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Cheniere Energy Partners Reports Third Quarter 2009 Results.

Article Excerpt
- Sabine Pass LNG receiving terminal fully operational - Estimated annualized distribution is $1.70

HOUSTON, Nov. 6 /PRNewswire-FirstCall/ -- For the quarter and nine months ended September 30, 2009, Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE Amex: CQP) reported net income of $69.5 million and $125.0 million, or $0.43 and $0.77 per limited partner unit, respectively, compared with a net loss $10.9 million and $49.9 million, or ($ 0.07) and ($ 0.31) per limited partner unit, respectively, for the same periods in 2008. As of September 30, 2009, construction of the Sabine Pass LNG receiving terminal was substantially complete and fully operational with sendout capacity of 4.0 Bcf/d and storage capacity of 16.9 Bcfe.

Results from operations

From operations, Cheniere Partners reported income of $106.4 million and $224.0 million, respectively, for the quarter and nine months ended September 30, 2009 compared to a loss of $10.0 million and $16.9 million, respectively, for the same 2008 periods.

Revenues for the quarter and nine months ended September 30, 2009 were $128.5 million and $286.8 million, respectively. Revenues primarily include capacity payments received from customers in accordance with their terminal use agreements ("TUAs"). The Cheniere Marketing, LLC TUA became effective in October 2008, the Total Gas and Power North America, Inc. TUA became effective April 1, 2009 and the Chevron U.S.A., Inc. TUA became effective July 1, 2009.

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