DOE) T1/T2: 5.3 mtpa T5 Commercial agreements 2014 T6: 2014 EPC contract 2015 Financing commitments 2014…
  15. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 15
    Cheniere Marketing Cheniere developing platform for LNG sale opportunities to international markets International LNG marketing operation Professional staff based in London, Houston and Santiago SPA with SPL for 2 mtpa LNG…
  16. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 16
    Financial Estimates 17
  17. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 17
    Estimated CEI EBITDA Build Up SPL Trains 16 and CCL Trains 13 5.0 3.3 4.5 CEI EBITDA ( in billions) 0.6 4.0 2.6 3.3 0.7 0.1 3.0 0.1 1.9 2.5 0.5 0.4 2.0 1.0 1.2 0.9 1.0 0.7 0.2 0.3 SPL Sales (T14) SPL CMI…
  18. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 18
    Potential Financial Profile of CEI Cheniere development of 41 MTPA of US liquefaction capacity (9 trains) leads to EBITDA of 3.3 4.5 billion(1) (unconsolidated) CEI level debt of 4 billion (unconsolidated) CEI share count of 238.1…
  19. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 19
    CQP Forecasted Distributable Cash Flows CQP estimated distributable cash flows ( in millions) Trains 14 Trains 16 SPLNG distributable cash flow 370 380 SPL distributable cash flow 1,400 2,260 CTPL distributable cash flow 30 30…
  20. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 20
    CQP Outlook Visible Future Growth Estimated LNG export volumes Estimated CQP revenues 1,500 4.5 4.4 1,378 1,300 4.0 1,046 3.5 3.2 1,100 2.9 939 3.0 ( in billions) (TBtu per year) 900 823 2.6 2.5 700 2.0 500…
  21. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 21
    Financial Strength Demonstrated ability to raise capital, multiple options available Other Cheniere Consolidated As of March 31, 2014 CQP Energy, Inc. CEI Unrestricted cash and equivalents 0 915 915 Restricted cash and securities…
  22. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 22
    Chenieres Debt Summary As of June 2014 ( in millions) No Debt Cheniere Energy, Inc. (NYSE: LNG) Cheniere Energy Corpus Christi CQP GP Cheniere Marketing, No Debt Partners LP Holdings, LLC Liquefaction, LLC (& IDRs) LLC (NYSE:…
  23. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 23
    Appendix 24
  24. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 24
    Operating Assets Sabine Pass LNG Terminal Creole Trail Pipeline 25
  25. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 25
    Contracted Capacity at SPLNG Third Party Terminal Use Agreements (TUAs) Longterm, 20 year takeorpay style commercial contracts 253MM annual fixed fee revenue Total Gas & Power N.A. Chevron U.S.A. Inc. Capacity 1.0 Bcf/d 1.0…
  26. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 26
    Creole Trail Pipeline In May 2013, Cheniere Partners acquired CTPL from Cheniere Energy, Inc. for 480MM, and following the sale CTPL secured a 400 million senior secured term loan facility CTPL is fully contracted with expected…
  27. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 27
    LSTK EPC Contract with Bechtel Minimize Construction Costs and Risks Bechtel was the EPC contractor for the regasification project at the Why Bechtel Pass LNG terminal, which was constructed on time and on budget Proven construction…
  28. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 28
    Global LNG Supply & Demand LNG Importers - Price Indexation 2013 Global LNG Capacity: 38 Bcf/d Oil Products Algeria 2.7 2013 Global LNG Demand: 31 Bcf/d Natural Gas Norway 0.5 Japan Crude Cocktail Egypt 1 Qatar 10.1 USA 0.2…
  29. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 29
