Cheniere Energy, Inc. · NYSE:LNG
Cheniere Energy — Investor Day (September 2012)
77 slides from Cheniere Energy's investor day presentation, Sep 11, 2012
Slide 1: 2012 Investor/Analyst Day Conference
2012 Investor/Analyst Day Conference
Slide 2: Forward Looking Statements
Forward Looking Statements 2 This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended”. All statements, o
Slide 3: Introduction
Introduction Charif Souki, Chairman & CEO Cheniere Energy Investor/Analyst Day Conference September 2012
Slide 4: Agenda
Agenda Sabine Pass Liquefaction Project 8:30 Introduction Charif Souki Chairman & CEO 9:00 Finance Meg Gentle Chief Financial Officer 10:00 Construction Update Keith Teague Senior Vice President, Asset Group 10:45 Break 11:00 Securing Gas Supply CMI SPA Davis Thames President, Cheniere Marketing 12:
Slide 5: Summary Organizational Structure
2.0% Interest & Incentive Dist. Rights Cheniere Energy, Inc. (NYSE MKT: LNG) Sabine Pass LNG, L.P. (“SPLNG”) Sabine Pass Liquefaction, LLC (“SPL”) Cheniere Energy Partners, L.P. (NYSE MKT: CQP) Cheniere Creole Trail Pipeline, L.P. Corpus Christi Liquefaction, LLC Cheniere Marketing, LLC (“CMI”) Chen
Slide 6: Operating Assets
Operating Assets Sabine Pass LNG Terminal Creole Trail Pipeline 6
Slide 7: Condensed Balance Sheets
Condensed Balance Sheets Pro Forma June 30, 2012 Other Cheniere Consolidated CQP Energy, Inc. CEI (2) Unrestricted cash and equivalents $ - 240 $ 240 $ Restricted cash and securities 491 Current & long-term debt 2,295 2,295 (1) Includes all subsidiaries, excluding CQP and its subsidiaries. (2) For c
Slide 8: Cheniere Standalone Cash Projections Before Train 1
Disbursements G&A Pipeline, tug services and other Cheniere Standalone Cash Projections Before Train 1 Commences Operations Receipts Distributions from CQP (Common/GP) Management fees from CQP/SPLNG Management fees from SPL (15)-0 (1) Estimates represent a summary of internal forecasts for
Slide 9: LNG Estimated Cash Flows
LNG Estimated Cash Flows SPL Four Trains 2017E Distributions from CQP Management fees Pipeline payments from SPL CEI expenses and other Distributions from Contracted Cash Flows 2016E $ 545 515 50 80 $ ($ in millions) $ 990 960 50 80 $ (100) (100) Note: The above represents a single financing scenari
Slide 10: Finance
Finance Meg Gentle, Chief Financial Officer Cheniere Energy Investor/Analyst Day Conference September 2012
Slide 11: Pro Forma CQP Ownership
Pro Forma CQP Ownership Common units Class B units Subordinated units General partner @ 2% 19.5 12.0 33.3 135.4 6.1 Public CEI 19.5 186.8 (in millions) 31.5 133.3 135.4 6.1 306.3 Total 61.0% 6.4% 100% Percent of total - - - Blackstone 32.6% 100.0 - - - 100.0 Reflects initial $2B equity issuance of
Slide 12: SPLNG Estimated Cash Flows
SPLNG Estimated Cash Flows (With Trains 1 – 4 Operational) Total Revenues Total Expenses Total Chevron SPL Other EBITDA (1) 127 133 285 10 555 (65) $ 490 $ Distributable cash flow to CQP $ 325 ($ in millions) Debt Service (2) (165) Annualized (1) EBITDA is computed as total revenues less non-cash de
Slide 13: SPL Estimated Cash Flows
SPL Estimated Cash Flows Trains 1-4 Total Revenues Trains 1-2 BG Gas Natural KOGAS GAIL Commodity payments, net (1) O&M, gas procurement & other SPLNG TUA Pipeline Costs 520 455 - - 125 1,100 (160) (140) (80) (380) EBITDA (2) 725 455 550 550 275 2,555 (270) (285) (160) (715) $ 1,840 $ 720 $ $ Distri
Slide 14: CQP Estimated Distributable Cash Flows
CQP Estimated Distributable Cash Flows Trains 1-4 Distributions Trains 1-2 Public Common units Cheniere Common units General Partner 350 275 15 Distribution per unit 670 645 315 $ 3.10 $ 1.70 $ $ Total Distributions from contracted cash flow $ 1,630 ($ in millions) $ 640 SPLNG distributable cash flo
