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INVESTOR PRESENTATION – Cheniere Energy Partners Lp.

Cheniere Energy Partners Lp. · Feb 1, 2014 · 38 slides

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Slides

  1. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 1
    Cheniere Energy February, 2014
  2. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 2
    Summary Pro Forma 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,…
  3. INVESTOR 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. INVESTOR 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 Regional Natural Gas & LNG Prices as of /MMBtu Example Prices January 2014 20 Henry Hub: 4.00 / MMBtu…
  5. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 5
    Brownfield LNG Export Project: Sabine Pass Liquefaction Utilizes Existing Assets, Trains 1-4 Fully Contracted, Under Construction Current Facility 1,000 acres in Cameron Parish, LA 40 ft ship channel 3.7 miles from coast 2 berths; 4…
  6. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 6
    LNG Sale and Purchase Agreements (SPAs) 20 mtpa take-or-pay style commercial agreements 2.9B annual fixed fee revenue for 20 years BG Gulf Coast LNG Gas Natural Fenosa Korea Gas Corporation GAIL (India) Limited Total Gas & Power…
  7. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 7
    SPL Construction Completion Schedules Trains 1-4 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…
  8. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 8
    Aerial View of SPL Construction December 2013 Pile driving for Train 3 Train 3 Cold Box Area Compressor Area Train 1 Compressor Area Air Coolers Cold Box Area Train 4 Propane Condenser Area Air Coolers Propane…
  9. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 9
    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 ft.…
  10. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 10
    Corpus Christi Liquefaction SPAs First take-or-pay style commercial agreement for Corpus Christi signed in December 2013 with PT Pertamina PT Pertamina (Persero) Annual Contract Quantity (TBtu) 39.68 Annual Fixed Fees (1) 139…
  11. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 11
    Corpus Christi Liquefaction, LLC Competitive With Other Recent Liquefaction Projects Range of liquefaction project costs: 200 - 2,000+ per ton 1 Bcf/d of capacity = 1.5B to 15.0B+ Corpus Christi liquefaction project estimated costs…
  12. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 12
    Regulatory Approvals Corpus Christi and SPL Trains 5-6 DOE export approvals and FERC construction and operation approvals needed for Corpus Christi Liquefaction Trains 1-3 and Sabine Pass Liquefaction Trains 5&6 Corpus Christi…
  13. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 13
    FERC Applications Filed for Liquefaction Projects LNG Export Projects Pre-filing Date Application Date FERC Scheduling Recd Approval Notice Issued Sabine Pass Liquefaction T1-4 July 26, 2010 Jan. 31, 2011 Corpus Christi…
  14. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 14
    U.S. DOE Applications for LNG Exports* ** Application filed = , FERC scheduling notice issued = Date Applicant Received Expected Order to FERC Approval to Begin Date Non FTA Received be Processed (1) Company Pre-Filing Process…
  15. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 15
    CMI SPA Excess Volumes from Trains 1-4 at SPL CMI-SPL SPA provides CMI with up to 2 mtpa of LNG delivered FOB Sabine Pass starting with the initial production from Train 1 Maximum Annual Contract Quantity of up to 104 TBtu/year from…
  16. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 16
    Timeline & Milestones Target Date SPL Corpus SPL Milestone T1-2 T3-4 Christi T5-6 Initiate permitting process (FERC & DOE) T1 0.8 mtpa T5 Commercial agreements 2014 T6: 2014 EPC contract 2015 Financing commitments 2014…
  17. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 17
    Financial Estimates (includes SPL Trains 1-4 & Trains 1-6) 19
  18. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 18
    CQP: SPLNG (Regas) Estimated Cash Flows Annualized ( in millions) Trains 1-4 Trains 1-6 Total 127 127 Chevron 133 133 SPL 290 305 Other 10 15 Total Revenues 560 580 Total Expenses (65) (75) EBITDA (1) 495 505 Interest Expense…
  19. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 19
    CQP: SPL Estimated Cash Flows Expect 3X EBITDA: Debt Service Coverage And < 5X Debt: EBITDA ( in millions) Trains 1-4 Trains 1-6 Trains 1-4 (BG, Gas Natural, KOGAS, GAIL) 2,285 2,285 Total - 315 Centrica - 275 Train 6 Customer (1)…
  20. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 20
    CQP Forecasted Distributable Cash Flows Trains 1-4 Trains 1-6 ( in millions) SPLNG distributable cash flow 365 375 SPL distributable cash flow 1,435 2,205 CTPL distributable cash flow 30 30 CQP expenses (15) (15) Estimated…
  21. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 21
    CQP Outlook Visible Future Growth Expected LNG Export Volumes (SPL) CQP Expected Revenues Tbtu/yr MM 4,000 3,875 1,600 Cheniere Marketing Cheniere Marketing 1,328 T6 3,010 Train 6 1,200 3,000 T5 1,046 Train 5 T1-4 2,328 795…
  22. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 22
    Cheniere Estimated Steady State Cash Flows ( in millions) Annualized Cheniere Energy, Inc. Trains 1-4 Trains 1-6 CQP GP Interest 370 760 CQH Retained Interest 620 790 Management fees 50 50 CEI expenses and other (100) (100)…
  23. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 23
    Chenieres Debt Summary As of January 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:…
  24. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 24
    Appendix 26
  25. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 25
    Operating Assets Sabine Pass LNG Terminal Creole Trail Pipeline 27
  26. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 26
    Contracted Capacity at SPLNG Third Party Terminal Use Agreements (TUAs) Long-term, 20 year take-or-pay 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…
  27. INVESTOR 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. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 28
    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…
  29. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 29
    2012 Global LNG Supply & Demand LNG Importers - Price Indexation 2012 Global LNG Capacity: 37.3 Bcf/d Oil Products Alge ria - 2.7 2012 Global LNG Demand: 31.5 Bcf/d Natural Gas Norway - 0.6 Japan Crude Cocktail Eg ypt - 1.6 Qatar…
  30. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 30
    U.S. Natural Gas Markets US Gas Consumptions vs. Production US Proved Non-Producing Reserves Tcf Tcf 30 25.8 24.5 25.5 120 23.1 23.3 24.1 22.0 22.9 25 21.7 113 118 100 24.1 24.4 20 22.9 98 20.6 21.3 80 19.3 20.2 85 15 18.1…
  31. INVESTOR 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. INVESTOR 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 (bi-directional) Pine Prairie…
  33. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 33
    Firm Liquefaction Capacity Additions (Bcf/d) Nameplate Liquefaction Capacity 39 Bcf/d as of YE 2013 53 Bcf/d by YE 2019 Bcf/d 3.00 2.75 Asia Pacific SPL T2, Gorgon T2, Petronas FLNG Atlantic Basin APLNG T2 2.50 Gladstone T1…
  34. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 34
    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…
  35. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 35
    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 45.1 344.7…
  36. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 36
    Proforma Condensed Balance Sheets (in millions) As of September 30, 2013 Pro Forma CQH IPO Consolidated Consolidated Cheniere Energy Other Cheniere Cheniere Cheniere Energy Other Cheniere Cheniere Partners, L.P. Energy, Inc. (1)…
  37. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 37
    39
  38. INVESTOR PRESENTATION – Cheniere Energy Partners Lp. – slide 38
    Investor Relations Contacts Randy Bhatia: Director, Finance and Investor Relations (713) 375-5479, randy.bhatiacheniere.com Christina Burke: Manager, Investor Relations (713) 375-5104, christina.burkecheniere.com

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