Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2014 | Apr. 17, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'CHENIERE ENERGY INC | ' |
Entity Central Index Key | '0000003570 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 237,899,730 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $914,603 | $960,842 |
Restricted cash and cash equivalents | 520,119 | 598,064 |
Accounts and interest receivable | 3,886 | 4,486 |
LNG inventory | 4,106 | 10,563 |
Prepaid expenses and other | 25,915 | 17,225 |
Total current assets | 1,468,629 | 1,591,180 |
Non-current restricted cash and cash equivalents | 330,072 | 1,031,399 |
Property, plant and equipment, net | 7,132,041 | 6,454,399 |
Debt issuance costs, net | 302,439 | 313,944 |
Non-current derivative assets | 71,170 | 98,123 |
Goodwill | 76,819 | 76,819 |
Intangible LNG assets | 3,366 | 3,366 |
Other | 140,080 | 104,007 |
Total assets | 9,524,616 | 9,673,237 |
Current liabilities | ' | ' |
Accounts payable | 6,269 | 10,367 |
Accrued liabilities | 142,275 | 186,552 |
Deferred revenue | 26,764 | 26,593 |
Other | 19,561 | 13,499 |
Total current liabilities | 194,869 | 237,011 |
Long-term debt, net | 6,578,350 | 6,576,273 |
Long-term deferred revenue | 16,500 | 17,500 |
Other non-current liabilities | 3,281 | 2,396 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $.0001 par value, 5.0 million shares authorized, none issued | 0 | 0 |
Common stock, $0.003 par value, Authorized: 480.0 million shares at both March 31, 2014 and December 31, 2013, Issued and outstanding: 237.7 million shares and 238.1 million shares at March 31, 2014 and December 31, 2013, respectively | 714 | 716 |
Treasury stock: 9.2 million shares and 9.0 million shares at March 31, 2014 and December 31, 2013, respectively | -187,568 | -179,826 |
Additional paid-in-capital | 2,501,133 | 2,459,699 |
Accumulated deficit | -2,198,717 | -2,100,907 |
Total stockholders' equity | 115,562 | 179,682 |
Non-controlling Interest | 2,616,054 | 2,660,375 |
Total equity | 2,731,616 | 2,840,057 |
Total liabilities and equity | $9,524,616 | $9,673,237 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet Parentheticals (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 5 | 5 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 480 | 480 |
Common Stock, Shares, Issued | 237.7 | 238.1 |
Common Stock, Shares, Outstanding | 237.7 | 238.1 |
Treasury Stock, Shares | 9.2 | 9 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | ' | ' |
LNG terminal revenues | $66,419 | $66,061 |
Marketing and trading revenues (losses) | 657 | -565 |
Other | 474 | 410 |
Total revenues | 67,550 | 65,906 |
Operating costs and expenses | ' | ' |
General and administrative expense | 73,808 | 85,798 |
Depreciation, depletion and amortization | 15,475 | 15,113 |
LNG terminal operating expense | 13,687 | 15,259 |
LNG terminal development expense | 12,112 | 17,088 |
Other | 80 | 102 |
Total operating costs and expenses | 115,162 | 133,360 |
Loss from operations | -47,612 | -67,454 |
Other income (expense) | ' | ' |
Interest expense, net | -40,270 | -40,262 |
Derivative loss, net | -34,681 | -17,468 |
Other income | 310 | 475 |
Total other expense | -74,641 | -57,255 |
Loss before income taxes and non-controlling interest | -122,253 | -124,709 |
Income tax benefit (provision) | -92 | 80 |
Net loss | -122,345 | -124,629 |
Less: net loss attributable to non-controlling interest | -24,535 | -7,524 |
Net loss attributable to common stockholders | ($97,810) | ($117,105) |
Net loss per share attributable to common stockholders - basic and diluted | ($0.44) | ($0.54) |
Weighted average number of common shares outstanding - basic and diluted | 223,207 | 215,634 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net loss | ($122,345) | ($124,629) |
Other comprehensive income (loss) | ' | ' |
Loss on settlements retained in other comprehensive income | 0 | -30 |
Change in fair value of of interest rate cash flow hedges | 0 | 21,297 |
Foreign currency translation | 0 | -40 |
Total other comprehensive income | 0 | 21,227 |
Comprehensive loss | -122,345 | -103,402 |
Less: comprehensive loss attributable to noncontrolling interest | -24,535 | -6,844 |
Comprehensive loss attributable to common stockholders | ($97,810) | ($96,558) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2013 | $2,840,057 | $716 | ($179,826) | $2,459,699 | ($2,100,907) | $0 | $2,660,375 |
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2013 | 9,000 | ' | 8,970 | ' | ' | ' | ' |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2013 | 238,100 | 238,091 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 3,691 | ' | ' | 3,691 | ' | ' | ' |
Issuances of restricted stock | ' | 0 | ' | 0 | ' | ' | ' |
Forfeitures of restricted stock | ' | -2 | ' | 2 | ' | ' | ' |
Stock-based compensation | 37,698 | ' | ' | 37,698 | ' | ' | ' |
Shares repurchased related to tax withholdings for stock-based compensation | -7,742 | 0 | -7,742 | 0 | ' | ' | ' |
Excess tax benefit from stock-based compensation | 43 | ' | ' | 43 | ' | ' | ' |
Loss attributable to non-controlling interest | -24,535 | ' | ' | ' | ' | ' | -24,535 |
Distribution to non-controlling interest | -19,786 | ' | ' | ' | ' | ' | -19,786 |
Net loss | -97,810 | ' | ' | ' | -97,810 | ' | ' |
Exercise of stock options | ' | 114 | ' | ' | ' | ' | ' |
Issuances of restricted stock | ' | 163 | ' | ' | ' | ' | ' |
Forfeitures of restricted stock | ' | -554 | 59 | ' | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation | ' | -153 | 153 | ' | ' | ' | ' |
Stockholders' Equity, End of Period at Mar. 31, 2014 | $2,731,616 | $714 | ($187,568) | $2,501,133 | ($2,198,717) | $0 | $2,616,054 |
Treasury Stock, Shares, End of Period at Mar. 31, 2014 | 9,200 | ' | 9,182 | ' | ' | ' | ' |
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2014 | 237,700 | 237,661 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($97,810) | ($117,105) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Investment in restricted cash and cash equivalents for certain operating activities | -16,329 | -33,850 |
Depreciation, depletion and amortization | 15,475 | 15,113 |
Amortization of debt issuance costs and discount | 2,217 | 2,209 |
Stock-based compensation | 35,942 | 63,689 |
Non-cash derivative loss, net | 32,854 | 18,123 |
Net loss attributable to non-controlling interest | -24,535 | -7,524 |
Other | 1,006 | -2,828 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and interest receivable | 600 | 953 |
Accounts payable and accrued liabilities | 43,379 | 49,631 |
LNG inventory, net | 3,001 | 2,440 |
Deferred revenue | -830 | -2,210 |
Prepaid expenses and other | -13,189 | -1,860 |
Net cash used in operating activities | -18,219 | -13,219 |
Cash flows from investing activities | ' | ' |
Property, plant, and equipment, net | -773,376 | -464,608 |
Use of restricted cash and cash equivalents for the acquisition of property, plant and equpment | 761,858 | 463,617 |
Investment in Cheniere Partners | 0 | -7,449 |
Other | -12,495 | -1,551 |
Net cash used in investing activities | -24,013 | -9,991 |
Cash flows from financing activities | ' | ' |
Proceeds from issuances of long-term debt | 0 | 1,500,000 |
Proceeds from sale of common units by Cheniere Partners | 0 | 365,000 |
Use of (investment in) restricted cash and cash equivalents | 33,743 | -1,818,313 |
Debt issuance and deferred financing costs | -13,957 | -34,986 |
Distributions to non-controlling interest | -19,786 | -11,698 |
Payments related to tax withholdings for stock-based compensation | -7,742 | -460 |
Proceeds from exercise of stock options | 3,691 | 0 |
Other | 44 | -3 |
Net cash used in financing activities | -4,007 | -460 |
Net decrease in cash and cash equivalents | -46,239 | -23,670 |
Cash and cash equivalentsbbeginning of period | 960,842 | 201,711 |
Cash and cash equivalentsbend of period | $914,603 | $178,041 |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited Consolidated Financial Statements of Cheniere Energy, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation, have been included. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications had no effect on our overall consolidated financial position, results of operations or cash flows. Unless the context requires otherwise, references to the "Company", "Cheniere", "we", "us" and "our" refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiaries, Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) and Cheniere Energy Partners LP Holdings, LLC ("Cheniere Holdings") (NYSE MKT: CQH). | |
Results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2014. | |
For further information, refer to the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2013. |
Restricted_Cash_and_Cash_Equiv
Restricted Cash and Cash Equivalents (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | ' |
Restricted Cash and Cash Equivalents | ' |
RESTRICTED CASH AND CASH EQUIVALENTS | |
Restricted cash and cash equivalents consist of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. Restricted cash and cash equivalents include the following: | |
Sabine Pass LNG, L.P. ("Sabine Pass LNG") Senior Notes Debt Service Reserve | |
Sabine Pass LNG has consummated private offerings of an aggregate principal amount of $1,665.5 million, before discount, of 7.50% Senior Secured Notes due 2016 (the "2016 Notes") and $420.0 million of 6.50% Senior Secured Notes due 2020 (the "2020 Notes"). See Note 7—"Long-Term Debt". Collectively, the 2016 Notes and the 2020 Notes are referred to as the "Sabine Pass LNG Senior Notes." Under the indentures governing the Sabine Pass LNG Senior Notes (the "Sabine Pass LNG Indentures"), except for permitted tax distributions, Sabine Pass LNG may not make distributions until certain conditions are satisfied, including the condition that there must be on deposit in an interest payment account an amount equal to one-sixth of the semi-annual interest payment multiplied by the number of elapsed months since the last semi-annual interest payment and there must be on deposit in a permanent debt service reserve fund an amount equal to one semi-annual interest payment. Distributions are permitted only after satisfying the foregoing funding requirements, a fixed charge coverage ratio test of 2:1 and other conditions specified in the Sabine Pass LNG Indentures. | |
As of March 31, 2014 and December 31, 2013, we classified $53.0 million and $15.0 million, respectively, as current restricted cash and cash equivalents for the payment of interest due within twelve months. As of both March 31, 2014 and December 31, 2013, we classified the permanent debt service reserve fund of $76.1 million as non-current restricted cash and cash equivalents. These cash accounts are controlled by a collateral trustee and, therefore, are shown as restricted cash and cash equivalents on our Consolidated Balance Sheets. | |
Sabine Pass Liquefaction, LLC ("Sabine Pass Liquefaction") Reserve | |
In July 2012, Sabine Pass Liquefaction entered into a construction/term loan facility in an amount up to $3.6 billion (the "2012 Liquefaction Credit Facility"). During 2013, Sabine Pass Liquefaction issued an aggregate principal amount of $2.0 billion, before premium, of 5.625% Senior Secured Notes due 2021 (the "2021 Sabine Pass Liquefaction Senior Notes"), $1.0 billion of 6.25% Senior Secured Notes due 2022 (the "2022 Sabine Pass Liquefaction Senior Notes") and $1.0 billion of 5.625% Senior Secured Notes due 2023 (the "2023 Sabine Pass Liquefaction Senior Notes" and collectively with the 2021 Sabine Pass Liquefaction Senior Notes and the 2022 Sabine Pass Liquefaction Senior Notes, the "Sabine Pass Liquefaction Senior Notes"). Also during 2013, Sabine Pass Liquefaction entered into four credit facilities aggregating $5.9 billion (collectively, the "2013 Liquefaction Credit Facilities"), which amended and restated the 2012 Liquefaction Credit Facility. Under the terms and conditions of the 2012 Liquefaction Credit Facility and the 2013 Liquefaction Credit Facilities, Sabine Pass Liquefaction is required to deposit all cash received into reserve accounts controlled by a collateral trustee. Therefore, all of Sabine Pass Liquefaction's cash and cash equivalents are shown as restricted cash and cash equivalents on our Consolidated Balance Sheets. | |
As of March 31, 2014 and December 31, 2013, we classified $96.9 million and $192.1 million, respectively, as current restricted cash and cash equivalents held by Sabine Pass Liquefaction for the payment of current liabilities related to the development and construction of natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the "Sabine Pass Liquefaction Project"), and $197.5 million and $867.6 million, respectively, as non-current restricted cash and cash equivalents held by Sabine Pass Liquefaction for future Sabine Pass Liquefaction Project construction costs. | |
Cheniere Creole Trail Pipeline, L.P. ("CTPL") Reserve | |
In May 2013, CTPL entered into a $400.0 million term loan facility (the "CTPL Credit Facility"). As of March 31, 2014 and December 31, 2013, we classified $26.6 million and $20.5 million, respectively, as current restricted cash and cash equivalents held by CTPL and $50.1 million and $81.4 million, respectively, as non-current restricted cash and cash equivalents held by CTPL because such funds may only be used for modifications of the 94-mile Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines, in order to enable bi-directional natural gas flow and for the payment of interest during construction of such modifications. | |
Other Restricted Cash and Cash Equivalents | |
As of March 31, 2014 and December 31, 2013, $325.3 million and $351.0 million, respectively, of cash and cash equivalents were held by Sabine Pass LNG and Cheniere Partners that were considered restricted to Cheniere. As of March 31, 2014 and December 31, 2013, $18.3 million and $19.4 million, respectively, had been classified as current restricted cash and cash equivalents on our Consolidated Balance Sheets due to various other contractual restrictions. As of March 31, 2014 and December 31, 2013, $6.3 million had been classified as non-current restricted cash and cash equivalents due to various other contractual restrictions on our Consolidated Balance Sheets. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consists of LNG terminal costs and fixed assets and other, as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