Slide 15: Creole Trail Pipeline
Current Facility Delivery from SPLNG: 2.0 Bcf/d Diameter: 42-inch; Length: 94 miles Interconnects: NGPL, Transco, TGPL, FGT, Bridgeline, Tetco, Trunkline Pipeline Modifications Reconfigure for bi-directional flow One new compressor station with three new units Two new meter stations Modify e
Slide 16: Steady State Cash Flows
Steady State Cash Flows Trains 1-4 Distributable cash flows Distribution per Common unit Trains 1-2 Distributions from Sabine Pass Liquefaction Distributions from Sabine Pass LNG CQP expenses and other 470 185 (15) 640 $1.70 Cheniere Energy Partners (NYSE MKT: CQP) 1,320 325 (15) 1,630 $3.10 $ $ ($
Slide 17: Cash Flow on CMI SPA
Cash Flow on CMI SPA (1) Net margins based on profitability of cargoes, up to $3.00/MMBtu paid to SPL on 36 Bcf of LNG sold in a year; 20% of net margins paid to SPL on the remaining 68 Bcf of LNG sold in the year LNG sold 104 Bcf/year Net margin $10/MMBtu Net margin $1,040 Paid to Sabine Pass Lique
Slide 18: Robust Credit Metrics Ensure Financial Flexibility
Robust Credit Metrics Ensure Financial Flexibility Including incremental LNG export volumes: ($ in millions) EBITDA 490$ EBITDA 1,840$ EBITDA 2,315$ Debt Debt Debt Senior Notes due 2013 550$ Trains 1-2 Notes 4,000$ Sabine Pass LNG 2,216$ S nior Notes due 2016 1,666 Trains 3-4 Notes 4,700 Sabine Pass
Slide 19: Financing Next Steps
Financing Next Steps Sabine Pass LNG • $550 MM maturity Nov 2013 • Options: − SPLNG Senior Notes − CQP Senior Notes − CQP Common Units Sabine Pass Liquefaction • ~$5-6B capital required for financing Trains 3 and 4 • Expect $500 MM to $1B CQP equity for Trains 3 and 4; ~$5B debt • Prepare for an
Slide 20: Example Financing Structure: Trains 1-4
Example Financing Structure: Trains 1 - 4 ~$11.0B total funding for Trains 1 - 4 Equity $2.0B CQP Class B units funding for Trains 1 - 2 • Blackstone and CEI purchase 133.3MM Class B units ‒ $15 per Class B unit, 3.5% quarterly accrual rate ‒ Convertible into CQP common units(1) ~$0.6B CQP Commo
Slide 21: Pro Forma Corporate Structure Including Financing for Trains 1-4
Pro Forma Corporate Structure Including Financing for Trains 1 - 4 Cheniere Energy, Inc. (NYSE MKT: LNG) Cheniere Energy Partners, L.P. (NYSE MKT: CQP) Sabine Pass Liquefaction, LLC (SPL) Sabine Pass LNG, L.P. (SPLNG) $2,000 Class B units BG SPA (286.5 million MMBtu per annum) $600 Equity units $8,7
Slide 22: Construction Update
Construction Update Keith Teague, Senior Vice President, Asset Group Cheniere Energy Investor/Analyst Day Conference September 2012
Slide 23: Sabine Pass Liquefaction Project Trains 1 & 2
Sabine Pass Liquefaction Project Trains 1 & 2 Under Construction Current Facility ~1,000 acres in Cameron Parish, LA 40 ft ship channel 3.7 miles from coast 2 berths; 4 dedicated tugs 5 LNG storage tanks (17 Bcf of storage) 4.3 Bcf/d peak regasification capacity 5.3 Bcf/d of pipeline int
Slide 24: Sabine Pass Liquefaction Project Trains 3-4 Update; Trains 5-6
Sabine Pass Liquefaction Project Trains 3 & 4 Update; Trains 5 - 6 Liquefaction Trains 3 & 4 Bechtel FEED in progress; scheduled for completion 4Q12 Sixth tank permitted but not expected to be needed Additional modifications and/or extension of the Creole Trail Pipeline Construction estimate
Slide 25: Why Bechtel
Why Bechtel Constructed one third of the world’s liquefaction facilities - more than any other contractor Top US construction contractor for 13 straight years by Engineering News-Record Bechtel Experience Key Competitive and Cost Advantages Existing SPLNG infrastructure provides significant co
Slide 26: EPC Contract for Trains 1 & 2
