Sabine Pass LNG, L.P.

CIK:0001379714|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Regasification revenues	$ 66,262	$ 66,597	$ 196,768	$ 199,805
Regasification revenues—affiliate	64,220	64,222	194,927	192,586
Other revenues—affiliate	2,114	0	9,750	0
Total revenues	132,596	130,819	401,445	392,391
Operating costs and expenses
Operating and maintenance expense	8,863	6,932	29,605	24,915
Operating and maintenance expense—affiliate	3,026	7,067	14,252	15,788
General and administrative expense	255	1,120	761	2,545
General and administrative expense—affiliate	2,323	2,387	6,825	8,017
Depreciation and amortization expense	13,602	11,583	39,597	33,430
Total operating costs and expenses	28,069	29,089	91,040	84,695
Income from operations	104,527	101,730	310,405	307,696
Other income (expense)
Interest expense	(40,293)	(40,292)	(120,854)	(120,842)
Other income	146	27	372	58
Total other expense	(40,147)	(40,265)	(120,482)	(120,784)
Net income	$ 64,380	$ 61,465	$ 189,923	$ 186,912

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net income	$ 189,923	$ 186,912
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	39,597	33,430
Amortization of debt issuance costs and discount	6,694	6,683
Other	10	1,313
Other—affiliate	6,531	5,051
Changes in restricted cash for certain operating activities	(38,075)	(38,054)
Changes in operating assets and liabilities:
Advances to affiliate	1,282	(13,098)
Inventory	2,211	(6,676)
Accounts payable and accrued liabilities	39,597	42,676
Due to affiliates	3,557	5,851
Deferred revenue	(2,960)	(3,003)
Deferred revenue—affiliate	(5,252)	(3)
Other, net	2,481	(3,371)
Other—affiliate	(2,044)	2,087
Net cash provided by operating activities	243,552	219,798
Cash flows from investing activities
Property, plant and equipment, net	(3,762)	(1,588)
Other	(4,537)	0
Net cash used in investing activities	(8,299)	(1,588)
Cash flows from financing activities
Capital contributions from Cheniere Partners	0	52,400
Distributions to limited partner	(230,426)	(267,936)
Net cash used in financing activities	(230,426)	(215,536)
Net increase in cash and cash equivalents	4,827	2,674
Cash and cash equivalents—beginning of period	7,642	5,460
Cash and cash equivalents—end of period	$ 12,469	$ 8,134

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 12,469	$ 7,642
Restricted cash	115,490	77,415
Accounts and other receivables	40	43
Accounts receivable—affiliate	3,162	615
Advances to affiliate	5,872	7,154
Inventory	7,434	9,646
Other current assets	4,296	5,456
Total current assets	148,763	107,971
Non-current restricted cash	13,650	13,650
Property, plant and equipment, net	1,651,815	1,435,024
Other non-current assets	29,583	29,149
Total assets	1,843,811	1,585,794
Current liabilities
Accounts payable	2,844	2,675
Accrued liabilities	57,443	18,877
Current debt, net	1,664,204	1,658,379
Due to affiliates	11,998	12,840
Deferred revenue	26,709	26,669
Deferred revenue—affiliate	16,593	21,845
Total current liabilities	1,779,791	1,741,285
Long-term debt, net	415,270	414,402
Non-current deferred revenue	6,500	9,500
Non-current deferred revenue—affiliate	24,533	22,080
Other non-current liabilities	167	175
Other non-current liabilities—affiliate	604	236
Partners’ deficit	(383,054)	(601,884)
Total liabilities and partners’ deficit	$ 1,843,811	$ 1,585,794