LNG terminal costs | ||||||||
LNG terminal | $ | 2,241,880 | $ | 2,234,796 | ||||
LNG terminal construction-in-process | 5,141,488 | 4,489,668 | ||||||
LNG site and related costs, net | 6,509 | 6,511 | ||||||
Accumulated depreciation | (306,802 | ) | (292,434 | ) | ||||
Total LNG terminal costs, net | 7,083,075 | 6,438,541 | ||||||
Fixed assets and other | ||||||||
Computer and office equipment | 3,327 | 8,115 | ||||||
Furniture and fixtures | 4,322 | 4,319 | ||||||
Computer software | 10,955 | 13,504 | ||||||
Leasehold improvements | 7,314 | 7,303 | ||||||
Other | 49,411 | 15,388 | ||||||
Accumulated depreciation | (26,363 | ) | (32,771 | ) | ||||
Total fixed assets, net | 48,966 | 15,858 | ||||||
Property, plant and equipment, net | $ | 7,132,041 | $ | 6,454,399 | ||||
LNG Terminal Costs | ||||||||
Depreciation expense related to the Sabine Pass LNG terminal totaled $14.4 million and $14.3 million for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
In June 2012, we began capitalizing costs associated with Trains 1 and 2 of the Sabine Pass Liquefaction Project, and in May 2013, we began capitalizing costs associated with Trains 3 and 4 of the Sabine Pass Liquefaction Project. For the three months ended March 31, 2014 and 2013, we capitalized $78.8 million and $35.3 million, respectively, of interest expense related to the construction of Trains 1 through 4 of the Sabine Pass Liquefaction Project. | ||||||||
Fixed Assets and Other | ||||||||
Depreciation expense related to our fixed assets and other totaled $1.3 million and $0.8 million for the three months ended March 31, 2014 and 2013, respectively. |
NonControlling_Interest_Notes
Non-Controlling Interest (Notes) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Noncontrolling Interest Disclosure | ' | |||
NON-CONTROLLING INTEREST | ||||
Because we have a controlling interest in Cheniere Holdings and Cheniere Partners, these entities' financial statements are consolidated in our Consolidated Financial Statements and these entities' other equity is recorded as a non-controlling interest. The following table sets forth the changes of our non-controlling interest balance attributable to third-party investors’ interests during the three months ended March 31, 2014 (in thousands): | ||||
Non-controlling interest at December 31, 2013 | $ | 2,660,375 | ||
Distributions to Cheniere Partners' non-controlling interest | (19,174 | ) | ||
Dividends to Cheniere Holdings' non-controlling interest | (612 | ) | ||
Net loss attributable to non-controlling interest | (24,535 | ) | ||
Non-controlling interest at March 31, 2014 | $ | 2,616,054 | ||
Variable_Interest_Entity_Notes
Variable Interest Entity (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entity [Abstract] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITY | |
Cheniere Partners | |
Cheniere Partners is a master limited partnership formed by us to own and operate the Sabine Pass LNG terminal and related assets. Cheniere Holdings is a limited liability company formed by us to hold our Cheniere Partners limited partner interests. As of March 31, 2014, we indirectly owned a 47.2% limited partner interest in Cheniere Partners through our interest in Cheniere Holdings in the form of 11,963,488 common units, 45,333,334 Class B units and 135,383,831 subordinated units. We also indirectly own a 2% general partner interest and the incentive distribution rights in Cheniere Partners. | |
Cheniere Energy Partners GP, LLC ("Cheniere Partners GP"), our wholly owned subsidiary, is the general partner of Cheniere Partners. In May 2012, Cheniere Partners, Cheniere and Blackstone CQP Holdco LP ("Blackstone") entered into a unit purchase agreement (the "Blackstone Unit Purchase Agreement") whereby Cheniere Partners agreed to sell to Blackstone in a private placement 100.0 million Class B units of Cheniere Partners ("Class B units") at a price of $15.00 per Class B unit. In August 2012, all conditions to funding were met and Blackstone purchased its initial 33.3 million Class B units, and as of December 31, 2012, Blackstone had purchased the remaining 66.7 million Class B units. At initial funding, the board of directors of Cheniere Partners GP was modified to include three directors appointed by Blackstone, four directors appointed by us and four independent directors mutually agreed by Blackstone and us and appointed by us. In addition, we provided Blackstone with a right to maintain one board seat on our board of directors. A quorum of Cheniere Partners GP directors consists of a majority of all directors, including at least two directors appointed by Blackstone, two directors appointed by us and two independent directors. Blackstone will no longer be entitled to appoint Cheniere Partners GP directors in the event that Blackstone's ownership in Cheniere Partners is less than: (i) 20% of outstanding common units, subordinated units and Class B units, and (ii) 50.0 million Class B units. | |
As a result of contractual changes in the governance of Cheniere Partners GP in connection with the Blackstone Unit Purchase Agreement, we have determined that Cheniere Partners GP is a variable interest entity and that we, as the holder of the equity at risk, do not have a controlling financial interest due to the rights held by Blackstone. However, we continue to consolidate Cheniere Partners as a result of Blackstone's right to maintain one board seat on our board of directors which creates a de facto agency relationship between Blackstone and us. GAAP requires that when a de facto agency relationship exists, one of the members of the de facto agency relationship must consolidate the variable interest entity based on certain criteria. As a result, we consolidate Cheniere Partners in our consolidated financial statements. |
Accrued_Liabilities_Notes
Accrued Liabilities (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
ACCRUED LIABILITIES | |||||||||
As of March 31, 2014 and December 31, 2013, accrued liabilities consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued interest expense and related fees | $ | 101,637 | $ | 80,151 | |||||
Payroll | 14,712 | 7,410 | |||||||
LNG liquefaction costs | 18,539 | 83,651 | |||||||
LNG terminal costs | 1,612 | 1,612 | |||||||
Other accrued liabilities | 5,775 | 13,728 | |||||||
Total accrued liabilities | $ | 142,275 | $ | 186,552 | |||||
LongTerm_Debt_Notes
Long-Term Debt (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure | ' | ||||||||
LONG-TERM DEBT | |||||||||
As of March 31, 2014 and December 31, 2013, our long-term debt consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Long-term debt | |||||||||
2016 Notes | $ | 1,665,500 | $ | 1,665,500 | |||||
2020 Notes | 420,000 | 420,000 | |||||||
2021 Sabine Pass Liquefaction Senior Notes | 2,000,000 | 2,000,000 | |||||||
2022 Sabine Pass Liquefaction Senior Notes | 1,000,000 | 1,000,000 | |||||||
2023 Sabine Pass Liquefaction Senior Notes | 1,000,000 | 1,000,000 | |||||||
2013 Liquefaction Credit Facilities | 100,000 | 100,000 | |||||||
CTPL Credit Facility | 400,000 | 400,000 | |||||||
Total long-term debt | 6,585,500 | 6,585,500 | |||||||
Long-term debt premium (discount) | |||||||||
2016 Notes | (12,519 | ) | (13,693 | ) | |||||
2021 Sabine Pass Liquefaction Senior Notes | 11,222 | 11,562 | |||||||
CTPL Credit Facility | (5,853 | ) | (7,096 | ) | |||||
Total long-term debt, net of discount | $ | 6,578,350 | $ | 6,576,273 | |||||
Sabine Pass LNG Senior Notes | |||||||||
As of March 31, 2014 and December 31, 2013, Sabine Pass LNG had an aggregate principal amount of $1,665.5 million, before discount, of the 2016 Notes and $420.0 million of the 2020 Notes outstanding. Borrowings under the 2016 Notes and 2020 Notes bear interest at a fixed rate of 7.50% and 6.50%, respectively. The terms of the 2016 Notes and the 2020 Notes are substantially similar. Interest on the Sabine Pass LNG Senior Notes is payable semi-annually in arrears. Subject to permitted liens, the Sabine Pass LNG Senior Notes are secured on a first-priority basis by a security interest in all of Sabine Pass LNG's equity interests and substantially all of its operating assets. | |||||||||
Sabine Pass LNG may redeem all or part of the 2016 Notes at any time, and from time to time, at a redemption price equal to 100% of the principal plus any accrued and unpaid interest plus the greater of: | |||||||||
• | 1.0% of the principal amount of the 2016 Notes; or | ||||||||
• | the excess of: a) the present value at such redemption date of (i) the redemption price of the 2016 Notes plus (ii) all required interest payments due on the 2016 Notes (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over b) the principal amount of the 2016 Notes, if greater. | ||||||||
Sabine Pass LNG may redeem all or part of the 2020 Notes at any time on or after November 1, 2016, at fixed redemption prices specified in the indenture governing the 2020 Notes, plus accrued and unpaid interest, if any, to the date of redemption. Sabine Pass LNG may also, at its option, redeem all or part of the 2020 Notes at any time prior to November 1, 2016, at a "make-whole" price set forth in the indenture governing the 2020 Notes, plus accrued and unpaid interest, if any, to the date of redemption. At any time before November 1, 2015, Sabine Pass LNG may redeem up to 35% of the aggregate principal amount of the 2020 Notes at a redemption price of 106.5% of the principal amount of the 2020 Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date, in an amount not to exceed the net proceeds of one or more completed equity offerings as long as Sabine Pass LNG redeems the 2020 Notes within 180 days of the closing date for such equity offering and at least 65% of the aggregate principal amount of the 2020 Notes originally issued remains outstanding after the redemption. | |||||||||
Under the Sabine Pass LNG Indentures, except for permitted tax distributions, Sabine Pass LNG may not make distributions until certain conditions are satisfied, including: (i) there must be on deposit in an interest payment account an amount equal to one-sixth of the semi-annual interest payment multiplied by the number of elapsed months since the last semi-annual interest payment, and (ii) there must be on deposit in a permanent debt service reserve fund an amount equal to one semi-annual interest payment. During the three months ended March 31, 2014 and 2013, Sabine Pass LNG made distributions of $63.4 million and $76.7 million, respectively, after satisfying all the applicable conditions in the Sabine Pass LNG Indentures. | |||||||||
Sabine Pass Liquefaction Senior Notes | |||||||||
In February 2013 and April 2013, Sabine Pass Liquefaction issued an aggregate principal amount of $2.0 billion, before premium, of the 2021 Sabine Pass Liquefaction Senior Notes. In April 2013, Sabine Pass Liquefaction also issued $1.0 billion of the 2023 Sabine Pass Liquefaction Senior Notes. Borrowings under the 2021 Sabine Pass Liquefaction Senior Notes and 2023 Sabine Pass Liquefaction Senior Notes bear interest at a fixed rate of 5.625%. In November 2013, Sabine Pass Liquefaction issued an aggregate principal amount of $1.0 billion of the 2022 Sabine Pass Liquefaction Senior Notes. Borrowings under the 2022 Sabine Pass Liquefaction Senior Notes bear interest at a fixed rate of 6.25%. Interest on the Sabine Pass Liquefaction Senior Notes is payable semi-annually in arrears. | |||||||||
The terms of the 2021 Sabine Pass Liquefaction Senior Notes, the 2022 Sabine Pass Liquefaction Senior Notes and the 2023 Sabine Pass Liquefaction Senior Notes are governed by a common indenture (the "Sabine Pass Liquefaction Indenture"). The Sabine Pass Liquefaction Indenture contains customary terms and events of default and certain covenants that, among other things, limit Sabine Pass Liquefaction's ability and the ability of Sabine Pass Liquefaction's restricted subsidiaries to incur additional indebtedness or issue preferred stock, make certain investments or pay dividends or distributions on capital stock or subordinated indebtedness or purchase, redeem or retire capital stock, sell or transfer assets, including capital stock of Sabine Pass Liquefaction's restricted subsidiaries, restrict dividends or other payments by restricted subsidiaries, incur liens, enter into transactions with affiliates, consolidate, merge, sell or lease all or substantially all of Sabine Pass Liquefaction's assets and enter into certain LNG sales contracts. Subject to permitted liens, the Sabine Pass Liquefaction Senior Notes are secured on a pari passu first-priority basis by a security interest in all of the membership interests in Sabine Pass Liquefaction and substantially all of Sabine Pass Liquefaction's assets. Sabine Pass Liquefaction may not make any distributions until, among other requirements, substantial completion of Trains 1 and 2 has occurred, deposits are made into debt service reserve accounts and a debt service coverage ratio for the prior 12-month period and a projected debt service coverage ratio for the upcoming 12-month period of 1.25:1.00 are satisfied. | |||||||||
At any time prior to November 1, 2020, with respect to the 2021 Sabine Pass Liquefaction Senior Notes; December 15, 2021, with respect to the 2022 Sabine Pass Liquefaction Senior Notes; or January 15, 2023, with respect to the 2023 Sabine Pass Liquefaction Senior Notes, Sabine Pass Liquefaction may redeem all or part of the Sabine Pass Liquefaction Senior Notes at a redemption price equal to the "make-whole" price set forth in the Indenture, plus accrued and unpaid interest, if any, to the date of redemption. Sabine Pass Liquefaction may also at any time on or after November 1, 2020, with respect to the 2021 Sabine Pass Liquefaction Senior Notes; December 15, 2021, with respect to the 2022 Sabine Pass Liquefaction Senior Notes; or January 15, 2023, with respect to the 2023 Sabine Pass Liquefaction Senior Notes, redeem all or part of the Sabine Pass Liquefaction Senior Notes at a redemption price equal to 100% of the principal amount of the Sabine Pass Liquefaction Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to the date of redemption. | |||||||||