EPC Contract for Trains 1 & 2 Total project cost, excluding financing, is $4.5 - $5.0B • EPC contract cost is $3.97B, including consideration for delayed start of notice to proceed beyond March 31, 2012 • Owner’s and contingency costs estimated to be ~$0.9B Contract includes provisions for perfo
Slide 27: Trains 1 & 2 Construction Status
Trains 1 & 2 – Construction Status Notice to Proceed issued to Bechtel on 8/9/2012 Mobilization • Bechtel has begun site preparations • Piling subcontractor (BOMAC) has mobilized on-site to begin work on the construction dock and bridged pipeline crossings for the heavy haul road – Offsite pile
Slide 28: Trains 3 & 4 EPC Status
Trains 3 & 4 – EPC Status Status of FEED • Engineering will be more advanced than Trains 1 & 2 EPC expected to be very similar to Trains 1 & 2 • Lump sum, turn key • Guaranteed schedule • Incentives to finish early LSTK bid expected in 4Q2012 Contract expected to be signed 1-2 months thereaf
Slide 29: Date Jan -12 Feb -12 Mar -12 Apr -12 May -12 Jun -12 Jul-
Date Jan -12 Feb -12 Mar -12 Apr -12 May -12 Jun -12 Jul- 12 Aug -12 Sep -12 Oct -12 Nov -12 Dec -12 Jan -13 Feb -13 Mar -13 Apr -13 May -13 Jun -13 Jul- 13 Aug -13 Sep -13 Oct -13 Nov -13 Dec -13 Jan -14 Feb -14 Mar -14 Apr -14 May -14 Jun -14 Jul- 14 Aug -14 Sep -14 Oct -14 Nov -14 Dec -14 Jan -15
Slide 30: Securing Gas Supply
Davis Thames, President, Cheniere Marketing Cheniere Energy Investor/Analyst Day Conference September 2012 Securing Gas Supply
Slide 31: Feed Gas Procurement Strategy
Feed Gas Procurement Strategy Secure firm capacity on CTPL • Precedent agreement executed • Open season to be conducted in coming months Secure firm capacity upstream of CTPL • Ensure delivery from both west-east and east-west flow patterns • Access major liquidity points • Additional delivery p
Slide 32: Shale Pipelines Carrying Supply Eastward
Shale Pipelines Carrying Supply Eastward Texas Oklahoma Alabama Louisiana Mississippi Arkansas Tennessee Tiger 2.0 CEGT 1.6 Fayetteville 2.0 Sabine Pass LNG CTPL 32
Slide 33: Aggregate Supply Overview
Aggregate Supply Overview Sabine Pass LNG Terminal Scale - Approximate 0 40 60 miles 20 Existing CTPL Zone 1 Henry Hub Perryville Hub Capacity 6.9Bcf/d Ave YTD 0.7Bcf/d 33
Slide 34: Local Pipeline Interconnections
Local Pipeline Interconnections Targa Columbia Gulf Tennessee Cheniere Creole Trail Pipeline Trunkline Kinder Morgan Louisiana Pipeline NGPL Texas to Louisiana (bi-directional) Transco TETCO Tennessee FGT SW Lateral (Trn, TN, FGT) Existing Pipeline Grid Transco Z3 Sabine Pine Prairie Energy Center E
Slide 35: Adequate Capacity to Deliver Feed Gas
Adequate Capacity to Deliver Feed Gas Pipeline WLA Station Capacity (Bcf/d) ANR North East 1.40 0.70 Bridgeline Johnson Bayou 0.30 CGT Mainline 2.10 FGT Station 7 0.45 NGPL 346 0.75 Sabine Pipeline Mainline 0.20 TETCO Opelousas 1.10 TGP Kinder North Kinder 800 Line 0.20 0.69 TGT North 1.40 Transco S
Slide 36: Options for Third Party Transport
Options for Third Party Transport Texas Oklahoma Louisiana Mississippi Arkansas Tennessee Sabine Pass LNG CTPL Henry Hub TETCO Trunkline NGPL Transco Tennessee 36
Slide 37: Feed Gas Illustrative Economics
Feed Gas Illustrative Economics Third party transport/demand still in commercial negotiations; final costs projected to be a combination of fixed and HH-indexed charges Non-HH indexed feed gas purchases projected for about half of T1-2 volumes Opportunities for lower costs due to lower fuel co
Slide 38: CMI SPA
Davis Thames, President, Cheniere Marketing Cheniere Energy Investor/Analyst Day Conference September 2012 CMI SPA
Slide 39: CMI SPA – Excess Volumes at SPL
CMI SPA – Excess Volumes 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 •Annual Quantity is determined by SPL, subject to a Maximum Annual Contract Quantity (ACQ) of 52 TBtu/yr initially and increasing to 104 TBt