    Firm Liquefaction Capacity Additions (Bcf/d) Nameplate Liquefaction Capacity 38 Bcf/d as of YE 2013 54 Bcf/d by YE 2019 Bcf/d 3.00 2.75 Asia Pacific SPL T2, Gorgon T2, Petronas FLNG1 Atlantic Basin APLNG T2 2.50 Gladstone T1…
  30. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 30
    U.S. Natural Gas Markets US Gas Consumptions vs. Production US Proved NonProducing Reserves Tcf Bcf/d US Gas Production 120 80 US Gas Consumption 69.9 70.7 100 70 66 67.1 80 113 118 110 63.3 63.8 62.7 98 60.3 86 54.5 66.0…
  31. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 31
    Strategically Located Extensive Market Access to Gas Primary Gas Sources for Sabine Pass and Corpus Christi Liquefaction Conventional Gulf Coast Onshore: Barnett, Haynesville, Bossier, Eagle Ford, Fayetteville, Permian Basin, Anadarko…
  32. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 32
    Multiple Local Pipeline Interconnections Provide Several Options for Access to Natural Gas Supply Cheniere Creole Trail Pipeline Trunkline Kinder Morgan Louisiana Pipeline NGPL Texas to Louisiana (bidirectional) Pine Prairie…
  33. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 33
    U.S. LNG Export Projects Quantity Company DOE FERC* Contracts (Bcf/d) Cheniere Sabine Fully 2.2 Fully permitted Pass T1 T4 Subscribed Oregon LNG FTA + Freeport 1.8 NonFTA T1T3 FTA + Fully Lake Charles 2.0 NonFTA…
  34. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 34
    CQP: SPLNG (Regas) Estimated Cash Flows SPLNG estimated cash flows ( in millions) Trains 14 Trains 16 Total 130 130 Chevron 135 135 SPL(1) 295 305 Other 10 15 Total revenues 570 585 Total expenses (70) (75) EBITDA 500 510…
  35. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 35
    CQP: SPL Estimated Cash Flows SPL estimated cash flows ( in millions) Trains 14 Trains 16 Trains 14 (BG, Gas Natural, KOGAS, GAIL) 2,300 2,300 Train 5 (Total, Centrica) 590 Train 6 customer(1) 730 CMI(2) 170 220 Commodity…
  36. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 36
    CCL Estimated Cash Flows Trains 13 CCL estimated cash flows ( in millions) CCL Trains 12 CCL Trains 13 Long term SPAs 1,110 1,110 (1) Short / medium term LNG sales 500 880 1,250 2,190 Commodity payments, net(2) 160 230 Total…
  37. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 37
    Cheniere Marketing SPA Estimated Annual Gross Profit from 2 mtpa Volumes Assumptions LNG Loaded Sabine Pass (Tbtu) 104 5 Henry Hub Price LNG Delivered DES (Tbtu) 98 15 LNG sales price, delivered Cash Flows at terminal Sales 6%…
  38. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 38
    Cheniere Marketing SPA Estimated Annual Gross Profit from 2 mtpa Sensitivities MM Gross Profit at Varying Prices Observations The intrinsic value of 104 million LNG Sales Price, /MMBtu MMBtu of LNG from Sabine Pass 10.00 15.00…
  39. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 39
    Conversion of Class B and Subordinated Units Class B Units: Mandatory conversion: within 90 days of the substantial completion of Train 3 Optional conversion by a Class B unitholder may occur at any of the following times: After 83…
  40. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 40
    Pro Forma CQP Ownership (in millions) CEI CQH(3) Blackstone Public Total Common units (1) 12.0 45.1 57.1 Class B units (1) 45.3 100.0 145.3 Subordinated units (1) 135.4 135.4 General Partner 2% 6.9 6.9 6.9 192.7 100.0 45.1…
  41. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 41
    42
  42. CORPORATE PRESENTATION – Cheniere Energy Partners Lp. – slide 42
    Investor Relations Contacts Randy Bhatia: Director, Finance and Investor Relations (713) 3755479, randy.bhatiacheniere.com Christina Burke: Manager, Investor Relations (713) 3755104, christina.burkecheniere.com

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