In connection with the issuance of the 2022 Sabine Pass Liquefaction Senior Notes, Sabine Pass Liquefaction also entered into a registration rights agreement (the "2022 Liquefaction Registration Rights Agreement"). Under the 2022 Liquefaction Registration Rights Agreement, Sabine Pass Liquefaction has agreed to use commercially reasonable efforts to file with the Securities and Exchange Commission ("SEC") and cause to become effective a registration statement relating to an offer to exchange the 2022 Sabine Pass Liquefaction Senior Notes for a like aggregate principal amount of SEC-registered notes with terms identical in all material respects to the 2022 Sabine Pass Liquefaction Senior Notes (other than with respect to restrictions on transfer or to any increase in annual interest rate) within 360 days after November 25, 2013. Under specified circumstances, Sabine Pass Liquefaction may be required to file a shelf registration statement to cover resales of the Sabine Pass Liquefaction Senior Notes. If Sabine Pass Liquefaction fails to satisfy this obligation, Sabine Pass Liquefaction may be required to pay additional interest to holders of the 2022 Sabine Pass Liquefaction Senior Notes under certain circumstances. | |||||||||
2013 Liquefaction Credit Facilities | |||||||||
In May 2013, Sabine Pass Liquefaction entered into the 2013 Liquefaction Credit Facilities aggregating $5.9 billion. The 2013 Liquefaction Credit Facilities are being used to fund a portion of the costs of developing, constructing and placing into operation the first four Trains of the Sabine Pass Liquefaction Project. The 2013 Liquefaction Credit Facilities will mature on the earlier of May 28, 2020 or the second anniversary of the completion date of the first four Trains of the Sabine Pass Liquefaction Project, as defined in the 2013 Liquefaction Credit Facilities. Borrowings under the 2013 Liquefaction Credit Facilities may be refinanced, in whole or in part, at any time without premium or penalty, except for interest rate hedging and interest rate breakage costs. Sabine Pass Liquefaction made a $100.0 million borrowing under the 2013 Liquefaction Credit Facilities in June 2013 after meeting the required conditions precedent. | |||||||||
Sabine Pass Liquefaction had $4.9 billion of available commitments under the 2013 Liquefaction Credit Facilities as of both March 31, 2014 and December 31, 2013 as a result of Sabine Pass Liquefaction's initial $100.0 million borrowing and the termination of approximately $885 million of commitments in connection with the issuance of the 2022 Sabine Pass Liquefaction Notes in November 2013 as described below. | |||||||||
Borrowings under the 2013 Liquefaction Credit Facilities bear interest at a variable rate per annum equal to, at Sabine Pass Liquefaction's election, the London Interbank Offered Rate ("LIBOR") or the base rate, plus the applicable margin. The applicable margins for LIBOR loans range from 2.3% to 3.0% prior to the completion of Train 4 and from 2.3% to 3.25% after such completion, depending on the applicable 2013 Liquefaction Credit Facility. Interest on LIBOR loans is due and payable at the end of each LIBOR period. The 2013 Liquefaction Credit Facilities required Sabine Pass Liquefaction to pay certain up-front fees to the agents and lenders in the aggregate amount of approximately $144 million and provide for a commitment fee calculated at a rate per annum equal to 40% of the applicable margin for LIBOR loans, multiplied by the average daily amount of the undrawn commitment due quarterly in arrears. Annual administrative fees must also be paid to the agent and the trustee. The principal of the loans made under the 2013 Liquefaction Credit Facilities must be repaid in quarterly installments, commencing with the earlier of the last day of the first full calendar quarter after the Train 4 completion date, as defined in the 2013 Liquefaction Credit Facilities, or September 30, 2018. Scheduled repayments are based upon an 18-year amortization profile, with the remaining balance due upon the maturity of the 2013 Liquefaction Credit Facilities. | |||||||||
Under the terms and conditions of the 2013 Liquefaction Credit Facilities, all cash held by Sabine Pass Liquefaction is controlled by a collateral agent. These funds can only be released by the collateral agent upon satisfaction of certain terms and conditions related to the use of proceeds, and are classified as restricted on our Consolidated Balance Sheets. | |||||||||
The 2013 Liquefaction Credit Facilities contain conditions precedent for the second borrowing and any subsequent borrowings, as well as customary affirmative and negative covenants. The obligations of Sabine Pass Liquefaction under the 2013 Liquefaction Credit Facilities are secured by substantially all of the assets of Sabine Pass Liquefaction as well as all of the membership interests in Sabine Pass Liquefaction on a pari passu basis with the Sabine Pass Liquefaction Senior Notes. | |||||||||
Under the terms of the 2013 Liquefaction Credit Facilities, Sabine Pass Liquefaction is required to hedge not less than 75% of the variable interest rate exposure of its projected outstanding borrowings, calculated on a weighted average basis in comparison to its anticipated draw of principal. See Note 8— "Financial Instruments". | |||||||||
In November 2013, Sabine Pass Liquefaction issued the 2022 Sabine Pass Liquefaction Senior Notes, and a portion of the available commitments pursuant to the 2013 Liquefaction Credit Facilities was terminated. Net proceeds from the offering of approximately $978 million are being used to pay a portion of the capital costs in connection with the construction of the first four Trains of the Sabine Pass Liquefaction Project in lieu of the terminated portion of the commitments under the 2013 Liquefaction Credit Facilities. The 2022 Sabine Pass Liquefaction Notes are pari passu in right of payment with all existing and future senior debt of Sabine Pass Liquefaction. As a result of Sabine Pass Liquefaction's issuance of the 2022 Sabine Pass Liquefaction Senior Notes in November 2013, Sabine Pass Liquefaction has terminated approximately $885 million of commitments under the 2013 Liquefaction Credit Facilities. This termination resulted in a write-off of debt issuance costs and deferred commitment fees associated with the 2013 Liquefaction Credit Facilities of $43.3 million in November 2013. | |||||||||
2012 Liquefaction Credit Facility | |||||||||
In July 2012, Sabine Pass Liquefaction entered into the 2012 Liquefaction Credit Facility with a syndicate of lenders. The 2012 Liquefaction Credit Facility was intended to be used to fund a portion of the costs of developing, constructing and placing into operation Trains 1 and 2 of the Sabine Pass Liquefaction Project. Borrowings under the 2012 Liquefaction Credit Facility were based on LIBOR plus 3.50% during construction and LIBOR plus 3.75% during operations. Sabine Pass Liquefaction was also required to pay commitment fees on the undrawn amount. In May 2013, the 2012 Liquefaction Credit Facility was amended and restated with the 2013 Liquefaction Credit Facilities and $100.0 million of outstanding borrowings under the 2012 Liquefaction Credit Facility were repaid in full. | |||||||||
Under the terms of the 2012 Liquefaction Credit Facility, Sabine Pass Liquefaction was required to hedge not less than 75% of the variable interest rate exposure of its projected outstanding borrowings, calculated on a weighted average basis in comparison to its anticipated draw of principal. See Note 8—"Financial Instruments". | |||||||||
CTPL Credit Facility | |||||||||
In May 2013, CTPL entered into the CTPL Credit Facility, which is being used to fund modifications to the Creole Trail Pipeline and for general business purposes. CTPL incurred $10.0 million of direct lender fees that were recorded as a debt discount. The CTPL Credit Facility matures in 2017 when the full amount of the outstanding principal obligations must be repaid. CTPL's loans may be repaid, in whole or in part, at any time without premium or penalty. As of March 31, 2014, CTPL had borrowed the full amount of $400.0 million available under the CTPL Credit Facility. | |||||||||
Borrowings under the CTPL Credit Facility bear interest at a variable rate per annum equal to, at CTPL's election, LIBOR or the base rate, plus the applicable margin. The applicable margin for LIBOR loans is 3.25%. Interest on LIBOR loans is due and payable at the end of each LIBOR period. | |||||||||
Under the terms and conditions of the CTPL Credit Facility, all cash reserved to pay interest during construction is controlled by a collateral agent. These funds can only be released by the collateral agent upon satisfaction of certain terms and conditions, and are classified as restricted on our Consolidated Balance Sheets. CTPL is also required to pay annual fees to the administrative and collateral agents. | |||||||||
The CTPL Credit Facility contains customary affirmative and negative covenants. The obligations of CTPL under the CTPL Credit Facility are secured by a first priority lien on substantially all of the personal property of CTPL and all of the general partner and limited partner interests in CTPL. | |||||||||
Cheniere Partners has guaranteed (i) the obligations of CTPL under the CTPL Credit Facility if the maturity of the CTPL loans is accelerated following the termination by Sabine Pass Liquefaction of a transportation precedent agreement in limited circumstances and (ii) the obligations of Cheniere Energy Investments, LLC ("Cheniere Investments"), Cheniere Partners' wholly owned subsidiary, in connection with its obligations under an equity contribution agreement (a) to pay operating expenses of CTPL until CTPL receives revenues under a service agreement with Sabine Pass Liquefaction and (b) to fund interest payments on the CTPL loans after the funds in an interest reserve account have been exhausted. |
Financial_Instruments_Notes
Financial Instruments (Notes) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||||||||||||||||||||||
Financial Instruments Disclosure | ' | |||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||||||||||
We have entered into certain instruments to hedge the exposure to variability in expected future cash flows attributable to the future sale of our LNG inventory ("LNG Inventory Derivatives") and to hedge the exposure to price risk attributable to future purchases of natural gas to be utilized as fuel to operate the Sabine Pass LNG terminal ("Fuel Derivatives"). We have also entered into interest rate swaps to hedge the exposure to volatility in a portion of the floating-rate interest payments under the 2013 Liquefaction Credit Facilities ("Interest Rate Derivatives"). | ||||||||||||||||||||||||||||||||
The following table (in thousands) shows the fair value of our derivative assets and liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, which are classified as prepaid expenses and other, non-current derivative assets and other current liabilities in our Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
LNG Inventory Derivatives liability | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (171 | ) | $ | — | $ | (171 | ) | ||||||||||||||
Fuel Derivatives asset | — | 283 | — | 283 | — | 126 | — | 126 | ||||||||||||||||||||||||
Interest Rate Derivatives asset | — | 51,626 | — | 51,626 | — | 84,639 | — | 84,639 | ||||||||||||||||||||||||
The estimated fair values of our LNG Inventory Derivatives and Fuel Derivatives are the amounts at which the instruments could be exchanged currently between willing parties. We value these derivatives using observable commodity price curves and other relevant data. We value our Interest Rate Derivatives using valuations based on the initial trade prices. Using an income-based approach, subsequent valuations are based on observable inputs to the valuation model including interest rate curves, risk adjusted discount rates, credit spreads and other relevant data. Derivative assets and liabilities arising from our derivative contracts with the same counterparty are reported on a net basis, as all counterparty derivative contracts provide for net settlement. | ||||||||||||||||||||||||||||||||
Commodity Derivatives | ||||||||||||||||||||||||||||||||
We recognize all derivative instruments that qualify for derivative accounting treatment as either assets or liabilities and measure those instruments at fair value. For those instruments accounted for as derivatives, including our LNG Inventory Derivatives and certain of our Fuel Derivatives, changes in fair value are reported in earnings. | ||||||||||||||||||||||||||||||||
The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments in instances where our Fuel Derivatives or our LNG Inventory Derivatives are in an asset position. Our commodity derivative transactions are executed through over-the-counter contracts which are subject to nominal credit risk as these transactions are settled on a daily margin basis with investment grade financial institutions. We are required by these financial institutions to use margin deposits as credit support for our commodity derivative activities. Collateral of $5.8 million and $5.9 million deposited for such contracts, which has not been reflected in the derivative fair value tables, is included in the other current assets balance as of March 31, 2014, and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
The following table (in thousands) shows the fair value and location of our LNG Inventory Derivatives and Fuel Derivatives on our Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||||||||||
Balance Sheet Location | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
LNG Inventory Derivatives asset (liability) | Prepaid expenses and other | $ | — | $ | (171 | ) | ||||||||||||||||||||||||||