Slide 40: Excess Cargo Projections at SPL
Excess Cargo Projections at SPL (Including Trains 1-4) Projected cargoes in excess of committed cargoes under firm SPAs (3.4TBtu size) Actual number will be • Lower, with increased maintenance, unplanned outages, plant underperformance • Higher, with plant exceeding planned performance 0 5 10 15
Slide 41: Estimated Vessel Requirements for DES Sales
Estimated Vessel Requirements for DES Sales Premium sales opportunities projected to exist in Asia going forward “I actually believe Asian demand is going to be so great that it can take probably all the gas that can be delivered.” George Kirkland, Chevron Corporation (NYSE:CVX) vice chairman, Aug
Slide 42: Cashflow Sensitivity Example
Cashflow Sensitivity Example – Trains 1 & 2 Case Summary 1. 15% Brent DES, $5.00 HH 2. 10% Brent DES, $5.00 HH 3. 15% of $150/bbl DES, $3.00 HH Discussion • Impact of negative margin changes mitigated by profit sharing mechanic • Profit payable to SPL is capped, delivering market upside directly
Slide 43: Corpus Christi Liquefaction Project
Corpus Christi Liquefaction Project Michael Wortley, Vice President - Business Development Cheniere Energy Investor/Analyst Day Conference September 2012
Slide 44: Corpus Christi Liquefaction Project (CCL)
Corpus Christi Liquefaction Project (CCL) Originating New Int’l Gas Markets, Liberating Domestic Liquids ~220 rigs working in the Eagle Ford (Smith Bits) Locator Map Corpus Christi Liquefaction, LLC Eagle Ford Recoverable Resource * (excludes dry gas window) Associated Gas, Tcf 33.0 NGLs, B Bbls 9.4
Slide 45: Corpus Christi is the Optimal Energy Export Site
Corpus Christi is the Optimal Energy Export Site 70 Miles from the Heart of the Eagle Ford Shale > 1,000 acres owned and/or controlled Marine environment conducive to receiving large tankers • Deepwater channel (45 feet, 13.7 m) • Uncongested waterways • Protected berth Premier Site Conditions
Slide 46: Corpus Christi Liquefaction Project Site
Corpus Christi Liquefaction Project Site 342 Acre Owned + 322 Acres of Permanent Easement + 437 Acre DMPA 342 Acre Site Gulf of Mexico 46
Slide 47: EPC Contracting Strategy: LSTK with Bechtel
1 2 3 EPC Contracting Strategy: LSTK with Bechtel Oil, Gas & Chemicals Three 4.5 mtpa nameplate liquefaction trains designed with ConocoPhillips’ Optimized Cascade® Process technology Six GE LM2500+ G4 gas turbine driven refrigerant compressors per train Three 160,000 m3 full-containment LNG
Slide 48: Corpus Christi Pipeline Project
Corpus Christi Pipeline Project 23 Miles of 48” Pipe, 2.25 Bcf/d Deliverability, 3.25 Bcf/d Interconnect Capacity 48 3.25
Slide 49: Corpus Christi Liquefaction Project Timeline / Milestones
Corpus Christi Liquefaction Project Timeline / Milestones All major permit applications have been filed Preliminary engineering completed (Bechtel), including project budget & schedule FEED kicked off 09/04/2012 Initiate permitting process (FERC & DOE) Commercial agreements 3Q13 EPC cont
Slide 50: Competitive With Other Recent Greenfield Liquefaction Projects
0 500 1000 1500 2000 Go rgo n Gla dst on e Cu rtis An gol a Sh no vit Sak hal in Qa tar gas Nig eria Ra sG as EL NG T1 Om an AL NG T1 AL NG T1- 3 EL NG T1- 2 Corpus Christi Liquefaction, LLC Competitive With Other Recent Greenfield Liquefaction Projects (1) Before financing costs, includes owner’s c
Slide 51: Corpus Christi Marketing Plan
Davis Thames, President, Cheniere Marketing Cheniere Energy Investor/Analyst Day Conference September 2012 Corpus Christi Marketing Plan
Slide 52: Corpus Christi Liquefaction Current Facility