Fuel Derivatives asset | Prepaid expenses and other | 283 | 126 | |||||||||||||||||||||||||||||
The following table (in thousands) shows the changes in the fair value and settlements of our LNG Inventory Derivatives and Fuel Derivatives recorded in marketing and trading revenues (losses) on our Consolidated Statements of Operations during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
LNG Inventory Derivatives gain (loss) | $ | 184 | $ | (524 | ) | |||||||||||||||||||||||||||
Fuel Derivatives gain | 165 | — | ||||||||||||||||||||||||||||||
The following table (in thousands) shows the changes in the fair value and settlements of our LNG Inventory Derivatives and Fuel Derivatives recorded in derivative loss, net on our Consolidated Statements of Operations during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
LNG Inventory Derivatives loss | $ | (435 | ) | $ | — | |||||||||||||||||||||||||||
Fuel Derivatives gain | 242 | 515 | ||||||||||||||||||||||||||||||
Interest Rate Derivatives | ||||||||||||||||||||||||||||||||
In August 2012 and June 2013, Sabine Pass Liquefaction entered into Interest Rate Derivatives to protect against volatility of future cash flows and hedge a portion of the variable interest payments on the 2012 Liquefaction Credit Facility and the 2013 Liquefaction Credit Facilities, respectively. The Interest Rate Derivatives hedge a portion of the expected outstanding borrowings over the term of the 2013 Liquefaction Credit Facilities. | ||||||||||||||||||||||||||||||||
Sabine Pass Liquefaction designated the Interest Rate Derivatives entered into in August 2012 as hedging instruments which was required in order to qualify for cash flow hedge accounting. As a result of this cash flow hedge designation, we recognized the Interest Rate Derivatives entered into in August 2012 as an asset or liability at fair value, and reflected changes in fair value through other comprehensive income in our Consolidated Statements of Comprehensive Loss. Any hedge ineffectiveness associated with the Interest Rate Derivatives entered into in August 2012 was recorded immediately as derivative gain (loss) in our Consolidated Statements of Operations. The realized gain (loss) on the Interest Rate Derivatives entered into in August 2012 was recorded as an (increase) decrease in interest expense on our Consolidated Statements of Operations to the extent not capitalized as part of the Sabine Pass Liquefaction Project. The effective portion of the gains or losses on our Interest Rate Derivatives entered into in August 2012 recorded in other comprehensive income would have been reclassified to earnings as interest payments on the 2012 Liquefaction Credit Facility impact earnings. In addition, amounts recorded in other comprehensive income are also reclassified into earnings if it becomes probable that the hedged forecasted transaction will not occur. | ||||||||||||||||||||||||||||||||
Sabine Pass Liquefaction did not elect to designate the Interest Rate Derivatives entered into in June 2013 as cash flow hedging instruments, and changes in fair value are recorded as derivative gain (loss), net within our Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||
During the first quarter of 2013, we determined that it was no longer probable that the forecasted variable interest payments on the 2012 Liquefaction Credit Facility would occur in the time period originally specified based on the continued development of our financing strategy for the Sabine Pass Liquefaction Project, and, in particular, the Sabine Pass Liquefaction Senior Notes described in Note 7—"Long-Term Debt". As a result, all of the Interest Rate Derivatives entered into in August 2012 were no longer effective hedges, and the remaining portion of hedge relationships that were designated cash flow hedges as of December 31, 2012, were de-designated as of February 1, 2013. For de-designated cash flow hedges, changes in fair value prior to their de-designation date were recorded as other comprehensive income (loss) within our Consolidated Balance Sheets, and changes in fair value subsequent to their de-designation date were recorded as derivative gain (loss) within our Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||
In June 2013, Sabine Pass Liquefaction concluded that the hedged forecasted transactions associated with the Interest Rate Derivatives entered into in connection with the 2012 Liquefaction Credit Facility had become probable of not occurring based on the issuances of the Sabine Pass Liquefaction Senior Notes, the closing of the 2013 Liquefaction Credit Facilities, the additional Interest Rate Derivatives executed in June 2013, and Sabine Pass Liquefaction's intention to continue to issue fixed rate debt to refinance the 2013 Liquefaction Credit Facilities. As a result, the amount remaining in accumulated other comprehensive income ("AOCI") pertaining to the previously designated Interest Rate Derivatives was reclassified out of AOCI and into income. We have presented the changes in fair value and settlements subsequent to the reclassification date separate from interest expense as derivative gain (loss), net in our Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||
At March 31, 2014, Sabine Pass Liquefaction had the following Interest Rate Derivatives outstanding: | ||||||||||||||||||||||||||||||||
Initial Notional Amount | Maximum Notional Amount | Effective Date | Maturity Date | Weighted Average Fixed Interest Rate Paid | Variable Interest Rate Received | |||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | $20.0 million | $2.9 billion | August 14, 2012 | July 31, 2019 | 1.98% | One-month LIBOR | ||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | — | $671.0 million | June 5, 2013 | May 28, 2020 | 2.05% | One-month LIBOR | ||||||||||||||||||||||||||
The following table (in thousands) shows the fair value of our Interest Rate Derivatives: | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||||||||||
Balance Sheet Location | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | Non-current derivative assets | $ | 71,170 | $ | 98,123 | |||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | Other current liabilities | (19,544 | ) | (13,484 | ) | |||||||||||||||||||||||||||
The following table (in thousands) details the effect of our Interest Rate Derivatives included in Other Comprehensive Income ("OCI") and AOCI for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Gain (Loss) in Other Comprehensive Income | Gain (Loss) Reclassified from AOCI into Interest Expense (Effective Portion) | Losses Reclassified into Earnings as a Result of Discontinuance of Cash Flow Hedge Accounting | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Interest Rate Derivatives - Designated | $ | — | $ | 21,297 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Interest Rate Derivatives - Settlements | — | (30 | ) | — | — | — | — | |||||||||||||||||||||||||
The following table (in thousands) shows the changes in the fair value and settlements of our Interest Rate Derivatives - Not Designated recorded in derivative loss, net on our Consolidated Statements of Operations during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated loss | $ | (34,479 | ) | $ | (17,983 | ) | ||||||||||||||||||||||||||
Balance Sheet Presentation | ||||||||||||||||||||||||||||||||
Our commodity and interest rate derivatives are presented on a net basis on our Consolidated Balance Sheets as described above. The following table (in thousands) shows the fair value of our derivatives outstanding on a gross and net basis: | ||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Offsetting Derivative Assets (Liabilities) | Derivative Instrument | Cash Collateral Received (Paid) | Net Amount | |||||||||||||||||||||||||||||
As of March 31, 2014: | ||||||||||||||||||||||||||||||||
Fuel Derivatives | $ | 283 | $ | — | $ | 283 | $ | — | $ | — | $ | 283 | ||||||||||||||||||||
LNG Inventory Derivatives | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | 71,170 | — | 71,170 | — | — | 71,170 | ||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | (19,544 | ) | — | (19,544 | ) | — | — | (19,544 | ) | |||||||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||||||||||||
Fuel Derivatives | 126 | — | 126 | — | — | 126 | ||||||||||||||||||||||||||
LNG Inventory Derivatives | (171 | ) | (171 | ) | — | — | — | — | ||||||||||||||||||||||||
Interest Rate Derivatives - Designated | 98,123 | — | 98,123 | — | — | 98,123 | ||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | (13,484 | ) | — | (13,484 | ) | — | — | (13,484 | ) | |||||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||||||||||||||
The estimated fair value of our other financial instruments, including those financial instruments for which the fair value option was not elected, are set forth in the table below. The carrying amounts reported on our Consolidated Balance Sheets for cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, interest receivable and accounts payable approximate fair value due to their short-term nature. | ||||||||||||||||||||||||||||||||
The following table (in thousands) shows the carrying amount and estimated fair value of our other financial instruments: | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||||||
2016 Notes, net of discount (1) | $ | 1,652,981 | $ | 1,824,478 | $ | 1,651,807 | $ | 1,868,607 | ||||||||||||||||||||||||
2020 Notes (1) | 420,000 | 441,000 | 420,000 | 432,600 | ||||||||||||||||||||||||||||
2021 Sabine Pass Liquefaction Senior Notes (1) | 2,011,222 | 2,079,101 | 2,011,562 | 1,961,273 | ||||||||||||||||||||||||||||
2022 Sabine Pass Liquefaction Senior Notes (1) | 1,000,000 | 1,042,500 | 1,000,000 | 982,500 | ||||||||||||||||||||||||||||
2023 Sabine Pass Liquefaction Senior Notes (1) | 1,000,000 | 997,500 | 1,000,000 | 935,000 | ||||||||||||||||||||||||||||
2013 Liquefaction Credit Facilities (2) | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||
CTPL Credit Facility (3) | 394,147 | 400,000 | 392,904 | 400,000 | ||||||||||||||||||||||||||||
-1 | The Level 2 estimated fair value was based on quotations obtained from broker-dealers who make markets in these and similar instruments based on the closing trading prices on March 31, 2014 and December 31, 2013, as applicable. | |||||||||||||||||||||||||||||||
-2 | The Level 3 estimated fair value approximates the carrying amount because the interest rates are variable and reflective of market rates and Sabine Pass Liquefaction has the ability to call this debt at any time without penalty. | |||||||||||||||||||||||||||||||
-3 | The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and CTPL has the ability to call this debt at any time without penalty. |
Income_Taxes_Notes
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
We are not presently a taxpayer for federal or state income tax purposes and have not recorded a net liability for federal or state income taxes in any of the periods included in the accompanying financial statements. However, we are presently an international taxpayer and have recorded a net expense of $0.1 million and a net benefit of $0.1 million for international income taxes for the three months ended March 31, 2014 and 2013, respectively. | |
We experienced an ownership change within the provisions of Internal Revenue Code ("IRC") Section 382 in 2008, 2010 and 2012. Consequently, an analysis of the annual limitation on the utilization of our net operating losses ("NOLs") was performed in accordance with IRC Section 382, and it was determined that IRC Section 382 will not limit the use of our NOLs in full over the carryover period. We will continue to monitor trading activity in our shares which may cause an additional ownership change which could ultimately affect our ability to fully utilize our existing tax NOL carryforwards. |
Net_Loss_Per_Share_Attributabl
Net Loss Per Share Attributable to Common Stockholders (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||
Basic net loss per share attributable to common stockholders ("EPS") excludes dilution and is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the potential common shares had been issued. | ||||||||
The following table reconciles basic and diluted weighted average common shares outstanding for the three months ended March 31, 2014 and 2013 (in thousands, except for loss per share): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Weighted average common shares outstanding: | ||||||||
Basic | 223,207 | 215,634 | ||||||
Dilutive common stock options (1) | — | — | ||||||
Diluted | 223,207 | 215,634 | ||||||
Basic and diluted net loss per share attributable to common stockholders | $ | (0.44 | ) | $ | (0.54 | ) | ||
-1 | Stock options and unvested stock of 14.5 million shares and 18.6 million shares for the three months ended March 31, 2014 and 2013, respectively, representing securities that could potentially dilute basic EPS in the future were not included in the diluted net loss per share computations because their effect would have been anti-dilutive. |
ShareBased_Compensation_Notes
Share-Based Compensation (Notes) | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Disclosure of Compensation Related Costs, Share-based Payments | ' | |
STOCK-BASED COMPENSATION | ||
We have granted stock, restricted stock, phantom stock and options to purchase common stock to employees, consultants and outside directors under the Cheniere Energy, Inc. Amended and Restated 1997 Stock Option Plan (the "1997 Plan"), Amended and Restated 2003 Stock Incentive Plan, as amended (the "2003 Plan"), and 2011 Incentive Plan, as amended (the "2011 Plan"). We recognize our stock-based payments to employees in the consolidated financial statements based on their fair values at the date of grant. The calculated fair value is recognized as expense (net of any capitalization) over the requisite service period, net of estimated forfeitures, using the straight-line or accelerated recognition methods. | ||
The 1997 Plan provides for the issuance of stock options to purchase up to 5.0 million shares of our common stock, all of which have been granted. Non-qualified stock options were granted to employees, contract service providers and outside directors. The 2003 Plan and 2011 Plan provide for the issuance of 21.0 million shares and 35.0 million shares, respectively, of our common stock that may be in the form of non-qualified stock options, incentive stock options, purchased stock, restricted (non-vested) stock, bonus (unrestricted) stock, stock appreciation rights, phantom stock and other stock-based performance awards deemed by the Compensation Committee of our Board of Directors (the "Compensation Committee") to be consistent with the purposes of the 2003 Plan and 2011 Plan. | ||
For the three months ended March 31, 2014 and 2013, the total stock-based compensation expense, net of capitalization, recognized in our net loss was $35.9 million and $63.7 million, respectively, and for the same periods we capitalized as part of the cost of capital assets $1.8 million and $2.3 million, respectively. | ||
The total unrecognized compensation cost at March 31, 2014 relating to non-vested stock-based compensation arrangements granted under the 1997 Plan, 2003 Plan and 2011 Plan was $207.0 million, which is expected to be recognized over a weighted average period of 3.0 years. | ||
We received $3.7 million and zero of proceeds from the exercise of stock options in the three months ended March 31, 2014 and 2013, respectively. | ||
During the three months ended March 31, 2014, we recognized $10.8 million of shared-based compensation expense related to the modification of long-term commercial bonus awards resulting from an employee termination. | ||
Long-Term Commercial Bonus Awards under the 2011-2013 Bonus Plan | ||
In July 2012, we met the criteria to determine the long-term commercial bonus pool that was established by the Compensation Committee in the 2011-2013 Bonus Plan in relation to Trains 1 and 2 of the Sabine Pass Liquefaction Project. In August 2012, the Compensation Committee approved a long-term commercial bonus pool, which consisted of approximately $60 million in cash awards and 10 million restricted shares of common stock to be issued under the 2011 Plan. The first restricted stock award installment vested in August 2012 when Sabine Pass Liquefaction issued its full notice to proceed ("NTP") to Bechtel Oil, Gas and Chemicals, Inc. ("Bechtel") under the lump sum turnkey contract Sabine Pass Liquefaction entered into with Bechtel for the engineering, procurement and construction of Trains 1 and 2 of the Sabine Pass Liquefaction Project. The restricted stock awards vest in five installments as follows: | ||
• | 35% when NTP is issued; | |
• | 10% on the first anniversary of the issuance of NTP; | |
• | 15% on the second anniversary of the issuance of NTP; | |
• | 15% on the third anniversary of the issuance of NTP; and | |
• | 25% on the fourth anniversary of the issuance of NTP. | |
In general, employees must be employed at the time of each vesting to receive the awards or will otherwise forfeit such awards. Vesting and payment of the awards would accelerate in full upon (i) termination of employment by the Company without "Cause" or, solely in the case of executive officers, termination of employment by the employee for "Good Reason" (each as defined in the 2003 Plan), (ii) the employee's death or disability, or (iii) the occurrence of a change of control. | ||
On December 12, 2012, pursuant to the 2011-2013 Bonus Plan, the Compensation Committee approved a Long-Term Bonus Pool for 2012 for all employees of the Company consisting of a total of 18 million shares of restricted stock. The Long-Term Commercial Bonus Awards for Trains 3 and 4 of the Sabine Pass Liquefaction Project were granted to employees in February 2013 under the 2003 Plan and 2011 Plan. A portion of each employee's Long-Term Commercial Bonus Award for Trains 3 and 4 of the Sabine Pass Liquefaction Project was granted as a milestone award ("Milestone Award"), with vesting of the Milestone Award conditional on certain performance milestones relating to financing and constructing Trains 3 and 4 of the Sabine Pass Liquefaction Project, and a portion was granted as a stock price award ("Stock Price Award"), with vesting of the Stock Price Award conditional on the achievement of minimum average Company stock price hurdles. | ||
On May 22, 2013, the $25 stock price hurdle was achieved. Following certification by a subcommittee of the Compensation Committee, 50% of the Stock Price Awards vested. On December 6, 2013, the $35 stock price hurdle was achieved. Following certification by a subcommittee of the Compensation Committee, the remaining 50% of the Stock Price Awards vested. | ||
On May 28, 2013, the first performance milestone was achieved when Sabine Pass Liquefaction completed the financing for, and issued notice to proceed with construction under, the lump sum turnkey contract that Sabine Pass Liquefaction entered into with Bechtel for the engineering, procurement and construction of Trains 3 and 4 of the Sabine Pass Liquefaction Project (the "EPC Contract (Trains 3 and 4)"). Following certification of the achievement of the performance milestone by a subcommittee of the Compensation Committee, 30% of the Milestone Awards vested. The remaining Milestone Awards will vest based on the achievement of the following performance milestones: | ||
• | 20% upon payment of 60% of the original contract price of the EPC Contract (Train 3 and Train 4); | |
• | 20% upon substantial completion, as defined in the EPC Contract (Trains 3 and 4), of Train 4 of the Sabine Pass Liquefaction Project; and | |
• | 30% on the first anniversary of substantial completion of Train 4 of the Sabine Pass Liquefaction Project. |
Business_Segment_Information_N
Business Segment Information (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segment Information | ' | |||||||||||||||
BUSINESS SEGMENT INFORMATION | ||||||||||||||||
We have two reportable segments: LNG terminal business and LNG and natural gas marketing business. We determine our reportable segments by identifying each segment that engaged in business activities from which it may earn revenues and incur expenses, had operating results regularly reviewed by the entities' chief operating decision maker for purposes of resource allocation and performance assessment, and had discrete financial information. | ||||||||||||||||
We own and operate the Sabine Pass LNG terminal located on the Sabine Pass shipping channel in Louisiana through our ownership interest in and management agreements with Cheniere Partners. We own 100% of the general partner interest in Cheniere Partners and 84.5% of Cheniere Holdings, which owns a 55.9% limited partner interest in Cheniere Partners. We are developing a natural gas liquefaction facility near Corpus Christi, Texas. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 Bcfe, two docks that can accommodate vessels with capacity of up to 265,000 cubic meters, vaporizers with regasification capacity of approximately 4.0 Bcf/d and pipeline facilities interconnecting the Sabine Pass LNG terminal with a number of large interstate pipelines. Cheniere Partners is developing and constructing the Sabine Pass Liquefaction Project at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. | ||||||||||||||||
Our LNG and natural gas marketing reporting segment consists of Cheniere Marketing, LLC ("Cheniere Marketing") marketing LNG and natural gas on its own behalf and assisting Cheniere Investments in an effort to utilize the regasification capacity held at the Sabine Pass LNG terminal. | ||||||||||||||||
The following table summarizes revenues (losses), loss from operations and total assets for each of our reporting segments (in thousands): | ||||||||||||||||
Segments | ||||||||||||||||
LNG Terminal | LNG & Natural Gas Marketing | Corporate and Other (1) | Total | |||||||||||||
Consolidation | ||||||||||||||||
As of or for the Three Months Ended March 31, 2014 | ||||||||||||||||
Revenues (losses) (2) | $ | 67,191 | $ | 2,832 | $ | (2,473 | ) | $ | 67,550 | |||||||
Intersegment revenues (losses) (3) (4) | 772 | 2,174 | (2,946 | ) | — | |||||||||||
Depreciation, depletion and amortization | 14,406 | 152 | 917 | 15,475 | ||||||||||||
Loss from operations | (7,516 | ) | (11,594 | ) | (28,502 | ) | (47,612 | ) | ||||||||
Interest expense, net | (40,373 | ) | — | 103 | (40,270 | ) | ||||||||||
Loss before income taxes and non-controlling interest (5) | (77,354 | ) | (11,727 | ) | (33,172 | ) | (122,253 | ) | ||||||||
Stock-based compensation | 3,050 | 6,510 | 28,138 | 37,698 | ||||||||||||
Goodwill | 76,819 | — | — | 76,819 | ||||||||||||
Total assets | 8,520,986 | 62,955 | 940,675 | 9,524,616 | ||||||||||||
Expenditures for additions to long-lived assets | 659,779 | 314 | 25,911 | 686,004 | ||||||||||||
As of or for the Three Months Ended March 31, 2013 | ||||||||||||||||
Revenues (losses) (2) | $ | 66,630 | $ | (1,157 | ) | $ | 433 | $ | 65,906 | |||||||
Intersegment revenues (losses) (3) (4) | 569 | (592 | ) | 23 | — | |||||||||||
Depreciation, depletion and amortization | 14,380 | 249 | 484 | 15,113 | ||||||||||||
Loss from operations | (5,824 | ) | (20,667 | ) | (40,963 | ) | (67,454 | ) | ||||||||
Interest expense, net | (51,916 | ) | — | 11,654 | (40,262 | ) | ||||||||||
Loss before income taxes and non-controlling interest (5) | (74,882 | ) | (20,656 | ) | (29,171 | ) | (124,709 | ) | ||||||||
Stock-based compensation | 6,288 | 11,063 | 48,661 | 66,012 | ||||||||||||
Goodwill | 76,819 | — | — | 76,819 | ||||||||||||
Total assets | 6,377,204 | 59,703 | 144,912 | 6,581,819 | ||||||||||||
Expenditures for additions to long-lived assets | 556,575 | — | 607 | 557,182 | ||||||||||||
-1 | Includes corporate activities, oil and gas exploration, development and exploitation, strategic activities and certain intercompany eliminations. These activities have been included in the corporate and other column due to the lack of a material impact that these activities have on our consolidated financial statements. | |||||||||||||||
-2 | Substantially all of the LNG terminal revenues relate to regasification capacity reservation fee payments made by Total Gas & Power North America, Inc. and Chevron U.S.A. Inc. LNG and natural gas marketing and trading revenue consists primarily of the domestic marketing of natural gas imported into the Sabine Pass LNG terminal and international revenue allocations using a cost plus transfer pricing methodology. | |||||||||||||||
-3 | Intersegment revenues primarily related to our LNG terminal segment are from tug revenues from Cheniere Marketing. These LNG terminal segment intersegment revenues are eliminated with intersegment losses in our Consolidated Statements of Operations. | |||||||||||||||
-4 | Intersegment revenues (losses) related to our LNG and natural gas marketing segment are primarily a result of international revenue allocations using a cost plus transfer pricing methodology and from Cheniere Marketing's tug costs. These LNG and natural gas marketing segment intersegment revenues (losses) are eliminated with intersegment revenues (losses) in our Consolidated Statements of Operations. | |||||||||||||||
-5 | Items to reconcile loss from operations and loss before income taxes and non-controlling interest include consolidated other income (expense) amounts as presented on our Consolidated Statements of Operations primarily related to our LNG terminal segment. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Cash Flow, Supplemental Disclosures | ' | ||||||||
SUPPLEMENTAL CASH FLOW INFORMATION AND DISCLOSURES OF NON-CASH TRANSACTIONS | |||||||||
The following table provides supplemental disclosure of cash flow information (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Cash paid during the year for interest, net of amounts capitalized and deferred | $ | 16,567 | $ | — | |||||
LNG terminal costs funded with accounts payable and accrued liabilities | 66,241 | 180,084 | |||||||
Basis_of_Presentation_Basis_of1
Basis of Presentation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
The accompanying unaudited Consolidated Financial Statements of Cheniere Energy, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation, have been included. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications had no effect on our overall consolidated financial position, results of operations or cash flows. Unless the context requires otherwise, references to the "Company", "Cheniere", "we", "us" and "our" refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiaries, Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) and Cheniere Energy Partners LP Holdings, LLC ("Cheniere Holdings") (NYSE MKT: CQH). | |
Results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2014. | |
For further information, refer to the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2013. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Capitalized Costs and Fixed Assets | ' | |||||||
Property, plant and equipment consists of LNG terminal costs and fixed assets and other, as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
LNG terminal costs | ||||||||
LNG terminal | $ | 2,241,880 | $ | 2,234,796 | ||||
LNG terminal construction-in-process | 5,141,488 | 4,489,668 | ||||||
LNG site and related costs, net | 6,509 | 6,511 | ||||||
Accumulated depreciation | (306,802 | ) | (292,434 | ) | ||||
Total LNG terminal costs, net | 7,083,075 | 6,438,541 | ||||||
Fixed assets and other | ||||||||
Computer and office equipment | 3,327 | 8,115 | ||||||
Furniture and fixtures | 4,322 | 4,319 | ||||||
Computer software | 10,955 | 13,504 | ||||||
Leasehold improvements | 7,314 | 7,303 | ||||||
Other | 49,411 | 15,388 | ||||||
Accumulated depreciation | (26,363 | ) | (32,771 | ) | ||||
Total fixed assets, net | 48,966 | 15,858 | ||||||
Property, plant and equipment, net | $ | 7,132,041 | $ | 6,454,399 | ||||
NonControlling_Interest_Tables
Non-Controlling Interest (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Schedule of Noncontrolling Interest | ' | |||
The following table sets forth the changes of our non-controlling interest balance attributable to third-party investors’ interests during the three months ended March 31, 2014 (in thousands): | ||||
Non-controlling interest at December 31, 2013 | $ | 2,660,375 | ||