Corpus Christi Liquefaction Current Facility 342 acres in San Patricio County and ~322 acres of permanent easement 15 miles from coast LaQuinta Channel dredged to 45 feet 2 docks; 3 dedicated tugs Three 160,000 M3 full containment LNG tanks (10.1 Bcfe) Site preparation complete Liquefact
Slide 53: Key Success Factors
Key Success Factors Proven commercial model • Henry Hub indexation with flexibility • Proven financeable One of only two companies that have invested funds to prepare and file both FERC and DOE applications(1) Low execution risk through duplication of the Sabine Pass design Significant comme
Slide 54: Projected Global LNG Demand Growth
Projected Global LNG Demand Growth 54 From 303 mtpa (2015) to 511 mtpa (2030) – 3.5% CAGR Approximately 1 new CCLNG every year Regional LNG Import Outlook (mtpa)* Source: Facts Global Energy
Slide 55: Asia Uncontracted Demand
Asia Uncontracted Demand 55 Source: Facts Global Energy
Slide 56: CCLNG Public Interest Benefits
CCLNG Public Interest Benefits Significant economic impact • $31.1 billion cumulative direct economic impact • $111.4 billion cumulative indirect economic impact • 96,954 jobs created nationwide Complementary benefits to the chemicals industry • $90.1 billion in cumulative benefits resulting fro
Slide 57: Commercial Advantages of the Cheniere Model
Commercial Advantages of the Cheniere Model Based on market-supplied Henry Hub indexed feed gas • The market, not the project, invests to produce at Henry Hub price • Lowers fixed investment recovery • Allows customers to cancel loadings during high price environments • Simple and easy to hedge
Slide 58: Henry Hub Indexation Lower Cost, Lower Volatility
Henry Hub Indexation Lower Cost, Lower Volatility 20-yr life cycle costs of HH and Brent-indexed LNG supply agreements Although volatility in percentage terms is lower for oil, distribution width in absolute price terms is less for Henry Hub-indexed LNG $8.00 $9.00 $10.00 $11.00 $12.00 $13.00 $1
Slide 59: Reduced Volatility of Oil Indexed Sales
Reduced Volatility of Oil Indexed Sales Assumptions include: • Henry Hub commodity plus fuel = 115% HH • Henry Hub volatility = 46%, Crude Oil Volatility = -17%, Correlation = 0.37, Lagged Crude Volatility = 23.6%, HH/Lagged WTI Correl = -26%, Futures a/o 5/1/11 59
Slide 60: Estimated Prices
Estimated Prices Henry Hub: $3.00 / MMBtu Brent Crude: $100 / Barrel ($/MMBtu) Americas Europe Asia Henry Hub 3.00 $ 3.00 3.00 Fuel/Basis Shipping 0.75 1.25 3.00 0.45 0.45 0.45 $ 7.20 7.70 9.45 5.55 Regional Price @ 15% 15.00 12.00 15.00 Margin 7.80 $ 4.30 Liquefaction 3.00 3.00 3.00 Delivered Cost
Slide 61: Corporate Strategy
Corporate Strategy Charif Souki, Chairman & CEO Cheniere Energy Investor/Analyst Day Conference September 2012 61
Slide 62: Maintaining a Stable Risk Profile at Cheniere
Cheniere is projected to have significant, stable earnings and cash flows underpinned with long-term customer contracts We have decided not to jeopardize the earnings from existing business at Sabine Pass No more stock or debt will be issued at the corporate level unless exceptional opportunit
Slide 63: Implementing Dividend for LNG Shares
Implementing Dividend for LNG Shares Estimated LNG shares outstanding YE2016 • ~240-250MM Able to commence dividends in 2016 subject to approval by Board of Directors • ~$0.50/share ($2.00 annualized) Note: See “Forward Looking Statements” slide. 63
Slide 64: Future Development Opportunities
Cheniere Marketing • LNG exports / sales opportunities – 2.0 mtpa at SPL – Additional volumes from Corpus Christi Corpus Christi Liquefaction Project • 13.5 mtpa nameplate capacity Future Development Opportunities 64
Slide 65: Future Development Projects
Management has recommended, and the Board has approved, that future development projects, Cheniere Marketing and Corpus Christi Liquefaction will be financed at the project level on a non- recourse basis • Management expects to participate in the development of future projects • Corpus Christi Pro