Distributions to Cheniere Partners' non-controlling interest | (19,174 | ) | ||
Dividends to Cheniere Holdings' non-controlling interest | (612 | ) | ||
Net loss attributable to non-controlling interest | (24,535 | ) | ||
Non-controlling interest at March 31, 2014 | $ | 2,616,054 | ||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
As of March 31, 2014 and December 31, 2013, accrued liabilities consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued interest expense and related fees | $ | 101,637 | $ | 80,151 | |||||
Payroll | 14,712 | 7,410 | |||||||
LNG liquefaction costs | 18,539 | 83,651 | |||||||
LNG terminal costs | 1,612 | 1,612 | |||||||
Other accrued liabilities | 5,775 | 13,728 | |||||||
Total accrued liabilities | $ | 142,275 | $ | 186,552 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||
As of March 31, 2014 and December 31, 2013, our long-term debt consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Long-term debt | |||||||||
2016 Notes | $ | 1,665,500 | $ | 1,665,500 | |||||
2020 Notes | 420,000 | 420,000 | |||||||
2021 Sabine Pass Liquefaction Senior Notes | 2,000,000 | 2,000,000 | |||||||
2022 Sabine Pass Liquefaction Senior Notes | 1,000,000 | 1,000,000 | |||||||
2023 Sabine Pass Liquefaction Senior Notes | 1,000,000 | 1,000,000 | |||||||
2013 Liquefaction Credit Facilities | 100,000 | 100,000 | |||||||
CTPL Credit Facility | 400,000 | 400,000 | |||||||
Total long-term debt | 6,585,500 | 6,585,500 | |||||||
Long-term debt premium (discount) | |||||||||
2016 Notes | (12,519 | ) | (13,693 | ) | |||||
2021 Sabine Pass Liquefaction Senior Notes | 11,222 | 11,562 | |||||||
CTPL Credit Facility | (5,853 | ) | (7,096 | ) | |||||
Total long-term debt, net of discount | $ | 6,578,350 | $ | 6,576,273 | |||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |||||||||||||||||||||||||||||||
Fair Value of Derivative Assets and Liabilities | ' | |||||||||||||||||||||||||||||||
The following table (in thousands) shows the fair value of our derivative assets and liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, which are classified as prepaid expenses and other, non-current derivative assets and other current liabilities in our Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
LNG Inventory Derivatives liability | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (171 | ) | $ | — | $ | (171 | ) | ||||||||||||||
Fuel Derivatives asset | — | 283 | — | 283 | — | 126 | — | 126 | ||||||||||||||||||||||||
Interest Rate Derivatives asset | — | 51,626 | — | 51,626 | — | 84,639 | — | 84,639 | ||||||||||||||||||||||||
Fair Value of Derivative Instruments by Balance Sheet Location | ' | |||||||||||||||||||||||||||||||
The following table (in thousands) shows the fair value and location of our LNG Inventory Derivatives and Fuel Derivatives on our Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||||||||||
Balance Sheet Location | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
LNG Inventory Derivatives asset (liability) | Prepaid expenses and other | $ | — | $ | (171 | ) | ||||||||||||||||||||||||||
Fuel Derivatives asset | Prepaid expenses and other | 283 | 126 | |||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||
At March 31, 2014, Sabine Pass Liquefaction had the following Interest Rate Derivatives outstanding: | ||||||||||||||||||||||||||||||||
Initial Notional Amount | Maximum Notional Amount | Effective Date | Maturity Date | Weighted Average Fixed Interest Rate Paid | Variable Interest Rate Received | |||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | $20.0 million | $2.9 billion | August 14, 2012 | July 31, 2019 | 1.98% | One-month LIBOR | ||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | — | $671.0 million | June 5, 2013 | May 28, 2020 | 2.05% | One-month LIBOR | ||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | ' | |||||||||||||||||||||||||||||||
The following table (in thousands) shows the fair value of our Interest Rate Derivatives: | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||||||||||
Balance Sheet Location | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | Non-current derivative assets | $ | 71,170 | $ | 98,123 | |||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | Other current liabilities | (19,544 | ) | (13,484 | ) | |||||||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||
The following table (in thousands) details the effect of our Interest Rate Derivatives included in Other Comprehensive Income ("OCI") and AOCI for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Gain (Loss) in Other Comprehensive Income | Gain (Loss) Reclassified from AOCI into Interest Expense (Effective Portion) | Losses Reclassified into Earnings as a Result of Discontinuance of Cash Flow Hedge Accounting | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Interest Rate Derivatives - Designated | $ | — | $ | 21,297 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Interest Rate Derivatives - Settlements | — | (30 | ) | — | — | — | — | |||||||||||||||||||||||||
Derivative Gross Presentation on Consolidated Balance Sheets | ' | |||||||||||||||||||||||||||||||
Our commodity and interest rate derivatives are presented on a net basis on our Consolidated Balance Sheets as described above. The following table (in thousands) shows the fair value of our derivatives outstanding on a gross and net basis: | ||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Offsetting Derivative Assets (Liabilities) | Derivative Instrument | Cash Collateral Received (Paid) | Net Amount | |||||||||||||||||||||||||||||
As of March 31, 2014: | ||||||||||||||||||||||||||||||||
Fuel Derivatives | $ | 283 | $ | — | $ | 283 | $ | — | $ | — | $ | 283 | ||||||||||||||||||||
LNG Inventory Derivatives | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | 71,170 | — | 71,170 | — | — | 71,170 | ||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | (19,544 | ) | — | (19,544 | ) | — | — | (19,544 | ) | |||||||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||||||||||||
Fuel Derivatives | 126 | — | 126 | — | — | 126 | ||||||||||||||||||||||||||
LNG Inventory Derivatives | (171 | ) | (171 | ) | — | — | — | — | ||||||||||||||||||||||||
Interest Rate Derivatives - Designated | 98,123 | — | 98,123 | — | — | 98,123 | ||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated | (13,484 | ) | — | (13,484 | ) | — | — | (13,484 | ) | |||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | ' | |||||||||||||||||||||||||||||||
ther financial instruments: | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||||||
2016 Notes, net of discount (1) | $ | 1,652,981 | $ | 1,824,478 | $ | 1,651,807 | $ | 1,868,607 | ||||||||||||||||||||||||
2020 Notes (1) | 420,000 | 441,000 | 420,000 | 432,600 | ||||||||||||||||||||||||||||
2021 Sabine Pass Liquefaction Senior Notes (1) | 2,011,222 | 2,079,101 | 2,011,562 | 1,961,273 | ||||||||||||||||||||||||||||
2022 Sabine Pass Liquefaction Senior Notes (1) | 1,000,000 | 1,042,500 | 1,000,000 | 982,500 | ||||||||||||||||||||||||||||
2023 Sabine Pass Liquefaction Senior Notes (1) | 1,000,000 | 997,500 | 1,000,000 | 935,000 | ||||||||||||||||||||||||||||
2013 Liquefaction Credit Facilities (2) | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||
CTPL Credit Facility (3) | 394,147 | 400,000 | 392,904 | 400,000 | ||||||||||||||||||||||||||||
-1 | The Level 2 estimated fair value was based on quotations obtained from broker-dealers who make markets in these and similar instruments based on the closing trading prices on March 31, 2014 and December 31, 2013, as applicable. | |||||||||||||||||||||||||||||||
-2 | The Level 3 estimated fair value approximates the carrying amount because the interest rates are variable and reflective of market rates and Sabine Pass Liquefaction has the ability to call this debt at any time without penalty. | |||||||||||||||||||||||||||||||
-3 | The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and CTPL has the ability to call this debt at any time without penalty. | |||||||||||||||||||||||||||||||
Trading Revenue [Member] | ' | |||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) | ' | |||||||||||||||||||||||||||||||
The following table (in thousands) shows the changes in the fair value and settlements of our LNG Inventory Derivatives and Fuel Derivatives recorded in marketing and trading revenues (losses) on our Consolidated Statements of Operations during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
LNG Inventory Derivatives gain (loss) | $ | 184 | $ | (524 | ) | |||||||||||||||||||||||||||
Fuel Derivatives gain | 165 | — | ||||||||||||||||||||||||||||||
Derivative gain (loss), net [Member] | ' | |||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) | ' | |||||||||||||||||||||||||||||||
The following table (in thousands) shows the changes in the fair value and settlements of our LNG Inventory Derivatives and Fuel Derivatives recorded in derivative loss, net on our Consolidated Statements of Operations during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
LNG Inventory Derivatives loss | $ | (435 | ) | $ | — | |||||||||||||||||||||||||||
Fuel Derivatives gain | 242 | 515 | ||||||||||||||||||||||||||||||
Interest Rate Contract [Member] | Derivative gain (loss), net [Member] | Not Designated as Hedging Instrument [Member] | ' | |||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) | ' | |||||||||||||||||||||||||||||||
The following table (in thousands) shows the changes in the fair value and settlements of our Interest Rate Derivatives - Not Designated recorded in derivative loss, net on our Consolidated Statements of Operations during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Interest Rate Derivatives - Not Designated loss | $ | (34,479 | ) | $ | (17,983 | ) |
Net_Loss_Per_Share_Attributabl1
Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||
The following table reconciles basic and diluted weighted average common shares outstanding for the three months ended March 31, 2014 and 2013 (in thousands, except for loss per share): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Weighted average common shares outstanding: | ||||||||
Basic | 223,207 | 215,634 | ||||||
Dilutive common stock options (1) | — | — | ||||||
Diluted | 223,207 | 215,634 | ||||||
Basic and diluted net loss per share attributable to common stockholders | $ | (0.44 | ) | $ | (0.54 | ) | ||
-1 | Stock options and unvested stock of 14.5 million shares and 18.6 million shares for the three months ended March 31, 2014 and 2013, respectively, representing securities that could potentially dilute basic EPS in the future were not included in the diluted net loss per share computations because their effect would have been anti-dilutive. |
Business_Segment_Information_T
Business Segment Information (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
The following table summarizes revenues (losses), loss from operations and total assets for each of our reporting segments (in thousands): | ||||||||||||||||
Segments | ||||||||||||||||
LNG Terminal | LNG & Natural Gas Marketing | Corporate and Other (1) | Total | |||||||||||||
Consolidation | ||||||||||||||||
As of or for the Three Months Ended March 31, 2014 | ||||||||||||||||
Revenues (losses) (2) | $ | 67,191 | $ | 2,832 | $ | (2,473 | ) | $ | 67,550 | |||||||
Intersegment revenues (losses) (3) (4) | 772 | 2,174 | (2,946 | ) | — | |||||||||||
Depreciation, depletion and amortization | 14,406 | 152 | 917 | 15,475 | ||||||||||||
Loss from operations | (7,516 | ) | (11,594 | ) | (28,502 | ) | (47,612 | ) | ||||||||
Interest expense, net | (40,373 | ) | — | 103 | (40,270 | ) | ||||||||||
Loss before income taxes and non-controlling interest (5) | (77,354 | ) | (11,727 | ) | (33,172 | ) | (122,253 | ) | ||||||||
Stock-based compensation | 3,050 | 6,510 | 28,138 | 37,698 | ||||||||||||
Goodwill | 76,819 | — | — | 76,819 | ||||||||||||
Total assets | 8,520,986 | 62,955 | 940,675 | 9,524,616 | ||||||||||||
Expenditures for additions to long-lived assets | 659,779 | 314 | 25,911 | 686,004 | ||||||||||||
As of or for the Three Months Ended March 31, 2013 | ||||||||||||||||
Revenues (losses) (2) | $ | 66,630 | $ | (1,157 | ) | $ | 433 | $ | 65,906 | |||||||
Intersegment revenues (losses) (3) (4) | 569 | (592 | ) | 23 | — | |||||||||||
Depreciation, depletion and amortization | 14,380 | 249 | 484 | 15,113 | ||||||||||||
Loss from operations | (5,824 | ) | (20,667 | ) | (40,963 | ) | (67,454 | ) | ||||||||
Interest expense, net | (51,916 | ) | — | 11,654 | (40,262 | ) | ||||||||||
Loss before income taxes and non-controlling interest (5) | (74,882 | ) | (20,656 | ) | (29,171 | ) | (124,709 | ) | ||||||||
Stock-based compensation | 6,288 | 11,063 | 48,661 | 66,012 | ||||||||||||
Goodwill | 76,819 | — | — | 76,819 | ||||||||||||
Total assets | 6,377,204 | 59,703 | 144,912 | 6,581,819 | ||||||||||||
Expenditures for additions to long-lived assets | 556,575 | — | 607 | 557,182 | ||||||||||||
-1 | Includes corporate activities, oil and gas exploration, development and exploitation, strategic activities and certain intercompany eliminations. These activities have been included in the corporate and other column due to the lack of a material impact that these activities have on our consolidated financial statements. | |||||||||||||||
-2 | Substantially all of the LNG terminal revenues relate to regasification capacity reservation fee payments made by Total Gas & Power North America, Inc. and Chevron U.S.A. Inc. LNG and natural gas marketing and trading revenue consists primarily of the domestic marketing of natural gas imported into the Sabine Pass LNG terminal and international revenue allocations using a cost plus transfer pricing methodology. | |||||||||||||||
-3 | Intersegment revenues primarily related to our LNG terminal segment are from tug revenues from Cheniere Marketing. These LNG terminal segment intersegment revenues are eliminated with intersegment losses in our Consolidated Statements of Operations. | |||||||||||||||
-4 | Intersegment revenues (losses) related to our LNG and natural gas marketing segment are primarily a result of international revenue allocations using a cost plus transfer pricing methodology and from Cheniere Marketing's tug costs. These LNG and natural gas marketing segment intersegment revenues (losses) are eliminated with intersegment revenues (losses) in our Consolidated Statements of Operations. | |||||||||||||||
-5 | Items to reconcile loss from operations and loss before income taxes and non-controlling interest include consolidated other income (expense) amounts as presented on our Consolidated Statements of Operations primarily related to our LNG terminal segment. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | ||||||||
The following table provides supplemental disclosure of cash flow information (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Cash paid during the year for interest, net of amounts capitalized and deferred | $ | 16,567 | $ | — | |||||
LNG terminal costs funded with accounts payable and accrued liabilities | 66,241 | 180,084 | |||||||
Restricted_Cash_and_Cash_Equiv1
Restricted Cash and Cash Equivalents (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Other Contractual Restrictions [Member] | Other Contractual Restrictions [Member] | Sabine Pass LNG, LP [Member] | Sabine Pass LNG, LP [Member] | Sabine Pass LNG, LP [Member] | Sabine Pass LNG, LP [Member] | Sabine Pass Liquefaction [Member] | Sabine Pass Liquefaction [Member] | Cheniere Creole Trail Pipeline LP [Member] | Cheniere Creole Trail Pipeline LP [Member] | Sabine Pass LNG and Cheniere Partners [Member] | Sabine Pass LNG and Cheniere Partners [Member] | 2016 Senior Notes [Member] | 2016 Senior Notes [Member] | 2020 Senior Notes [Member] | 2020 Senior Notes [Member] | Senior Notes [Member] | 2012 Liquefaction Credit Facility [Member] | 2013 Liquefaction Credit Facilities | 2021 Sabine Pass Liquefaction Senior Notes [Member] | 2022 Sabine Pass Liquefaction Senior Notes [Member] | 2023 Sabine Pass Liquefaction Senior Notes [Member] | Creole Trail Pipeline Credit Facility [Member] | |||
Senior Notes Interest Payments [Member] | Senior Notes Interest Payments [Member] | Debt Service Reserve Fund [Member] | Debt Service Reserve Fund [Member] | Debt Service Reserve Fund [Member] | Debt Service Reserve Fund [Member] | Cheniere Energy, Inc. [Member] | Cheniere Energy, Inc. [Member] | Sabine Pass LNG, LP [Member] | Sabine Pass LNG, LP [Member] | Sabine Pass LNG, LP [Member] | Sabine Pass LNG, LP [Member] | Sabine Pass LNG, LP [Member] | Sabine Pass Liquefaction [Member] | Sabine Pass Liquefaction [Member] | Sabine Pass Liquefaction [Member] | Sabine Pass Liquefaction [Member] | Sabine Pass Liquefaction [Member] | Cheniere Creole Trail Pipeline LP [Member] | |||||||
Rate | |||||||||||||||||||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,665,500,000 | $1,666,500,000 | $420,000,000 | $420,000,000 | ' | ' | ' | $2,000,000,000 | $1,000,000,000 | $1,000,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | 7.50% | 6.50% | 6.50% | ' | ' | ' | 5.63% | 6.25% | 5.63% | ' |
Debt Instrument, Fixed Charge, Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000,000 | 5,900,000,000 | ' | ' | ' | 400,000,000 |
Current restricted cash and cash equivalents | 520,119,000 | 598,064,000 | 18,300,000 | 19,400,000 | 53,000,000 | 15,000,000 | ' | ' | 96,900,000 | 192,100,000 | 26,600,000 | 20,500,000 | 325,300,000 | 351,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current restricted cash and cash equivalents | $330,072,000 | $1,031,399,000 | $6,300,000 | $6,300,000 | ' | ' | $76,100,000 | $76,100,000 | $197,500,000 | $867,600,000 | $50,100,000 | $81,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Capitalized Costs and Fixed Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | $7,132,041 | $6,454,399 |
LNG terminal costs [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated depreciation | -306,802 | -292,434 |
Property, plant and equipment, net | 7,083,075 | 6,438,541 |
LNG terminal [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 2,241,880 | 2,234,796 |
LNG terminal construction-in-process [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 5,141,488 | 4,489,668 |
LNG site and related costs, net [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 6,509 | 6,511 |
Fixed assets [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated depreciation | -26,363 | -32,771 |
Property, plant and equipment, net | 48,966 | 15,858 |
Computer and office equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 3,327 | 8,115 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 4,322 | 4,319 |
Computer software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 10,955 | 13,504 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 7,314 | 7,303 |
Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $49,411 | $15,388 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
LNG terminal costs [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation | $14.40 | $14.30 |
The Sabine Pass Liquefaction Project [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Interest Costs Capitalized | 78.8 | 35.3 |
Fixed assets [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation | $1.30 | $0.80 |
NonControlling_Interest_Detail
Non-Controlling Interest (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Non-controlling Interest | $2,616,054 | ' | $2,660,375 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 19,786 | ' | ' |
Net loss attributable to non-controlling interest | -24,535 | -7,524 | ' |
Cheniere Energy Partners, LP [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | -19,174 | ' | ' |
Net loss attributable to non-controlling interest | -24,535 | ' | ' |
Cheniere Energy Partners LP Holdings, LLC [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | ($612) | ' | ' |
Variable_Interest_Entity_Detai
Variable Interest Entity (Details) (Cheniere Energy Partners, LP [Member], USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Aug. 31, 2012 | 31-May-12 | Mar. 31, 2014 | Mar. 31, 2014 |
Common Units [Member] | Class B Unit [Member] | Subordinated Units [Member] | Director Appointment Entitlement Minimum [Member] | Blackstone CQP Holdco LP [Member] | Blackstone CQP Holdco LP [Member] | Blackstone CQP Holdco LP [Member] | Limited Partner [Member] | General Partner [Member] | |
Class B Unit [Member] | Class B Unit [Member] | Class B Unit [Member] | |||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in Subsidiary | ' | ' | ' | 20.00% | ' | ' | ' | 47.20% | 100.00% |
Limited Partners' Capital Account, Units Outstanding | 11,963,488 | 45,333,334 | 135,383,831 | 50,000,000 | ' | ' | ' | ' | ' |
General partner interest | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Partners' Capital Account, Units, Sold in Private Placement | ' | ' | ' | ' | 66,700,000 | 33,300,000 | 100,000,000 | ' | ' |
Price per Common Unit | ' | ' | ' | ' | ' | ' | $15 | ' | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ' | ' |
Accrued interest expense and related fees | $101,637 | $80,151 |
Payroll | 14,712 | 7,410 |
LNG liquefaction costs | 18,539 | 83,651 |
LNG terminal costs | 1,612 | 1,612 |
Other accrued liabilities | 5,775 | 13,728 |
Total accrued liabilities | $142,275 | $186,552 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long Term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $6,585,500 | $6,585,500 |
Total long-term debt, net of discount | 6,578,350 | 6,576,273 |
2016 Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,665,500 | 1,665,500 |
Debt discount | -12,519 | -13,693 |
2020 Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 420,000 | 420,000 |
2021 Sabine Pass Liquefaction Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 2,000,000 | 2,000,000 |
Debt Instrument, Unamortized Premium | 11,222 | 11,562 |
2022 Sabine Pass Liquefaction Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,000,000 | 1,000,000 |
2023 Sabine Pass Liquefaction Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,000,000 | 1,000,000 |
2013 Sabine Pass Liquefaction Credit Facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 100,000 | 100,000 |
Creole Trail Pipeline Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 400,000 | 400,000 |
Debt discount | ($5,853) | ($7,096) |
LongTerm_Debt_Sabine_Pass_LNG_
Long-Term Debt - Sabine Pass LNG Senior Notes (Details) (Sabine Pass LNG, LP [Member], USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
2020 Senior Notes [Member] | 2020 Senior Notes [Member] | 2016 Senior Notes [Member] | 2016 Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | $420,000,000 | $420,000,000 | $1,665,500,000 | $1,666,500,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | 7.50% | 7.50% | ' | ' |
Debt Instrument, Redemption Price, Percentage | 106.50% | ' | 100.00% | ' | ' | ' |
Percentage of debt principal additional for redemption | ' | ' | 1.00% | ' | ' | ' |
Discount rate over Treasury Rate to calculate fair value ratio of redemption price | ' | ' | 0.50% | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount that May Be Redeemed | 35.00% | ' | ' | ' | ' | ' |
Debt redemption period from equity offering closing date | '180 days | ' | ' | ' | ' | ' |
Debt Instrument, Original Principal Remaining Requirement of Redemption, Percentage | 65.00% | ' | ' | ' | ' | ' |
Distributions to limited partner | ' | ' | ' | ' | $63,400,000 | $76,700,000 |
LongTerm_Debt_Sabine_Pass_Liqu
Long-Term Debt - Sabine Pass Liquefaction Senior Notes (Details) (Sabine Pass Liquefaction [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Rate | |
2021 Sabine Pass Liquefaction Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Face Amount | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.63% |
2023 Sabine Pass Liquefaction Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Face Amount | 1,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.63% |
Sabine Pass Liquefaction Senior Notes [Domain] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.63% |
Debt Instrument, Fixed Charge, Coverage Ratio Period | '12 months |
Debt Instrument, Fixed Charge, Coverage Ratio | 1.25 |
Debt Instrument, Redemption Price, Percentage | 100.00% |
2022 Sabine Pass Liquefaction Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Face Amount | 1,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
LongTerm_Debt_2013_Liquefactio
Long-Term Debt - 2013 Liquefaction Credit Facilities and 2022 Sabine Pass Liquefaction Senior Notes (Details) (Sabine Pass Liquefaction [Member], USD $) | 1 Months Ended | 3 Months Ended | |||
Nov. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 04, 2013 | 31-May-13 | |
2013 Sabine Pass Liquefaction Credit Facilities [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $5,900,000,000 |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | 100,000,000 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | 4,900,000,000 | 4,900,000,000 | ' | ' |
Line of Credit Facility, Increase (Decrease) for Period, Net | 885,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Collateral Fees, Amount | ' | 144,000,000 | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | 40.00% | ' | ' | ' |
Line of Credit Facility, Amortization Period | ' | '18 years | ' | ' | ' |
2013 Sabine Pass Liquefaction Credit Facilities [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | ' | 75.00% | ' | ' | ' |
2013 Sabine Pass Liquefaction Credit Facilities [Member] | Construction [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 2.30% | ' | ' | ' |
2013 Sabine Pass Liquefaction Credit Facilities [Member] | Construction [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 3.00% | ' | ' | ' |
2013 Sabine Pass Liquefaction Credit Facilities [Member] | Operations [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 3.25% | ' | ' | ' |
2013 Sabine Pass Liquefaction Credit Facilities [Member] | Operations [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 2.30% | ' | ' | ' |
2022 Sabine Pass Liquefaction Senior Notes [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | 978,000,000 | ' | ' | ' |
Losses on Extinguishment of Debt | ' | $43,300,000 | ' | ' | ' |
LongTerm_Debt_2012_Liquefactio
Long-Term Debt - 2012 Liquefaction Credit Facility (Details) (Sabine Pass Liquefaction [Member], 2012 Liquefaction Credit Facility [Member], USD $) | 31-May-13 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Construction [Member] | Operations [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 3.50% | 3.75% | ' |
Line of Credit Facility, Amount Outstanding | $100,000,000 | ' | ' | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | ' | ' | ' | 75.00% |
LongTerm_Debt_CTPL_Credit_Faci
Long-Term Debt - CTPL Credit Facility (Details) (Creole Trail Pipeline Credit Facility [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | 31-May-13 |
Cheniere Creole Trail Pipeline LP [Member] | Cheniere Creole Trail Pipeline LP [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | $5,853,000 | $7,096,000 | ' | $10,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $400,000,000 | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | 'LIBOR | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 3.25% | ' |
Financial_Instruments_Financia
Financial Instruments Financial Instruments - Fair Value of Derivative Assets and Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, Current | $283 | $126 |
LNG Inventory Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 0 | 0 |
LNG Inventory Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities, Current | 0 | 0 |
LNG Inventory Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities, Current | 0 | -171 |
LNG Inventory Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities, Current | 0 | 0 |
LNG Inventory Derivatives [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities, Current | 0 | -171 |
Fuel Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 283 | 126 |
Fuel Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, Current | 0 | 0 |
Fuel Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, Current | 0 | 0 |
Fuel Derivatives [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, Current | 283 | 126 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 71,170 | 98,123 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 0 | 0 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 51,626 | 84,639 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 0 | 0 |