Slide 66: Summary Organizational Structure
2.0% Interest & Incentive Dist. Rights Cheniere Energy, Inc. (NYSE MKT: LNG) Sabine Pass LNG, L.P. (“SPLNG”) Sabine Pass Liquefaction, LLC (“SPL”) Cheniere Energy Partners, L.P. (NYSE MKT: CQP) Cheniere Creole Trail Pipeline, L.P. Corpus Christi Liquefaction, LLC Cheniere Marketing, LLC Cheniere Ene
Slide 67: Appendix
Appendix Cheniere Energy Investor/Analyst Day Conference September 2012
Slide 68: Overview of Key Events
Overview of Key Events January 2012 CEI repaid 2007 Term Loan SPL amended BG SPA to increase volumes from 3.5 to 5.5 mtpa SPL signed SPA with KOGAS for 3.5 mtpa April 2012 SPL received FERC approval May 2012 CEI entered into stock purchase agreement with Temasek / RRJ CQP agreed to sell
Slide 69: Contracted Capacity at SPLNG
Contracted Capacity at SPLNG Third Party Terminal Use Agreements (TUAs) Long-term, 20 year “take-or-pay” style commercial contracts Total Gas & Power N.A. Chevron U.S.A. Inc. Capacity 1.0 Bcf/d 1.0 Bcf/d Fees (1) Reservation Fee (2) $0.28/MMBTU $0.28/MMBTU Opex Fee (3) $0.04/MMBTU $0.04/MMBTU 2011 F
Slide 70: Contracted Capacity at SPL
Contracted Capacity at SPL Sale and Purchase Agreements (SPAs) (1) Conditions precedent must be satisfied by June 30, 2013 for KOGAS and GAIL (India) Ltd. or either party can terminate. CPs include financing, regulatory approvals and positive final investment decision. (2) A portion of the fee is su
Slide 71: Net Operating Loss (NOL)
NOLs projected to increase until commercial start of Train 1 NOLs expected to offset taxable income starting with Train 1 commercial operations Cheniere not expected to be taxpayer until at least 2021 MLP taxable income expected to be reduced by Sabine Pass Liquefaction Project depreciation
Slide 72: CQP Distributions Waterfall Calculation Example
CQP Distributions Waterfall Calculation Example Quarterly Distributions Annual distributions Total Annual distributions Marginal Percentage Interest in Distributions Quarterly target amount Annual target amount Annual distributions Common & Sub Unitholders General Partner Initial quarterly distribut
Slide 73: Sabine Pass Liquefaction Trains 1-2 Sources and Uses
Sabine Pass Liquefaction, LLC Trains 1-2 financing complete Sources and Uses Trains 1 and 2 $3.6B project financing at 5.5% (L+350) 75% principal outstanding under interest rate swaps Refinance $3.6B bank market debt with $4.0B bond issuance at 6.0% (L+400) in 2014 $1.9B equity contributed b
Slide 74: CQP Summary Cash Flow Projections
CQP Summary Cash Flow Projections Including Trains 1 and 2 Note: The above represents a single financing scenario. Estimates represent a summary of internal forecasts, are based on current assumptions and are subject to change. Actual performance may differ materially from, and there is no plan to u
Slide 75: Estimated Sources and Uses Including Trains 3-4
Estimated Sources and Uses Including Trains 1 – 4 Sabine Pass Liquefaction, LLC $4.5B bank market debt issuance at 5.5% (L+350) Refinance $4.5B bank market debt with $4.7B bond issuance @ 6% $0.6B equity contributed by CQP Expected operations start - Train 3: Month 52 Train 4: Month 58 Finan
Slide 76: CQP Summary Cash Flow Projections Including Trains 1-4
CQP Summary Cash Flow Projections Including Trains 1-4 (1) EBITDA is computed as total revenues less non-cash deferred revenues, operating expenses, assumed commissioning costs and state and local taxes. It does not include depreciation expenses and certain non-operating items. Because we have not f
Slide 77: 2012 Investor/Analyst Day Conference
2012 Investor/Analyst Day Conference September 2012