Interest Rate Contract [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | $51,626 | $84,639 |
Financial_Instruments_Financia1
Financial Instruments Financial Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) (Fair Value, Measurements, Recurring [Member], Fair Value, Inputs, Level 2 [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Current | $283 | $126 |
LNG Inventory Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | 0 | -171 |
LNG Inventory Derivatives [Member] | Prepaid Expenses And Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | 0 | -171 |
Fuel Derivatives [Member] | Prepaid Expenses And Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Current | $283 | $126 |
Financial_Instruments_Financia2
Financial Instruments Financial Instruments - Derivative Instruments, Gain (Loss) - Fuel and LNG Inventory (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | ($34,681) | ($17,468) |
LNG Inventory Derivatives [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | 184 | -524 |
Fuel Derivatives [Member] | Revenues [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | 165 | 0 |
Sabine Pass Liquefaction [Member] | LNG Inventory Derivatives [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | -435 | 0 |
Cheniere Marketing, LLC [Member] | Fuel Derivatives [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | 242 | 515 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($34,479) | ($17,983) |
Financial_Instruments_Financia3
Financial Instruments Financial Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) (Interest Rate Contract [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Effective Date August 14, 2012 [Domain] | ' |
Derivative [Line Items] | ' |
Derivative, Inception Date | 14-Aug-12 |
Derivative, Maturity Date | 31-Jul-19 |
Debt Instrument, Description of Variable Rate Basis | 'One-month LIBOR |
Notional Amount of Interest Rate Derivatives | $20 |
Derivative, Average Fixed Interest Rate | 1.98% |
Effective Date June 5, 2013 [Domain] | ' |
Derivative [Line Items] | ' |
Derivative, Inception Date | 5-Jun-13 |
Derivative, Maturity Date | 28-May-20 |
Debt Instrument, Description of Variable Rate Basis | 'One-month LIBOR |
Notional Amount of Interest Rate Derivatives | 0 |
Derivative, Average Fixed Interest Rate | 2.05% |
Maximum [Member] | Effective Date August 14, 2012 [Domain] | ' |
Derivative [Line Items] | ' |
Notional Amount of Interest Rate Derivatives | 2.9 |
Maximum [Member] | Effective Date June 5, 2013 [Domain] | ' |
Derivative [Line Items] | ' |
Notional Amount of Interest Rate Derivatives | $671 |
Financial_Instruments_Financia4
Financial Instruments Financial Instruments - Schedule of Interest Rate Derivatives (Details) (Interest Rate Contract [Member], Not Designated as Hedging Instrument [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncurrent Derivative Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest Rate Derivative Assets, at Fair Value | $71,170 | $98,123 |
Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | $19,544 | $13,484 |
Financial_Instruments_Financia5
Financial Instruments Financial Instruments - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative [Line Items] | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $0 | $21,297 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 0 | 30 |
Interest Rate Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ' | -30 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ' | 21,297 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | $0 |
Financial_Instruments_Financia6
Financial Instruments Financial Instruments - Derivative Gross Presentation on Consolidated Balance Sheets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivative, Collateral, Right to Reclaim Cash | $5,800 | $5,900 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 71,170 | 98,123 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Asset, Fair Value, Net | 71,170 | 98,123 |
Derivative, Fair Value, Gross Amount Not Offset Against Collateral, Net | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | -19,544 | -13,484 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Net | -19,544 | -13,484 |
LNG Inventory Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 0 | 0 |
Derivative, Fair Value, Gross Amount Not Offset Against Collateral, Net | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | -171 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | -171 |
Fuel Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 283 | 126 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Asset, Fair Value, Net | 283 | 126 |
Derivative, Fair Value, Gross Amount Not Offset Against Collateral, Net | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | $0 | $0 |
Financial_Instruments_Financia7
Financial Instruments Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
2016 Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | $1,652,981 | $1,651,807 |
2016 Senior Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 1,824,478 | 1,868,607 |
2020 Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 420,000 | 420,000 |
2020 Senior Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 441,000 | 432,600 |
2021 Sabine Pass Liquefaction Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 2,011,222 | 2,011,562 |
2021 Sabine Pass Liquefaction Senior Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 2,079,101 | 1,961,273 |
2022 Sabine Pass Liquefaction Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 1,000,000 | 1,000,000 |
2022 Sabine Pass Liquefaction Senior Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 1,042,500 | 982,500 |
2023 Sabine Pass Liquefaction Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 1,000,000 | 1,000,000 |
2023 Sabine Pass Liquefaction Senior Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 997,500 | 935,000 |
2013 Sabine Pass Liquefaction Credit Facilities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 100,000 | 100,000 |
2013 Sabine Pass Liquefaction Credit Facilities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 100,000 | 100,000 |
Creole Trail Pipeline Credit Facility [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 394,147 | 392,904 |
Creole Trail Pipeline Credit Facility [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | $400,000 | $400,000 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' |
Current Income Tax Expense (Benefit) | $92 | ($80) |
Net_Loss_Per_Share_Attributabl2
Net Loss Per Share Attributable to Common Stockholders (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Weighted average number of common shares outstanding - basic and diluted | 223,207,000 | 215,634,000 |
Weighted average common shares outstanding - Common stock options | 0 | ' |
Weighted average common shares outstanding - Diluted | $223,207,000 | $215,634,000 |
basic and diluted net loss per share attributable to common stockholders (US$ per share) | ($0.44) | ($0.54) |
Stock options, warrants and unvested stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 14,500,000 | 18,600,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Aug. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 12, 2012 | Mar. 31, 2014 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Dec. 06, 2013 | 22-May-13 | 22-May-13 | Dec. 06, 2013 | 28-May-13 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Long Term Commercial Stock Price Bonus Award for Train 1 and Train 2 [Member] | Long Term Commercial Stock Price Bonus Award [Member] | 2003 Stock Incentive Plan [Member] | 2011 Incentive Plan [Member] | 2011 Incentive Plan [Member] | 2011 Incentive Plan [Member] | 1997 Plan and 2003 Plan [Member] | Long Term Commercial Stock Price Bonus Award for Train 3 and Train 4 [Member] | 1997 Stock Option Plan [Member] | Closing of financing and issuing of notice to proceed [Member] | First anniversary of issuance of notice to proceed [Member] | Second anniversary of issuance of notice to proceed [Member] | Third anniversary of issuance of notice to proceed [Member] | Fourth anniversary of issuance of notice to proceed [Member] | Average 120-day closing stock price is $25 [Member] | Average 120-day closing stock price is $25 [Member] | Average 120-day closing stock price is $25 [Member] | Average 120-day closing stock price is $35 [Member] | First performance milestone achieved upon closing of 2013 Sabine Pass Liquefaction Credit Facilities [Member] | Payment of 60% of total cost for EPC Contract (Train 3 and Train 4) [Member] | Substantial completion of construction of Train 4 [Member] | First anniversary of substantial completion of construction of Train 4 [Member] | |||
Restricted Stock [Member] | Common Stock [Member] | Restricted Stock [Member] | Cash and Cash Equivalents [Member] | Common Stock [Member] | Restricted Stock [Member] | Common Stock [Member] | Long Term Commercial Stock Price Bonus Award for Train 1 and Train 2 [Member] | Long Term Commercial Stock Price Bonus Award for Train 1 and Train 2 [Member] | Long Term Commercial Stock Price Bonus Award for Train 1 and Train 2 [Member] | Long Term Commercial Stock Price Bonus Award for Train 1 and Train 2 [Member] | Long Term Commercial Stock Price Bonus Award for Train 1 and Train 2 [Member] | Long Term Commercial Stock Price Bonus Award for Train 1 and Train 2 [Member] | Long Term Commercial Stock Price Bonus Award for Train 1 and Train 2 [Member] | Long Term Commercial Stock Price Bonus Award for Train 3 and Train 4 [Member] | Long Term Commercial Stock Price Bonus Award for Train 3 and Train 4 [Member] | Long Term Commercial Milestone Bonus Award for Train 3 and Train 4 [Member] | Long Term Commercial Milestone Bonus Award for Train 3 and Train 4 [Member] | Long Term Commercial Milestone Bonus Award for Train 3 and Train 4 [Member] | Long Term Commercial Milestone Bonus Award for Train 3 and Train 4 [Member] | |||||
Installment_vestings | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | 21 | ' | ' | 35 | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $35,900,000 | $63,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 1,800,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | 207,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 0 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options | 3,691,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | ' | ' | ' | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | 10 | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | $35 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Vesting Installments | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 10.00% | 15.00% | 15.00% | 25.00% | 50.00% | 50.00% | ' | ' | 30.00% | 20.00% | 20.00% | 30.00% |
Percentage of total cost of the EPC Contract (Train 3 and Train 4) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | $67,550 | $65,906 | ' |
Segment Reporting Information, Intersegment Revenue | 0 | 0 | ' |
Depreciation, depletion and amortization | 15,475 | 15,113 | ' |
Operating Income (Loss) | -47,612 | -67,454 | ' |
Interest expense, net | -40,270 | -40,262 | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -122,253 | -124,709 | ' |
Segment Reporting Information, Share-based Compensation | 37,698 | 66,012 | ' |
Goodwill | 76,819 | 76,819 | 76,819 |
Assets | 9,524,616 | 6,581,819 | 9,673,237 |
Segment Reporting Expenditures for Additions to Long-Lived Assets | 686,004 | 557,182 | ' |
LNG terminal business [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | 67,191 | 66,630 | ' |
Segment Reporting Information, Intersegment Revenue | -772 | -569 | ' |
Depreciation, depletion and amortization | 14,406 | 14,380 | ' |
Operating Income (Loss) | -7,516 | -5,824 | ' |
Interest expense, net | -40,373 | -51,916 | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -77,354 | -74,882 | ' |
Segment Reporting Information, Share-based Compensation | 3,050 | 6,288 | ' |
Goodwill | 76,819 | 76,819 | ' |
Assets | 8,520,986 | 6,377,204 | ' |
Segment Reporting Expenditures for Additions to Long-Lived Assets | 659,779 | 556,575 | ' |
LNG and natural gas marketing business [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | 2,832 | -1,157 | ' |
Segment Reporting Information, Intersegment Revenue | -2,174 | 592 | ' |
Depreciation, depletion and amortization | 152 | 249 | ' |
Operating Income (Loss) | -11,594 | -20,667 | ' |
Interest expense, net | 0 | 0 | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -11,727 | -20,656 | ' |
Segment Reporting Information, Share-based Compensation | 6,510 | 11,063 | ' |
Goodwill | 0 | 0 | ' |
Assets | 62,955 | 59,703 | ' |
Segment Reporting Expenditures for Additions to Long-Lived Assets | 314 | 0 | ' |
Corporate and Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | -2,473 | 433 | ' |
Segment Reporting Information, Intersegment Revenue | -2,946 | 23 | ' |
Depreciation, depletion and amortization | 917 | 484 | ' |
Operating Income (Loss) | -28,502 | -40,963 | ' |
Interest expense, net | -103 | -11,654 | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -33,172 | -29,171 | ' |
Segment Reporting Information, Share-based Compensation | 28,138 | 48,661 | ' |
Goodwill | 0 | 0 | ' |
Assets | 940,675 | 144,912 | ' |
Segment Reporting Expenditures for Additions to Long-Lived Assets | $25,911 | $607 | ' |
Cheniere Energy Partners LP Holdings, LLC [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Ownership interest in Subsidiary | 84.50% | ' | ' |
Cheniere Energy Partners, LP [Member] | General Partner [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Ownership interest in Subsidiary | 100.00% | ' | ' |
Cheniere Energy Partners, LP [Member] | Limited Partner [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Ownership interest in Subsidiary | 47.20% | ' | ' |
Equity Method Investment, Ownership Percentage | 55.90% | ' | ' |
Sabine Pass LNG, LP [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Storage Capacity | 16.9 | ' | ' |
Volume of Vessel | 265,000 | ' | ' |
Regasification capacity | 4 | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Cash paid during the year for interest, net of amounts capitalized | $16,567 | $0 |
Construction in Progress Expenditures Incurred but Not yet Paid | $66,241 | $180,084 |